INDRODUCTION
When it comes to their financial well-being, one of the biggest problems that many people face is how to save money. While the idea of setting aside a portion of their income for a rainy day is an appealing idea in theory, in reality most people find it hard (if not downright impossible) todevelop and stick with a responsible savings plan.
Money: It's what everybody wants- From the ever-growing cost of living expenses (food, rent, gas, education, etc) to the recent troubles in the subprime mortgage market, the ability and desire of consumers to save their money is at a historic low. For the first time since The Great Depression, Americans are spending more money than they are making; a situation which has caused an increasing amount of consumers to spiral into dangerous levels of debt and financial instability.
- Emergencies: If there's one certainty in life, it's that unexpected things can happen at any time. Whether it's a natural disaster, an unplanned illness, the loss of a job, or a bad investment, the financial repercussions of an emergency situation can be debilitating if you aren't properly prepared. A well established savings account can help prevent a financial crisis when these situations arise.
- Debt Prevention: The main reason that people go into debt is because they make purchases that they can't afford. In these instances, they usually turn to credit cards (which charge high interest rates and are often hard to pay off). A well-funded savings account can allow you to purchase the items outright and avoid the pitfalls of borrowing money.
- Plan for the Future: Everyone has something that they are striving for. Whether it's money to buy a new car, pay for an education, or fund an early retirement, many of the things that we want can end up costing a good deal of money. An efficient and disciplined savings plan can help you achieve those goals sooner and without the drawbacks of debt.
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- Savings Accounts - As mentioned in other sections in this course, savings accounts are an easy way to make your money work for you by earning interest. Talk to local banks about the different types of savings accounts they have and what type of interest they offer.
- CDs (Certificates of Deposit) - Many banks often offer Certificates of Deposit or CDs to their customers. The advantage of CDs is that they usually give you a higher interest rate on your money than savings accounts. The disadvantage is that you usually have to commit a certain amount of money (anywhere from $100 to thousands) for a certain amount of time (anywhere from 6 months to several years) to earn that higher interest. While you can have access to your money in case of an emergency, you usually lose the interest you are earning, so when purchasing a CD, you want to be sure you can commit to the full length of time.
- Retirement Accounts (Company accounts and IRAs) - Some employers help their employees save money by offering them retirement accounts. These are long-term saving accounts that are available to you once you reach retirement age. The advantage of starting a retirement account through your employer is that your employer often donates money to your account in addition to what you deposit. However, not all companies offer retirement plans. One of the best options is to start your own retirement account. These are call Individual Retirement Accounts or IRAs. You can usually open an IRA through your local bank, a lawyer, or other financial advisors. There are several different kinds of IRAs, so be sure whomever is helping you open one explains the differences. Some people choose to open an IRA in addition to their company retirement account.
- Stocks/Bonds - Another way to invest your money is to buy stocks or bonds. This is a way of investing money in a company, then sharing in the profits (or losses!) of the company. While investing in the stock market can be a good way to earn money, you can also loose money if the company (or the entire stock market) does poorly. Before investing in stocks or bonds, you need to be very clear that you understand how investing works, the company or bond in which you are investing, and be prepared to invest your money for a number of years. Most people who make money off the stock market, make money by holding on to investments for many years, not buying and selling quickly. If you are interested in investing in stocks and bonds, again, talk to several trusted financial advisors.
But regardless of the overall trends in personal savings, each one of us has the opportunity (and ability) to create a responsible savings strategy that is practical, effective and lasting. And while it may take a good deal of commitment and sacrifice for you to reach your personal savings goals, the financial and psychological benefits that can come from a robust savings plan far outweigh the short-term cutbacks that you may have to endure. So, if you're ready to start saving money, the tips and suggestions in this guide will help get you started on the path to financial responsibility
Why You Should Save?
While the benefits of saving money may seem obvious (MORE MONEY!), there are a number of advantages to having a healthy savings plan that you may have not considered:
How to save money
Here is information to help you save money.
Save Money
Saving money is neither a science nor an art; rather it is somewhere in between and requires your commitment and hard work. Saving money takes time to develop, needs to be learnt, and brings benefits that will endure for the rest of your life.
Begin saving money today. Do not put it off. Saving money is within your control and can bring you huge benefits. You will reap the rewards of saving money for years to come.
On this money saving page, I have collected together the top 10 "SAVE MONEY HINTS" and the top 10 "SAVE MONEY TIPS".
