Our Favorite Personal Finance Bloggers Share Their Best Tips

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If you're ever wanted to get into the minds of today's finest personal finance bloggers, now's your chance. I've talked to 30 and compiled what they consider their best financial tips.

What I appreciate about personal finance bloggers is that they don't just talk the talk; they walk the walk. In fact, they offered so much good advice, I had to divide their answers up into two more articles, published here and here.
Crystal Paine, MoneySavingMom. A very simple way to cut your spending is to get comfortable asking for a discount. My philosophy is that you never want to short-change someone, but it doesn't hurt to politely ask. The worst they can say is "no." Many stores are happy to give a discount on groceries that are close to the expiration date. Just ask. Think about using this tactic on staples your family uses every day -- like milk. If you're a member at a local gym or other club, and it's something you regularly use, ask them if they have any discount opportunities. If you volunteer once a month or help with a project, you might be able to get a sizable discount.
Andrew Schrage, Money Crashers. My best tip on personal finance is to spend less than you make. It sounds like a rather simple strategy, but most folks don't use it. The best way to achieve that goal is to use an online budgeting service such as Mint and use it to compare your income to your overall monthly spending. If you're spending more than you make, you need to reduce what you pay for monthly bills and cut back on how much you spend on personal purchases. Once that's done, start setting aside your surplus for your long-term financial goals like retirement or a college fund for your children.
Tracie Fobes, Penny Pinchin' Mom. My best personal finance tip is to use cash and an envelope budget. It may seem old-school, but getting cash and using that for your day to day spending can actually help you gain better control of your finances. Create envelopes for each category and track your spending by writing it down each time you make a purchase. By doing so, you can not only see where your money goes, you will also know how much you have left to spend. When the money is gone -- you are done spending. This forces you to be accountable to yourself.
Luke Landes, Consumerism Commentary. Start paying attention. Self-awareness is the first step when it comes to improving any part of your life, and your finances are no different, whether you want to get out of debt or achieve financial independence. Take an inventory, know your financial net worth, and track your income and spending. Spend some time evaluating your situation and stop ignoring your financial problems. Only when you recognize and address the issues that hold you back will you be able to build a stronger financial future.
Jeff Rose, Good Financial Cents. Don't fall victim to the "entitlement syndrome." If you've found yourself saying, "I deserve [something] because I did ...," then most likely, you're splurging on some big-ticket item you don't need. Many people do this after a long week at work and then go splurge at the mall or dining out with friends. Enjoy the weekend -- just don't overspend to do it.
J. Money, Rockstar Finance. One of my favorite tips is to simply "take action." We get so caught up with thinking and researching and deciding on how to better our lives -- both financially and otherwise -- that often times we end up doing absolutely nothing because of analysis paralysis. So take a few seconds and decide on something right here and now, and then go and get started. You can always tweak things as time goes on (nothing's ever permanent), but at least you'll be that much closer to your future goals. You can't have a different future if you don't change something today.
Jeremy Biberdorf, Modest Money. Don't let your circumstances dictate your financial success. It's easy to sit back and say you won't get ahead because your employer rarely gives raises or your expenses are always going to be too high. Really though, people can almost always find ways to spend less and earn more. Tackle both sides at once for maximum success. Start tracking your expenses and set budgeting goals. Then think of how you could either get a higher-paying job or how you can develop a secondary source of income. Your free time doesn't have to go to watching TV.
Melissa Garcia, Consumer Queen. When planning a vacation, always check sites like Expedia or CheapOAir.com to find the best rates. You can save $80 to $100 on airfare just by flying midweek. The best travel dates are to fly in on a Wednesday and fly out on a Tuesday. Tuesdays and Thursdays are usually good days to find special airfare deals as well. You can also take advantage of special travel rewards. Hotels.com has a special loyalty club that when you book 10 nights through them, you get one free. I also take advantage of all airline frequent flyer miles.
David Weliver, Money Under 30. Humans are irrational. Don't trust yourself to make the best financial decisions. If you can postpone making a big purchase, do it. Half the time you'll decide you didn't need it. Whenever you can automate things, do that, too. Split your paycheck so at least 10 percent goes into savings. Purchase mutual fund shares on a regular basis instead of trying to pick the next hot stock. And when you amass a modest nest egg, enlist a financial adviser. If nothing else, he or she will ensure you don't wire your money to a Nigerian prince when you get old and vulnerable.
Kyle Taylor, The Penny Hoarder. Pay for everything using a gift card. You can purchase gift cards for 5 percent to 25 percent off their face value on websites like Raise.com and Cardpool.com. It's an instant way to save on everything from your groceries to the gas station to your favorite clothing store. Plus, if you use your rewards credit card to purchase the gift card, you'll start to rack up some massive savings without having to change any of your shopping habits.

