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Managing Money Info
-Financial
Strategies
Dealing with:
-Financial Emergencies
-Money
Issues Children & Credit:
-Allowances
-Teaching
Kids Credit Saving Tips:
-Saving Money
-Savings/Investing Calculator
-Trimming Expenditures
-Cut Grocery Store Costs
-Avoid
Wasting
Budgeting:
-Why
You Should Budget
-Developing a
Plan
-Mistakes to Avoid
-Money
Spending Challenge
General:
-Checking Accounts Money
-Credit Help
-Taxes
-Checking
Accounts
Mortgages
Auto Loans
Personal Loans
Credit Reports
Debt Consolidation
Credit Cards
-Home
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BLOWING YOUR SAVINGS
Below are some of the more
common events that lead to squandered
savings.
Not having a budget
Live life on the edge and spend every penny you
earn. You can get struck by lightning tomorrow and then
you would potentially die with a large amount of money
in your
bank account. All of that penny pinching would
have been a waste. So
why start budgeting? There is the
chance than you can live to a ripe old age. Or you may
start a family in the future,
purchase a car, get hurt
in an accident, or become ill. So, why plan for the
unanticipated? There is a great to be said for
impulsiveness.
Spoil yourself
A shopping spree does not mean you have to buy ridiculously expensive shoes or a really fancy
watch that you intend on wearing till the day you die.
The more dangerous savings-draining criminals disguise
themselves as sellers of common items, such as Costco
and BJ's. Walking through a warehouse-sized store full
of useful items at inexpensive prices all but promises a
spending bonanza.
Consumer
Reports recently ran a report that surveyed and
concluded that warehouse club shoppers spend more than
they initially intended when visiting these types of
establishments.
Indulging on gifts
Is there any better way to have fun than by putting
yourself into
debt? Never mind
that presents are from the heart
and meaningful sentiments. Gifts should expose how much
extra money the giver has to toss around. If holiday
shopping bills aren't still effecting you come June, you
didn't do it properly. A recent survey by the
Unity
Marketing's Gift Tracker concluded that consumers
spent nearly 25 percent more than they anticipated when
buying Christmas and Hanukkah gifts in 2006.
Buy a gas-guzzling SUV
Nowadays, there are some vehicles on the road that
can travel over 40 miles on one gallon of gas. This
makes it seem like a waste of money to cruise around in
a car that offers a fuel economy in the low teens. An
evenly efficient way of getting rid of money would be to
light it on fire as opposed to leaving your car so that
you can pump gas. Read more about
saving money on gas.
Depend on credit for emergency situations
When you have to dip into emergency funds to deal
with a
crisis, pay with a
credit card instead of your
savings. Not only will you gain the opportunity to pay
the
costs associated with credit cards, you run the risk of
damaging a good credit rating if you
neglect to make the
payments.
Skip routine maintenance
Have you ever heard the phrase 'an ounce of
prevention is worth a pound of cure'? Whatever! Don't
waste your time trying to be healthy by exercising and
eating right. Also, never change your car's oil or your
tires. Wait until something very bad happens and then
figure out what you are going to do. This input
goes for everything that necessitates an unquestioning
dedication to habitual care and upkeep -- kids, pets,
computers, pools, etc..
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