Money Saving Tips to Consider

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Filed under: Market Comentary

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Saving money has continually been something that we would all love to do, but unfortunately, it just doesn’t seem to be that easy.

A recent article by Michael Camacho gives individuals some insight on how to go about saving that hard-earned money so you can spend it on what you really want.

Here are some tips he suggests:

1.Your Mortgage

When was the last time you looked at your mortgage rate? Mortgage rates are still a huge bargain and if you are able to refinance or even shorten your mortgage term, you can actually save some money. In addition, look into possibly paying more each month so you can pay off your mortgage sooner.

2. Your Credit Cards

Camacho mentions that you should use your credit cards for emergency uses only, especially the cards that have high interest rates. But, if you have to use your credit cards, make sure you keep the balance low where you can pay it off in one or two payments. Remember that having a high balance accrues interest and negatively affects your credit score.

3. Your Credit Score

It is an excellent idea to check your credit score as often as you can. When you analyze it, check for any mistakes and then correct them as soon as possible.

4. Do you have any “hidden fees”?

Each month, check your bank statement and your bills to see if there are any “hidden fees.” If there is any confusion about why you have to pay “x” amount for something, contact the company and ask what these fees are.

5. Your Retirement Fund

You should know everything about your retirement fund and you should make sure you are maximizing it. Camacho suggests that any time you can add even a little to your fund, you will be helping yourself in the long run.

6. Your Insurance

It is also a great idea to make sure you completely understand all of your insurance policies and know if you really need to pay for the coverage that you might not actually need. From time to time, analyze each policy and see if there is a way to cut anything from it that is not imperative.

7. College Fees

We all know that going to college or having a son or daughter attend college is a costly endeavor. Make sure you are taking advantage of financial aid and looking into loans that are low-interest. This will allow you to avoid a large debt you will be paying after you or your children graduate.

If you are interested in anything in the mortgage industry and have questions, please feel free to contact me as we can discuss and clarify whatever is on your mind.

source: http://www.guampdn.com/article/20150119/NEWS01/301190004/Take-control-meet-your-financial-goals from website www. guampdn.com

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