Posts Tagged ‘Tips’
Before you travel, follow these tips to protect yourself from identity thieves.
- Let your credit card company know when you’re traveling (especially if leaving the country). Fraud departments have become more vigilant about monitoring unusual activity.
- If you get a call or email about suspicious activity on your card, don’t give out personal information or call the number on the message (an oft-used trick by identity thieves). Instead, call the customer service number on the back of your card.
- Suspend your mail delivery until you return. Your mail can be a treasure chest of information for identity thieves.
- Remove credit cards you won’t be using and other personal information from your wallet, and copy any important documents (driver’s licenses, passport, health insurance card, etc.) so you’ll have them in case your wallet is stolen.
-Kiplinger’s, June 2011
Tags: credit, fraud, identity theft, passport, Primerica, Tips, travel, trip
Posted in Primerica, Tips |
You have all the best intentions – but still can’t seem to find extra money to save. Don’t worry! Follow these steps and you too can become a “super saver.”
Super Saver Tip #1 Reduce big-ticket items. Since the majority of us spend the most on housing (26% of income) and transportation (14%),[1] it makes sense to focus on trimming these areas first. Many super savers buy more modest homes than they can actually afford. For example, if you buy a $200,000 house rather than a $300,000, you’ll save $6,444 a year (not counting property taxes and insurance).[2] While downsizing to a smaller home saves you the most over time, selling these days may be tough. For a simpler way to save, focus on your next biggest expense: your car. Driving it after the loan is paid off can save you about $1,670 a year (based on skipping new-car payment and typical ownership costs for a five-year-old car).[3] Could your household get by with one car? Even better.
Super Saver Tip #2 Save, or invest any windfalls – including tax refunds. This year, about 66% are planning to save or invest their refund.[4] Make sure you are among them: If you turned last year’s average refund of $3,003[5] into a $250 monthly investment compounded monthly for 35 years, you could have $357,958 if you earned 6%, or up to $1.6 million if you earned a 12% rate of return (see chart). That’s a sum that could significantly improve your retirement – long after a new chair or other item you could have bought has been given away.
Super Saver Tip #3 Don’t buy anything until you can pay cash. Period. Not only do you avoid the burden of more credit card debt and costly interest, but you’ll spend less—approximately 10-35% less than those who pay with debit or credit card.[6] That’s instant cash you can stash into savings.
Super Saver Tip #4 Set Manageable Goals. Don’t overwhelm yourself with a list of 10 things to accomplish all at once. Set your priorities. For example, start building up an emergency fund by putting $50 a month into savings. Or pay more than the minimum on your lowest balance credit card. Or, start contributing monthly to an Individual Retirement Account.
Super Saver Tip #5 Make Saving Automatic. All the smart spending in the world won’t help unless you invest your savings. Most super savers know this, so they let computers do the work and automate their savings. For example, set 5% of your paycheck to go automatically into a retirement plan. Ask your Primerica representative about how you can get started saving in an Individual Retirement Account for as little as $50 a month.
Super Saver Tip #6 Take on Extra Work – and Stash the Cash. You’ve set your savings goals, trimmed your expenses and are still coming up short. What’s a wannabe super saver to do? Take matters into your own hands and get aggressive about reaching your goals. Is there a way to turn your talents and interests into part-time cash? Consider tutoring, childcare or taking on a part-time job. If you’re interested in learning more about financial goal-setting and helping families with their finances, talk to your Primerica representative about the part-time opportunity. It’s a great way to educate yourself and take your savings to the next level!
Tags: money saving, Primerica, solutions, super saver, Tips
Posted in Primerica, Tips |
The average U.S. household will spend less on gifts this holiday season than it has for the last quarter of a century, The Globe and Mail reported recently.
The Conference Board said households are expected to spend an average of $384, the worst inflation-adjusted figure in the 25-year history of the survey.
But that doesn’t mean you can’t make this a memorable year for you and your family.
Here are Primerica’s Top 10 Tips for the holiday season:
- Review your finances and determine a budget that makes sense for you.
- Set your budget, and, most importantly, stick to it.
- Re-evaluate your approach this year, and use all possible resources to help make the most of the season – and make it fun.
- Write down your gift list, then prioritize it. Remember, if you and your family are facing financial challenges right now, you are not alone. Chances are, most of your friends and relatives have their own challenges and might need to make cutbacks themselves.
