savings
Shop around for a bank that offers you free checking and waives ATM fees if you maintain a low minimum monthly balance in your checking account or in a combination of accounts. This can save you hundreds of dollars a year. You also need to sign up with a credit union to minimize your banking costs. To find out if you're eligible to join one, call 800-358-5710 and ask for the number of your states Credit Union League. Don't put your money in a money market account just because, it pays a slightly higher interest rate than a plain old savings account. To avoid monthly maintenance fees, you often have to keep more money in a money market account than you would in a savings account. If you've been charged an outrageous fee for a bank service, complain. Being forceful but polite will often help you persuade the banks customer service rep to waive the charge. You also need to resist buying mutual funds on which banks charge commissions. Look into some of the low-cost mutual fund companies. Inflation can drastically reduce the purchasing power of the dollar over time. If the company you work for has a retirement savings plan or open an individual retirement account (IRA) at a no-load m
What ever you do, don't go without health insurance, no matter how healthy you may think you are. If your work for yourself, check out SEP-IRA's and Keoughs. TWO THINGS NOT TO DO: Rental car collision insurance: If you've ever rented a car, you were probably asked if you wanted to buy the collision damage waiver, or CDW. If you are single and without any dependents, you would want better health insurance or more disability coverage. Flight insurance: If you need to insure your life, the cheapest way to do, it when you're young is to buy a term life insurance policy. Next time, do a little research in advance. As of this writing,"expense ratios" average about 1. These plans may permit you to stock away much more money for your retirement that what you could with an IRA alone. Don't invest in a mutual fund that charges investors high expenses. INSURANCE: You need enough life insurance to provide for your dependents (spouse and children) so that they can carry on a decent life style if you were to pass on. The easy way to find affordable coverage is to see if there is a group you can join, such as a trade association, or a religious organization, that offers group insurance. If that is not the case, consider staying for a few more months, because that could be the difference between thousands of extra dollars in your pocket. This way any of those things happen you will be covered. Your best bet is probably index funds since actively managed funds tend to charge higher fee and on average have not perform any better historically.
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