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Published:  2012-10-17 Views:  817
Author:  Wally
Published in: 
Open a savings account that's for emergencies only. A bad situation can easily take you from being in great financial shape to financial turmoil. An emergency account will get you through hard times without a scratch, and will help eliminate a major source of stress during whatever tough situation you might be in.

When making plans for the future, always think about inflation. The money you are putting aside now, might not be worth as much as you think in thirty years. Select a good retirement plan with high interest rates, in order to compensate for inflation and you will end up saving more money than what you will need.

Build an emergency fund. Try to at least get three months of income saved up in a high-yield savings account that you can access easily, in case something goes wrong. An account with six months of income is generally better, but three can, at least, buy you a little time to try to take care of your crisis.

Take the time to find a free checking account to avoid unnecessary expenses. Many banks now charge a monthly fee for checking accounts unless you carry a significant balance. This adds up to hundreds of dollars per year in fees that can be avoided by finding a bank or credit union offering free checking.

Never co-sign on a loan for someone unless you are prepared to ungrudgingly pay for that loan yourself. Agreements like this don't end well sometimes, and should the other person default on the loan, you will be responsible for its entirety. It could damage a relationship with a friend or family member too.

Burn used cooking oil in your older diesel vehicle! There are entire web pages and forums devoted to doing just that. The first diesel engine, after all, was designed to run on peanut oil. Just make sure you research your options and take the precautions you need to insure you don't damage your engine.

Plan a budget. It's always a good idea to sit down and take the time to devise a budget. Take the time to do this, at least, once a month. If you adhere to the budget, you will find that you can save a great deal of money by just planning ahead.

Open a savings account, and start putting money aside. Ideally, you should be saving at least 25% of your income. You can adjust the amount of money you put aside to your other financial obligations. Use your savings when you find yourself in need, or to finance major projects.

Ordering items that are in limited edition productions or getting the items pre-ordered before everyone else can get it in stores will often allow one to resell it for a higher price than they initially paid. This difference in prices translates into a gain for ones personal finances for a quick resale.

Make sure that you are collecting all of the tax credits to which you are entitled. Look out for the following tax credits: Child Care Credit, Child Tax Credit, Lifetime Learning Credit, Earned Income Credit and Hope Scholarship Credit. Visit the IRS's website for a complete list of tax credits that you may be eligible for.

Take the time to establish a budget for your family. Your budget should cover small daily expenses, as well as, your bills. You should have a clear idea of how much money you absolutely need to spend, and what kind of expenses you could avoid by changing a few habits for instance.

Before you make an investment, take the time to meet with a financial planner and develop an investment policy statement. A good statement will help you avoid the pitfalls of investing, and will help you make investment choices that are right for you. If you're educated about investing, you may be able to put together a statement on your own.

Be realistic when it comes to saving. Some people find it very easy to save money, others, not so much. If you've never been able to successfully save money in the past, don't think that you will suddenly be able to save hundreds of dollars a month. Start small, and get used to the habit of putting aside an amount each month. Once you see it starting to grow, you can increase the amount of money that you save.

When going food shopping, be sure to check for items that are on sale in the store. Obviously, you won't gain anything from buying things that you wouldn't normally buy, but it can be useful if your regular items are on sale. This can save you a lot of money on your food budget.

Always make sure you are saving at least some money. Even if you can only put one dollar each paycheck in savings, the act of saving something can inspire you to save more next time. As your savings gradually grow, your sense of accomplishment will also grow and create a feeling of satisfaction.

Never use your credit card for a cash advance. Just because your card offers it doesn't mean you should use it. The interest rates on cash advances are extremely high and utilizing a cash advance will hurt your credit score. Just say no to the cash advance.

If you are attempting to save money, you should pick your goal, and save towards it. You will be planning your savings around a specific amount. This is a good way to save if, you are planning to make a large purchase in the near future. There are different strategies for long term savings.

It is not necessary to live your life paycheck to paycheck. By building a basic budget and sticking to it as well as following these tips, you will be able to have a more stable financial life which leaves you time and energy to focus on the more important aspects of your life.

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