Essential money tips

1. Availability of a credit card limit or checking account balance availability does not mean the funds should be spent unwisely. Prepare yourself to be not tricked by those available amounts. Spend on what you really need and refrain from spending on that you don't need or cannot afford.

2. Avoid burrowing additional money until you have paid what you already owe. Taking out new loans put people in more debt because they already have existing loans that they cannot repay.

3. Avoid burrowing more to pay existing loans or debt. More loans mean more debt. If the burrower is having difficulty paying the existing or current loans, how would the burrower be able to pay both the current and new loan?

4. Avoid burrowing to make payments on existing debts. Burrowing additional money to pay the existing debts gets you deeper into the debt. If possible, consider increasing your income rather than burrowing more.

5. Avoid buying stocks, insurance, and mutual funds from banks because they are the wrong place to do such business. Instead buy directly from the company then you won't be paying bank's markup costs.

6. Avoid using out-of-network ATMs (or Automated Teller Machines). Each time you use such ATM, you're likely to pay a fee. The fee may be small as few dollars but it adds up if you regularly pay those fees. Plan ahead for your withdrawals. Search online or call the bank for nearest ATM. If you go out of the town, don't forget to locate closets ATMs.

7. Avoid writing bad checks. If the checks are returned because of insufficient funds, the person or entity that received the check will charge you a service fee. The fee can be $25 or more per incident. On top of that, your bank will also charge you a fee for writing a bad check. If this is the first time you have written a bad check, negotiate the fee. It may be waived. Repeated occurrences of writing bad checks may have more adverse consequences.

8. Be on top of your accounts. Review your banking, credit card, mortgage or any other statements regularly. This is common sense but this is still worth emphasizing because we often forget especially now because the technology has made it so simple and convenient. (I believe we often overlook simple things.) Encouraging yourself to regularly reviewing your accounts is a great way to learn of any discrepancies or errors.

9. Consider paying more those charging higher interest than charging less in interest. In the long run, paying-off a loan faster that charges you higher in interest means big savings. If you want get out of debt early, don't forget prioritizing your payments based on the cost of the loan to you.

10. Create a realistic budget and adhere to it to keep your expenses on track. If you spend less than what your budget dictates, keep the excess as savings. It is probably not a good idea to spend that money. By saving the money, you can use it if you ever over-spend your budget. If you constantly spend less than your budget requires, it may be an indication that you are budgeting more than required by your lifestyle. In that case, consider reducing your budget amount so you don't get the temptation to spend the excess.

11. Developing and following a budget plan is essential to any financial success. Without a clear plan, it is like driving astray. No one wants to drive without a clear sense of road map, why spend money without a plan that leads to maximizing savings.

12. Don't go over or near the credit limit of a credit card. If you go over the credit limit, this will translate to automatic additional fees. Avoid paying those extra fees by keeping your balance below the credit limit at all times.

13. Don't share your bank or credit numbers for unsolicited calls. Scammers use number of techniques to get money from people. They may, for example, inform you of winning of an unexpected prize. Don't fall for this or other techniques where you are promised something for a fee. You will likely get nothing in return but may end up losing money.

14. Don't forget to use online banking to make life little easier. With the comfort of your home or office, you can perform online number of banking functions such as pay bills, transfer money between accounts, check account history and balance, track recent transactions, get bank statements (or e-statements), send secure messages to the bank staff, download financial data to a your financial program (such as Excel), and more. So check with bank to take advantage of these conveniently available services with your bank on enrolling information.

15. For big ticket item purchases such as a car, appliances, and computer, remember to research websites, competitor's prices, recent or upcoming sales, financing options. Without the knowledge you can gather through your research, it is difficult to find a bargain. Researching will help you avoid paying more.

16. Getting money-wise skills does not happen overnight or with a quick glance at this website. Instead money skills involve learning and practicing setting budgets, looking for ways to cut on expenses, establishing specific financial goals, and keeping yourself in control of control your financial situation.

17. Helpful information on managing debt: keep credit history in check, avoid going deeper into debt, consider consolidating the loans, don't forget to check the interest rate, avoid loans requiring unaffordable payments, and take no for an answer.

18. Here are some quick points to manage credit responsibly: pay bills on time, pay at least what is due by the due date, burrow less than what you can afford to pay, use credit cards when absolutely necessary or when you know have the cash to pay the total amount due, annually check credit history, and don't let spending, expenses, and burrowing exceed your income.

19. If you are considering closing a bank account, make sure you have enough money to cover any outstanding checks, bank fees, and other electronic transactions.

