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Money-Smart Idea of the Week
From the Office of Florida’s Chief Financial Officer
Idea: Saving money is often easier than you think (2-22-08)
Be aware of incidental cost associated with accounts that can cost you hundreds of dollars each year. Below are a few tips that can easily help you save money.
- Reducing credit card debt.
- Reducing debt by $1,000 can save you up to $200 a year – potentially even more if you are paying penalty rates of about 20 – 30%.
- Make your monthly credit card payment on time.
By avoiding a late fee each month you can save nearly $420 a year per account.
- Use only the ATMs of your bank or credit union.
Using the ATM of another financial institution can be costly. Weekly withdrawal fees can cost you more than $150 over the course of a year.
Review Incidental Spending (2-15-08)
With family budgets getting tighter, now is the time to review your spending and see the how everyday incidentals can really add up. Here are a few examples of how you can stretch your dollars.
- Instead of eating in restaurants during the work week, bring your lunch to work. You could save you an estimated $720 dollars a year.
- Save your loose change. Putting aside even fifty cents a day over the course of a year will allow you to save nearly $200 dollars.
- Substitute regular coffee for your daily latte, which could add $550 dollars to your pocketbook in just one year.
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