Debt Credit Consolidation Advantage

It’s never too early or too late to start saving. There are lots of reasons to save: retirement, emergencies, vacations, etc. Try these strategies to build up your savings.

• Record your purchase (try ACCC’s budget in your pocket) Write down every purchase. Even gum and water... You will find yourself saving money more than ever. At the end of the month divide costs on categories: - travel costs - food costs - finance costs and you will find way to save in every category
• Make your monthly credit card payment on time. The $30-35 you save by not being charged a late fee each month on one card would save you most of the money you need for $500 in emergency savings.
• Open a retirement account. No matter how bad the economy or how much you make, set aside even a few dollars each month and see it grow.
• Refinance you mortgage. If you can reduce your interest rate by one percent or more, it is often beneficial to refinance. This is particularly true for those with high rates due to less than stellar credit scores.
• Not taking advantage of your company’s match in a 401 (k) plan, or getting involved in a defined contribution plan is a mistake.
• Automatically withdraw a small amount from your paycheck to a savings account. If you and your partner can each withdraw $50 a week, you will save over $5000 dollars a year!
• Create a visual reminder of your debt. Basically, just make a giant progress bar that starts with the amount of debt you have and ends with zero. Each time you pay down a little bit, fill in a little more of that progress bar.
• Pay yourself first before paying your other bills. Try to stick with at least 10% of your monthly paycheck if you can handle it. Bump that up 20% if it doesn't put too much strain on you financially. You'd be amazed how fast the savings will grow.
• Whenever you get any unexpected/unbudgeted income (tax refunds, sales, freelance earnings, gifts, and rebates), either use that money to pay down debt or put it in savings. Don't even consider spending it.
• Use free tax software to do your tax return. Most people have returns that are way simpler than they realize.
• You can be just as good an American by putting stimulus cash in one of the many high-yield savings accounts available online (easy to open) or use it to pay down your credit card debt, especially if you're carrying a card with a high interest rate.
• If you get the impulse to buy something wait 48 hours and see if it is still there.
• When you do go out to dinner, eat a little something before you go so that you are not hungry. Also, never order anything other than water to drink.