Read on and save money!
Save Money Hints and Tips
Here are the top hints and tips to help you save money.
Top Ten Money Saving Tips
Spend Less. This is not over simplifying the best way to save money! It is essential if you are serious about being a long term money saver. Review what you spend and look at ways you can save money. Consider making telephone calls for instance only at off-peak times. Do you really need to have newspapers and magazines delivered? Can you do without those coffees you buy at break time everyday - would a flask of coffee taken to work save you money? What about using the public lending library instead of buying books or music CDs? Once you start looking for ways to spend less you will quickly become an expert and really save money.
Establish a personal budget. This is essential for families and individuals. You will not be able to save money unless you know how much money you have coming in, and how much money you have going out. Once you have prepared a budget of incoming money and outgoing money, you will be able to identify areas where you can save. It is MUCH more difficult to save money over a long period of time (the rest of your life?) without a budget.
Bulk is good. Think about shopping and buying in bulk. You can also save money by cooking in bulk. This is a real way you can save money with little preparation and almost no extra outlay. Always purchase generics when you can. Prepared foods and convenience foods will always be much more expensive than the generic ingredients needed to make the food. Preparing food in bulk and in advance also gives you the opportunity to plan ahead and be more accurate in your budget. Save Money by buying in bulk whenever you can. One thing to be aware of when buying in bulk is to be sure that any product you buy will get used before it goes bad - you won't save money if you have to throw stuff away. Buying in bulk is not only a good way to save money it is also a good strategy for coping with and surviving emergencies.
Make sure a sale is a sale. By this I mean do your price research before you commit to making an expensive purchase in a retailers money-off sale. You have to be sure the sale really is a sale and not a creative marketing strategy of the store to encourage you to spend your money without thinking. Once you have researched the true price of a product (any product) you are in a good position to take advantage of a sale, special offer or discount and really save money. "Buy one get one free", "50% off", and "Huge Discount" will only help you save money if the actual price you pay is lower than you would pay somewhere else for exactly the same product.
Buy used. Sure, we all like to buy new. But there are huge money savings to be made in buying used. Typically cars lose one-third of their value in the first 24 months from new. Why not buy a car 24 months old? Other items such as clothes can be worth even less just the day after new. Look for ways to buy "as good as new" items and save money. Typical products you might consider buying used to save money include: cars, clothes, electrical goods, garden items... tools and sheds, household items... pots and pans, the list of used goods where you can save money is endless.
Don't carry excessive debt. Some debt in our lives may be essential. We may need a mortgage to purchase a home, we may need to use our credit card to make purchases until pay-day, but your aim to save money should be to have as little debt as possible. Credit Card debt is typically the most expensive debt we may carry. You will be able to save money every month if you make it an absolute rule to pay off your outstanding balance every month. If you can have the discipline to do this you will save money by effectively having no debt, and thus no interest charge on your credit card(s).
Save Money. No, I mean really save some money. Each week or each month get into the habit of putting an amount, however small into your savings. You could start by saving a very small fixed amount each time and then move to putting in larger amounts once you begin to save money from your other money saving strategies. You will find that by saving money on a regular basis you will quickly build up a store of reserve money and also feel motivated to save more. The hardest part is to take the first step and start saving money - so START TODAY and save some money NOW! If you find it impossible to save money once you have it, consider having money deducted from your paycheck direct each month. This can be a great way to save money rapidly as once it is set up you will not notice it is being collected and your savings will grow with no more effort from you.
Shop Wisely. Consider markets, superstores, farmer's markets, local shops, marts and stores. Anywhere is worth checking out to see if you can save money. Farmer's Markets can be particularly good places to save money. Typically you are buying direct from the producer of the product so the savings are passed on to you. Use your bulk buying strategy here - farmer's markets often offer opportunities to save money by buying larger quantities of staples, for instance potatoes, rice or corn. Save money and shop wisely.
Eat in rather than out. This is a huge area where you can save money. A cup of coffee taken out could easily cost you TWENTY times (or more) what it would cost you to make it at home. So think before you drink when you are out. Eating is the same. Fast food restaurants are counting on you eating food that you perhaps don't really need at that time but buy just because it is quick. Why not wait until you get home and have a more nutritious meal and save money at the same time.
