Many Americans are still trying to save more money in this economic climate. It
can be challenging with recurring and unexpected expenses but there are small
changes you can make to help increase your savings. Here are some saving
strategies that can help you achieve your financial goals:
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Set up an emergency fund. Most financial experts recommend that you set aside
an emergency fund of three months’ to six months’ worth of living expenses
before you start saving for other goals. When an emergency arises, this money
can help you from getting into debt.
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Hold off on the plastic. Limit yourself to one or two credit cards with the
best rates and use them for only major purchases or emergencies. Try to pay off
your credit card balances monthly. Review your bills and credit card statements
on a regular basis.
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Look to save on your home by seeking out lower mortgage rates and refinancing.
If you can save half a point or more on your rate, this can be a sign to
refinance. Depending on the new loan’s terms, it can save you tens of thousands
of dollars in the long run.
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Another way to save on your home is by taking actions to save on your
utilities. Compare offers from competing phone and electric companies and
consider purchasing energy-saving appliances.
Following simple guidelines and making a few lifestyle changes can put you in a
position to save more money during this challenging economic time.
