Even More Ways to Save Money Today

1. Make sure your savings account has a competitive yield. If you got your savings account when you opened your checking account, chances are you could be getting a higher interest rate by opening a new account. ING Direct, for example, usually offers a very competitive rate on their (Annual Percentage Yield) on their Orange Account.

2. Two words: credit union. If you or your spouse has access and eligibility to a credit union, open an account! Credit unions have excellent savings programs, rates on loans, and discounts on checking accounts.

3. Automate your savings. "Trick" yourself into saving every month by signing up for a monthly automatic withdrawal from your checking account to savings. Note: don't do this if you tend to "cut it close" money-wise every month. You do not want the savings withdrawal to cause you to bounce checks (thereby incurring more fees!).

4. Automate your investing. Once you've gotten the hang of saving, sign up for automated investing by opening an account at ShareBuilder.com. Choose a no-fee index fund to invest in, and your nest egg will be growing before you know it!

5. Be ATM Smart. Do your best to only use your bank's ATMs, to avoid costly fees. In some states, BOTH banks are allowed to charge you, making it perfectly legal to charge a $5 service charge on a simple $20 withdrawal. That's 25%, my friend! Visit your bank's website to locate ATMs around your town, or switch to a national bank that offers many ATMs, like Bank of America (www.bofa.com).

6. Get cash back. If you just can't find one of your bank's ATMS, go to the grocery store instead. Instead of hitting the ATM and paying the fee, ask for cash back at your local grocery store or drugstore. Even if you have to buy a $1.50 soda to get the cash back, it beats paying the fee-at least you bought something for yourself instead of paying the big bad bank!

7. Don't fall into the "credit trap" so many people are in today-sure, you need a credit card to function in today's society, but you don't need $30,000 at 18% interest sucking you dry. If you're in debt, take immediate steps to get out. Once your head is above water, use your credit cards to rack up miles and rewards and to improve your credit.

8. Pay off credit card balances. If you're carrying a credit card balance and have any money in a savings account, you're actually losing money every month. If you don't have any savings you can use to pay down your balance, consider transferring your balances to a low introductory rate credit card, then upping your payments to get yourself out of debt faster.

9. Switch all your balances to one "zero balance" card. Again, my recommendation is that you put ALL of the money you save at first toward paying off your credit card balances, but if you've got a long way to go with this, you can definitely save yourself some money by consolidating your balances somewhere with a 0% APR offer (this usually lasts for six months or a year, depending on how good your credit is. Ironically, the better your credit and the less in debt you are, the more banks and credit card companies are going to start throwing offers for "free money" your way.).

An important note on the "0% Introductory Offer": Here's the way these credit card companies make their money: they offer you a really good APR. The catch is this: one, if you use the card to make ANY new purchase, those new purchases are NOT subject to the introductory APR. Two, when the introductory APR expires, you're going to get hit with a HUGE increase in the APR-like, to 20 or 22% usually. The credit card companies are COUNTING on the fact that you will not be able to stop yourself from making new purchases, and that you will NOT pay off the whole balance by the end of the introductory period. In order to really make this work, you MUST pay off the balance by the end of the intro period-otherwise this is not a good deal for you. If you have the organizational skills and the will power to take this on, I say go for it! I will say from experience, it feels GREAT to send in that "payoff" amount when the rate is about to go up. GREAT, I tell you!

10. Freeze it! No joke, this is the way I paid off all my credit cards. One way to force yourself to stop using your credit cards is to FREEZE THEM IN A BLOCK OF ICE. Fill up a piece of Tupperware with water, drop the card in, and stick it in the freezer. If you really, really need to buy something with it, you'll have to set it on the counter overnight to let it thaw out before you use it. This will give you time to think about what you're buying. In the time it takes to thaw the card, you might just decide you don't need it. And, in case you're thinking of cheating on the "Ice Block" strategy%u2026.no microwaving! This destroys the card, and then you'll just have to order another one-- a HUGE hassle.

Use one or more of these money-saving strategies, and in time you'll be well on your way to financial freedom. Good luck!