WILMINGTON, Del.--(BUSINESS WIRE)--Financial security is the foundation for ensuring a life of wealth, health, and happiness. Knowing how to save money is the first step towards managing wealth to retire successfully. In conjunction with National Financial Awareness Day on August 14, Diversified offers six financial planning tips that require minimum effort to yield enormous savings.
"Financial literacy is critical to saving for the future. Making simple changes to monthly expenses teaches consumers how to save so that financial planning becomes a routine behavior," said Andrew Rosen, President, Diversified. Rosen is a nationally renowned retirement expert and contributor to Forbes, Kiplinger, TD Ameritrade, and other financial news resources.
Six easy-to-make spending changes with significant financial impact:
- Grey Charges – Review subscriptions and check credit card statements for charges on renewals no longer used and not approved. Call these companies to request an immediate stop payment and refund.
- Credit Card Points – Find credit cards that offer points or rewards to other goods and services. Use these cards to pay regular expenses and pay the balance of these credit cards monthly to receive the awards while increasing credit scores.
- Bi-Weekly Mortgage – Make mortgage payments twice a month, instead of once a month, to save money and time over the length of the mortgage.
- Property and Casualty Insurance – Contact insurance providers to request an annual "rerate" on policies to save money as discounts diminish over time.
- Auto Increase – Most 401(k) plans have an automatic increase feature of 1% each year. Use this increase along with an annual raise to further retirement savings.
- Annual Payments – Many services offer discounts when paid annually. Leverage these offers and save more in the long run.
Diversified is a Registered Investment Advisor (RIA) firm with more than $1 billion in assets under management. The company is in the top 350 RIA’s in the US per Financial Advisor Magazine (disclosure). FA Magazine recognition is based on AUM per ADV, is independently surveyed, and does not imply skill. Diversified provides full-service wealth and investment management. To learn more, visit www.lifelongadvisors.com.