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* Money Saving Tips – “Tip Jar”

A friend of mine sent me this information. Apparently, there’s a new trend called “crowdsourcing” that Kim Komando defines as sites that “rely on the wisdom of the community to provide useful information.”

Google Moderator is one such application.  One of the implementations of Google’s Moderator tool is a “Tip Jar” site that accepts money-saving tips from users, which other users then rank.  You can view this site at:

A few of the recent tips include: “Utilize online bill pay with your bank. It keeps you in much closer contact with your money, as you can keep a very close eye on your balance and be in much less danger of overdrafting. It saves you money on stamps and paper checks.”

“Record every purchase. A few years ago I decided to do this for one month, but I saved so much money that I stuck with it. No more impulse gum, coffee or magazine purchases, and it allowed me to both create and stick to an annual budget.”

“Never pay checking account fees. And if the bank happens to charge you one, ask them to reverse the fee or take your business to another bank.”

“Pass on extended warranties. A $129 two year extension on a $300 product is just not worth it. Warranties are insurance, and we rarely need to insure such a small amount.”

“Set up automatic withdrawal to your savings account. This is the simplest and most effective technique of all. If you set up $100/month to your savings account, you will save $100/month.”

“Make your monthly credit card payment on time. The $30-35 you save by not being charged a late fee each month on one card would save you most of the money you need for $500 in emergency savings”

“Get organized and avoid missed payments. Get organized and avoid those late payment penalties. If you do miss a payment, call your creditor and ask to have the penalty removed. They’ll usually accommodate the request, at least the first time.”

“Use credit cards that provide cash-back or other benefits, but ALWAYS pay them off each month to avoid finance charges.”

“Request a reduction in the interest rate on your credit cards. As with home equity loans, credit card companies sometimes are willing to reduce the interest rate. It can’t hurt to ask.”

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