Ready for some more great advice? The other articles are:Robert Pagliarini is a national expert on sudden wealth. His wealth management firm has developed a unique process for handling the financial -- and often psychological -- issues of sudden wealth from inheritance, lottery, divorce, stock options, lawsuits, and sports/entertainment contracts. Connect with him on Twitter @rpagliarini or Google Plus.

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Our Favorite Personal Finance Bloggers Share Their Best Tips

Plenty of Americans live beyond their means but don percentt even realize it. A 2012 Country Financial survey found that more than one-half of respondents (52 percent) said their monthly spending exceeded their income at least a few months a year. Yet only 9 percent of respondents said their lifestyle was more than they could afford. Of the 52 percent who routinely overspend, 36 percent finance the shortfall by dipping into savings; 22 percent use credit cards.

Blowing your entire paycheck (and then some) each month isn percent an ingredient in the recipe for financial success. Neither is draining your savings or running up card balances. To rein in spending, start by tracking where the money goes every month. Try to zero in on nonessential areas where you can cut back. Then create a realistic budget that ensures you have enough to pay the bills as well as enough for contributions to such things as a retirement account and a rainy-day fund. Our household budget worksheet or an online budgeting site can help.

If you're like most folks, your savings habits could use some improvement. The personal savings rate in the U.S. is just 4.9 percent of disposable income, down from a high of 14.6 percent in 1975. Only about one-half of Americans (54 percent) say they have a savings plan in place to meet specific goals, according to a 2013 survey commissioned by America Saves, a group that advocates for better saving habits.

Saving needs to be a priority in order to build wealth. Begin with an emergency fund that can be tapped in the event of an illness, job loss or other unexpected calamity. A 2012 survey by the Financial Industry Regulatory Authority found that 56 percent of individuals say they have not set aside even three months' worth of income to handle financial emergencies. Once your emergency fund is well under way, you can divert small amounts toward other goals, such as buying a home or paying for college. These six strategies can help you save more, no matter your income.

Americans have $846.9 billion in credit card debt alone. That's $7,050 per household, according to NerdWallet.com, a Web site that analyzes financial products and data. If you're only making minimum monthly payments on $7,050, it'll take 28 years and cost you $10,663 in interest before you're debt-free, assuming a 15 percent interest rate. And that only holds true if you don't make any additional charges.

Some debts can lead to financial success -- a mortgage to purchase real estate, a credit line to start a business or a student loan to fund a college education -- but a high-interest credit card balance usually doesn't. Pay down credit cards with the steepest rates as quickly as possible. Putting $250 a month toward that same $7,050 debt will retire it in three years and save you about $9,000 in interest versus making minimum payments. See Escape the Debt Trap for more strategies to chip away at what you owe.

Late fees, banking fees, credit-card fees -- the amounts might seem insignificant when taken individually. After all, an overdue library book or Redbox DVD might only run you a dollar. But if you're regularly paying penalties and fees, these charges can quickly eat a hole in your budget. Consider this: The average bank overdraft fee is $32.20, according to Bankrate.com, and the average charge for going outside your ATM network is $4.13. Late-payment penalties for credit cards can climb as high as $35.

So how do you avoid pesky fees? Read the fine print so you understand fee rules, and stay organized so you avoid breaching those rules. Here are 33 common fees you can avoid -- or at least reduce -- with just a bit of effort. With the extra cash, you can pay down debt or boost your savings.

Would you ignore a hundred-dollar bill on the sidewalk? Of course not. You'd bend over and pick it up. So why are you passing up other opportunities to get free money? If your employer matches employee contributions to a 401(k) but you're not participating in the retirement plan, then you're passing up free money. If you let rewards points from loyalty programs or credit cards expire, then you're passing up free money. If you claim the standard deduction on your tax return when you qualify for itemized deductions that could lower your tax bill even more, then you're passing up free money.

