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| "29 Ways to Save More Money During The Recession" (Reader's Digest) |
Submitted by:
Tip Hero 01/13/2009 7:51 PM
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We came across a very interesting Reader's Digest piece that provides lots of money-saving tips and information. Some of the tips you've probably seen before, either here on TipHero or elsewhere, but some of them were new to us. All in all, the article is a good read.
While the title of the article suggests that they have 29 ways to save, the tips aren't numbered. We didn't add them up to see if their math is correct, so we'll just have to take their word for it.
They divide the money-saving ideas into five main groups: taxes, checking and savings, debt, insurance, and retirement.
We pulled out a few interesting tips and highlighted them below. To read the full piece, click the link at the bottom of this post.
Avoid "rapid refund" programs. "Sure, they sound great. After all, what can be better than getting your money fast? A tax-prep chain might try to get you to agree to one of these "instant" or "anticipation" options. Don't take the bait. This is not your refund. It's a loan—and a very high-interest loan at that. The average for 2008 was 123 percent. If you file electronically, even if it's through a tax chain, the IRS will deposit your refund directly into your bank account within a week or two."
Check your checking account. "Make sure your free checking is really free. A lot of banks advertise it, but read the fine print. If the minimum balance is steep-thousands of dollars, in some cases—look for a bank with no minimum requirement. This could save $100 a year or more. Bankrate.com is a good site for comparing accounts."
Free credit reports "Get your credit report for free. You're entitled to one free report from each of the three credit bureaus (Experian, TransUnion, and Equifax) every year."
Sign-up for an FSA Account By opening a pretaxed FSA account you can save 30% on your health care costs. Just make sure you spend all that you have allocated for you year as the deposits are non-refundable.
29 Ways to Save More Money During The Recession (Reader's Digest) |
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