Use less. This money saving tip is a lesson we all need to learn. We live in a consumer society where waste is a huge problem. If we could all use and consume less there would be less waste, less power consumption, and the benefits for you are SAVING MONEY. Consider using less shampoo when you wash your hair, this may not mean washing your hair less effectively it means not flushing the excess shampoo and your money down the drain. What about saving on heating? Turn the thermostat down or put on extra clothes when you are cold. Turn off lights, the TV and the computer when they are not in use. Each little saving you make will build up and enable you to save money. Huge savings in energy can be made which will save you money and be good for our planet and the other people on it.
25 Ways to Save More Each Month
The more we spend unnecessarily, the less money we save for our true priorities and future needs. That's especially important in challenging economic times. BusinessWeek asked financial advisors for tips on how to reduce expenses and boost savings. Changing spending habits can be difficult, but here are 25 suggestions to get started.
1. Track Every Expense
Financial advisors say the best way to control your spending is to know precisely where all your cash is going each month. There are several options: Make a budget; keep a spreadsheet of all spending; or buy a computer program designed to help manage your finances.
2. Vacation in the Off-season
Reston (Va.)-based financial planner Frank Boucher says he is taking his beach vacation in early September, when he found a luxury condo for half its cost during July and August. Vacationers can also save by staying with friends or visiting low-cost locations like developing countries.
3. Cut Out Investment Charges and Fees
Jeff Seymour of Triangle Wealth Management in Cary, N.C., points out that many investors end up paying 2% to 3% off the top each year for investing costs. Lower-cost mutual funds and index funds can slash that bill, savings that compound over several decades of investing.
Also, save more by taking full advantage of your employer's matching contribution to your401(k) account.
4. Cut Back on Eating Out
Food is a daily expense that can add up quickly over time, so office workers can save a lot just by bringing their lunches to work rather than buying every day. Meals eaten at home almost always cost less than evenings out, even at more casual restaurants.
5. Downsize Your Car
Drivers stuck with a gas-guzzling SUV might consider selling it and finding more fuel-efficient wheels. (Of course, that could mean a financial hit given falling prices for the behemoths.) You can save on fuel and also on auto loan payments. High car payments are a frequent budget-buster, financial advisors say.
6. Cut Utility Bills, Especially Electricity
Experts are full of advice on lowering electricity and heating bills: Buy efficient light bulbs; lower the thermostat; turn off the air conditioning whenever possible; turn off lights and unplug appliances when not needed.
7. Make Sure You Don't Have Too Much Insurance
Life insurance can be a bad deal if you don't have dependents. For auto and home insurance, deductibles are often too low, advisors say. "You can save quite a bit by going from a $250 to $1,000 deductible," says Kirk Kinder of Picket Fence Financial in Bel Air, Md. "Also, shopping these for prices every couple years is important."
8. Find Cheaper Beverages to Drink
If you can break your addiction to fancy coffee, the free office coffee can be a money-saver over time. Unwilling to give up out-of-office coffee breaks, some thrifty consumers switch to a cheaper drink at their local Starbucks or other coffee shop. For alcoholic drinks, quality wines, beers, and liquor can be found at lower prices with a little research.
9. Examine Your Phone Service
Do you need both a landline and a mobile phone? If you have a cell phone, do you need long-distance service on your home phone? Canceling one line could mean one less bill every month. Many people have phone packages that are too expensive for their needs, so read your bill carefully.
10. Stop Paying for Premium Cable
Some penny-pinchers cancel cable service entirely to save $100 or more each month. Others lower their bills by cutting out premium movie channels.
11. Drive Less; Consolidate Trips
Think before jumping in the car. By planning and running many errands on the same car trip, you cut your fuel usage. Rather than driving, consider using public transportation, or walk, bike, or rollerblade somewhere nearby.
12. Use Warehouse Stores Wisely
Warehouse stores like Costco or Wal-Mart's Sam's Club can be great places to get deals, but they can also encourage over-spending. "Just make sure you go with a list and only buy those things that you are actually going to consume," financial planner Frank Boucher says. "It makes no sense to get a 'bargain' on a bulk item if you are going to throw half of it away."
13. Lay Down the Law with Your Free-Spending Friends
It can be hard to keep up with wealthier or less thrifty friends. Some financial plannersadvise cash-strapped clients to seek out social companions with similar budgets. However, if you're honest about your spending limits, true friends should be willing to adjust their plans by, for example, choosing a less pricey restaurant.
