Saving Tip 6

Take a minute and do some research. Surprise, surprise but banks are in it to make a profit so don't think anyone is really trying to help you earn more money. That's up to you. So do some research. How much are you paying on loans and how much are you earning on savings? Typically the online banks (like ING Direct or HSBC) and Credit Unions (a lot have gone community so as long as you live or work in an area you can join) will earn you the best savings rates.

Transfer your money to places that have the higher rates and don't be afraid to move your money around if one place suddenly drops their savings rates on you. You have to make your money work for you!

Look at what you're paying on loans - credit cards, car loans, mortgages. If you're paying more on your loans than you're earning on your savings (which is typically the case right now) think about saving less (I know it's saving week but still) and putting more money towards your debt. You'll pay off the debt quicker and have more money in the end to save.

A helpful hint would be look for a low interest rate credit card with no balance transfer fees and transfer balances from your higher rate card to the new lower rate card. Just be careful, a lot of cards that sound like a good deal (0% for the first year, etc) really aren't when you read the fine print. Find one that really is a good deal - a low interest rate now and later.

And the biggest thing - stop taking on new debt. I know easier said than done but this week is supposed to be making you think about what you really need. I may want a new car but my old car is perfectly fine and I don't want to have to pay a car loan off every month. I may want a new dress from the mall but if I have to charge it and can't pay it off at the end of the month it isn't worth it.

Now, I'm not a financial planner and I don't have all the answers - my tips are supposed to be more common sense help. So do what you will with them. Remember, we have until Sunday to only spend on necessities - how are you doing so far? Has it been easier or harder than you thought?

Honestly, for me it hasn't been as bad as I thought. It actually curbed my spending at CVS (when I went for the birthday cards). I was eyeing a pair of tights and some new chapstick. But I got chapstick for Christmas and there are probably six pairs of tights in my dresser that are perfectly fine so I put them back and only got what I needed. I actually felt proud of myself afterwards. Some other things are harder to turn down - a work friend asked me to lunch the other day. I could have said no and read my book and eaten my Easy Mac but I caved and went to Arby's. A $10 salad later, a nice walk back to work and a good chat and it made my Friday a little easier. Remember, you can't say no all the time - just be more careful with what you're spending. Happy Saturday!