Thursday December 25,2014
By JEFF MILCHEN
One of the best ways to save yourself money is by comparison shopping. As a young single person, you probably haven’t reached your maximum earning potential in your career which makes it especially important that you know how to save money. Read on for some tips on how to comparison shop for the things you need as a young single person.
Credit cards
Credit cards are a great way to make purchases without having the cash upfront. Credit cards are also an integral part of building a favorable credit report and, in turn, getting a good credit score. But just because you get a credit card offer in the mail doesn’t mean that you should go ahead and sign the contract. Instead, compare other offers and see which credit card companies offer the most competitive interest rates and annual percentage rates (APRs). You should also look into credit card companies that offer rewards for using your account. Many companies offer special deals with airline companies and retailers for spending money on your credit card. Sometimes these rewards can help save you money on the things you already buy. When comparison shopping for credit cards, make sure that what you receive in rewards is not lost with high interest rates.
Credit cards are a great way to make purchases without having the cash upfront. Credit cards are also an integral part of building a favorable credit report and, in turn, getting a good credit score. But just because you get a credit card offer in the mail doesn’t mean that you should go ahead and sign the contract. Instead, compare other offers and see which credit card companies offer the most competitive interest rates and annual percentage rates (APRs). You should also look into credit card companies that offer rewards for using your account. Many companies offer special deals with airline companies and retailers for spending money on your credit card. Sometimes these rewards can help save you money on the things you already buy. When comparison shopping for credit cards, make sure that what you receive in rewards is not lost with high interest rates.
Cars
One of the first major purchases you make when you graduate from college may be a car. Comparison shopping among makes and models of cars, prices and also financing options is important. You will need to decide between a new or used car. And, if you decide to go with a new model, you will then need to decide whether to buy or lease it. Only you can decide what is right for you. Generally, leasing a car allows you to make a lower down payment and have a lower monthly payment, but you may have to mind mileage restrictions and keep the factory settings on the car. Buying a car, on the other hand, may require different financing options, but you will be able to use the car as you wish for as long as you like.
One of the first major purchases you make when you graduate from college may be a car. Comparison shopping among makes and models of cars, prices and also financing options is important. You will need to decide between a new or used car. And, if you decide to go with a new model, you will then need to decide whether to buy or lease it. Only you can decide what is right for you. Generally, leasing a car allows you to make a lower down payment and have a lower monthly payment, but you may have to mind mileage restrictions and keep the factory settings on the car. Buying a car, on the other hand, may require different financing options, but you will be able to use the car as you wish for as long as you like.
Mortgages Just like credit cards, your mortgage is a critical part of your credit report. Comparison shopping can not only help you find the best deals on your mortgage, but can also help educate you on mortgage products. For instance, you should know the difference between a fixed-rate mortgage and an adjustable rate mortgage (ARM), and when it is most advisable to get each. Also, when you are comparison shopping for mortgages, pay close attention to the fine print in advertisements. Some mortgage lenders will offer teaser rates or interest-only mortgages, which can make it seem as though you can afford a more expensive home than really fits into your budget.
Use comparison shopping as a helpful tool for making big financial decisions as you start down the road of financial independence.
