It’s the small things that will add up; some obvious things like saving on your electric bill or re-evaluating your other monthly bills. Take a few moments to go over your personal budget and examine all the money going out and all money coming in. A few simple strategies, like using fewer Christmas lights and limit the time they are on during the holidays (See my last blog), reducing unnecessary expenses around the home or office, car pooling to work and less or more creative types of entertainment. These are all areas where you can begin to save money.
If you are saving money, then you are making money so remember it's pretty easy for anyone to start making some cash, just save a little. A few other areas that you can look to making a difference are areas such as your insurance; we all have a tremendous need for insurance in all areas such as home, health, automobile, life, and disability. Meet with a trusted insurance agent and review your policies to see where you can make some changes that will keep you adequately insured but not over insured. Insurance is an area that many of us simply buy buy buy!
Top goal for 2009 review what you have in insurance and what you need.
Those of you that are in a mortgage and not upside down, this will be the year to refinance. The rule of thumb is 2 points. If the mortgage rates have dropped by at least 2 points then it is worth refinancing, but hold out because we have a ways to go before we see the bottom of the long term home interest rates. You will be able to make a significant savings by refinancing so pay attention to the rates and be ready to refinance when the time comes.
Remember, if you’re saving money, you’re making money!
Happy Investing!
James Dicks
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