20 Ways To Save Money

20 ways to save money on your checking account, savings account, your credit cards and mortgage and refinancing home loans.

Everyone wants to save money and nowhere is it more important where you spend the most money.

1. When opening a checking account do so with one requiring a minimum balance. These are interest bearing and you always have a buffer for unexpected bills. These accounts also give perks like no account fees and free check, but you have to keep a certain balance.

2. Some banks drop banking fees if you have your paycheck directly deposited. Another perk no more waiting to pick up your paycheck and then going to cash it and usually it is there the night before your co-workers get their.

3. Buy check online, on average 5.00 a box instead of 20.00 a box some banking institutions charge. Online checks are versatile and can be customized, an extra charge at your bank.

4. Use the little free extras that a bank offers. My bank has an 800# I can call and check up on balances make transfers and see what checks have cleared. They also have a website I can go to. Some offer free bill paying services something that saves time and money, no more stamps or gas running around town.

1. On a savings account make sure it is insured to the highest amount allowed by law.

2. Buy CD's, they offer higher yields than the typicle savings account, the longer the term the higher the yield.

3. Compare rates with different institutions. Just because you have a good checking account at one bank doesn't mean it offers the best savings or CD rates.

4. If you have children open an account in their name with you as trustee. Children under 16 are not charged tax on savings acoounts.

5. And consider banking online, online banks have no overhead so they usually give highier rates.

1. You can save hundreds of dollars on credit cards in lower interest by paying off the bill each month (I know how many times have you heard this), but it is true and because you have a good payment record when a card offering a lower a.p.r comes in the mail you can easily switch and lower the interest even more.

2. Don't get a cash advance through an ATM with your credit card. Charges range between 3% and 5.00 per transaction, this can really add up.

3. Swith to a card with a lower indroductory rate. By transferring the balance you have an extra 6 months to a year paying lower balances and if you do this often enough you may never have to pay late fees.

4. Never go over your limit. Over the limit fees can be as high as 25.00. Always ask if you can up your limit but if it is denied make sure you stay in that range.

5. Try to limit your self to 1 or 2 cards. The less you have to spend the less will be going out monthly.

1. Thosands of dollors can be saved on your mortgage by shortening the term. A $100,00. fixed rate loan at 8% apr will save you $90,000. if paid in 15 years instead of 30. Only do this if you can afford the higher payment.

2. Shop for a loan with the lowest points possible. Going from 8.5% to 8% apr on the same $100,000. at 15 years can save another $5,000. in interest. Imagine what bringing that down to 7% or lower would mean.

3. VA and HUD Loans usually have lower rates than a traditional bank or mortgage company does. Remeber to stay away from (ARMS) adjustable rate mortgages, they mays start out low but an increase in percentage points can cost thousands over the life of a loan, plus they typically have ballon payments due, which can cost thousands more.

4. Also if you buy a house through the VA or HUD your home is liable to cost less than others in the same area. Typically a VA or HUD home is being sold for what is still owed on the home instead of what the home actually costs. If one of these options are open to you make sure that you file all papers and get a realtor that specializes in the type of loan you are seeking. A VA or HUD loan is set up different than a traditional loan and in some cases there are specific qualifications that must be met.

1. When refinancing a loan, only do it if you can get a rate at least one point lower.

2. If you are getting a home equity loan compare rates, APR's and any up front fees at different institutions.

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