14. Find Free Entertainment
Movie rentals, cable TV packages, book purchases, concert tickets—it can all add up. Use your local public library to read books and rent films for free. Depending on where you live, it might also be possible to find free concerts, performances, and readings.
15. Consider Alternatives to a Gym Membership
The health benefits of a fitness club membership are only worthwhile if you go often. But there are other options: Exercise at home, outside, or at a local parks facility. Or, sign up for individual exercise or yoga classes rather than a full membership.
16. Cut Your Own Lawn
Michelle Goldstein of Goldstein Financial Future in Dallas estimates her family saves $40 each time they mow their own lawn instead of calling a lawn service.
17. Be Smart with Credit Cards
Financial advisors admonish clients to pay off their bills each month to avoid interest and finance charges. For those stuck with debt, move cash to cards with low interest rates. Some find they spend less on impulse purchases if they cut up their credit cards and use only cash instead.
18. Annualize Your Expenses
When reviewing your spending habits, roughly calculate how much they're costing over the course of a year. "Realizing how much things cost over the course of a year can really help put things in perspective," says Bob Nusbaum of Middle America Planning in Pittsburgh. For example, if you spend $10 for snacks and lunch each weekday, that adds up to $2,500 in a year.
Getty Images
19. Force Yourself to Save
One way to save more is to trick yourself. Transfer money automatically from paychecks into savings or investment accounts. With less available in your checking account, you'll be more careful about your spending. Gradually increase your automatic savings rate over time.
20. Institute a Waiting Period for Major Purchases
Wait at least 48 hours before deciding to buy anything over a certain price limit—$50 for example. After the waiting period is over, "You may decide that the object desired really isn't worth the price," says Jennifer Hartman of Greenleaf Financial Group in Los Angeles.
21. Pay Bills Online—Save on Stamps, Avoid Late Fees
Set up your finances so bills are paid automatically or online at the click of a mouse. "There's no reason to pay for stamps and envelopes and run the risk of a late-payment fee when bill-pay programs are usually free," says Walt Mozdzer of Syverson Strege & Co.
22. Make Sure You're Deducting All Business Expenses
Chris Long of Long & Associates in Chicago says clients often make the mistake of mixing personal and business expenses on one credit card. That makes them less likely to get reimbursed for expenses by employers or to deduct expenses from taxes.
23. Buy Generic Drugs and Groceries
Store-brand products in grocery stores are often made by the same manufacturers as the brand-name items. If you take prescription drugs, ask your pharmacist if a cheaper, generic version is available.
24. Buy Used
Cars, books, furniture, and even clothing can be bought used for a fraction of their original cost. New cars in particular often aren't worth the extra cost; a lightly used vehicle can save you thousands of dollars with little or no extra maintenance expenses.
25. Shop Smart
Coupons are a classic way for shoppers to get great deals. Supermarkets vying for shoppers will frequently run "double coupon" promotions. Comparison-shopping on the Internet is easy thanks to a variety of sites designed to help shoppers find the best deals. When retail Web sites ask for "coupon codes," try to find one by using a search engine. But whether online or in person, avoid the temptation of bargain-hunting for items you don't really need. "Most of the time if an item is 20% off, we waste $8 to save that $2," says Neerja Bhutani of Bhutani-Palmin Financial Planning in Walnut Creek, Calif.
Conclusion: Making the Most of Your Money
If you feel you have a better understanding of your income and have a budget that covers your expenses, you have succeeded in taking control of your finances. But some people want to take the additional step of making their money work for them (earning money off of their money.) This can be a fun and rewarding process, but it can also be complicated and risky. Not all types of investments are guaranteed to make you money - sometimes you can lose the money you already have.
This final section of the course is meant to introduce you to some of the most common ways that people invest their money. This is to help you better understand your options and things that you may come across if you decide to learn more about managing your finances. It is not meant to be financial advice or recommendations for how to handle your savings.
Investing
There are many ways to increase your income by investing savings and spending money wisely. If you have started to set aside money, you may want to find a financial advisor to help you make financial decisions. This may be a trusted friend or relative who handles their own money successfully, someone at a bank or financial institute whom you trust, or a lawyer or stockbroker at a reliable company.
Whomever you choose, be sure they have a good reputation, are trustworthy, make you feel comfortable, can clearly show how they are handling your money and what (if anything) they are charging you for. Above all, be sure that you keep control over your money! Your advisor may make suggestions about how to handle your money, but you should know what is happening to your money and make all final decisions (including deciding not to let the person handle your money anymore if you aren't happy.)
