Source: Informa Research Services
(02-17-2010)
If you’re looking for something to give up for Lent, consider giving up financially costly habits. Rates on savings accounts have been on a steady decline as of late. This week, the national average annual percent yield on a 6 month certificate of deposit dropped to 0.76% from 1.49% a year ago (Source: Informa Research Services Interest Rate Review). Informa Research Services suggests these simple ways to save money and advises consumers deposit it immediately into a savings account before rates drop any further.
- Cook at home; dine out less. By enjoying more homemade meals, not only will you save money, but you’ll most likely save calories as well.
- Minimize cell phone or smartphone use. For some, this may be impossible. But for many, texting or unlimited internet access may be a frivolous expense. See if you can last 40 days without your wireless services extras. Minimize your wireless bill for a month, and see if this is a money-saving change you can adopt for the entire year.
- Conserve energy. Turn off lights, unplug unused appliances, and look to energy efficient alternatives to save on your electric bill. Using blankets instead of turning up the thermostat, or using a fan instead of the air conditioning can also help keep your bills low.
- Be a savvy shopper. Don’t buy things just because they are on sale. Look for what you need and shop around before you make your final purchase. Additionally, make a list before you shop and stick to it.
Deposit the money you save into the highest yielding savings product available in your region. Like shopping for most things, the best deals can be found if you invest some time into comparison shopping. Use online resources such as these rate comparison tables to find the best rate on your savings account.
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