Saving Money- The best Tips for You (Part IV)


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Tip #76: Cut up your credit card

While closing credit card accounts can often look like a negative on credit reports, no one will know if you cut up a card and threw it out. So cut up most of your credit cards and throw them out, but maintain your accounts.

Tip #77: Use a credit card for small purchases 

In order to improve your credit, use your card for small, daily purchases. Pay the balance off from these purchases each month.

Tip #78: Be mindful of teaser rates 

Most credit card companies will offer an initial teaser rate. Be mindful that this is not your permanent APR, but instead a temporary APR that is likely to change in a matter of months.

Tip #79: Never exceed your card’s credit limit 

Exceeding your card’s credit limit often comes with costly penalties. Avoid doing it.

Tip #80: Get a copy of your credit report 

At least twice a year, get a copy of your credit report to check for errors or for problems you missed.

Tip #81: Ask your bank for better terms 

Call your bank and ask for better terms. This could help you to eliminate fees and get a higher interest rate.

Tip #82: Switch to a bank that has more ATMs in your area 

If you constantly find yourself paying fees to use other banks’ ATMs, consider switching to a bank that offers more ATMs in your area.

Tip #83: Put money in a certificate of deposit (CD) 

CDs often require you to hold money for a given period of time (often 6 months or 12 months). This can be a useful device to prevent yourself from spending the money.


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Tip #84: Put a fixed fraction of your income into your savings 

Instead of thinking about how much to save each month, automatically put 10% of your income into savings each month. This is a good habit to develop earlier.

Tip #85: Avoid putting money you’ll need soon into stocks 

Stock returns can be volatile relative to other investment instruments; however, for this reason, investing in stocks usually yields a high long-run return. For this reason, don’t invest money you’ll need in the short run in stocks.

Tip #86: If you’re planning to put money away for retirement, put it into a mutual fund

Put retirement savings into a mutual fund. Talk to your advisor to make sure the money is invested well.

Tip #87: Invest your money in index funds 

Index funds are often cheapest to invest in and provide one of the best riskadjusted returns. Consider putting retirement savings into index funds.

Tip #88: Cut down on extras on your cell phone plan 

Get rid of extras on your cell phone plan, including extended texting and data plans.

Tip #89: Text less frequently 

If you pay on a per-text basis, text less frequently with your cell phone.

Tip #90: Clean your car at home, rather than paying for it 

Instead of bringing your car to the car wash, grab a bucket of soapy water and a big sponge and get to work. You could save yourself a lot of money.


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Tip #91: Get your tires rotated 

Rotating your tires can significantly improve your gas mileage and cut down on wear-and-tear. Make sure you do it regularly.

Tip #92: Wash your car after snow storms 

If you live in a cold weather area, make sure that you wash your car after snow storms to clean off all of the salt. This will save you money on maintenance costs in the long run.

Tip #93: Start riding a bike 

Riding a bike is a good way to both get in shape and save money. Do it rather than driving your car everywhere.

Tip #94: Avoid clothes that require expensive upkeep, such as drycleaning 

Instead of opting for clothes that involve extensive dry cleaning, get clothes that do not require any special care. This will save you a considerable amount of money in upkeep.

Tip #95: Make your own cards to go with gifts 

Use one of the many available sites to create and print out a personalized card. This is considerably cheaper than buying one at the store; and may result in a more personalized card.

Tip #96: Offer to babysit as a gift 

If your friend or family member has children, offer to babysit for their children as a birthday present.

Tip #97: Use Open Source software, rather than expensive, proprietary software 

Open Source software, such as OpenOffice, is free. Consider downloading and using it, rather than using expensive software.


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Tip #98: Reduce your printing or print at the office 

Print less or print only when you can do it for free. This can easily save you $40 or more each month.

Tip #99: Print unimportant documents in the draft setting 

Cartridges can last much longer if they are primarily used to print draft-quality documents. From now on, consider using draft for documents that do not need to be high-quality.

Tip #100: Sell your old clothes on eBay 

If you have extra clothing that no longer fits (or that you no longer like), sell it on eBay for some extra cash.


 I wish you great wealth and much happiness. See you next time, saving money and get rich my friends!