There are many ways to invest and spend money wisely. Below is a list of some of the more common methods. You can find out more about each of these at your library, on the Internet, from a bank, or ask a counselor at MTSTCIL for help in research.
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The more we spend unnecessarily, the less money we save for our true priorities and future needs. That's especially important in challenging economic times. BusinessWeek asked financial advisors for tips on how to reduce expenses and boost savings. Changing spending habits can be difficult, but here are 25 suggestions to get started.
1. Track Every Expense
Financial advisors say the best way to control your spending is to know precisely where all your cash is going each month. There are several options: Make a budget; keep a spreadsheet of all spending; or buy a computer program designed to help manage your finances.
2. Vacation in the Off-season
Reston (Va.)-based financial planner Frank Boucher says he is taking his beach vacation in early September, when he found a luxury condo for half its cost during July and August. Vacationers can also save by staying with friends or visiting low-cost locations like developing countries.
3. Cut Out Investment Charges and Fees
Jeff Seymour of Triangle Wealth Management in Cary, N.C., points out that many investors end up paying 2% to 3% off the top each year for investing costs. Lower-cost mutual funds and index funds can slash that bill, savings that compound over several decades of investing.
Also, save more by taking full advantage of your employer's matching contribution to your401(k) account.
4. Cut Back on Eating Out
Food is a daily expense that can add up quickly over time, so office workers can save a lot just by bringing their lunches to work rather than buying every day. Meals eaten at home almost always cost less than evenings out, even at more casual restaurants.
5. Downsize Your Car
Drivers stuck with a gas-guzzling SUV might consider selling it and finding more fuel-efficient wheels. (Of course, that could mean a financial hit given falling prices for the behemoths.) You can save on fuel and also on auto loan payments. High car payments are a frequent budget-buster, financial advisors say.
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6. Cut Utility Bills, Especially Electricity
Experts are full of advice on lowering electricity and heating bills: Buy efficient light bulbs; lower the thermostat; turn off the air conditioning whenever possible; turn off lights and unplug appliances when not needed.
7. Make Sure You Don't Have Too Much Insurance
Life insurance can be a bad deal if you don't have dependents. For auto and home insurance, deductibles are often too low, advisors say. "You can save quite a bit by going from a $250 to $1,000 deductible," says Kirk Kinder of Picket Fence Financial in Bel Air, Md. "Also, shopping these for prices every couple years is important."
8. Find Cheaper Beverages to Drink
If you can break your addiction to fancy coffee, the free office coffee can be a money-saver over time. Unwilling to give up out-of-office coffee breaks, some thrifty consumers switch to a cheaper drink at their local Starbucks or other coffee shop. For alcoholic drinks, quality wines, beers, and liquor can be found at lower prices with a little research.
9. Examine Your Phone Service
Do you need both a landline and a mobile phone? If you have a cell phone, do you need long-distance service on your home phone? Canceling one line could mean one less bill every month. Many people have phone packages that are too expensive for their needs, so read your bill carefully.
10. Stop Paying for Premium Cable
Some penny-pinchers cancel cable service entirely to save $100 or more each month. Others lower their bills by cutting out premium movie channels.
11. Drive Less; Consolidate Trips
Think before jumping in the car. By planning and running many errands on the same car trip, you cut your fuel usage. Rather than driving, consider using public transportation, or walk, bike, or rollerblade somewhere nearby.
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12. Use Warehouse Stores Wisely
Warehouse stores like Costco or Wal-Mart's Sam's Club can be great places to get deals, but they can also encourage over-spending. "Just make sure you go with a list and only buy those things that you are actually going to consume," financial planner Frank Boucher says. "It makes no sense to get a 'bargain' on a bulk item if you are going to throw half of it away."
13. Lay Down the Law with Your Free-Spending Friends
It can be hard to keep up with wealthier or less thrifty friends. Some financial plannersadvise cash-strapped clients to seek out social companions with similar budgets. However, if you're honest about your spending limits, true friends should be willing to adjust their plans by, for example, choosing a less pricey restaurant.
14. Find Free Entertainment
Movie rentals, cable TV packages, book purchases, concert tickets—it can all add up. Use your local public library to read books and rent films for free. Depending on where you live, it might also be possible to find free concerts, performances, and readings.
