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• See where you’re spending. Start your plan by
writing down where you spend every dollar over the next month.
You may be surprised at what you’re spending money on – and
how much you’re spending on certain things.
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Make a budget. Once you
know what you’re spending and where, create a written
budget and stick to it. It’s the most effective way to
stay within your means and curb bad spending habits. Be sure
to review your expenses against your budget monthly.
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Reduce what you owe. The more debt you can pay off, the less interest you will have
to pay, and the more you can funnel into savings and investments
for the future.
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Start saving. A savings
plan helps meet financial goals and provides security. Set aside
a percentage of your monthly income as savings. Ten percent
is a good target if you’re in your 20s or 30s, more if
you’re older and behind in your retirement planning. Make
it the first “bill” you pay by setting up an automatic
investment.
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Plan for retirement.
Contribute to an IRA or participate in your company’s
401k plan. The yearly maximum you can contribute to these tax-advantaged
plans changes, so check with your accountant or company plan
coordinator.
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Pay with cash. It’s one of the surest ways to stay out
of debt.
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Get paid back. Your money
is doing you no good in someone else’s pocket.
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Keep good records. Save
yourself from scrambling at tax time – and don’t
miss any deductions – by organizing your financial records
early in the year. Be sure to save receipts, cancelled checks,
pay stubs, bank and investment statements, and proof of any
other deduction you want to claim, such as alimony, charitable
contributions, or mortgage interest.
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