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Mary Hunt's Top Five Money Tips

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Mary Hunt's Top Five Money Tips

Post by Diva Cassie on Wed Apr 01, 2009 4:10 am

Become your favorite creditor
Take an envelope and write your name and the amount you intend to save from each paycheck and place it in the front of your “Bills to Pay” file. Make this the first bill you pay each month. If you use online bill pay, add your savings account as the number one creditor—the most important bill that is paid automatically each month.

Stash a c-note
Crash-save until you have enough to exchange for a crisp, new $100 bill. Stash it into a very safe place known only to you. Whenever you get the urge to purchase something or feel overcome by a case of the "I wants," tell yourself, OK, but you'll need to go home and get that $100 bill. For some reason, the urge will pass quickly. Knowing you can if you want but you choose not to has a wonderful preventive effect.

Live on less
Rein in your lifestyle so that it fits into 80 percent of your net income. Reduce spending in every area of your life by a small amount, and you’ll be able to achieve this probably sooner than you ever dreamed. And the other 20 percent? Give away 10 percent and save 10 percent. You'll never be broke, and giving to others will fill your soul with gratitude and contentment.

Drop dangerous debt
The only debt that is safe to carry is secured debt (mortgage, car—anything with collateral). All others are dangerous to your wealth. Make a plan to pay off all your credit card debts quickly and then pay your bill in full every month. See this as critical to your financial health.

Consider cash
It's proven that you spend about 30 percent more if you depend on plastic (debit or credit cards) to pay for day-to-day spending. Leave the plastic at home. Live as much as possible with cash. Inconvenient? Yes. That's the point.

Careful or you'll end up in my novel.

I was going to conquer the world but I got distracted by something sparkly.
Diva Cassie

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