If you find yourself making the same money mistakes over and over again, good news.
Making some small, practical changes in behavior can often correct financial mistakes and make some positive changes that are likely to last. Here are four examples.
• Eliminate Emotional Spending: Before you go to the mall, take a moment to write down your feelings. A recent study by moneycentral.msn.com found that people who have just seen a sad movie clip are more willing to spend money than those who have just seen other types of movies.
When you’re sad or frustrated, remember there are other ways to make yourself feel better than shopping.
• Pay off your credit card debt as soon as possible: Examine how much you’re paying to borrow money from your creditors. Consider consolidating your debt into a single low fixed rate loan.
• Start saving for retirement now: If you’re not saving for retirement, you should. According to a recent USA Today survey, 53% of the workforce are currently not receiving a pension and 32% have no retirement savings. If you’re going to rely solely on Social Security, think again. Current average payouts are just $955, or $11,460 per year, and can be lower depending on your work experience. You should consider working with a financial professional to create a personalized financial profile. This will help you determine how much you need to start saving to reach your financial goals, such as: B. Retirement, Children’s Education Funds, and Other Goals.
• Be prepared for the unexpected. When dealing with something as critical as your family’s financial future, don’t use the excuse “it can’t happen to me.” Sudden accidents and unforeseen serious health problems happen to unexpected people every day. Kiplinger’s experts say that if you’re a young family breadwinner, you’ll need life insurance at eight to 12 times his annual income. Most experts agree that term life insurance is the cheapest form of insurance. According to Kiplinger, “For every dollar, term life insurance offers the best value for money on your investment. Period.
With rising energy prices, how to reduce your utility bills, maintain overall home comfort, and save energy.
Another major benefit of energy efficiency is that it’s better for the environment: using less energy means you can’t burn oil, coal, or natural gas. It means less air pollution from power plants, g and acid causes rain and contributes to global climate change.
The Consumer Federation of America offers tips on how to be green and save energy at home.
* Regularly clean or replace the air filters in your heating and cooling system. Dirty air filters increase energy costs and can lead to equipment failure. We also recommend that he have his system checked by a qualified professional once a year. Regular maintenance allows early identification of problems.
* Use bulbs and fixtures with the Energy Star label (the government’s symbol for energy efficiency). Such lighting consumes two-thirds less energy and lasts up to ten times longer.
* Install programmable thermostat. Automatically adjusts temperature to meet your comfort needs at different times of the day or week. Programmable thermostats can save you up to $100 a year when programmed and used correctly.
* Seals home air leaks. Add new weather strips and seals around windows and doors. Weatherproof by caulking all external plumbing and electrical openings and look for other openings that need caulking, such as vents. B. Attic openings and ducts.
The combination of effective airtightness and suitable insulation can save up to 10% in energy costs. And if you’re looking for new windows, look for energy-efficient windows that keep your home cool in the summer and warm in the winter.
* When replacing old, inefficient appliances in your home, look for new appliances with the Energy Star label. They meet stringent energy efficiency standards set by the US Environmental Protection Agency and the US Department of Energy. Consume less energy. Helps prevent air pollution. Reduce your home energy costs.
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