New Year’s resolutions from our readers

Laura T. Coffey • Profile • E-mail

There’s nothing like a brand new calendar year to get you thinking about possible ways to save money or make better use of the money you have.

Are you wishing you could do a better job financially in 2008? If so, I’m happy to report that many msnbc.com readers took the time to e-mail me throughout 2007 and share all sorts of practical, money-saving ideas.

As you reflect on your financial resolutions and goals, consider these tips provided by readers from across the country. And if you have tips of your own to share,   please do so here.

1. Budget, budget, budget. Val Nylen of Albuquerque, N.M., used to teach budgeting classes to low-income women. She learned a lot from that experience, and she wrote in with these insights: “Families should keep track of every cent they spend for at least two months and then work out a budget. It may need to be adjusted several times until they realize all their costs, but in the long run it will help control that money drain. It also helps to see all the waste in little items. There are several good books available on budgeting and they can be found for free at the library. But it does take everyone in the family to make a budget work. It also teaches everyone to handle money better. In this land of instant gratification, that can be the real lesson.”

2. Get your children involved. Barbara of Kennesaw, Ga., a self-described “60-year-old retiree who’s been there,” agrees with Val that budgeting is a family affair. She offered these words of advice: “Involve your children in your family’s finances. Start teaching them early on about the value of money: how to earn it, how to save for short- and long-term goals, how to spend wisely. Give young kids an allowance and teach them how to manage it. Let older kids get jobs that don’t interfere with school so they can practice managing their own money (and making mistakes with it) under your supervision. Involve all the kids in family budget discussions about expenses that relate to them and at their level: food, clothing, school supplies, sporting goods, dance lessons, special events, vacations, etc. Mortgages, insurance and car payments don’t have relevance until they’re in high school.”

3. If you’re eligible for discounts, seize them! Barbara also shared these additional words of wisdom: “If you’re 50 and over, take advantage of senior discounts.  Don’t be shy or paranoid about joining AARP, which is a major conduit and promoter of good deals for older people with more discretionary income than young families. Reality check: The older you get, the more discounts there are for everything from groceries to banking to vacations. An example: Taking AARP’s Driver Safety course can offer significant savings on auto insurance to drivers age 55 and older. However, the best senior deals often go unadvertised, or a merchant may not know to offer one to retain good older customers. Don’t ever be afraid to ask.”

4. Simplify your bill-paying throughout the year. Consider this idea from Bonnee Brown of Parachute, Colo.: “I spend my tax return on things that make my daily life easier. Last year I called the utility company and went on a budget billing plan. When I received my tax return I prepaid it for a year. … Now I have $150 a month that I can spend on other things or bills. I did the same thing with my cell phone bill, home phone/satellite and Internet bills. It has made the monthly balancing of the checkbook just a little easier. It is also nice to know that if by chance I lose my job … my kids will have heat, electricity and something to watch on TV while I use the Internet and phone to find another job!”

Next week's 10 Tips topic Beating a rigged system Bob Sullivan, writer of the “Red Tape Chronicles” blog on msnbc.com, has written a new book called “Gotcha Capitalism: How Hidden Fees Rip You Off Every Day – and What You Can Do About It.” Next week’s column will highlight smart, must-read tips from Bob’s book. Do you have advice or horror stories about sneaky hidden fees? If so,   please share it here.

5. Count those pennies. Do you have lots of loose change hanging around the house or making your wallet or purse weigh far more than it should? If so, this bit of advice from Corrie Jaynes of Rockville, Md., is for you: “At the end of the day I put all of my change from my wallet into a piggy bank. It is surprising how quickly it adds up. Usually at the end of the week, I am able to get from $9 to $14 without realizing that it is adding up. It is a great way to end up with extra cash for the weekend.”

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