This is a guest post from the National Endowment for Financial Education (NEFE), a non-profit dedicated to improving the financial literacy of all Americans.
Control spending: If you spend less you'll have more money available to pay down debt and save for the future. Write down your expenses for a month to see where your money is going. You might be surprised by how easy it is to find places to scale back.
Create a debt repayment plan: If you carry credit card debt, write down everything you owe and make a plan to pay it off. Start with small items you can act on right away–it will make tackling the bigger debt easier. Also, try buying with cash only. It’s a sure-fire way to prevent increases in your credit card debt.
Set up auto-savings plans: Arrange with your bank or another financial institution to have a set amount deducted from your checking account to a savings account each pay period. Of the Americans who have been able to contribute to emergency savings funds, automatic withdrawal is the most popular method, according to the Consumer Federation of America.
Boost retirement savings: If your employer offers a 401(k) plan, increase your contributions. If you don't have an employer plan, open an Individual Retirement Account (IRA) and arrange for contributions to be made automatically from your checking or savings account.
Create a long-term plan: Write a list of your long-term goals, such as buying a home or saving for college or retirement. Visit the Life Events section of Smart About Money for concrete tips on accomplishing those goals.
Protect Yourself: Be prepared for the unexpected by making sure you, your family, your assets and investments are insured and fully covered. If you do not have a will, make 2010 the year you establish a life plan.
Find a financial buddy: Share your financial resolutions with a friend, colleague, or family member, and you’ll be more likely to keep them. Find someone else who wants to turn around their debt or cut their spending, and establish a mutual support system.
NEFE operates the site Smart About Money and have developed a series of articles filled with tips to help you make 2010 the year of financial freedom. You can also find Economic Survival Tips, worksheets and articles focused on financial education related to housing, spending, credit and job change. Follow NEFE on Twitter at @nefe_org.
I just added a new store to the Money Hacks site. I know, I'm a little late to the party, but that's my MO! 🙂
It's hosted by Amazon and it's filled with hundreds of personal finance books from authors like Jim Cramer, Andrew Tobias, George Soros, Peter Lynch, and Jim Rogers.
Check it out. There's still time to order before Christmas (I can say that, right)!
Will I ever catch up? Will you ever read all this? 🙂
The Investor presents Young people are already rich posted at Monevator.com, saying, "If you have teenagers or kids at college who waste their money on frivolous purchases, this link is a must read – and a must forward!"
Finance Tips 101 presents Saving Cash With Coupons ? Three Tips To Keep More of Your Money posted at Finance Tips 101.
Daniel Drew presents Unsecured Small Business Loan posted at My Business is doing well should I choose an SBA Loan?, saying, ""Lines of credit are generally paid off by opting for a permanent source of financing. In case of commercial property line of credit, the sale of the old property may help repay the line of credit""
Jack Schmidt presents The High Cost of Deep Fried Coke posted at SectorMatic Money Journal, saying, "SectorMatic.com – Personal Finance | Everything for the Big Spender on a Budget. Now you can live like a fat cat, even if you're on a money diet. Laugh all the way to the bank with Jack Schmidt and SectorMatic. It's for you!"
KCLau presents The only financial company who knows the power of social media posted at KCLau's Money Tips, saying, "there are always many methods to get free traffic and leads to your website. Beside search traffic, another major source of traffic is social media. There is one company who knows how to make use of social media – ROCKWILLS"
Tom DeRosa presents Math in the Real World: Erasing Debt Activity posted at I Want to Teach Forever, saying, "How to turn those debt consolidation and credit loan applications into a simple life (and math) lesson for your kids"
Kevin Fleming presents Easy Ways To Save Money on Satellite TV and Cable. posted at Satellite TV Guru.
Tom Peper presents Financing a Small Business | freebusinessmembership.com posted at How To Start Your Own Business, saying, "Free Business Membership offers information on how to start a business, home based business, franchise, SBA loans, promoting a business, LLC"
More of my catching up…
Chris McClelland presents How social networking sites can also help you save some money posted at Lucrative Investing.
Ben Dinsmore presents Reduce Your Hot Water Bill with this One Simple Tip! posted at Trees Full of Money, saying, "While washing oatmeal off my 10 month old's face this morning, I came across an effective way to save on hundreds of gallons of hot water each year!"
Stingy Student presents Best Amazon.com Discount Sale – 90% off for Back To School Shopping posted at Stingy Students, saying, "Get up to 90% off at Amazon.com for back to school shopping!"
The Smarter Wallet presents How To Consolidate Debt: Ways To Reduce Your Debt Load posted at The Smarter Wallet, saying, "Teach your kids about how to manage debt."
Ray @ Financial Highway presents Canadian Discount Brokerage Review and Comparison for TFSA and RRSP posted at Financial Highway, saying, "Discount Brokers"
Banker Saver presents Sneaky Bank Fees: How To Avoid Those Extra Charges posted at Banker Saver, saying, "Let's teach our kids how to avoid sneaky bank fees that eke away at our savings."
Here's 21-30, continue from the November 24, 2009 edition from yesterday.
Daniel Drew presents Small Business Loans posted at My Business is doing well should I choose an SBA Loan?, saying, "Many companies in the US are ready to help businesspersons when they need financial assistance. The lending companies have a team of experts who can guide you about matters pertaining to unsecured loans, so that you can make a smart financial decision."
Jack Schmidt presents Albert Einstein and Your Personal Economy posted at SectorMatic Money Journal, saying, "SectorMatic Money Site – Personal Finance | Everything for the Big Spender on a Budget. Now you can live like a fat cat, even if you're on a money diet. Laugh all the way to the bank with Jack Schmidt and SectorMatic. It's for you!"
Cindy S presents Top 10 Things I’d Like To Teach My Children About Money posted at Oh My Aching Debts, saying, "Do you watch your grown children making the same mistakes that you made? Here are some of the things that I wished I had taught mine."
CindyS presents Top 10 Things I’d Like To Teach My Children About Money posted at Oh My Aching Debts, saying, "Some of the things that I would like to teach my kids about money."
Chris McClelland presents Credit card perks that you might be missing out on posted at Lucrative Investing.