Resources

Buy U.S. Savings Bonds online at 
TreasuryDirect

More on 529's at Fidelity

More on Retirement accounts at 
Fidelity

Budget your monthly expenses at CNN Money

Online budget tools:
Budgettracker
BudgetPulse
Buxfer
Mint
Wesabe
Buddi
Geezeo

35 most outrageous fees from Money

30 Best Job seeker websites from Fortune

Saving Basics

SAVING VEHICLES

a. Bank/Brokerage account

b. College savings accounts like 529 plans

c. Retirement accounts such as a 401(k), Roth IRA, Traditional IRA, Roth 401(k)

INCREASE SAVINGS

a. Earn more

b. Spend and Owe (debt, taxes) less

EARN MORE

1. Raise your profile and visibility at work by 
    . Talking to your manager regularly about their expectations and goals. 
    . Keep him and others up to date about your progress using departmental, cross-departmental 
      and industry-wide presentations. Use email as a tool too. 

2. Go back to school to enhance your qualifications. Use a career coach to improve your career.

3. Find out your salary data at salary.com then ask for a raise if you feel you are being underpaid.
    Also check out glassdoor.com and payscale.com

4. Moonlighting (second job).

5. Spouse starts working. Check out work from home resources at womenforhire.com

6. Get a new higher paying job. 
    Check out monster.com, indeed.com, simplyhired.com, dice.com, careerbuilder.com, hotjobs.com,
    theladders.com, linkedin.com. 
    Move to a different industry or region. Move to a state with no state income tax.

7. Add your profile at databases such as zoominfo.com and ziggs.com. 
    If you already have a profile, update it with the latest information including your experience, your
    education, membership in professional organizations, certifications, and what differentiates you from
    others. Use social networks like facebook and linkedin.com

SPEND LESS, OWE LESS

1. Decide at a monthly budget with the consensus of the family, then stick to it.  Use a computer program 
    such as Quicken, Microsoft Money or Online tools like budgettracker.com, budgetpulse.com, buxfer.com,
    mint.com, wesabe.com, budddi.com, moneystrands.com, hellowallet.com,  moneyright or geezeo.com

2. Begin the routine of saving, start small then increase every so often.  

3. Keep track of daily spending habits using “Dear diary” technique or a spending record .

4. Save half to all of your raise (called the “Fib” technique: don’t tell your checkbook).  

5. Use the “Piggy bank ploy” – make savings harder to pilfer, for example: open bank account with a new
    bank and visit that bank only to deposit. See Bucket Budget from Money magazine that use one savings
    and two checking accounts.

6. Develop a target saving plan, an example is shown below, where total annual savings are realized by a
    collection of action items, some which are shown below.

7. Never buy things you really don’t need or don't use. Save without feeling deprived. Save your receipts -
    Return items you don’t need or don't use.

8.  Take your time to buy (do not buy on impulse). Think twice. Tell a salesman who tries to pressure you – 
    “I’ll think over it”.

9.  Suspect offers that look too good. Watch out for TV infomercials, unsolicited calls etc. 

10. Say no to platinum services (unless they are free).

11. Compare one deal against another, for example, Buy one get one free versus Buy one get another at
      50% off. Also buy in bulk and save, for example, the bathroom tissue example below.

12. Watch the pennies:
      Take a lunch bag to work
      Regular coffee instead of Cappuccino
      Develop quick formulas, for example, Bathroom tissue: 99c for 4 rolls = 25c/roll
      $3.99 for 24 rolls = 16c/roll (36% cheaper than 25c/roll) .

13. Read the fine print (Terms and conditions) for any agreement. Know your risk and its implications,
      for example, Interest-only loans and Option-or-flex-payment ARM mortgages are much higher risk 
      compared to traditional 30-year mortgages.

14.  Read warranty details carefully. Attach purchase receipt to instruction booklet and save it 
      for warranty. For some products the manufacturer may have a “secret warranty” and may replace the 
      product just for asking.

15. Spread major expenses over several years.

16.  Complain/Ask for a refund for product/services you are dissatisfied with - use strategies when calling 
      customer service such as keeping all your paperwork handy, taking down names and the time of people
      you spoke, asking for the supervisor when the agent cannot resolve the issue, writing an organized letter
      with all facts to the right people.

17. Always ask and negotiate for a better rate/price from hospital bills, credit card interest/fees,
      rates for cable and phone services for maximum savings. If you accidentally pay a bill late, call and politely
      ask for the late fee to be waived. Also negotiate for appliances (some stores), homes etc..

18. Use your credit cards that give a rebate (frequent flier miles, cash rebate)
      for all merchants that accept it, then payoff complete balance every month.

