1. New Savings Account
money saving tip: automate your savings

Believe it or not, but not all savings accounts are made equal. Banks are competing for your business and are trying to entice you to become a customer with attractive savings programs. For example, Citizens Bank has a savings account, HomeBuyer Savings℠, which is designed to help people save for a new home, even contributing $1,000 towards closing costs.

When shopping for a savings account, look at both banks and credit unions for the highest interest rates with the least restrictions. High yield savings accounts can sometimes pay as much as 2 percent, but often require a minimum balance and come with limitations on withdrawals.

USAA Insurance Ranks Number 1 in
Forrester’s 2010 Customer Advocacy Poll

2. New Health Care Provider
money saving tip: look for no co-pay for preventative care

It is quite possible that your co-pay increased this year, but it is also likely that your insurance company is no longer requiring a co-pay on preventative care. Why? Insurers have found that it saves you, but more importantly them, money by treating ailments early, preventing higher medical costs in the future.

When shopping for a new health care provider, check to see how much your co-pay will be. Look for an insurance company that offers $0 co-pays for therapies that are known to lower costs and reduce the chances of hospitalization. Watch for hidden fees, such as surcharges for spouses and dependents.

3. Replace Old Appliances
money saving tip: get new light bulbs and power down appliances (conserve energy)

Many Energy Star qualified appliances qualify for a federal tax credit of 30 percent on eligible products up to $1,500. Look for additional state, local, and business sponsored tax credits and rebates in your area. New appliances can greatly reduce your energy consumption, paying for themselves over time.

Look for participating appliance retailers in the government run “cash for appliances” program. Rebates through this program range between $50 to $200 per appliance, and in many cases can be added to other rebates and offers.

4. Open a Traditional IRA
money saving tip: compare traditional IRAs to Roth IRAs for tax benefits

For those who may be facing a higher tax bracket, a traditional IRA may be a great way to reduce your taxable income. Avoid capital gain taxes by opening an IRA before April 16th. Your reduction in 2009 is limited to $5,000.

When shopping IRAs, keep in mind that a Roth IRA may not reduce your current tax liability, especially if you are currently paying taxes on that money. Even if this is the case, a Roth IRA may be a better choice for some people. Be sure to consult a tax professional when seeking an IRA.

5. Cut Back on 10 Monthly Expenses
money saving tip: cut back on coffee and eating out

We’ve heard this one time and time again, but the underlying benefits remain true. There are so many little things we can do to reduce some of our expenses. Clip coupons, refill half-empty soap dispensers with water, look for secondhand items on Craigslist, etc. Select ten expenses you can cut back on and put that money in your new savings account or IRA.

If you’re one of those people who likes to eat out, and does so regularly, you can likely save a significant amount of money by learning to cook a few of your favorite meals at home. A $70 steak dinner for two costs about $20 to $30 at a local grocery store, and there are dozens of easy to prepare, sometimes readymade, meals that will feed a family of four for about $10.

6. New Cell Phone Plan
money saving tip: check the terms of your contract

Don’t get lured into a new mobile phone plan without comparing multiple offers. If you have your mind set on an iPhone, you won’t have many options until AT&T’s contract expires; however, if you can accept using one of the many competing handheld devices, you may be able to save money by switching carriers.

Often new customers get special deals on new phones, but be sure to check the conditions of your agreement with your current mobile provider. Although there is often a fee for early termination, you may save more money in the long-run by paying that cancellation fee. Assess you current phone usage trends and seek an offer that best matches.

7. Use Rewards Cards for Purchases
money saving tip: pay credit cards off in full each month

Smart and responsible credit card use can really benefit a cardholder. There are many rewards-oriented credit card offers, many of which give cash back on eligible purchases. If you have a cash back rewards card, it may very well work in your favor to make your monthly purchases with that card, but to avoid paying interest on those charges, you must pay down your balance at the end of the month.

When seeking a cash back rewards credit card, see if you can locate one that gives more than one reward point for every dollar charged, offers 0 percent for at least six months, and that has a low adjusted APR. Some credit card providers offer extra reward points based on grocery purchases and gas purchases.