20. If you get behind on making a scheduled payment, contact the creditor for options. If you don't notify the creditor, you may not take advantage of any favorable repayment opportunities.

21. If you get paper bank statements, use them to review with your check book register. You want to make sure there your balance is in agreement. If you have access to just electronic bank statements, remember to periodically review them. If a bank closes its doors or is bought by a bigger bank, there is the possibility of loosing your bank statements forever. So don't forget to get a copy for your record keeping.

22. If you have not done this already, consider setting up a weekly or monthly allowance. The basic idea to saving money is to learn to limit spending otherwise spending can easily go out of control.

23. If you know you will have large expenses in the near future, plan ahead. If your expense is to pay taxes or car insurance, save-up early and regularly. If you are paying car insurance every six months, it is probably a good idea to save at least the 1/6 of the insurance cost every month. So if you have to pay $600 every six months, save $100 every month for six months to end-up with $600. Don't forget to collect interest on what you save every month. Doing so will help your money grow.

24. If you want to reduce your car insurance payment, consider raising your deductible, for instance, from $250 to $500. This may slash your car insurance cost by as much as 20%. Know raising the deductible makes you more liable in the event of an accident when you are at fault.

25. If your employer offers it, consider joining the retirement plan. With the plan your contributions are matched by your employer to a certain amount. Your money goes into your investment option for it to grow and for your use in your retirement years. You probably have heard many times don't count too much solely on future US social security benefits.

26. It is a good idea to have children interested in money matters early. It is great if they can understand the power of saving and budgeting. Guiding children to fill out fake checks, deposit, withdrawal slips, and balancing of checkbook is a great way for them to learn about income and expenses. The practice will prepare them for managing the accounts wisely when they have an actual bank account.

27. It is probably a good idea to save all or most of a tax refund. This tip is good for any other extra money you receive. I often hear form people they are waiting for the tax refund to buy a gaming system or some other gadget that they would not buy if they did not have the refund coming. Look for the ads to get a glimpse of encouragement for spending tax refund dollars. I yet have to see or hear an ad that encourage saving the refund dollars. Savings or paying-off debt is probably a better use of the tax refund dollars than spending it in its entirety.

28. It is probably a good idea to use a credit card when you have money to cover the charge. If this is the case and you pay the credit card balance in full every month, you can avoid getting into debt. Most credit cards now days offer reward programs that earn you points based on the dollar amount of your purchase. When you have enough points, you redeem them for cash or other items. This incentive is not available to use if you don't use a credit card.

29. Just because a bank is offering a loan, a burrower has to take it. Any loan should be burrowed wisely and nothing more than what is needed. Know and understand the interest, fees, term of the loan before signing any paperwork. It is a good idea to plan ahead to find favorable loan offers.

30. Keep an emergency fund in case of job loss or other unexpected financial situation. Remember to add regularly to the fund. The idea behind keeping the fund is essentially it will rescue you when you face a true financial emergency. Spending an emergency fund for a vacation is not probably the best use of the fund. For a vacation, save-up money separately.

31. Keep good records for tax filing. Throughout the course of the year keep financial records of the paperwork relating to taxes. Keep all receipts and talk to a tax preparer before the April deadline.

32. Keep your credit health in check. Check your credit history regularly. Having a bad credit hurts you obtain credit when you need credit the most. Pay your bills on time and manage credit wisely to keep your credit history clean.

33. Keep your house energy-efficient to save on your energy dollars. Among other improvements: make attic properly insulated, keep windows caulked, use or upgrade to energy-efficient appliances, use fluorescent light bulbs. Remember to adjust your thermostat when you go away from home for extended periods for every more energy savings.

34. Keeping track of everything you spend is a great way to find out where all the money is going. Do this on a monthly or bi-weekly basis. Every time you spend money record the date, amount, description of the transaction, and any other relevant information (such as type of payment: credit card, debt card, check or cash). Over the course of a few months, you should able to see where your money is going and if any changes need to be made.

35. Know exactly what you have to pay in bank or service fees when you open a bank account. Otherwise, you will be surprised when you look at the fine-print items. Common bank fees charges include: service charges, failing to maintain minimum balance, fees for checks, and so on.

36. Know high risk is equal to high cost of burrowing. On the other hand, low risk means to low cost to the burrower. So high risk = high cost. And, low risk = low cost. When banks (or lenders) determine a burrower has a high risk of defaulting on the loan, they charge more for the loan. On the other hand, a burrower with low risk of defaulting can expect to pay less for a loan.

37. Know if you are dipping into your savings account to pay your current bills, it is probably a sign you are loosing the control of your finances. If this continues, it can cause a financial hardship.

