Everyone is feeling the financial pinch in the last few years and, for most of us, finding ways to save a few bucks is a daily task. The fact is however that many people are making small financial mistakes every day, costing them money and eating away at their savings without them even knowing it. With that in mind (and we agree it’s kind of a scary thought) we have a list of 5 changes that you should make right now that will help you financially We’d be willing to bet that most people will need to make at least half of them. Enjoy.
Change #1) Find a better bank. Banks today are really getting ‘fee happy’ and, if you are using one that charges for checking, has ATM fees and other charges you need to get out of there and find a bank that doesn’t. They might be smaller and have fewer services but, if you do a lot of online banking, they can save you hundreds of dollars a year. Findabetterbank.com and bankrate.com can help you do this.
Change #2) Change or upgrade your Credit Card. Most people have credit cards that they got without any awareness of their positive and/or negative points. Make sure that the one you’re using matches your financial lifestyle so that you don’t miss out on opportunities to save or pay too much in interest and penalties. You can compare CCs on sites like creditcards.com.
Change #3) Waste less money on food. No, eating isn’t a waste but paying too much for food or tossing away food that has gone rotten is. Keep your fridge and pantry organized, shop at discount grocery stores like Aldi and use coupons like they’re going out of style. Making your own food is much more cost effective than eating out and healthier too.
Change #4) Spend less on celebrations. The fact is, throwing an excellent party doesn’t mean that you should have to get a 2nd mortgage on the house. Email invitations instead of paper, ‘pot luck’ parties and BYOB is not a crime. You’re putting up your house as a party spot so you’ve already made a big investment. Let the guests pick up the slack.
Change #5) Figure out what you’re going to need to retire and start putting money aside for it NOW. You can go online and see what you’ll need using bankrate.com and other sites where there are calculators to show rates of return and other important info. Figure out your number and start working towards it ASAP.
We hope these changes will help you to get a better picture of where you could, and should, be saving. Use them as you see fit but do use them. See you back here soon with more great financial info and advice.