Money, Got to Have It! Well, it's January, and in addition to trying to make (and keep) New Year's resolutions or battling the holiday bulge, many Americans are fighting with their checkbooks. The holidays often hit the wallet the hardest, but Phi Mu Foundation has tips on how to make the most out of your dollars. Pay yourself first. The key to saving money and establishing financial freedom is to pay yourself first. This means having funds deducted automatically from your paycheck before you receive your paycheck. Have your employer make deductions automatically for your retirement account. This way, the money is tax-free until you withdraw it at retirement age. The earlier you start saving for retirement, the more the interest compounds. Out of sight, out of mind. Similar to paying yourself first, if you adopt the "out of sight, out of mind" concept, you'll keep yourself out of debt. This concept encourages you to have your bills and charitable giving automatically deducted from your account. Sometimes, you can even receive discounts if you participate in automatic withdrawal and automatic deposit programs. Start seeing double. Credit card rates are among the highest interest rates charged to consumers. But, don't get by just making the minimum payment. At the very least, you should double the minimum payment, which will help you pay off these pricey bills faster. Don't ignore the piggy bank. Many of us think we should pay off all debt before starting to save money, but that is a misconception. Save and pay off debt at the same time by doubling the minimum payments to bills while putting a little money aside each day for savings. When you receive your paycheck from your employer, transfer money immediately to an emergency savings account. It can be as little as $5-$10 per day, as long as you're saving some amount. Keep your eyes on the prize. When considering whether or not to make a purchase, remember what you're trying to save for. Wanting to buy a house, pay for graduate school or buy a new car? Then rethink purchasing that sweater that you really don't need, no matter how good the sale is. And, try not to make spur of the moment purchases, especially for high-ticket items. If you find something you like, wait to buy it and see if you still want it as much a week later. Make it easy for yourself. Countless financial advisors will encourage you to establish a household budget if you need to get out of debt and if you want to increase your savings. Make this process as easy for you as possible so you'll stick to it. Purchase a budgeting software program, such as Quicken, to help you manage your finances, create a budget and track your spending. When starting to create a budget, first keep a notebook of everything you spend for a month. From the grande coffees to the pack of chewing gum to lunch with your coworkers, keep a notebook of all your purchases so you can see where your money goes and where you can cut back. When considering any big financial steps, Phi Mu Foundation encourages you to seek the counsel of your financial advisor. But, if you follow the key principles listed above, you'll be well on your way to a bright (and much greener) future. For more information: Visit www.quicken.com for more information about this budgeting and financial software. Phi Mu Foundation now offers an easy-giving option for charitable donations. You can have your gifts to the Foundation deducted from your checking account or charged to your credit card automatically. Click here to find out more about this program. And, be sure to ask your company's Human Resources office if they will match your charitable donations, doubling the impact of your gifts.