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- Not all bank accounts are insured by the federal government. Be sure to open a savings account that is insured. http://www.pueblo.gsa.gov/cic_text/money...
- There are specialized savings plans for specific needs, such as the 529 college savings plan. http://www.sec.gov/investor/pubs/intro52...
- Some savings plan, such as the 401k, allow people to save money tax free. However, these retirement plans often have early withdrawl penalties. http://www.dol.gov/ebsa/publications/wys...
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How to Save Money Videos
Saving money helps people prepare for unexpected expenses, health problems, job loss, or retirement. It also helps them realize dreams of owning a home or new car without accumulating as much debt. Many people also start savings accounts for their children to teach them fiscal responsibility or to be sure they can pay for part of their college tuition by the time they graduate from high school.This collection of How to Save Money Videos can help people who haven't been setting money aside learn about the basics of setting up a savings account, cutting spending and other budgeting tips.
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Tips on Saving Money
- Add up all of your current debt and income so you know how much you can really afford to save.
- Set debt payment and savings goals. Often, people pay as much extra money as they can afford on the debt with the highest interest rate until it is paid off and then move to the debt with the next highest interest rate. When the debts are paid off, they bank the money they used to spend on debt payments.
- Create a simple budget plan that is easy for you and your family to stick with.
- Consider having money from each paycheck direct deposited into a savings account.
- Look for company savings incentives, such as matching 401k contributions.
- Start saving when you're young to take advantage of compound interest.
- Match grocery coupons and sales to save money on groceries.
- Give store brand items a try when you don't have coupons for name brand items.
- Take advantage of Craigslist and local newspaper ads when you are shopping for big ticket items that you wouldn't mind getting in gently used condition.
- Consider setting up special savings accounts for short term or long term goals, such as saving for a house down payment or a special family trip.
- Look for sites like Upromise.com to help your family save for college.
- Think about any major purchases over night. You just may feel differently about that new big screen tv in the morning.
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