As New Jersey goes through what passes for a normal summer weekend (hot and humid), it might a good time to do a little homework and stay inside in the air conditioning.
What I strive to do here is to educate and explain the happenings of the financial markets, what they mean, and what they mean for you. The end goal, however, is to have well-informed people making well-informed financial decisions. To do that, you need money to work with. Presented below are a few quick tips that I think might help people to start saving a little money that they can eventually put to work.
Let's look at some quick examples:
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1) Calculate how much it costs when you go out to eat - the results may shock you.
3 dinners/lunches out a week with co-workers/friends with everybody getting their own checks; this really isn't a stretch to imagine. A meal and a couple of drinks can easily run $20-25. That is up to $75 bucks a week, $300 bucks a month, or $3600 a year. I am not saying to never go out, but it is important to realize how quickly things like this can add up.
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2) Pay down your credit card
Everyone knows that if you pay your credit bill late you get slammed with interest and penalties, but what if you are paying the minimum balance on time every month? Everything is fine, right? Wrong. Having large outstanding balances on your credit card raises your risk as a borrower which can make it more difficult to get a mortgage or a car loan. On top of that, it hurts your credit score. Paying off debt is never a bad idea.
3) Student loans
It isn't just people in their 20's with student debt these days. Due to the recession, a lot of people have gone back to school to pursue advanced degrees and/or certifications. This means that student debt is an issue for investors of all ages. Additionally, there are many instances where parents have co-signed the student loans with their children. Paying this off as quickly as possible is in everybody's interest.
I know several instances of people who have been able to combine their student loans into one lump sum (paying 1 agency is easier than paying 6) and have been able to negotiate lower rates on the debt they still owe.
These are just 3 quick ideas to look into
Thoughts?
