Savings

This is a great article from Fox Business.

It takes effort." "It's the little things done every day that make you successful." Advice from a marriage counselor? Maybe, but it could also be instruction from your financial planner. And, like the small kindnesses you offer your spouse every day strengthen your relationship, a little effort on a regular basis can nurture your finances. It's not realistic to skip feeding the family a couple of nights a week, but here are some ideas for getting the most from your money.

Starting Small Helps You Save Big

Financial advisors sometimes mention eliminating your daily drive through at your favorite coffee place as a great way to save money. Sure, but if you're hooked on caffeine, it's not much of a motivation to save. Instead, consider modifying your coffee purchases. Visiting your favorite place twice a week, and buying cheaper brew at a convenience store three times a week can save about six bucks a week, depending on your order. You can save about $26 a month this way, and more if brew your own joe and take it with you. Making changes like this can save an additional $50 to $100 a month without giving up everything that you enjoy.

It's Time for Change: Feed the Change Jar

In a time when our leaders are promoting change, don't ignore your piggy bank or change jar! Empty pockets, purses, and wallets daily. When you pay for anything in cash, pay with bills, and add the change to your change jar. It's amazing how fast change can add up. Use it as mad money, or add it to your savings. If you're carrying credit card debt, use that spare change for paying down debt.

Cutting Down on Spending May Mean Cutting Up Credit Cards

How many times have you bought something on impulse and paid for it with a credit card? How stuffed is your closet with clothes you don't wear or your garage with stuff you don't use? Would you have bought most of this stuff if you had to pay cash instead of using that trusty plastic?No? If you're carrying a credit card in your wallet, replace it with a debit card.

As mortgage and savings rates reach historically low levels, credit card companies typically charge much higher annual percentage rates (APRs.) Paying off credit card debt can provide a higher yield than liquid savings, certificates of deposit (CDs), and money market accounts. If your credit card APR is 12%, and you carry a balance of $5000 for a year, you're paying approximately $600 annually for finance charges! Keep funding your deposit accounts, but avoid increasing credit card balances. And those platform shoes that cost a paycheck,and you only wore them twice? Sell them online or at your next garage sale! You already know what to do with the money.

The original article can be found at MoneyRates.com:
Savings Is Like Love: It's the Little Things That Make it Work