- Make a point to spend time with people around the holidays. That’s always more important than the exchange of gifts. The old adage is still true, there are some things money can’t buy.
- Manage expectations for your children and other family members.
- Shop online, use coupons, look for rebates, watch for sales and compare prices between stores to get the best bargains possible. This is an opportunity for you to use the retail-slowdown to your advantage.
- Whenever possible, pay cash (or use debit cards) for all gifts. That said, there are some purchases you should make on your credit card. But always make sure you can pay them off in full when the bill arrives. Spending money you don’t have on credit cards is the gift that keeps on giving.
- Personal gifts that require more of your time and effort, and usually a lot less money, are the ones that mean the most – and the ones your friends and family members will cherish for a lifetime.
- Start a new family tradition by volunteering together for a worthwhile cause. Even if you don’t have money to make a donation, you can give your time – and that can prove to be a much more worthwhile contribution.
Happy holidays from Primerica, where we still help make dreams come true 365 days a year.
Tags: christmas shopping, family, finances, gifts, holiday season, holiday spending, household spending, inexpensive gift ideas, inflation, less money, Primerica, The Globe and Mail, Tips
Posted in Primerica, Tips |
Did you know, the average household “owes 20 percent more than it makes each year?”1 With the current financial crisis, that percentage may even increase as families go deeper into debt just to maintain their lifestyles.
Primerica recognizes that education is the first step toward helping families learn to develop a healthier financial life. We believe a good understanding of how money works is key to long‑term success. These three tips can help you get started.
1. Avoid the revolving consumer debt trap.
Most credit card debt is revolving debt. Because of the way interest is calculated on revolving debt, it’s hard for you to know exactly how long it will take to pay off your balance. All that interest can add up to big bucks along the way!
With fixed debt, you make payments over a set span of time. It’s easy to tell when the principal will be paid off and – even with the same interest rate and monthly payments – the pay off date is usually much sooner than with revolving debt. Consolidating revolving debt into one fixed rate loan can potentially eliminate those debts sooner and reduce your monthly payment.
2. Understand compound interest.
With a revolving debt account, compound interest can eat away at your financial health. But when you use compound interest in your favor, it can really help savings grow. The more you save, the more interest you can potentially earn on that money.
3. Make a lifestyle change.
When it comes to reducing debt, little changes can make a big difference. By separating “wants” from “needs,” and making the “needs” the priority in spending, you can begin saving toward your future.
It’s a good idea to have periodic checkups with a financial services professional to make sure you stay on track for your goals. Primerica offers a FREE Financial Needs Analysis that is designed to highlight problem areas and present strategies to deal with them.
Tags: credit cards, finance, free, home mortgage, newsweek, Primerica, Tips
Posted in Primerica |
In today’s economy, many families are worried about layoffs, foreclosures and mounting debt. They’re looking for ways to cut costs, save more and make smarter money choices for their future.
Primerica, believes one of the first steps toward getting on track for a bright financial future is to create better spending and saving habits. To help you get into the mindset of making better money choices, Primerica presents three easy ways to curb spending.
1. Track purchases. Little purchases made every day can add up to big money at the end of the month. Keep track of expenditures by either writing them down in a notebook or purchasing budgeting software. You might be surprised at just how much you didn’t realize you were spending.
2. Minimize ATM visits. ATM withdrawals can add up quickly if you aren’t tracking them. It’s easy to keep pressing that withdrawal button and even taking out the minimum $20 at a time can add up quickly. The best plan is to set a limit on withdrawals per week and stick to it.
3. Cut spending by small amounts first. Breaking the over‑spending habit isn’t likely to happen overnight. Start small, say reducing spending by 10%. Once you get used to that adjustment, you can work your way up to a more aggressive cost‑cutting strategy.
Discretionary spending (e.g. eating out, entertainment, movie rentals, etc.) isn’t a bad thing, but over‑spending – particularly in times of economic upheaval – can put you into a precarious position if debt becomes too high or if you are laid off.
As you learn to budget better and spend less, the next step is to start socking away all that extra un‑spent cash. Primerica’s free Financial Needs Analysis offers a comprehensive snapshot of your finances and presents clear strategies for getting out of debt, becoming properly protected, saving more and getting on track for a great future.
Tags: ATM, curb spending, economy, finance, financial needs analysis, FNA, personal finance, Primerica, Tips
Posted in Primerica |
