1. Quit buying
lottery tickets. Here's some news
for you, you are not going to
win. Lotteries are for naive
dreamers who wait for something
big to happen. Instead of waiting
for it, go out and get it
yourself.
2. Quit gambling.
Same news, same story. If you
were any good at it, you wouldn't
have to read an article on money
saving tips.
3. Is your
checking account charging you
money? Paying a little extra for
"extras?" Dump it. That
$6 a month you are paying comes
out to $72 a year - which is
another payment you can make on
your credit card. Check with your
bank to see if you can transfer
your account to a
"free" checking acount.
4. Raise the
deductables on your insurance
policies. You can save yourself
$100s. If you don't feel
comfortable doing this, at least
plan on doing it until you get
out of debt.
5. Pay your
insurance annually, instead of
monthly. Carrying month to month
policies are more expensive. You
can lower your premiums by a
couple hundred by paying
annually, if you can put together
a lump sum payment.
6. Get a discount
by buying all your insurance from
one company. State Farm insurance
offers big discounts to those who
bundle all their insurance needs.
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7. Don't let your life
insurance agent dictate to you how much
insurance you need. Use a little common
sense here, instead of relying on a
salesman's pitch or what he tells you is
the "average."
8. One place you can save
money is to make sure you are not
overpaying the government on your taxes.
There are lots of deductions you can take
that you are probably not even aware of,
no matter how long you have been doing
your taxes. Pick up a copy of: The
Idiots Guide to Tax Deductions from
a used online bookstore like half.com.
9. If you happen to get a
refund, don't blow it on something you
think you deserve or to reward yourself.
Pay off those high interest credit cards.
Pay them off. At the interest rate they
are probably charging you, you are a
slave to their mafia style interest
rates. The sooner you can free yourself
from Don Carlo Mastercardo - the better
off you'll be. You deserve to be out of
debt more then you deserve a new flat
screen TV.
10. If you don't have a
personal or family budget, then you are
going through life with blinders on to
your own financial situation. Without a
budget, you will inevitably get lost in
your own bills and lack the foundation
for spending discipline. For more
information on how to make a budget,
search the internet for the keywords: how
to make a budget
11. If you've ever made a
phone call to a credit card company about
your balance or a payment, you've noticed
they will always try to stick it to you
by shoving some offer down your throat
for credit card insurance, a credit
report - or some other crap you don't
need. Federal law already protects credit
card users, so even if your credit card
is stolen and huge charges applied to it,
your maximum liability is $50. Learn to
say NO - and take pleasure in saying it.
Credit card companies are not your friend
or buddy or pals. They want your money.
12. Beware of credit card
debt elimination scams. There are good
credit counselors and there are some that
are pure evil. Find out how to identify
the good, the bad and the ugly by reading
our guide to credit
counselors.
13. Always pay off your
entire credit card balance each month.
You can end up paying almost as much in
interest charges as the item actually
cost if you only make the minimum payment
each month.
14. If you are in deep
credit card debt, please refer to our
"How To Pay Off Your
Credit Cards" guide. That $200
television you bought could become a $400
or $600 TV thanks to the high interest
your are paying. Throw in some $40 late
fees and $40 over credit line fees and
you could end up paying for that TV 2, 3
or 4 times over.
15. Finally, yep - cut up
all your credit cards. Don't save a gas
card or one "for just
emergencies." Most people's idea of
an emergency is a new DVD player. Without
any spending discipline, most people will
max out the credit line so that when a
real emergency does come, you dont' have
any credit. Research has proven that
those without credit cards, spend less
money and have more personal savings then
those with credit cards.
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