HotmailMSNBC.com readers share their resolutions
Save some green in 2007 with these simple ideas
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| I finally started to document my monthly spending on an Excel spreadsheet! I downloaded a file with formulas already set. This has really opened my eyes on where money is going! I simply enter the cost and can see instantly what my monthly totals are to date! I find myself asking ... do I really need this now or can it wait until next month? — np4175 |
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There sure are a lot of smart cookies out there. And fortunately for all of us, many of them have taken the time to write into MSNBC.com and share all sorts of practical, money-saving tips that can be put to good use in the coming year.
As you reflect on your financial goals and resolutions for 2007, consider these ideas sent in by MSNBC.com readers.
And if you have tips of your own to share, please do so here.
Overall rules to live by
Here are 10 smart financial tips sent in by Bryan Arndt of Lombard, Ill. Arndt, chief financial officer and controller of a manufacturing company, writes, “My tips are more about common sense, but a lot of folks seem to overlook some or all of them.”
1. Raise those deductibles and save on your auto and homeowners’ insurance. If you insure with the same carrier you may even get a discount, so check it out.
2. Turn down your home’s thermostat and wear a sweater and put an extra blanket on your bed. You can even get an automatic setback thermostat.
3. If your employer offers a Flexible Spending Account, use it to pay for qualifying medical expenses with pretax dollars.
4. If your employer offers a 401(k) plan, enroll as soon as possible and save as much as possible.
5. If your employer has no 401(k) plan, take advantage of a traditional or Roth IRA.
6. Clean out your closet or garage and donate unwanted clothing and other items to a qualifying charity and get a tax deduction.
7. If you’re able to make something yourself instead of buying it, do it and put the difference between your cost and the retail price into savings.
Recent storms and power outages have brought to mind the need to keep our loved ones and our homes as safe as possible. If you have advice to share on this topic, please do so here.
8. If you want something but don’t need it, delay buying it until you can pay cash.
9. Keep you car in tune and do the speed limit to save on gas. When you want a new(er) car, look for a late-model used vehicle instead of buying new one and avoid the depreciation hit.
10. Live a healthy lifestyle. Your medical expenses will be lower and you’ll enjoy life more.
-- Bryan K. Arndt, Lombard, Ill.
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