38. Know spending less than what one makes is one of the sure ways to grow money. On the other hand, spending more than what is earned deprives the person of future wealth.

39. Know your cash spending habits. Document your expenses, particularly when you pay cash. Otherwise, you will be asking yourself where did my money go? These are some of the common items we spend cash on: laundry, lottery tickets, vending machines, car washes, and so on.

40. Make a habit of financial record keeping. Know what you are spending and where. Also, balance your checkbook on regular basis.

41. Make a habit of paying more than just the minimum on your burrowed money. Paying additional is a good practice particularly to those who charge the most in interest. Otherwise, paying just the minimum payment is often a recipe for staying under debt forever.

42. Make sure your direct deposit information is always accurate. Pay attention to your bank's routing number and your account number. Indicate those numbers correctly to your employer or other trusted sources (i.e., IRS when you expect to receive a tax refund). If you change account numbers, let your employer know about the new numbers!

43. Make your payment on time and every time. Nobody wants to be paid late. This is also true with creditors. Paying late to creditors often will result in additional fees that can increase your debt load.

44. Need a credit check? Depending on your state of residence in the United States, you may be able to get your hands on a free credit report from three major credit agencies: Equifax, Experian, and Trans Union. Visit http://www.ftc.gov/freereports or http://www.annualcreditreport.com for details.

45. One of the ways to keep and maintain good credit is to use credit cards wisely. Here is how. Reserve the option of using credit cards to situations where you know you can pay the total amount due in full by the due date. If the total cannot be paid by the due date, it is certainly an invitation for growing debt.

46. Online banking gives you convenient access to your accounts around the clock and seven days a week! With the access you can do any number of things such as view balance, information on direct and other deposits, pay bills online, transfer funds between accounts, view statements, calculations and more. Your bank is the source to find out more about the innovative online banking service.

47. Pay your bills on time. But don't pay too early if you can earn interest on your money. If you have the option of paying online, you can easily select when you want to pay to the creditor.

48. Planning to buy a big ticket item (such as a home appliance)? Try budgeting for it. Regularly save for this anticipated purchase.

49. Protect your home investment by making sure your smoke alarms and carbon monoxide detectors are in good working condition. It is often recommended to change the batteries twice a year when Daylight Savings Time begins (usually in April) and ends (usually in October).

50. Protect your identity by keeping your numbers such as Personal Identification Number(s) (also called PIN), social security number (ssn), and account numbers secret. Don't share your numbers with anyone unless there is a legitimate reason (i.e., sharing your social security number when you apply for a driving license, applying for a job, or opening a bank account, etc.). So you share your personal information only with trusted sources. Don't share such information if someone requests it over the phone, via email, or in other ways when you are not sure what you will get in return.

51. Real ways to save: wait for a sale before shopping, don't shop without a shopping list, avoid buying items not on your shopping list, avoid using check-cashing for a fee service, be smart about using ATMs, set and follow your own budget (or allowance), understand the difference between wants and needs, use coupons, find alternative cheaper ways to save (i.e., consider renting a video instead of going out to the theater, bring your own lunch instead of buying food), conserve electricity and fuel, pay bills on time, and so on.

52. Regardless of the amount, save, save, and save. Saving even in smaller amounts such as nickels, dimes, quarter or in larger amounts adds up to a big amount. The cumulative effect of saving regularly is more money in your pocket or account.

53. Regularly reviewing your credit reports is a good habit. You can often learn about any fraudulent or suspicious activity from your credit report. You can get a free credit report annually from www.annualcreditreport.com from each of the three major credit bureaus (TransUnion, Equifax, and Experian). It is a good idea to review the credit report minimally once in a year.

54. Remember if you are signing (or asked to sign), it is probably because you are spending money! So don't trade your signatures for something you don't understand. Get (independent - if needed) advice to understand the terms of the document requiring your signature.

55. Remember to build an emergency fund. No one is immune to an unexpected financial crisis. A financial crisis for an individual mean loss of a job, and for a corporation it could be a loss of a big project or an order. In any case, unexpected events happen every day. Being financially prepared is a smarter way to respond to and recover from a financial emergency.

56. Remember to read the fine print before you sign! Whether you are applying for a credit card, signing-up for a new cell phone service, joining a health club, or any program requiring a contract (or your signature), know your responsibilities (and the provider's responsibilities). Without your review of the fine print, you won't know whether or not your really agree with the policies or restrictions of the program. Of course, once you have signed, it initiates you agree whether or not you have read the fine-print.

57. Remember to regularly review your bank accounts for financial accuracy. While you at it pay attention to service fees, monthly charges, minimum balance fess and so on. If you are getting over-charged, consider banking someplace else.

