Top Money Saving Tips
You will find the following bits of wisdom and many others at WisdomTips.com.
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Reduce Credit Card Debt with Spare Change
Millions of people have a substantial amount of credit card debt. I was lucky enough to get the following tip from my parents who paid off all of their credit cards in less than one year with this strategy! You may not realize it, but you probably accumulate at least one hundred dollars in spare change every month. Use that change solely for the purpose of paying off credit cards. At the end of the month, send the credit card companies a check for the amount of the change you have collected in addition to your monthly payment. It can become a game; I even pick up change off the ground!
College Aid: Before spending the parent's assets, spend the student's assets first
When considering a student for financial aid, the federal formula expects the student to contribute 50% of the student's income (minus the income protection allowance), and 35% of the student's assets during his/her base year. Given this, the family should spend down the student's money first. For example, instead of buying the student a car or a computer while he/she is in college, have the student buy it out of their own funds during the base year before you apply for FAFSA. This may increase the student's eligibility for aid and reduce the family's out-of-pocket costs.
Benefits such as frequent flyer miles, rebates, etc:
A number of issuers offer additional benefits to card members. Rebate cards allow you to earn cash back and discounts on goods and services based on card usage. Frequent flyer cards allow you to earn miles for each dollar charged. With special interest cards (e.g. golf and ski) you receive discounts and accumulate points towards purchases.
How are Finance Charges Calculated?
Most issuers use the Average Daily Balance method for calculating interest. This means that if you don't pay your bill in full, interest will be charged from the day a charge is posted to your account. Some issuers charge two months of interest when you switch from paying in full each month to carrying a balance. This is called Two Cycle Billing. The other two methods for computing charges are Adjusted Balance and Previous Balance. If you feel ambitious the exact formula for interest calculations can be found on your bill.
Budgeting Strategies
The key to being financially healthy is to create a balanced budget.
- Record all of your expenses
- Make sure you add savings to your list of expenses
- Be sure that your income is more than your expenses
- Always save for unforeseen expenses
A major factor in developing a successful financial state is planning. Know where you want to be in the future and make a strategy to get there. Decide what you and your family will need to do and what steps to take. Be prepared to give something up in order to make your plan work. Learn to save. No matter how much money you make, developing this habit will pay off in the long run.
Other Helpful tips
Identify your bad spending habits and always avoid impatience and impulse buying. The lack of self-discipline and careless spending can be the main cause of your financial down fall. Once you have identified your bad habits work on the discipline to break them.
The following chart will demonstrate an approximation of how you should direct your monthly income.
Expense % of Gross Income |
|
Housing + Utilities |
25 to 40% |
Taxes (actual percent) |
20% |
Transportation + Upkeep |
15% |
Food |
10% |
Clothing |
5% |
Savings |
10% and up |
Entertainment + Vacations |
5% |
Debt (credit cards, personal loans) |
5% |
Other Expenses |
5% and up |
