But for an occasional windfall, they're a cheap and easy way to start down your road to wealth. Cut your computer cords. Ah, to be free. By installing a wireless network, you can read e-mail while fixing dinner in the kitchen, buy airline tickets from your living room couch or prep tomorrow's presentation while keeping an eye on the kids in the backyard.
And once your network is up and running, take these necessary -- and free -- steps to protect it from predators. Get a secured credit card. It's a modern twist on the classic chicken-or-the-egg conundrum: You can't get credit until you have a history of repaying credit. So when you're just starting out, you can get around that rule and build a credit history from scratch with a secured credit card. These cards allow you to make a deposit with a lender such as your bank or credit union , and the amount usually becomes your credit limit.
The issuer takes on zero risk because if you don't pay on time, it can dip into your account to cover the bill. You build a history just as fast with a secured card as with a regular one, and after one year of making on-time payments, you can graduate to an unsecured card.
You'll want to shop around for the lowest fees and interest rates on secured cards. Avoid those that charge application or processing fees. And make sure the issuer reports to the three major credit bureaus -- some smaller banks may not. Get fit. How about an investment in your health? Working out can help you burn fat, lose weight, build muscle and even lower your stress. But you don't need a pricey gym membership or expensive home equipment to get the body you want. For cardiovascular, consider any activity and gear that gets your heart pumping, such as a jump rope, trampoline, punching bag or aerobics video.
You could even take up a sport such as basketball, tennis or racquetball. Check out the American Academy of Podiatric Sports Medicine's lists of recommended shoes for running , walking , aerobics , basketball and other sports. For strength training, start with a set of hand weights, suggests James Griffing, personal trainer and author of fitness database ExRx. You can buy dumbbells individually or in a set from sports shops and other retailers.
Lifting lighter weights at more repetitions is good for toning muscle. Lifting heavier weights at fewer reps is better for bulking up and building strength. And last is flexibility training. The American College of Sports Medicine recommends a stretching routine two to three times a week.
You can check out a Pilates or yoga video from the library to find one you like before buying. Or, simply get a book that illustrates different stretches. Appraise your home equity. Annual premiums cost 0. This is typically based on building equity through regular monthly payments, which could take a long time. But with the run up in home values over the past few years, you may be able to drop PMI based on your home's increased value.
To get the benefit, you'll have to provide your lender with a home appraisal proving that the property's value has increased. Warning: The lender can deny your request if you have made any late payments. Find an appraiser in your area through the American Society of Appraisers or the Appraisal Institute. Start saving for the short term. We talk a lot about saving for a rainy day or with a long-term outlook.
But using a little extra cash to plan ahead for more immediate needs could help you avoid the money crunch for big expenses that you actually expect to come up throughout the year, such as holiday gifts, insurance premiums, car and home repairs and vacations. By taking the money out of your regular checking account and setting it aside, you'll avoid spending it on a whim and resorting to your credit card in a pinch.
But you don't want the cash lying around the house tempting you to spend it -- nor do you want it in a basic bank savings account yielding next to nothing. All three link to your main checking account so you can make transfers online, and they currently pay between 4. By Eunice Diaz. Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and he By Tonya Shelton. In , Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost he Has America Saves inspired you to set a savings goal?
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Emergency fund. Savings Home Saver Story: Set a goal, make a plan! First Name. Email Address. Last Name. Phone Number. Pick up a pair of designer shoes? Shove it in a savings account? Treat yourself to a weekend away? And the number of people who would save their unexpected stash has grown over the past four years too, while the number who would pay off debts or use it to cover day-to-day expenses has fallen.
Then I would target any other debts starting with the highest interest rates - as shown on your monthly statement or loan agreement.
In addition any growth within the pension would be free of capital gains tax. Be careful though as you could be charged for paying your mortgage off early or making additional monthly payments. Cash ISAs are savings accounts that pay interest that is free of income tax.
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