15. Consider Alternatives to a Gym Membership
The health benefits of a fitness club membership are only worthwhile if you go often. But there are other options: Exercise at home, outside, or at a local parks facility. Or, sign up for individual exercise or yoga classes rather than a full membership.
16. Cut Your Own Lawn
Michelle Goldstein of Goldstein Financial Future in Dallas estimates her family saves $40 each time they mow their own lawn instead of calling a lawn service.
17. Be Smart with Credit Cards
Financial advisors admonish clients to pay off their bills each month to avoid interest and finance charges. For those stuck with debt, move cash to cards with low interest rates. Some find they spend less on impulse purchases if they cut up their credit cards and use only cash instead.
18. Annualize Your Expenses
When reviewing your spending habits, roughly calculate how much they're costing over the course of a year. "Realizing how much things cost over the course of a year can really help put things in perspective," says Bob Nusbaum of Middle America Planning in Pittsburgh. For example, if you spend $10 for snacks and lunch each weekday, that adds up to $2,500 in a year.
Getty Images |
19. Force Yourself to Save
One way to save more is to trick yourself. Transfer money automatically from paychecks into savings or investment accounts. With less available in your checking account, you'll be more careful about your spending. Gradually increase your automatic savings rate over time.
20. Institute a Waiting Period for Major Purchases
Wait at least 48 hours before deciding to buy anything over a certain price limit—$50 for example. After the waiting period is over, "You may decide that the object desired really isn't worth the price," says Jennifer Hartman of Greenleaf Financial Group in Los Angeles.
21. Pay Bills Online—Save on Stamps, Avoid Late Fees
Set up your finances so bills are paid automatically or online at the click of a mouse. "There's no reason to pay for stamps and envelopes and run the risk of a late-payment fee when bill-pay programs are usually free," says Walt Mozdzer of Syverson Strege & Co.
22. Make Sure You're Deducting All Business Expenses
Chris Long of Long & Associates in Chicago says clients often make the mistake of mixing personal and business expenses on one credit card. That makes them less likely to get reimbursed for expenses by employers or to deduct expenses from taxes.
23. Buy Generic Drugs and Groceries
Store-brand products in grocery stores are often made by the same manufacturers as the brand-name items. If you take prescription drugs, ask your pharmacist if a cheaper, generic version is available.
24. Buy Used
Cars, books, furniture, and even clothing can be bought used for a fraction of their original cost. New cars in particular often aren't worth the extra cost; a lightly used vehicle can save you thousands of dollars with little or no extra maintenance expenses.
25. Shop Smart
Coupons are a classic way for shoppers to get great deals. Supermarkets vying for shoppers will frequently run "double coupon" promotions. Comparison-shopping on the Internet is easy thanks to a variety of sites designed to help shoppers find the best deals. When retail Web sites ask for "coupon codes," try to find one by using a search engine. But whether online or in person, avoid the temptation of bargain-hunting for items you don't really need. "Most of the time if an item is 20% off, we waste $8 to save that $2," says Neerja Bhutani of Bhutani-Palmin Financial Planning in Walnut Creek, Calif.
Conclusion: Making the Most of Your Money
If you feel you have a better understanding of your income and have a budget that covers your expenses, you have succeeded in taking control of your finances. But some people want to take the additional step of making their money work for them (earning money off of their money.) This can be a fun and rewarding process, but it can also be complicated and risky. Not all types of investments are guaranteed to make you money - sometimes you can lose the money you already have.
This final section of the course is meant to introduce you to some of the most common ways that people invest their money. This is to help you better understand your options and things that you may come across if you decide to learn more about managing your finances. It is not meant to be financial advice or recommendations for how to handle your savings.
Investing
There are many ways to increase your income by investing savings and spending money wisely. If you have started to set aside money, you may want to find a financial advisor to help you make financial decisions. This may be a trusted friend or relative who handles their own money successfully, someone at a bank or financial institute whom you trust, or a lawyer or stockbroker at a reliable company.
Whomever you choose, be sure they have a good reputation, are trustworthy, make you feel comfortable, can clearly show how they are handling your money and what (if anything) they are charging you for. Above all, be sure that you keep control over your money! Your advisor may make suggestions about how to handle your money, but you should know what is happening to your money and make all final decisions (including deciding not to let the person handle your money anymore if you aren't happy.)
There are many ways to invest and spend money wisely. Below is a list of some of the more common methods. You can find out more about each of these at your library, on the Internet, from a bank, or ask a counselor at MTSTCIL for help in research.
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