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Ways to Save in March

The month of March provides a few unique ways to save money and is also a good time to review a few of the prior months’ financial activities. Making the right choices can lead to big savings on your spending activities.
What are a few smart buys during the month of March?
There are three opportunities to find great deals in March, first is gym memberships and exercise equipment, the second is anything chocolate and finally, golf equipment if you are okay with buying last year’s model.
What should we avoid buying in March?
I have three top things not to buy in March. One is spring/summer clothes, two is this year’s latest golf club models and finally, a new smart phone.
Are there any other ways to save in March?
March is the time that many people start on home improvement projects and if you have the skill and it’s a simple project, you might want to consider doing some of these yourself.  Don’t take on anything you don’t feel comfortable with, that can often lead to costing you more.
How can we save if we are hiring professionals to complete some of the bigger projects?
First, start early with getting quotes and get at least three, each contractor has different prices.  Second, make a smart choice with how you pay for the home improvement projects.
What are the best options for paying for larger home improvement projects?
If it is a larger home improvement project, then most certainly a home equity loan is the best option because of the lower rate and possible tax advantages.  If it is smaller, then look for a personal loan, the rate will be a little higher but the advantages will include a fixed rate which is helpful.
Why is a credit card not a good option for home improvement projects?
The biggest reason is that you have to be really disciplined to pay the credit card off quickly or you will end up paying more interest that you would on other types of loans. If you only pay the minimum, you might take up to ten years to pay off the debt that should have been paid off in 2 or 3 years.
What financial reviews we should complete in March?
The most important reviews should be on your savings goals and spending plan performance. Have you increased your savings since the beginning of the year and were you able to stay within $50 of your spending plan for the first two months.
Why is early March better than waiting until April to review these goals?
For financial matters, often times two consecutive months missing your goals can indicate a trend instead of it being an anomaly. There really is not a compelling reason to wait any longer to fix issues with your spending or savings.
Any other financial reviews for March?
One final one related to those with a Health Savings account.  If you have already depleted your funds and you are not contributing the max, it might be a good time to increase your contribution, especially if you know there will be further medical related expenses the rest of the year.

Posted: 3/3/2016 with 0 comments

Categories: Money Matters, Saving

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