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Saturday, March 28, 2009

Getting started with saving money? Little tips are here (1)

I am back again….and this time, I feel that I should come up with something you all are more looking for at this financial recession period….something you are badly in need of. Hey, I know, there is already enough of taking loan, investing money, making payment. Now we all are rather interested in keeping our hard earned money with us, courtesy to this recession…..and not in letting it go. Weak financial time still prevails around us and we need to be helped with our savings in order to save more and more. At this moment, saving is not easy at all….and it is harder for them who are just getting started afresh. But having a rock-solid savings, especially now, would really help in getting over the situation partially and building a strong financial platform under your feet.
I would like to share with you all, especially new ones on the block, some easily-to follow tips for saving money.

1. You can pick up your credit card (of course the one with a balance). Then flip over it…..saw the number of your credit card provider on the back? Call them and ask for an interest rate reduction. Tell them that otherwise you’ll take your business elsewhere. If the customer representative denies, ask immediately for his supervisor. Example: you have $5,000 amount balance left. Even a 3% rate reduction saves you $150 a year.

2. Children feel pleased with any and every kind of gift that carries a value of affection and love, and not of money….so many times, even with the cheapest things, like-a small chocolate cookie, a barbie doll they are satisfied. No need to spend a lot on their entertainment and this way you can save. Instead, arrange something playful but constructive for them and let their creativity develop. And, more importantly, try and spend quality time with them…that is what they want, not your money.

3. Watching television for long hours, also, to some extent, costs you and takes a toll on your total savings. Try to reduce this habit….it is lethal to your money. There are a lot of financial benefits:
1) less electrical consumption
2) You shall get quality time to focus on other works that would help in enriching your savings…may be you look for other ways of earning, start with a new home based trade, etc.

4. My borther is using ING Direct as his primary bank. And his income is roughly 3.4% on his savings account, 3% on his checking account. The banks have never charged him with any fee. I gave this statistics just to establish an example to you all…. why don’t you people also earn some serious interest on your savings accounts? And, just do not spend money on maintenance related costs.

5. Everybody knows that the habits of-smoking, drinking, doping of taking drugs are lethal weapons for your health…..yet we are into these always. I take the pleasure to draw your attention to a new aspect in connection with that; forget health, these habits are damn expensive, man. They ruin your chances of saving on money, if any, flow it away, and you are financially depleted gradually. Kick off these habits right now if you are into….take help of fortitude if needed. My point is, why would you burn up your own money on the tip of a cigar? With nothing in return but silent death?

I am done with today's writing, friends...actually have got to go for a work. But the tips are not over yet....several other ways are there. Would get back with more in next post.


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