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21 Tips on Saving Money

1.Set a budget
Sit down and look at how much money you'll have coming in. Subtract the amount you'll owe for bills that are due _ and make a plan for what's left over.

2.Save early, save often
A little or a lot can go a long way.

3. Consider Automatic deductions to help you save.

4. It's never too early to think about retirement
Opening an account to pad your pension , enroll in your 401(k), especially if your employer offers matching funds , open a Roth IRA or invest in mutual funds.

5. Start early if you can, if not, start now.

6. Stop procrastinating. This is pretty much the idea with any goal that you set. Just get it going, quit talking.

7. Prioritize your long-term nest egg needs.

8.Decide which goals are best met with savings versus debt.

9. Pay yourself first. We've heard it a million times and with good reason.

10. Participate in employer-sponsored savings and retirement plans. Do your research on it.

11. Diversify. Most financial consultants will say this for a good reason.

12. Control and reduce your debt. It's like a diet.

13. Compare what you spend with what you want. Do you want it or do you need it??

14. Monitor your savings progress. There are software programs that can help you do this.
15. Review your income tax withholding.

16. Discuss savings goals with your spouse, parents or significant other who can provide support or encouragement.

17. Set up an emergency fund to cover unexpected cash needs. Life with anything else in life, expect the unexpected.

18. Slash the incidentals. Carefully read through one of your credit-card statements, to see the stupid things that you may have purchased or ongoing monthly fees that you may have forgotten about.

19. Pay ahead on your mortgage. By paying an extra $100 a month toward the principal on a $150,000, 30-year mortgage with a fixed interest rate of 6.5 percent, you’ll save more than $51,000 in interest and be able to retire your mortgage nearly seven years early. An extra monthly payment of even $20 or $25 can make a surprising difference. However, you may stand to benefit more if you could invest that extra payment in an interest-bearing account offering a guaranteed higher rate of return than your mortgage rate. Also, paying off your mortgage early means you won’t have the tax benefits of home ownership for the same number of years.

20. Shed credit-card debt. Easier said than done.

21. Say goodbye to late fees. Make a plan and attempt to stick to it.

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