How to save tips

how to save tips

Saving money is hard without a plan. Below, the best tips on how to save money from experts and media around the world.

Saving for special needs

Choosing a college bank account

New college students should be careful about picking their bank, said Karen  Damato  at The Wall Street Journal. Convenience can cost you. Many schools "have an exclusive relationship with one financial institution" that offers easy-to-use benefits, such as college IDs that double as debit cards. "But easy doesn't mean cheap," and a new study says many of these accounts have serious drawbacks, like "abusive overdraft policies." Students and parents should guard against these pitfalls by shopping around at other banks and opting out of overdraft provisions, which allow customers to use debit cards to make purchases even when they don't have the funds in exchange for steep service fees.

(This article originally appeared in The Week magazine. Try 4 risk-free issues. and stay up to date with the week's most important news and commentary.)

Scoring a coveted credit card

Beware employer stock for 401(k)s

It's time to take company stock off the 401(k) menu, said Ron  Lieber  at The New York Times. While such arrangements are less common than they used to be, 39 percent of companies in 2013 offered their stock as an option in workers' retirement plans, and 12 percent made their matching contributions in firm stock. But peddling company shares through 401(k)s — instead of, say, offering them as stock grants or bonuses — "is incredibly risky." That's because "when you're getting your income from an employer — and

your livelihood literally depends on that company — it makes little sense to make a big bet on the company stock with money that you'll need if you ever want to stop working." So, consider offloading that stock as soon as you can. That way, if the company goes under, you won't lose your paycheck and  your retirement fund.

Financing a vacation house

(This article originally appeared in The Week magazine. Try 4 risk-free issues. and stay up to date with the week's most important news and commentary.)

How to resist impulse buys

It's easier than ever to spend money on the fly, said Vera Gibbons  at MarketWatch. thanks to mobile payment systems and sites that store your credit card info. So if you want to "keep more money in your pocket," you have to "identify — and eliminate — triggers." Be aware of your habits, such as whether you tend to make impulse purchases when you're happy or sad. Be wary of retailers' tricks, including sales and even "how the store smells, the music that's playing, and the location of certain items." And try being patient. If you see something you like, "make yourself wait." Take a walk and see how you feel about it in 20 minutes when your "emotions have cooled and you're thinking more rationally."

Beware phony IRS calls

Negotiating your first salary

Weighing your nest egg

Get approved for the cards you want

(This article originally appeared in The Week magazine. Try 4 risk-free issues. and stay up to date with the week's most important news and commentary.)

Source: m.theweek.com

Category: Taxes

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