Here's the deal Jessica Heffner
Just as analysts are hoping the economy will shape up in 2011, now is the time for residents to make moves to be fiscally fit in their own lives. Here are some tips for getting started on your financial resolutions:
Get organized: You can’t track spending habits if you don’t keep track of your bills. Set up a designated place to put bills as they come in, and print off electronic bills so as not to lose sight of what is due. The SPONTAN magazine rack for $9.99 at IKEA can be hung on the wall near the front door and provides vertical organization for incoming bills. Write on bills when they are paid and file away for future reference.
Check your spending: It’s amazing how much that lunch value meal can eat away at your income — it adds up to more than $1,200 a year. For at least one week, track your spending by writing down everything you buy. Have each family member keep a list. From there, you should be able to find places to cut.
Plan ahead: According to a recent survey, Jan. 5 is the most depressing day of the year — largely because that is when holiday spending bills start coming due. Make a resolution to plan ahead this year by opening a special Christmas spending account. It’s free, and some banks will even allow you to take contributions from your paycheck into the account.
Know what to pay: Typically, credit card debt is at the end of the pile. Make sure your mortgage, health insurance and car payments come first. In tough times, college loan companies can temporarily suspend the debt. Keep in mind interest will accrue and this is only a temporary option. When paying credit cards, pay the highest interest rate cards first and, if possible, consolidate balances onto one of your lower interest cards.
Coupon: It is such a simple way to save money. To start, make your grocery list and check items for coupons using the database at hotcouponworld.com. If you’re not a fan of clipping coupons, use electronic ones. Meijer offers additional savings at mPerks.Meijer.com. Load coupons and save when you type in your cell phone number at checkout. Shortcuts.com, cellfire.com and pgesaver.com offers coupons for savings at Kroger when you have a plus card. Find more coupons at kroger.com.
For more savings tips, bargains and freebies, visit the Here’s the Deal blog online at middletownjournal.com/go/bargains (journal-news.com/go/bargains).