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Related Consumer Finance Programs - The following sub-directories of companies offer a wide variety of financial programs to assist you with the management of your finances. Consolidate debt with a consolidation loan or use a debt counseling service or mortgage refinance for help with the consolidation of your charge card debt and other monthly payments.
- Debt Consolidation Help - If you have a large amount of credit card and other debts, now may be a good time to consolidate your debt and lower your payments.
- Debt Management Counseling - Having trouble keeping up with your monthly credit payments? Compare debt management companies in this online list that can try amd help you get a grip on your personal financial situation.
- Credit Card Debt Settlement - High credit card balances making your monthly payments impossible to meet? The negotiation of your outstanding bills with your creditors may be a good debt solution for you. Educate yourself on your options and compare available programs.
Start Smart: Money Management for Teens
Simple, Everyday Things You Can Do to Save Money
Everyone can use a little guidance on how to save more money. Here are some suggestions for simple things you can do.
Set goals. "Saving money now for use in the future gets easier if you know what you want and how much you'll need," said Janet Kincaid, FDIC Senior Consumer Affairs Officer. It helps to set savings goals you can easily achieve. If you want to buy a $500 item within the next year, plan to save $50 a month for 10 months, which is just $12.50 a week. (We're not including any "interest" you could earn on your savings.)
Have a strategy for saving money. Every time you receive money—from your allowance, a gift, a summer job or some other source—try to automatically put some of it into savings instead of spending it. That approach to saving money is known as "paying yourself first."
Here's one suggestion: Consider putting about 25 percent ($1 out of every $4) or more into savings that you intend to let build for a few years, perhaps for a down payment on your first car. Separately you can save a similar amount of money for clothes, video games, electronics or other items you might want to buy within the next few months. With what's left, keep some handy for spending money (maybe for snacks or a movie) and, as we suggest on "Another Good Use of Your Money: Helping the Less Fortunate," also consider donating some of your money to charity.
Cut back, not out.Are you spending $5 a week on snacks? If you save $2 by cutting back, after a year you'll have $104 to put in a savings or investment account that earns interest.
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Summer 2006 |
Simple, Everyday Things You Can Do to Save Money | |
FDIC Consumer News is published by the Federal Deposit Insurance Corporation
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Last updated on 8/18/2006