Ten Ways to Save More Dough

Publications in recent months, such as Reader’s Digest, have run articles that spotlight a number of methods which they feel help people to save.

While some of the tips seem like fluff (like one insisting that you make sure your kids pay taxes), others are genuinely useful.

We’ve made our own list of ten key methods of saving more money:

1. Shop around for savings/checking accounts: some accounts carry much higher interest and lower fees.
2. Avoid high risk: if it sounds too good to be true, it’s too good to be true.  Run away.
3. Never cancel a no-fee credit card:  if you’re racking up debt, cut up the card but keep the account.
4. Pay more on your mortgage:  an extra payment now shaves months off the end of the amortization schedule.
5. Shop around to reduce bills: Internet, Cable TV, and Insurance can all be greatly lowered in as little as 15 minutes of shopping around.
6. Get term life, not whole: term life insurance is a better buy.
7. Pay bills as close to the due date as possible: be careful not to pay late.
8. Max your 401k: if the company matches.
9. Diversify: Do not put all your savings into one thing.  Property values can decline, stocks can fail, investments go bust.
10. Take advantage of tax breaks: Use of FSA, retirement breaks, and housing credits can save you hundreds of thousands if used right.

photo credit: voobie