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Money-saving tips for 2013
If you’re trying to stay on target for healthy spending this year, here are some tips.
• Know your finances. The first step to saving money is knowing how you spend money. Review last year’s finances and pay attention to expenses that might increase this year. If you don’t have a budget, start tracking your finances now for a month and look for ways to save.
• Pay yourself. Most American’s don’t have an emergency reserve of at least three months worth of expenses saved. Don’t be one of them. Give up expensive habits and put the savings toward paying yourself. Set up regular, automatic transfers from your checking to your savings account.
• Plan meals. The average American family of four tosses out more than $2,000 in food a year. Plan weekly meals, buy in bulk, freeze leftovers, avoid impulse buys or marketing gimmicks, like buy 1 get 1 free, to reduce costs and food waste.
• Refinance your home. With mortgage rates at still low rates, it is a good time to think about lowering your payments through refinancing, if you’ll stay in your home for awhile.
• Stay healthy. Buy generic drugs when possible. Set up tax-favored accounts such as a flexible spending account through your employer or a health savings account with Mid American to help pay for health care costs. Don’t miss regular screenings and end up paying more in health care costs when a condition has turned more critical.
• Get ready for the holidays. Did last year’s holidays strain your budget? Start contributing $20 a week to a holiday savings fund and you’ll have several hundred dollars saved by the time the 2013 holidays come around.