Here's some Friday tips for living thrifty and being frugal. So happy "Frugal Friday"!
- Pay yourself first. Try to put away at least 10% of your pre-tax income into a savings account.
- Have an emergency fund. Have at least three months income in a high-yield savings account that can be easily accessed.
- Negotiate fees. For example, ask a bank to waive late fees. Often enough, they will.
- Have enough. Have enough life insurance to replace at least five years of your salary, ten years if you have kids or significant debts.
- Think about insurance before you buy a car. Typically, the more expensive your car, the higher your insurance cost will be. Take this into account before buying.
- Refinance your mortgage if you can cut at least one point. The costs of refinancing are considerable, so it should only be done if you can trim your interest rate by at least 1%.
Have a great weekend!
Check out http://www.thrifty411.com for more on being thrifty and frugal.
