5 Financial tips for the 3rd week of March 2012

By: on 2013-01-10
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Check out the 5 financial tips for the 3rd week of March 2012.

Tip no 1 – Don't ever forget the tax considerations with regards to your retirement planning.

Retirement planning is a continuous but important process. You'll have to make necessary plans for the golden years of your life at some point of time. There are various types of retirement plans – 401(k), Roth IRA, IRA, etc. All these retirement plans offer some tax benefits to the consumers. Analyze the pros and cons of the retirement plans. Find out how much you have to pay while withdrawing or depositing money in the retirement savings accounts. Check if you have to pay any tax for making early withdrawals. In short, determine how much you'll have to pay to Uncle Sam for each retirement plan before jumping to any conclusion.

Tip no 2 – Buy used books to save money when you're in college.

Higher education has become very costly nowadays. Your expenditures increase after taking an admission to the college. You have to pay tuition fees, purchase books, pay laboratory fees, etc. The cost of the books is very high. The price of the books has almost become double. If you love your parents and want to save their hard earned dollars, then try to not purchase new books. Try to read used books. Some book stores offer as much as 25% discounts on the used books. This means if the original price of a book is $100, then you can get a used book by paying $75. If you don't want to hop from one book store to the other, then you can grab good deals at the websites such as Amazon.com.

Tip no 3 – Consider long term costs like children's college fees when buying a life insurance policy.

Children are the biggest joy of your life. They make your life meaningful and happy. They are your biggest treasure and you wish them the very best in life. You would never want to settle for anything less.

You want your children to study at a good college. A degree from a reputable college can help your child to grab a good job. However, a good college does not come cheap. You need to spend a lot of money for the fees. This is why before purchasing a life insurance policy, think about the long term costs such as college expenses. Buy a life insurance policy that offers cash value benefit to you. This way, you'll be able to use the money to meet the college expenses.

Tip no 4 – Have regular family financial meetings.

Family members are an important part of your life. You share your joy and sorrow with them. If you can share your various feelings with them, then there is no reason why you should not discuss the financial matters with them. Conduct regular family financial meetings. Prepare and evaluate weekly budgets. Share financial tips with each other in order to put a lid on the family expenses. Invite the junior members of the family in the meeting. They may suggest some useful tips to you.

Set an agenda for each family financial meeting. Discuss on that given topic in a specific meeting.

Tip no 5 – Purchase things in bulk while shopping. Save every penny that you can.

Like most consumers, you must be visiting the stores at least once a week. Try to purchase items in bulk whenever you go for shopping. This will help you get discounts on the products. Make sure you purchase non-perishable commodities in bulk. This means you should buy such items which you can preserve in your store room for several days. For instance, soap, tooth brush, paper napkins, brush, etc. Avoid purchasing goods that get spoiled quite easily. Even if the stores offer heavy discounts on those goods, try to avoid purchasing them in bulk. It will be a total waste of money.

Last Updated on: Thu, 10 Jan 2013

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