10 Ways to Save Money

Are you one of the individuals who have issues saving even when you have good intentions? If you are trying to stop your spending, go to the gym, or give up something in this new year you are going to need a plan. Often times we are trying to get out finances straightened out to improve our savings in the new year. You will find below a list of ten ways to help yourself save and to stop spending the cash you need.

It is important to start by getting your debts under control. First you need to know how much debt you have. We often find that we don’t manage this debt as we should. Instead we are managing the debt in the worst possible way. If you can control the amount you spend and get rid of the damaging interest rates you may be able to find a suitable solution to your debt and spending problem.
It is important to cut up the cards you currently have in your wallet. You can change where that debt is. In fact you can obtain new cards with lower interest rates or you can decide to change to a consolidation loan with a lower interest rate. Many times we find that the balance transfers while helpful during the initial introductory period are going to be the best option; consolidation loans will completely wipe out the need to keep switching the cards, and probably save you more. In fact if you can find a consolidation loan for 7% interest you are getting a better overall loan to help wipe debt.
You should be aware of the lenders though. Some lenders tend to push payment protection insurance with a loan, and this can actually increase your debt. There are other options that are available to have protection on the loan. You should first look at the options and choose the one that is a lower cost for the benefit. Anyone with financial problems should not have to suffer. In other words someone should be able to help in offering advice or changing the way you are currently managing your debt. There are several debtlines that you can call for help.
You will also find that changes in a mortgage will need to be made in some cases. You should make the most of a mortgage. It is a bigger debt, certainly, but you can find deals to make that debt a lower cost to you. For instance you can switch to several cheaper options, even if you have a prepayment penalty you can still save in interest with a different mortgage.
You will need to sort of the savings you have if your debts are under control. In other words you may find that you can save up to three or six months worth of salary if your debt is under control, in order to plan for life’s emergencies. Many of us don’t plan for the emergencies that may arise and this is how we get further into debt. If you can save for emergencies by getting three to six months of your salary saved up as well as getting an interest rate that is 6% or more on a savings account you can get yourself the much needed savings. You can start with one month’s salary and build on that until you have six months or more as well.
Learn what tax perks you can take. You should not have to pay more in tax with savings than is absolutely necessary. This means you need to find out where you can save on the taxes and what types of accounts you should open. You will find there are many that will allow for you to gain a free tax with the accounts you choose.
You can also start a pension. A pension is usually forgotten when one is trying to save financially, but if you remember about the entire plan you are going to be doing yourself a great service regarding savings. You will find that it can be really easy to get a pension plan through your company if you only ask. This means that you will get certain tax perks related to the pension plans as well.
Next on the list of savings you will find that identity theft is very important. Since it is one of the fastest growing crimes in the entire world it is important to understand what you can lose. Sometimes the charges will be covered, but if the charges are over or under or certain amount you could be in trouble. Here are some things you can do to in order to protect yourself. Don’t carry a driver’s license unless you are going to need it. You should also shred any important information that comes into your home. Credit card slips, bank statements, information that has your address and phone numbers should also be shredded. Also check your bank records, credit card statements, and other financial data such as credit reports to make sure you are safe from the fraudsters.
You should also take advantage to cover your household and car insurance. You will find that these two items are about to rise for the new year. This means that you will need to check out possible options for lower rates. You don’t want to just allow the policies to renew automatically because you could lose more in the new charges. You should compare quotes on a number of sites to make sure you are actually saving rather than being forced to pay more.
Lastly you will want to look at your will. It is important that you make sure your will is up to date with the new finances you have and of course make sure everything is in order. For your family there is going to be inheritance taxes and other fees upon your death. If you make sure everything is in order they will have a better time financially in the future. This is not to say that future is this year, but once you make the appropriate changes it will make it easier to keep up with them every year.

Back To January 2008 Financial News
Purchasing with Credit Cards
Traps with Credit Cards
Understanding Credit Scoring
What Is A Credit Reference Agency
Testing Your Debt
10 Ways To Save Money
Benefits of Savings
How To Save of Invest Your Money
Individual Savings Accounts