Believe it or not, there might even be free money out there that you forgot about -- or never knew of in the first place. There are more than $41 billion worth of unclaimed assets ranging from old tax refunds and paychecks to forgotten stocks and certificates of deposit being held by state agencies, according to the National Association of Unclaimed Property Administrators. Do a search on MissingMoney.com to find out if there are unclaimed assets that belong to you.

It's easy to focus on the present -- the bills you have to pay, the things you want to buy -- and assume you'll have time in the future to start saving for retirement. But the longer you wait, the tougher it will be to amass a sufficiently large nest egg. For example, if you wait until you are 35 to start saving for retirement, you'll have to set aside $671 a month to reach $1 million by age 65 (assuming an 8 percent annual return). But if you start at age 25, you'll need to save just $286 a month to hit $1 million by the time you're 65.

Even if you're creeping closer to retirement, it's not too late to start putting away money. In fact, Uncle Sam makes it easier for procrastinators to catch up on retirement savings. If you're 50 or over, you can contribute up to $23,000 annually to a 401(k) (versus $17,500 for those younger than 50). The contribution limit for older savers to traditional and Roth IRAs is $6,500 a year (versus $5,500 for everyone else). Use our Retirement Savings Calculator to figure out how much you need to save.

Does this sound like your investing strategy? You hear about a stock that is soaring, and you want to get in on the action, so you impulsively buy. But soon after, the stock starts tanking. You can't bear the pain of watching your shares decline further in value, so you immediately sell at a loss. As a result, you're wasting money rather than building wealth.

Unfortunately, many investors buy high and sell low because they follow the herd blindly into the latest hot stock. You can resist the urge to go with the crowd if you adhere to smart investing techniques. One such technique is dollar-cost averaging, a simple system of investing at regular intervals no matter what the market is doing. While it doesn't guarantee success, it does eliminate the likelihood that you're always buying at the top -- plus, it takes the guesswork and emotion out of investing. See the 7 Deadly Sins of Investing to learn how to overcome common missteps.

New stuff is nice, but it's often not the best investment. Take cars. Estimates vary, but some experts say a new vehicle loses 30 percent of its value within the first two years -- including an immediate drop as soon as you drive off the dealer's lot. According to Kelley Blue Book, the average vehicle is worth 44 percent less after five years.

If you're not comfortable buying something that someone else has owned, get over your hang-up because you're missing a big money-saving opportunity. Many pre-owned items can cost up to 50 percent to 75 percent less than the price you'd pay if you purchased them new. From designer jeans to college textbooks, here are 11 things that you should consider buying used because you often can find them in good or almost-new condition at a fraction of the price.

An early retirement is a dream for many, but calling it quits if you're too young has several potential drawbacks. For starters, you could incur a 10 percent early-withdrawal penalty if you tap certain retirement accounts, including 401(k)s and IRAs, before age 59½. (There are exceptions.) You can claim Social Security as early as age 62, but your benefit will be reduced by as much as 30 percent from what it would be if you wait until your full retirement age, which falls between 66 and 67 depending on your year of birth.

Health care is another big issue. You must be 65 to qualify for Medicare. In the meantime, without access to an employer-sponsored plan, you might have to pay a lot more out of pocket for individual coverage until you're eligible for Medicare.

And speaking of health, the longer you live in retirement, the more likely you are to outlive your nest egg. Let's say you make it to the age of 90. A $1 million portfolio evenly split between stocks, bonds and cash has a 92 percent likelihood of lasting until you turn 90 if you retire at 65, according to Vanguard. But retire at age 55 and the likelihood drops to 66 percent. Use our Retirement Savings Calculator to determine when you can really afford to retire.

This might be the single biggest obstacle on your path to riches. If you're not investing in continuing education, training and personal development, you're limiting your ability to make more money in the future. "Your own earning power -- rooted in your education and job skills -- is the most valuable asset you'll ever own, and it can't be wiped out in a market crash," writes Kiplinger's Personal Finance Editor in Chief Knight Kiplinger in 8 Keys to Financial Security.

Consider taking nondegree courses online to boost your knowledge of your field or enrolling in a graduate program (see 5 Advanced Degrees Still Worth the Debt). If you don't have a college degree, see our picks for best college values or check out these four alternatives to a four-year college degree. Just keep in mind that some college majors (think finance, computer science or nursing) lead to more lucrative careers than others (sorry, arts and humanities lovers).

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