Save Our Money

_______________________________

Save – to keep safe from harm, danger, hurt, loss, etc ; protect, avoid expense or waste (Gage Canadian Dictionary) _______________________________

"I want a life free of financial stress and debt." How many of us can truly say this and stroll merrily along through our lives blissfully immune to the economic woes around us? I imagine not too many since some of us were lulled into a false sense of job security, financial stability, etc. Yes, there are ways to save your money. Some are as follows:

• Stop all automatic billings to your credit card , saves you interest. Pay by check.

• Stop all automatic renewals. Review each year if you want to continue renewal for services.

• One stop shopping. You are paying taxes each shopping stop, so change your habit.

• Impose a spending limit on yourself and stick to it.

• Cancel credit cards with the highest limits and interest.

• Set up a separate savings account for one year payments on specific items (home insurance, property taxes,etc.)

• Buy Christmas gifts at sales, ahead of time.

• Save Travel reimbursements. Deposit into a savings account and you may end up able to afford a vacation.

• Reinvest your tax refund into a long term savings bond mutual fund or certificate of deposit.

• Record and keep track of DUE dates for payments. Save yourself late payment charges.

• Errors on credit reports. If the company can’t verify information within 30 days on a error you dispute, they are legally required to remove it.

• Look for items on your credit report that are beyond the statute of limitations. Poor credit can stay on record legally for seven (7) years. Bankruptcy for up to ten (10) years.

• Open a bank savings account (not a checking account) without a Bank card. Hopefully reinforce you to stay out of that account.

• New laws can allow access to their Individual Retirement Account (IRA) penalty-free for first time home buyers or college expenses. Contact your tax advisor or IRA provider for further details.

Some Tax Tips

• Save all RECEIPTS!! Keep records of all expenses and donations. Claim deductions.

• Donate to IRS approved charities.

• Donate garden vegetables to shelters and record it at comparable grocery store prices. Save Receipts.

• Canning surplus vegetables and donating to shelters, later in the year, is also tax saving.

• Claim mileage when driving for charities. Record mileage, date and reason for trip.

All these small steps can make a cumulative difference in learning to save our money. It will take self-discipline and commitment to begin these strategies but at the end of it all, you will find yourself with savings for future goals.

____________________________________________________________

Dame Scribe writes articles based upon experience and knowledge in business, health, technology and science. Please feel free to send a email if you would like to make a request or want further information.