Few ways to save money

Here are few ways to save money every month.

Save on credit card interest rate:  If you have a credit card balance that charge a higher interest rate, look into a balance transfer to a lower interest rate card.  Be aware of any transfer fees.

Save on mortgage interest rate:  Mortgage interest rate has gone down and stays at a historic low.  Even if you have refinanced recently, look into see whether even a lower rate is available.  Once again be aware of any fees.

Review your tax deductions:  Most common but overlooked includes expenses for job search and moving; and credits including child care credit, and the American Opportunity credit for college education.  You can go back three years and file an amended return to get credits.

Review your insurance policies:  Life insurance rates have gone down within last ten years and you may be able to lock in a lower rate for next 10 or 20 years.  If you have changes in your life style, that may trigger a lower rate.

Save more for retirement:  If you increase your monthly contribution to a retirement vehicle, your contribution may help to reduce the tax liability because tax is calculated for the balance after retirement contribution.

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elegant on August 2nd 2012 in Finance

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