JN Comfort
Sunday, August 19, 2018

5 Tips to Save Now

Believe it or not, saving a few hundred dollars each month doesn't require life-altering steps. But there are certain habits that could be eating away money. Here are 5 fast ways you can start saving now:
  1. Skip the ATM. ATMs that are outside of your banking network may impose charges for every withdrawal you make.
  2. Pay bills online. Almost every major bill can be directly withdrawn from your checking account these days. Eliminate any late fees and postage fees.
  3. Shop discount stores. Many discount merchants offer quality, and even name-brand merchandise, for a fraction of the cost of other department stores.  
  4. Carpool. No matter how much gasoline prices go up or down, it's much more cost-effective to carpool. Plus, less wear and tear on your car.
  5. Pay with cash. By putting purchases on a credit card, you run the risk of overspending, and in turn having to pay financing fees. Cut down on credit card usage and you could see more money in your savings.

3 Ways to Drown Your Debt

  • Pay off credit cards with the smallest balance. The immediate sense of victory keeps you motivated to stick to your debt-reduction plan.
  • If income drops, drop your spending. Many people try to maintain the same standard of living on a lower income – and that means more debt. If your income is cut, cut your spending too.
  • Fight fees. Learning to negotiate with credit card and other companies can save you hundreds of dollars in fees a year – and that’s cash you can put toward your other debts.

Smart Savings on Homeowners Insurance

Whether renewing your policy or purchasing a new home, applying any of the following tips from the Federal Citizen Information Center could help you reduce your homeowner’s insurance rate.
  • Shop around.
  • Raise the deductible.
  • Use the same insurer for home and auto.
  • Make your home more disaster resistant.  
  • Don’t confuse what you paid for your house with rebuilding costs.
  • Improve your home security.
  • Try for group coverage.  
  • Stay with the same insurer.
  • Annually review policy.
  • Consider the cost of insurance before a new home purchase.

Remember that flood insurance and earthquake insurance are not covered by standard homeowner’s policies.

Worth More than Money?

What can you do to help those in need, even if you’re unable to donate money?

There’s no shortage of opportunities:
  • The American Red Cross – The Red Cross has branches throughout the country and a variety of ways to donate time.
  • Soup Kitchens – Helping to serve meals to the homeless in your community is a great way to give back. Look online for a soup kitchen near you or consider volunteering through a church or other civic organization.
  • Make-A-Wish Foundation – Dedicated to enriching the lives of children facing life-threatening medical conditions, the Make-A-Wish Foundation welcomes volunteers who have specific talents and skills like fundraising and language translating. But they also require general office help and people willing to serve as committee members.
  • Hospitals – Volunteers who work in hospitals perform a wide variety of tasks, including clerical work, depending upon the needs of the facility. Many times hospital volunteers help lift the spirits of patients by visiting or delivering small gifts.

Money-Saving Tips