| Don't focus on the downside of our current | | | | Step 3: A Little Savings Can Add Up |
| downward economy. There are actually just as | | | | Even if you feel like you can't pull a large amount |
| many benefits to today's financial challenges. | | | | out of your monthly paychecks to assign to a |
| Lenders are vying for every last customer and | | | | savings account, even a small amount can add up. |
| that competitive market can give you some | | | | Put aside $50 or so from each check. |
| consumer leverage. | | | | One of the greatest benefits of salting away a |
| Take a look at these tips to quickly turn your | | | | little money is that, when urgent expenses do |
| money-related stress into easy budget revisions | | | | arise, you have that reserve available and may be |
| and opportunities to save. | | | | less like to use a credit card to pay for unplanned |
| Step 1: Refinance | | | | expenditures. Shop around for the best rates on |
| If you do not have a conventional home loan, you | | | | savings plans or short term CDs once you have |
| should. Do you have at least 10% of your home's | | | | saved up 1k or more. |
| value paid down? If so, you may be able to | | | | Step 4: Assess Your Utilities And Tech Services |
| convert your mortgage loan to fixed-rate | | | | Are you getting the best rates and the right plans |
| conventional rather than FHA. | | | | for your personal utility usages? Compare cell |
| Even if you can't go with the best conventional | | | | phone plans to be sure that you're working with a |
| option, you should be able to convert to a lower | | | | vendor that provides the features and services |
| interest (below 5.25%) rate if your current | | | | you need at the lowest possible pricing. |
| financing has a higher than 5% loan rate. Compare | | | | If you live in an area where electricity is |
| lenders to be sure you're getting the best deal. | | | | deregulated, have you looked around for your |
| Choose a provider who will offer a low rate and | | | | optimum local rates? Research options to bundle |
| no additional fees or points charges. | | | | your home technology services (things like the |
| Step 2: Eliminate Credit Card Dept | | | | home phone landline, hgh-speed internet, and |
| Paying off credit dept should be a top priority. | | | | satellite TV packages). Don't be loyal to a supplier |
| Being debt-free is extremely liberating, not to | | | | who isn't giving you the best deal. Look around at |
| mention cost-effective. If you are carrying a | | | | current promotions and specials that will put cash |
| balance, make sure your interest is as low as | | | | back in your pocket. |
| possible, and always pay more than the minimum | | | | Step 5: Be Frugal But Don't Skip Fun |
| amount requested. | | | | People who are too tight with their money and |
| If you have the resources to pay off debt, and | | | | focus on holding onto every dime miss the |
| are committed to keeping those cards closed | | | | purpose of having any disposable income in the |
| after they are down to a zero balance, then by all | | | | first place. It's not uncommon for people who |
| means do so. Even the most reasonable cards | | | | tighten the belt excessively to go a little crazy |
| charge interest at 10% or more. It's unlikely that | | | | when they do let go and relax their grip on the |
| your highest earning CD is paying you more than | | | | purse strings. |
| 5%. | | | | Allow yourself to have a little fun on a regular |
| However; if you cannot be sure that the debt will | | | | basis. It's a worthwhile investment in your overall |
| not be re-accumulated after taking 17 - 20k out | | | | well-being! Clipping coupons and watching for |
| of your retirement funds or other savings, it | | | | consumer bargains can be a good way to take |
| doesn't make sense to deplete your significant | | | | advantage of entertainment resources while still |
| assets only to run up more debt. Negotiate with | | | | sticking to a budget. |
| card companies for your best rates and, if you | | | | With some creative thought and easy planning, |
| decide to dip into savings investments, talk to | | | | almost anyone can work out a feasible financial |
| your banker to see if they will reduce any | | | | plan. |
| withdrawal fees. | | | | |