Saving With Limited Funds

Five Basic Steps Toward Financial Independence

not offered this plan at work, contribute to an IRA (Individual Retirement Account) or some other tax-free or tax-deferred vehicle.

  • Refinance your home. If you had an adjustable rate mortgage, the Federal Reserve’s recent cut in a key interest rate makes it an opportune time to refinance at a fixed rate. It may also be a way to lower your monthly mortgage payment and have access to more cash to invest or pay down debt. Consider all costs associated with going down a percentage point or two in your interest rate to ensure that refinancing balances out with the amount you save on interest. For those who rent and have an extra room, consider bringing in a trusted friend to share the expenses. This is an economical alternative for those who live in big cities where they are paying premiums for rent.
  • Eliminate credit card debt. The convenience of buying with plastic instead of cash has created an epidemic of excessive credit card debt. A smart solution begins with making cash-only purchases. Call your credit card company and requesting a lower interest rate. If you own more than one credit card, first make additional payments on the card that carries the highest rate and then work your way down to the card that has the lowest rate until all debt is satisfied. Once you pay off that debt, use that monthly amount you would have paid for those bills toward your savings.
  • Be diligent when paying off balances. Do your homework if you decide to close your accounts because it can have an adverse affect on your credit history and credit score. Credit is beneficial if you spend wisely and pay off the entire balance at the end of the month. Living without debt will help you to save more.
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      Great info – attracting new customers can be challenging and expensive. It’s cheaper, less labor intensive and can be more profitable to market to existing customers, since they are already familiar with your company, products/services, and brand.

    • Networking is truly the key to getting the word out!

    • This was great information.

    • great helpful tips.

    • Eugenewjr

      Networking through social media leads to word of mouth referrals. This is must when starting any business.

    • Elaine Jackson

      Melinda I need your help with my business.
      I will research you and find a contact info to connect.
      This session was great.
      Thanks for the motivation.
      Elaine Jackson, PMP

    • Elaine Jackson

      I am in a technical field so the product (training) I offer is not available to everyone.
      The market is small and there are tons of competitors that offer similar but sloppy training. The client searching for cheap or the lowest cost ends up taking the inferior training and then complain to me. This is after I gave them the million dollar presentation.  Comments.  Can you help me get out of the rat race of individuals offering bad training and cutting into my revenue? 
      Elaine Jackson, PMP

    • Elaine Jackson

      What ever happened to those technical individuals that tried to get their talents recognized in Silicon Valley?  No matter what they did – the glass ceiling was not budging.  I am in the same situation.
      Billion dollar business stuck in a fish tank.

      Elaine Jackson, PMP

    • Janice

      Excellent information for taking my business to another level>

    • Janice

      Excellent information for taking my business to another level>

    • Mrazq1

      I’ve been considering using a daily deal site. Thanks for the info!

    • Favort2

      Great tips–short and to the point. I wasn’t aware of Living Social and Rapidfire to help attract new customers.
      Thanks for sharing.

      • Infinitehi4

        Like you this is good news to my ears.  Loved it…

    • Vintageandveil

      Loved the tips I would also suggest using HARO to get your name and product in giftbags at major events, everybody loves swag.

    • Ransford

      Liked this one. I joined LinkedIn and this has been very usefull in many ways.

    • Daks. J

      Great insights. 

    • Lucubrate75

      Would these tips work on all types of businesses? Will look into Living Social today thanks

    • I’m definitely going to get a profile for Linkedin. I’ve been seeing this site name but just never really looked into it. But if the small biz lady suggests to get one, then I’m doing it!

    • Thank you Ms. Melinda for the wonderful tips on attracting new customers! “Using social media is like putting a rolodex on steroids.” Love it!! 

    • Thank you

    • Donna

      This lady knows what she’s talking about. Great mentoring and teaching advice.

    • I really enjoyed this lesson. Now I have a clear understanding on how to attract new clients/customers for my magazine @levelupmagazine. LEVEL-UP! MAGAZINE™ now has over 45,000 page views & over 9,000 readers. This lesson really gives me that starting point and guidance in which I need right now. Thanks so much Melinda for sharing your knowledge. [Issue 5]

    • Tettcommunitydevelopment

      loved the idea about offering daily deals on the website

    • Sandra Butler

      Face to Face networking will help you attract new customers..

    • Zurriane

      good stuff

    • GlobalService

      Great information. I must check out Living Social now!

    • Zurriane

      Good info

    • Kallen

      Great info, never thought about using Living Social to advertise.

    • Ulc_tutoring

      I have done LivingSocial and it wasn’t what I epxected.  Be sure to do your homework and decide if it is right for your business.

    • Phoebe Austin

      I am just getting started, but this is info I can use now and continue for the future.

    • Thanks for these great to the point and actionable tips! 

    • Bobby

      Always be networking and you’ll always be closing.

    • Good Info on how to network.

    • I love the referral tip. And I give something free away on my website. awesome!