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.
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.