19.  Other Credit card benefits: Some double warranty, others get insurance on rental car.  
      Also you are protected for all but $50 in losses in case your card is stolen.
      Withhold payment if the product you purchased or service you got does not live up to its claims
      -  a benefit you do not have if you paid by check or money order. 

20.  Never pass up anything that is free and that you need (Rite Aid, Walgreens, Office Max).

21. Never pay more than you have to for anything (shop, use internet tools like Pricegrabber or
      Shopzilla).

22. Never let your money sit idle.

23. Teach kids the value of money. Kids finance 101 timetable: 
      Ages 3-5 use cash to teach
      Age 6 start giving kids an allowance
      Age 9-10 teach them about a budget, risk/reward
      Age 11+ open a savings acct, teach them stock market basics, compound interest .

      Websites: itsahabit.com, ja.org, nefe.org, naf.org, jumpstart.org, orangekids.com and monetta.com

      Article on Ten skills affluent children need by age 18.

24. Sell unwanted things at a yard sale. Buy new/used stuff using free ads at craigslist.org or freecycle.org, 
      paid ads at ebay or donate it to charity and get a tax deduction (itemized only, check with your tax advisor) .

25.  Do your own homework. 
       Example: If you are a first time homeowner, don't get too excited if a real estate agent
       tells you that you can deduct all your mortgage interest. While you really can do that in an itemized 
       deduction along with state taxes etc. (contact your tax advisor), your real benefit is how much this is
       amount is larger than your standard deduction. 

26. Remember time is money. 
      Example: If you spend 3 hours to cut, edge and trim the grass on your lawn and the service company
      charges $20,  you are effectively earning under $7 an hour not including cost of gas
      etc. Ask yourself - is it worth it?

27. Buy quality over price when the item will have a long useful life and save money in the long run. 

28. Take care of what you already own. Learn how to do basic maintenance yourself. 
      Repair instead of replace.

29. Save by buying function over style, buying needs not wants. 
      Save by sharing, for example, share a pressure washer or snow blower with a neighbor or relative.

30. Focus on all saving avenues big (insurance) and small (latte), but emphasize the big ones first.

31. Deploy saving strategies (see several tabs on this page for autos, home etc.) that save money 
      (and simplify life, reduce stress too!) 

32. Bank and pay bills online. 

33. Pay bills on time - avoid late fees and penalties. Better still have the bill deducted automatically
      from your checking account or charged to a credit card.

34. Make all your purchases on one credit card and paying it off in full automatically every month 
      (Autopay)

35. Use Direct deposit to have your paychecks routed to your bank.

36. Consolidate errands to save on gas and car mileage. Buy stamps at grocery stores.  

37. Call and/or use the internet to plan before you shop, for example, use gasbuddy.com to find the 
      lowest price on gas before heading out to fill your car or use pricegrabber.com to find the best deals.

38. Plan Plan Plan - before going grocery shopping, buying airline tickets, car rentals, diapers, etc. 
       
39. Organize stuff by category: Auto finance, auto insurance, bank statements, utility bills etc.
      Invest in a filing cabinet. File records all year. Keep important documents in a safe-deposit box
      or a home safe. Save documents such as Mutual fund Tax basis, Charitable contributions, 
      Home improvement invoices,  Non deductible IRA contributions and Investment costs since 
      they may save you taxes (contact your tax advisor).

40. Prepare a checklist for monthly/annual maintenance on car, home etc. 

41. Save by keeping good health (nutrition, exercise etc.).  

42. Save by avoiding scams especially over the internet (called phishing)

43. Never pay interest unless your investments earn more after tax. 

44. A dollar saved is MORE than a dollar earned (sometimes 40% more! why? because of taxes!).

45. “Pay yourself first!!!”

46. “Automatic angle”- send monthly “payments” to bank or mutual fund.

47. Appreciate the Magic of Compounding
      $100/m for 8yrs @8% = $7400
      $500/m for 15 years @10% = $200,000
      $1/day for 30 yrs @10% = $67,815
      Note: Rule of 72: 72/12= 6 years for money to double @12%

48. Reduce debt and taxes owed (see separate tab for details).

49. Make sure you take advantage of all benefits at work 
         Defined-benefit pension plan
         Defined-contribution plan like a 401(k) or 403(b)
         Medical/dental plan that works for your needs
         Life insurance
         Stock options
         Long-term disability.

50. Strategic borrowing: Calculate the Opportunity cost of money
       Example: Decide between paying off a tax-deductible mortgage at 7% AND investing that money 
       that may earn 10% in the stock market.

51. Use all discounts possible like student/senior ID, corporate/government rates, coupons.