8. Follow the Deals
money saving tip: look for special offers and sales via Google Alerts

If there are items that you either buy regularly or know that you may have to buy in the near future, you may be able to save on that item(s) by looking for reduced prices. Whether you plan to replace an electronic component or grocery shopping, if you take the time to compare prices, you can save money.

One of the best ways to watch for sales is to set up Google Alerts for the items you want or regularly use; whenever that item is mentioned online, you’ll receive an email letting you know if it is being offered at a discounted price. You can also set up an RSS feed from many supermarket chain’s weekly specials, and receive email alerts from major electronic providers, to help reduce the research time.

9. Assess Your Commute
money saving tip: carpool, use public transportation, drive less

Ever thought a new car could save you money? Depending on the car offer it may very well be. Car dealerships often run 0 down, 0 percent APR, cash back, and other gimmicks to “move metal”. You may have to either downsize to a smaller model, or convert from that luxury manufacturer to the standard edition manufacturer, but lowering your monthly bills with a new car is not too farfetched.

When shopping new cars, do your homework. The internet has made a car salesman’s job much more difficult; compare the best car deals on high MPG cars to get the biggest bang for your buck. If you are not a great negotiator, you may want to consider hiring a car-buying liaison, who for a fee, will not only help you locate a car but will negotiate with the dealership to ensure you get the best possible deal.

10. Form a Budget
money saving tip: put at least 10% of your income aside for savings

We’ve all heard the importance of using a budget for better personal money management, but few people who are really struggling to make ends meet actually budget their income. Look at budgeting as goal setting. You know the variables; now determine how much you can set aside for savings.

Parents with young children need to start setting money aside for college funding early. Use savings accounts, IRAs, CDs, a 401-k or other form of long-term savings to plan for retirement. Before investing money into anything, be sure to speak with a professional financial advisor to best determine how much you can afford to contribute and which plan will yield the best return.

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A Wells Fargo Money Market Savings℠ account can be opened with a minimum deposit of $100 and there is no monthly service fee with a minimum daily balance of $3,500 or with an automatic monthly transfer, which is a different amount depending on where you live. For California residents the minimum monthly transfer amount to avoid paying a monthly service fee of $10 is $75. This account comes with easy access to funds, competitive rates, and the option to write checks.

Features of the Wells Fargo Money Market Savings℠ account include optional overdraft protection, which will allows for funds to be taken from your savings account if you have insufficient funds in your checking account, secure online access for viewing balances and statements, and online savings tools such as automatic transfers and My Savings Plan® are available to help you meet your savings goals.

Wells Fargo Money Market Savings℠, Competitive Rates & Easy Access

My Savings Plan® is available to Wells Fargo savings account holders and is accessible through Wells Fargo Online®. Use My Savings Plan® to identify your savings goals, assign a goal to separate savings accounts, set the amount of money you wish to set aside, and use the progress bar to track your goals.

Other benefits to banking with Wells Fargo includes account alerts, which allows account holders to be notified if suspicious activity is detected, and Wells Fargo Mobile℠ banking, which lets customers access their accounts, check balances, statements, and even make money transfers from a handheld mobile phone/internet device.

In addition to offering consumer banking services, Wells Fargo meets the needs of small businesses and commercial-sized businesses through offering loans and insurance. A recent addition to the services provided by Wells Fargo is identity theft protection, where customers receive monitoring of public databases, the three main credit bureaus, and up to $10,000 in identity theft insurance. For more information, contact your local Wells Fargo retail branch.

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If you’re looking for a way to save for a new home, Citizens Bank has a program that might just help you to achieve your goal of homeownership. The HomeBuyer Savings℠ plan requires that you save a minimum of $100 per month over a 36-month term. In addition, when you purchase your home with a Citizens Bank mortgage, you will receive a $1,000 credit to be used for covering closing costs.

