Kiffmeyer Tax Advisory Group

Here are some helpful tips you might find useful.

1. With credit cards, charge only what you can reasonably pay off in a few months.
2. If you are using credit cards, pay the highest interest rate card first.
3. Refuse the offer to skip a month’s payment on your credit cards.
4. Keep a credit limit on your credit cards high enough for emergencies but avoid impulse buying.
5. If you are coping with an illness, find a local support group.
6. Before you retire, take the time to figure out just how much money you’ll need for retirement.
7. You may be able to stretch your retirement savings by adjusting your spending habits.
8. If you are still paying off your home mortgage, consider refinancing your mortgage if interest rates have dropped since you took the loan.
9. One way to save more money is sell your second car, especially if it is only used occasionally.
10. To save money, shop around for less expensive insurance (car, homeowner, health).
11. To lower monthly payments, shop for the best interest rate whenever you need a loan.
12. To lower monthly payments, switch to a lower interest credit card. Transfer your balances from higher interest cards and then cancel the old accounts.
13. Penny Pinching tip #3- Eat dinner at home, and carry “brown-bag” lunches instead of eating out.
14. For more money in your pocket, consider buying a well-maintained used car instead of a new car.
15. Penny pinching tip #1-Get books and movies from your local library instead of buying or renting them.
16. Penny pinching tip #2-Subscribe to the magazines and newspapers you read instead of paying full price at the newsstand.
17. Money saving tip #1-Buy only the auto and homeowners insurance you really need.
18. If you’re trying to stretch your savings, you’ll want to withdraw money from your IRA as slowly as possible.
19. Don’t assume you’ll be able to live on the earnings from your investment portfolio and your retirement account for the rest of your life.
20. Your investment portfolio will likely be one of your major sources of retirement income.
21. Traditional wisdom holds that retirees should value the safety of their principal above all else.
22. Laddering investments is a method of controlling your investments to avoid having them all mature at the same time.
23. When you first begin your laddering strategy, you will need to acquire several term deposits (e.g., certificates of deposit) or securities with specified maturity dates.
24. A catastrophic injury or debilitating disease that requires you to enter a nursing home can destroy your best-laid financial plans. You will need to decide whether to take out a long-term care insurance policy.
25. Contrary to popular belief, Medicare will not pay for most long-term care expenses, and neither will any health insurance you may have through your employer.
26. If your home mortgage is paid in full, weigh the pros and cons of a reverse mortgage to increase your cash flow.
27. Reduce your housing expenses by moving to a less expensive home or apartment.
28. Have your child enroll in or transfer to a less expensive college (a state university as opposed to a private one, for example).
29. Do not invest borrowed money.
30. Know yourself, your timelines, and your risk tolerance.
31. Stick with investments that you can understand and evaluate.
32. Avoid get rich quick schemes that promise riches without effort.
33. Be willing to keep what you buy.
34. Never accept an investment that must be sold under pressure.
35. Consider investments that have “utility value” (they are useful to someone else).
36. Do not count on selling the investment to make payments on it.
37. Do not risk more than you can afford to lose.
38. Remember–if it sounds too good to be true, it probably is.
39. With credit cards, charge only what you can reasonably pay off in a few months.
40. If you are using credit cards, pay the highest interest rate card first.
41. Refuse the offer to skip a month’s payment on your credit cards.
42. Keep a credit limit on your credit cards high enough for emergencies but avoid impulse buying.
43. If you are coping with an illness, find a local support group.
44. Before you retire, take the time to figure out just how much money you’ll need for retirement.
45. You may be able to stretch your retirement savings by adjusting your spending habits.
46. If you are still paying off your home mortgage, consider refinancing your mortgage if interest rates have dropped since you took the loan.
47. One way to save more money is sell your second car, especially if it is only used occasionally.
48. To save money, shop around for less expensive insurance (car, homeowner, health).
49. To lower monthly payments, shop for the best interest rate whenever you need a loan.
50. To lower monthly payments, switch to a lower interest credit card. Transfer your balances from higher interest cards and then cancel the old accounts.
51. Penny Pinching tip #3- Eat dinner at home, and carry “brown-bag” lunches instead of eating out.
52. For more money in your pocket, consider buying a well-maintained used car instead of a new car.
53. Penny pinching tip #1-Get books and movies from your local library instead of buying or renting them.
54. Penny pinching tip #2-Subscribe to the magazines and newspapers you read instead of paying full price at the newsstand.
55. Money saving tip #1-Buy only the auto and homeowners insurance you really need.
56. If you’re trying to stretch your savings, you’ll want to withdraw money from your IRA as slowly as possible.
57. Don’t assume you’ll be able to live on the earnings from your investment portfolio and your retirement account for the rest of your life.
58. Your investment portfolio will likely be one of your major sources of retirement income.
59. Traditional wisdom holds that retirees should value the safety of their principal above all else.
60. Laddering investments is a method of controlling your investments to avoid having them all mature at the same time.
61. When you first begin your laddering strategy, you will need to acquire several term deposits (e.g., certificates of deposit) or securities with specified maturity dates.
62. A catastrophic injury or debilitating disease that requires you to enter a nursing home can destroy your best-laid financial plans. You will need to decide whether to take out a long-term care insurance policy.
63. Contrary to popular belief, Medicare will not pay for most long-term care expenses, and neither will any health insurance you may have through your employer.
64. If your home mortgage is paid in full, weigh the pros and cons of a reverse mortgage to increase your cash flow.
65. Reduce your housing expenses by moving to a less expensive home or apartment.
66. Have your child enroll in or transfer to a less expensive college (a state university as opposed to a private one, for example).
67. Do not invest borrowed money.
68. Know yourself, your timelines, and your risk tolerance.
69. Stick with investments that you can understand and evaluate.
70. Avoid get rich quick schemes that promise riches without effort.
71. Be willing to keep what you buy.
72. Never accept an investment that must be sold under pressure.
73. Consider investments that have “utility value” (they are useful to someone else).
74. Do not count on selling the investment to make payments on it.
75. Do not risk more than you can afford to lose.
76. Remember–if it sounds too good to be true, it probably is.