What is your best advice for saving money?
By shawntrell
@shawntrell (135)
United States
January 1, 2007 10:38pm CST
With the New Year here, I'm sure many people would like to have a better handle on thier finances. What is your best way to save?
My tip is to pay off credit cards to save the money you would spend on high interest rates.
2 responses
@memaw_of_8 (73)
• United States
3 Jan 07
I guess the best way to save money would be, don't use credit cards. Spend only what you can afford. First you should always pay rent, ultilties and food. From there you could put money either locked up or in a savings account where 2 ppl have to agree about taking it out to spend it.
I have been indebt with credit cards before and been so indebt with moragage, and ultities that everything was almost lost. I will never get in that situation again.
I know it is easier said than done, but don't ever risk your home for anything. Guess this doesns't really give any great advice but ppl have to learn that a place to live is more important over a new dress or something that can wait.
@shawntrell (135)
• United States
4 Jan 07
Great point about not using credit cards in the first place. However, there are circumstances they are useful such as building credit. For example, if I want to refinance my mortgage for a better rate and terms I need to have excellent credit. The only way to do that is to use credit responsibly.
@myslewis (286)
• Australia
4 Jan 07
My best tip is to try to live simply. I so often hear things like "I'm going to buy it cos I'm worth it" Sure you are BUT here are 3 questions I ask myself before making purchases other than food etc
1. Is this necessary?
2. Is this a high value for me?
3. Is it good for the planet?
I found this a long time ago and keep a copy in my purse, right next to the credit card. It doesn't ALWAYS work but at least I have made a choice rather than buy reflexively.
Great question by the way as I live on a very small income! Would love to see other responses too.
