Saving Money Does not have to be Difficult for the New ఇయర్
Make your New Year's resolution this year to put more money into savingswith these simple tips.
Finding ways to save money can be difficult, but in this day and time, itis important to have a safety buffer of money to live on built up in thebank. Here are some simple ways to help you find small amounts of money tosave. Every little bit you can put away will build up overtime, and make asignificant impact on your savings account over several years.
Keep a Spending Journal For one month,
keep a spending journal. Write down everything you spend,down to the penny. You can do this easily by keeping receipts. This willhelp families as well, because one spouse can save receipts and the othercan keep the journal. Write down every drink you buy, every gas fill up,every vending machine snack you purchase.After one month, sit down and go over your journal. Categorize each amountinto the following categories: food, gas, utility bills, and eating out.Include other categories that seem to work for your particular life style.Now decide where you can shave pennies off your spending. You may decide topack a lunch four days and only buy lunch out once a week. Look for littlethings that you can eliminate from your spending that will help save moneyeach month.
Pay Down Debt
Put extra money each month into the highest interest debt that you hold.Paying this debt off faster will allow you to put more money into savingsin the long run. The other option, instead of paying towards the highestinterest rate, is to pay towards the debt that requires the highest monthlypayment. Paying this debt off will provide you the fastest turn around fora sum of money to put towards other debt and savings.
Improve Your Credit Score
Go to annual credit report and get your free credit report. This siterequires no membership or fees, as long as you pull your credit only once ayear. Do this to look for any mistakes on your credit that may pull yourscore down. Work towards improving your score by reducing the amount ofdebt you owe, paying your bills on time, and not taking out any newcredit.
Look for little changes that you can make to put money aside this year.Slowly build up your savings account to provide a 3-6 month buffer. Thiswill allow a cushion so that if something were to happen to the family�sincome or if an emergency were to come up, you will be able to continuepaying your bills each month.
Learn how to organize and lose weight in the new year, as well as how tokeep your New Year's resolutions.
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Monday, December 29, 2008
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