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Thursday, December 04, 2008



Saving money is a basic concept of personal financial planning, and key to financial success. Yet many of us don't have a formal savings plan. Without such a plan, the chances of ever saving enough money to meet long-term financial goals or achieve financial security are very slim.
  • Establishing a budget: it is a great first step for a sound financial plan. A budget is a planning tool used to record all of your income and expenses. By writing down how much money you earn and spend each month, you can see where your money is going and prioritize your expenses and needs. Any money left over can be used for saving and investing. Even a small amount of money invested regularly can help.
  • Invest early and regularly, even small amounts: The best reason to start a regular investment program early is to give the money you set aside as much time as possible to grow through compounding. If you haven't started investing yet, it's best to start now and get in the habit. Just remember that the amounts you invest do not have to be large, especially if the money is taken directly out of each paycheck. You will be surprised how you don't miss money you don't see. If you're already investing every month, look for ways to contribute more through bonuses and monetary gifts.
  • Pay down your debt: If you purchase a $10,000 bedroom set on your credit card with an interest rate of 13 percent, that debt will cost you a whopping $18,000 if you pay it off by making only the minimum payment every month. Think of the interest you will pay as stealing from yourself, and keep those figures in mind the next time you're tempted to charge something you don't really need.
  • Think of your future: By starting early, making the right investments, and with ample planning, you can enjoy your retirement more than you could imagine. Next time you get a raise, try putting that extra money into your 401K or other investments and living on your prior income. You will be surprised at how big of a difference small sacrifices will make when you want to retire early.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.62%
30-yr. fixed jumbo7.50%
15-yr. fixed5.38%
15-yr. fixed jumbo7.25%
7/1 ARM6.12%
5/1 ARM5.88%
3/1 ARM5.88%
1-yr. ARM6.62%
1-yr. LIBOR ARM6.12%
10/1 ARM6.25%
40-yr. fixed6.88%
*Mortgage Rates Updated: 12/04/2008