Once you have a budget structure reevaluate your budget every other month.
Remember expenses will change.
Your budget should include 5-10% of your net salary going into savings. See hints
Wait 2 weeks before any major purchase - if you still want the item and it fits into
your budget buy it.
Balance your checkbook every payday!!!
Once a month evaluate the amount you are spending on bank fees (ATM charges,
check charges etc.)
If you have bad credit or cannot make a budget work, seek help. Tips on Credit Cards
If you do not posses a credit card, think twice about applying for one. Can you afford
another monthly payment? Do you need a credit card? Can you control your spending?
If you have a credit card or need to apply for one, shop around for the best permanent
Be cautious of low interest rate cards - the interest rate is usually temporary and the
permanent rate can be EXTREMLY high.
Be cautious about spontaneous credit card purchases - do not carry the card with you.
Better yet, freeze the card in a bowl of water so you must defrost it before using it. This
gives you time to think about your need vs. want to purchase.
REMEMBER - CASH ADVANCES ON CREDIT CARDS ARE USUALLY AT A
MUCH HIGHER INTEREST RATE AND INTEREST CHARGES BEGIN AT
THE MOMENT YOU RECEIVE THE CASH!
Tips on Savings
Open a savings account and write a check to the account each payday - treat this
account like a bill.
DO NOT have an ATM card for your savings account. Temptation is too great!!
Open your savings account across town, thus, you need to plan to make a withdrawal.
Make spending this money inconvenient.
Do not spend any of the coins you receive - dump all of your change into a large jar or
piggy bank at the end of the day. Hint - make sure the jar's opening is too small for your
hand to fit into. If you use a piggy bank, choose one with no openings, the only way to
retrieve the money is to break the bank when it is full.
Tips On Smart Shopping
Shop around - never pay full price - everything goes on sale
Be cautious of buying in bulk. If you cannot use all of the item before it spoils, the lower
price is not a bargain?
Be cautious about using coupons. Many times a different brand's regular price is
cheaper than the coupon price of a name brand.
Take mileage into consideration as part of the cost. If you must drive 30 miles to save
$.25, is it really a bargain.
Make a list of what you want to buy and how much you want to pay. Plan before
Carry only enough money to buy what you planned to buy. This reduces spontaneous
Tips On Reducing Monthly Bills
Shop around for the best cost on car insurance
Eliminate add on - pay for basic services only (telephone, cable, etc.)
Sharing expenses can save money, but make sure the person you are sharing with is a
responsible person who will keep up his/her commitment.
Living at home while in school is the cheapest housing available. Following family
rules is a small price to pay for the savings you can receive.
SHOP SMART!!! SAVE RIGHT!!!