How to Keep More of Your Cash: The "Do" List
- Do cut up the credit cards, or at the very least pay the balance in full every month. If you like plastic, use a debit card instead of a credit card.
- Do follow a budget. Live within your means. In fact, live below your means and apply the rest to any debt that you may have.
- Do pay yourself first. Put money in savings every payday. "Save 10 percent, give 10 percent" is a good and easy rule to follow throughout your life.
- Do participate in your employer-sponsored retirement plan. Hey, it's free money. Don't turn it down!
- Do shop with a list and use coupons wisely. Remember that an item on sale is never a bargain if it's something that you wouldn't use anyway, so don't buy it just because it's on sale.
- Do save time as well as money by planning your meals. You'll eat healthier and nurture a happy family in the process.
- Do pay off those bills. Set a goal, make a plan, and become debt free. Wow, what a way to enjoy life! (Try it, you'll like it.)
- Do pay your taxes on time. Take any deductions you're entitled to. Consult a tax professional for advice. While you're at it, campaign for the FairTax to help make paying taxes simple and fair.
- Do give yourself a raise. Start a work-at-home business. You can start an eBay business with an investment of nothing but a little bit of time and a good, honest effort.
- Do develop a "no debt" habit. Do you automatically say, "Charge it!" or do you ask yourself first if you can really afford to spend money right now? Which would you really rather have, the latest electronic gadget or peace of mind, no credit card bills, and money left over at the end of the month? Develop a no-debt mentality, change your spending habits and you will find peace of mind.
- Do make your financial goals a family project. Get your kids involved and teach them how they can save, too. Explain to everyone the spending habit changes you plan on making so that the kids will understand why mom and dad may not be able to make that immediate purchase of the latest video game the way they used to. Plan rewards for the family as each member contributes to achieving the family's financial goals for the year.
|Planning a weekly frugal meal of beans and rice is a |
wise way to help you keep more of your cash.
Are you debt free? Do you want to be? Have you learned anything here that will help you keep more of your cash? Have a tip of your own to share? Chime in with a comment below.
Piggy Bank photo by Alan Cleaver via Creative Commons
Beans and rice photo by David Sanabria via Creative Commons