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Hello,
This week's issue is about Saving Money. We have some tips sent in by readers and links to articles on the website. This issue should give you some great weekend reading if you are looking for ways to increase your savings.
Have a great weekend,
Susan
Tips:
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Tips
Money Saving Tip: Hold Onto Your Change
If it is hard for you to save money, only spend dollar bills and save all the change you get in a jar or container at home. My daughter and fiance' have been doing this for the last 2 months and have $150.00 already. It is easy and fun to watch it grow...
By Lois C
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You can save a lot of money if you recently paid off a vehicle. Put the money you would have paid for the car payment in a savings account every month. If you've spent a couple years making the payment anyway, a couple more can't hurt. And you'd be surprised at how quickly it adds up!
By Sarah
Editor's Note: You also can reduce your car insurance coverage and save quite a bit of money.
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Having Fun Saving and Making Extra Money
I'm a preschool teacher, but just started a month off of work without pay (we close in August for maintenance and teacher training). To top that off, we just received a large and unexpected bill in the mail! To try and get through this period, I've started a little "contest" with myself to see if I can go at least a week without spending any unnecessary money, or if I can even make some extra money.
For example, yesterday I didn't spend any money all day (though I was home almost all day, to be fair!), and even "saved" some money by returning a couple of overlooked, overdue items to the library that were racking up late fees. Today I have to go out, but when I do, I'll take back some items that I've been meaning to return. I won't buy anything new at the store while I'm there, so I'll actually "make" money from the refunds.
I also started some auctions on eBay last night, so if that goes well, there's a little extra there too. Making this into a fun challenge for myself takes some of the sting out of having to "do without" right now, and it'll actually be kind of fun to see how much money I can earn in one way or another!
By Lisa from Kenosha, WI
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Watch the Pennies and the Dollars
My daughter looked at me like I was a little weird when I suggested she should not use a 39-cent stamp when a 24-cent stamp would suffice. So, does 15 cents really matter? I think it does, not so much for the dime and nickel, but for the attitude. You see, if you casually throw 15 cents away when it comes to a postage stamp, it's much easier to begin thinking slightly larger sums don't matter, either. And soon you'll be on your way to thinking $20 is not a big deal. Then you'll be headed for trouble.
A wise person once said, "Watch the pennies, and the dollars will take care of themselves." I have proven that to be true, and I hope you will, too.
Here are three fairly easy ways to save some spending money and save!
1. Don't spend your coins. Save them, instead. Every evening, empty your pockets, purse and wallet of all coins. Even if the bill comes to $4.05, hand the clerk a $5 bill and stash the difference. When you accumulate $25 or so, roll, wrap and send them off to your savings account.
2. No matter how small, make it a habit to bank all coupon savings, rebate checks, and refunds.
3. Stash 5% of your pocket money, grocery money and any other "walk around" funds you control in your secret savings spot. Chances are you won't even miss it, but soon you'll discover that $2 here and $4 there really adds up.
By Bobbie G from Rockwall, TX
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How to Save Money Without Giving Up the Things You Love
By Darlene Arechederra
Recently, a close friend wanted to lose weight. He had psyched himself up, and he was ready to go. Until his doctor suggested he had to restrict his calories, that is. "No way!" he said.
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Strategies to help people save money. Post your ideas.
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Adding up the Savings at the Grocery Store
I usually use coupons at the grocery stores and also buy their saving specials. When I get home I put the money I saved in my savings account and by the end of the month I ususally have around $80.00 in savings! Double the fun and double the pleasure!
By Cheryl Walton
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If you get a raise, put that money in savings.
If you get a pay raise, or a bonus, pretend you didn't get it and continue to live within your previous budget. Put the extra money into savings every month.
By Kathy Y.
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How Do Credit Unions Stack Up to Other Banks?
By Kelly Ann Butterbaugh
There are banks, and then there are credit unions. What are these credit unions, and how can they benefit bankers? It's worth the time to take a look at what they have to offer and invest a little money into a credit union as well.
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4 Simple & Painless Ways to Save Money
By Jona E. Kessans
Week after week would slip by and I would have the good intention of putting a set amount aside (usually 10% as so many finance and money books advocate) of my income for savings. But week after week, I just never seemed to have anything left over. I know, I know you're thinking that I should be paying myself first and a minimum of 10% at that. Well, when the bills arrive and your paycheck just barley covers those expenses, then what? This is when I decided to create simple and painless ways of saving money by saving in ways that don't make me feel like I am missing something or going without. By saving in small consistent amounts everyday I have been able to amass a sizable savings that have come in handy when life has thrown financial curve balls at me from medical expenses to new tires to vacation expenses. Specifically I started using the following simple and painless techniques to save money.
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Put Away Money Saved Or It's Not Saved At All
"A penny saved is a penny earned," said Benjamin Franklin. However, what good is a penny saved if it's spent on something else? Think of it like this: if you purchase a pair of pants on sale for $6 off the ticket price, where does the $6 go? Does it stay in your wallet only to be spent on something else, or does it go in a savings fund to pay for something more enjoyable like a vacation or new TV? Why not turn the saved money into something great by doing the obvious - save it. Today Franklin's maxim should read, "A penny saved is a penny spent on something else."
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Not Buying Scratch Tickets Helps Pay Off Debts
For every day I don't buy a scratch-off lottery ticket, I put the $2 I would have spent on it, and put it into an envelope and as it builds up I take it and apply it to a debt. It seems like found money and feels great making the payments
By Michael McIntosh from Greenwich, Ct
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An FSA the Easy Way
By Kelly Ann Butterbaugh
Investment strategies and mutual funds are often over my head, but managing my flexible spending account (FSA) is easier than I planned and worth every minute of the effort.
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I want to start saving some money each month, but don't know where to start. What do you suggest?
Read answers below and feel free to post you own ideas.
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Laddering Certificates of Deposit (CDs)
Could someone explain Laddering Certificates of Deposit (CDs)? I heard a little about it on talk radio but didn't catch the whole conversation.
Thanks,
Ellen from NY
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Keep Track of Your Saving Progress
I like to keep track of all the money I was tempted to spend but didn't. I do the same when I am counting calories. I count what I almost ate but didn't.
By Laz
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Always put money aside out of your paycheck away in a separate account to save for rainy days. Even the poorest of people can afford 5% especially if they do that from their first paycheck. I recommend 10%, but for someone making $200 a week, $20 is a lot of money. $10 is more doable in those situations.
By Becky from Essex, Md
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Everyday Ways to Save
By Cyndi Roberts
Small things do add up. Sometimes we get caught up thinking of ways to save big bucks and forget about the small ways.
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