With your HomeBuyer Savings℠ account, there is no limit to how much you can save and you will receive assistance from a Citizens Bank mortgage loan expert when it’s time to buy. A nice feature with this savings plan is that with a checking account and enrollment in Citizens Bank’s Green$ense™ program, you can earn an additional $120 per year to put towards your down payment. In addition, account holders can also take advantage of Citizens Bank’s Steady Save® program where you can set up a monthly automatic transfer between your checking account and your HomeBuyer Savings℠ account.

Make the Dream of Homeownership A Reality with HomeBuyer Savings℠

Like with most savings programs, there are a few catches. First, this plan is only available upon individual approval. You must visit your nearest Citizens Bank and speak with a banker or you can apply for the HomeBuyers Saving℠ plan online. Second, in order to receive the $1,000 credit to be used for closing costs, you must consecutively make net deposits of $100 per month for 36 months and close on a mortgage loan issued by Citizens Bank within three years from the date your initial 36 months ends. You are, however, allowed to miss one deposit per year. To open the account a minimum of $100 is needed.

There is no monthly service fee with this savings account. If you need to withdraw money, you can do so, as long as you bring your balance back to the minimum balance; which is an accumulation of $100 per month.

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One of the best features of the Chase Money Market Savings℠ program is not only can your savings account be connected with your checking account, allowing your savings balance to be used to offset your checking account’s monthly service fee, but you can also link your savings and checking accounts for overdraft protection. That’s right, should you fail to properly balance your checking account and make a purchase which causes you to spend more than you have, Chase will automatically take the remaining purchase balance from your savings account, rather than charge you an overdraft fee (often ranging between $30 and $40).

Another nice feature that comes with a Chase Money Market Savings℠ account is that customers are automatically enrolled in the Chase Automatic Savings Program. This allows those of you who are reluctant to regularly set aside money for savings to automatically transfer a given sum on a given date. Customers can start saving money by selecting the amount they wish to set aside and how often to make a transfer by logging into Chase Online℠ and going to the ‘Payments & Transfers’ tab. Your new savings account from Chase will also provide many industry standard features, such as free online banking, paperless statements (online statements), and free email alerts, should there be fraudulent or suspicious activity with your account, Chase will automatically alert you.

Automatically save money via transfers from your Chase Better Banking® Checking account!

A few other things that you’ll want to be aware of, in regards to acquiring a Chase Money Market Savings℠ account, is (i) your interest rate, (ii) your transaction fees, and (iii) your monthly service fee. Your interest rate is compounded, and credited, annually based on your collected balance; account fees may reduce earnings; interest rates are variable, and are determined on a daily basis under Chase’s discretion. Transaction fees include a 3% exchange rate adjustment fee which is applied to debit card purchases and cash withdrawals made outside the U.S. and there’s a $2 fee for using an ATM that is not Chase owned and a $3 ATM fee for withdrawals made outside the U.S. The monthly service fee for this savings account is $12, unless you keep your minimum daily balance above $1,500, in which case your service fee is waived.

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If you’d like to try and save a few extra pennies every time you make a Visa® debit card purchase, you may want to think about Bank of America’s Keep the Change® program. When customers sign up for Keep the Change, they agree to have every Visa® purchase rounded up to the nearest dollar amount, where the difference in the actual price of what is being purchased and the nearest dollar amount (rounded up) is placed in your savings account.

For example, if a customer decides to use their Visa® debit card to pay for $73.48 worth of groceries, 52 cents will be placed in their Bank of America savings account; similarly, if you bought a bottle of water for $1.20, 80 cents will go into your savings. To be eligible for the program you must have a Bank of America checking account, savings account, and check card.

Looking to save money? Try Bank of America’s Keep the Change® program!

Bank of America will even match your savings, dollar for dollar (100%), up to $250 per year, for the first three months after joining the program and then 5% every year after that. When the money is paid into your account it is done annually, beginning one year after the month in which the account was first activated.

This is a truly unique savings program that Bank of America is offering. If you are the type of person who wants to save, knows how important it is to create a nest egg, but just doesn’t have the motivation or will to set money aside on a regular basis, this program is an ideal fit for you.

For those who have tried the program and find that they no longer wish to participate, you can cancel by visiting your local banking center or by going online to contact a customer service representative.

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