A recent survey revealed that 70 percent of Americans consider themselves good to excellent at managing their money, yet only 25 percent scored above a “C” when it came to actually doing it.

The good news is that you CAN successfully manage your finances and it doesn’t’ t have to take a great deal of time, especially if you get into the habit of taking care of a few money matters on a regular basis. We hope that you’ll find the following suggestions helpful as you continue on your journey to a more financially secure and manageable life style.

Credit Cards

• To avoid late payment fees and possible interest rate increases on your credit cards, make sure you send in your payment a week to ten days before the statement due date. Late payments on one card can increase fees and interest rates on other cards.
• You can avoid interest charges, which may be considerable, by paying off your entire bill each month. If you are unable to pay off a large balance, pay as much as you can. Try to shift the remaining balance to a credit card with a lower annual percentage rate (APR). You can find listings of credit card plans, rates, and terms on the Internet, in personal finance magazines, and in newspapers.
• Be advised that credit cards with rebates, cash back, travel awards, and other such perks may carry higher rates or fees.

Checking Accounts and Debit Cards

• You can save more than $100 a year in fees by selecting a free checking account or an account with no minimum balance requirement. Request a complete list of fees that are charged on these accounts, including ATM and debit card fees.
• See if you can get Free or Lower Cost Checking through direct deposit or agreeing to ATM only use. Be aware of charges for using an ATM not associated with your financial institution.

Life Insurance

• If you want life insurance protection only, and not a savings or investment product, buy a Term-Life insurance policy.
• If you want to buy a Whole-Life, Universal-Life, or other cash value policy, plan to hold it for at least 15 years. Canceling these policies after only a few years can more than double your life insurance premiums/costs.
• Check the National Association of Insurance Commissioners website (www.naic.org/cis ) or your local library for information on the financial soundness of insurance companies.

Auto Loans

• To save as much as several thousand dollars in finance charges, pay for your car in cash (if possible) or make a large down payment, which will help to shorten the term of the loan. A large down payment may also result in a lower interest rate.
• Make certain to get a rate quote (or pre-approved loan) from your bank or credit union before seeking dealer financing. You can realize significant savings in finance charges by shopping for the cheapest loan.
• Make certain to compare the dollar difference (monthly payments) between low-rate financing and a lower sale price. Remember that getting zero or low-rate financing from a dealer may prevent you from becoming eligible for the rebate.

Auto Insurance

• You can easily save several hundred dollars a year by purchasing auto insurance from a licensed, low-price insurer or independent agent. Call your state insurance department for a publication showing typical prices charged by different companies. Then call at least four of the lowest-priced, licensed insurers to learn what they would charge you for the same coverage.
• Consider raising your deductibles on collision and comprehensive coverage to at least $500. Or, if you have an older car, consider dropping this coverage altogether. This can save you hundreds of dollars on insurance premiums. Your agent or insurer can explain the pros and cons.
• If you do change policies or insurers/agents, make certain that your new policy is in effect before dropping your old one.

Prescription Drugs

• Since brand name drugs are usually much more expensive than their generic equivalents, ask your physician and pharmacist if a less expensive generic or an over the counter alternative is available.
• Since pharmacies may charge widely different prices for the same medicine, call several. When taking a drug for extended periods, also consider calling mail-order pharmacies, which often charge lower prices. (Check your Yellow Pages or search the web for Mail Order Pharmacies)

Related Posts:

1. 66 Fast Money Saving Tips
2. Basics of banking and saving
3. Sneakiest Tips For Finding Money!
4. Using Credit Responsibly
5. Basics of investing