58. Remember to set financial goals to build money management skills. If you a have long-term goal such as retiring in 30 years, you will need to not only watch your savings but also spending. Actually, saving and spending decisions should always be considered important regardless of a long-term goal or short-term goal (i.e., buying a computer in a month's time). Without a financial goal plan, financial life is in poor health.

59. Remember you identity is probably your most valuable possession. You don't need a college degree to know you have to protect valuable possession. Identity theft is a serious crime and it disrupts the victim's life for months and even years. Thieves steal identities to open accounts to put the victim in loads of debt and disrupt their financial life in other ways. So protect yourself and your identity.

60. Review your bank statement or banking activity online on regular basis. If there is fraud or inaccurate charges on your account you will discover them early for a corrective action. Even if the charges are legitimate (such as check fees or your account dips below a certain minimum amount) you probably still want to know about them. Remember your bank account balance is what your bank statement says; it is not what you think what it is.

61. Save or invest or do both as early as possible. Don't start saving tomorrow but today. Try even saving a $10 a week at first and you will end up with $520 in a year. You can possibly have more money in a year if you invest your savings.

62. Saving as littler as $10 a week means savings $520 a year. If both the husband and wife are saving $10 a week, the savings double to $1,040. A family of six each saving $10 will even yield a larger saving amount: $3,120. These savings can even grow further if the money is put into safe bank account paying interest.

63. The best strategy for growing your money is to save whatever and wherever you can. It is probably a good idea to defer a spending impulse than a savings.

64. There are three basic options to keep more money in your pocket or bank account. Those options are reducing expenses, increasing income, or doing a combination of the two. This probably is obvious but then why do people go into debt? It is probably because they did not fully understand the three basic options.

65. Think about growing your money. Don't surround yourself with large amounts of cash because then you don't earn any interest. If you put your money in a bank that pays you interest, your money will grow.

66. Understand banks expect from a burrower to have: good credit history, be able to pay the loan on time, and talk to the bank in case of any problems or questions. In return, a burrower can expect from a bank: keeping the transaction data confidential, treating the burrower fairly, providing the loan on time, and willingness to offer assistance when required.

67. Understand banks make money when the burrower uses their money. To limit what the bank is charging you, consider burrowing only what is necessary and affordable.

68. Understand how the interest works. Banks charge interest when the burrower decides to use a bank's money. To limit what the bank is charging, the burrower should consider burrowing only what is necessary and affordable. On the other side, a bank pays interest to people when they let the bank use their money. Basically, a bank account owner leaves (deposit) the money in his/her account in exchange for it to earn interest.

69. Understand what you are paying for convenience. Eating out versus cooking may not always be the most cost-effective choice, for instance. Ask yourself how long you have to work to pay for the eat-out meal versus what it takes for you to cook? Asking this question can help you identify the appropriate cost-effective choice for this expense. Try the same for your other everyday expenses to curtail on convenience spending.

70. Want extra cash? Consider trading your skills, talents, services, or goods with your friends, neighbor, or local shops. Advertising is a great way to find opportunities. Highlight your skills in a print-out and distribute it locally is one way of marketing your skills on the cheap. Examples of work to earn cash: baby sitting, house cleaning, gardening, and snow shoveling.

71. When choosing a monthly payment for any debt, don't take a monthly payment that you cannot afford. For example, if you know you can afford only a $1000 in mortgage, don't choose your payment option over $1000. Better yet consider choosing slightly less than $1000 so that if there is any negative change (let's say reduction in income), you may still be able to comfortably and without interruption pay the amount due.

72. When considering purchases, responsible buying dictates buy what is needed, not what is wanted. When it comes to spending money, know the difference between needs and wants.

73. When taking a loan, don't just look at the monthly payments. Instead look at the total cost of the loan. This analysis will reveal how much exactly you will be paying and if this amount is more or less than what you are charged elsewhere for the same loan. Don't just compare the monthly payments or just the interest rates; compare what you are paying in total (i.e., number of monthly payments, the amount paid, interest rate, any loan fees, and so on).

74. When you get a raise or a bonus, remember to increase your savings, not spending. When you spend, your money is gone. If you instead save, you will keep your money. Alternatively, reducing debt is also good use of extra money.

75. With the improvements in online mapping software, you can easily and accurately route your trip on any of the major websites to reduce your trip time and mileage driven. I was recently surprised to use Google Maps (http://maps.google.com/) to reduce mileage driven by at least 5 miles. Try the advanced options to avoid using Highways to see different options instead of just choosing the defaults.