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If your debt is piling up, it's now time to shrink it.
Quick Tips to Get You Back in the Black
Saving money for your future is hard enough when the economy is in an upswing, but the task becomes even more daunting during an economic downturn when consumers find themselves struggling just to pay monthly bills.
In fact, the average American goes $500 in the hole each month - sinking further and further into debt each year. Depressing, right? Here are a few quick and easy tips on how saving a little can add up to a lot:
Checks and Balances.
Get a better understanding of your monthly and annual spending trends using Mint (www.Mint.com), a new online tool that keeps member accountable with balance and bill-pay reminders. This user-friendly site boasts helpful charts and graphs that provide financial overviews at a glance and will help you identify where to cut back.
Reward Yourself.
Credit card debt adds up fast. Finance experts generally recommend that you pay off high-interest credit card debt before you put money into your 401k or savings account.
In today's high-priced world, however, cutting out credit cards completely sometimes isn't reasonable, so why not choose a card that pays you? uTANGO (www.uTANGO.com) is a free rewards program that offers substantial sums of cash for everyday purchases. Shop using the uTANGO Visa card to earn $50-$800 cash back each year and up to $1 million at 30 years. Groceries, gas, movies, dining out, gifts, travel, and even household supplies can add up fast to earn cash rewards.
Dining Out Strategy.
Plan ahead and clip coupons for your favorite restaurants and take-out places. If you're savvy, you may never have to pay full price. Buying gift certificates on Restaurant.com can save a bundle since a $25 certificate goes for only $10. Pay attention to the coupon section in your local newspaper (chain restaurants and fast food coupons abound), and don't throw out those "clipper" magazines (great deals on local delis and family restaurants). Then stash your restaurant coupons in an envelope and keep them close at hand. When you can't make a decision on dinner, the envelope will make the decision for you.
A Better Use for Spare Change.
Money experts often say that an easy way to save is to empty your pockets nightly and place change in a jar or piggy bank. But that solution doesn't work if you're often tempted to raid the piggy bank for a night out with friends or a cute pair of shoes.
To increase your chance of success, try the reverse. Pay yourself first. Put a small amount -; whatever you can afford even if it's just $10 -; into your savings as soon as you receive your paycheck. Then collect your change daily and save it for a fun indulgence such as that hip new downtown eatery or the latest wedge heel sandals. An added incentive? You'll be inspired to save in little ways throughout the day to have money left for your "fun fund."
Dress to Impress.
When you update your wardrobe, don't forget to donate last season's clothing. Many charities operate second-hand stores, and they'll give you an itemized receipt for the value of your clothing -; which turns into a nice tax deduction at the end of the year. Not to mention the "rich" feeling you'll have from paying it forward.
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