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Show Thursday, August 29, 1996 Prying loose extra dollars to build savings leads to financial security JOHN FORD Financial advisor rates If youve ever resolved to build up your savings, youll know it can be challenging. Between your monthly bills increase your return by By for an enough money and your daily living its not always readily apparent how you can pry loose some extra dollars. expenses, Yet, its important that you find a way to do just that. For one thing, youll need to build up an emergency fund to see you through any temporunemary financial crisis ployment, disability, unexpected medical expenses, etc. Most financial experts recommend you save anywhere from three to six months worth of living expenses. And of course, you need to have significant savings if youre going to achieve your financial goals such as a comfortable retirement, college for your kids, a second home, whatever you plan. So, what can you do? Can you boost your savings without putting a major crimp in your lifestyle? Yes. There are a number of painless things you can do that can make a big difference in your savings picture. Here are just a few possibilities: Dont let money get lazy A basic checking account pays a negligible interest rate. Just keep enough in it to make relalong-ter- Once youve got m tively small, regular payments such as utility bills. Move the rest of your money into a money market account or a mutual fund with checking features. Youll earn a higher return than your checking account, and youll still have your money accessible for emergencies. In fact, these types of accounts are perfect for your three-to-si- x month living expense funds. Increase your interest emergency fund, you can investing in other safe, but higher yielding accounts such as and utility stocks securities. mortgage-backe- d Pay yourself first Authorize the bank to auto- matically take out a set amount each month like $50, $100 or whatever you can afford and invest it in a d mutual fund. You wont miss the money because you never had it to spend, and over the years your investment could grow substantialy. Trade bad debt for good debt It youve got a big growth-oriente- balance on a high-rat- e credit card, youre losing out in two ways. First, youre making big interest payments; second, you cant deduct one cent from your taxes. Consider applying for a line of credit and using it to pay off your credit cai d; the rate will be significantly lower than your typical bank card and you can deduct the interest. If you still need to keep a credit card, find one with a low annual interest rate. Even if it comes with an annual fee, you may well come out ahead if you generally carry a balance. home-equit- y Refinance your mortgage If you play to stay in your house for at least another couple ofyears.it may well pay off to refinance your mortgage. Cutting your interest rate by even a point can mean hundreds of extras dollars in your pocket each year, money you can use to apply toward the mortgages principal or invest in stocks or mutural funds with potential for good Price Youth City Council names drawing winners much as you can possibly afford. Your contributions are made with pre-ta- x dollars, which will lower your taxable income and, in many cases, youll earn additional contributions from your employer. By not taking advantage of your 401(k), you are literally looking the other way when money is being offered to you. Increase insurance deductibles Youll lower your premiums by raising your deductibles. You will have to pay more when you et make a claim, but, since that happens infrequently for most people, you should still come out ahead. Besides these possibilities for saving money through your bank accounts, investments and insurance, you can look for money saving opportunities in virtually all other walks of life. For example, find out if your local utility company will help pay for making your home more energy efficient. Take advantage of discounts offered through organizations like AAA or AARP. Buy cosmetics and other personal items in bulk from warehouse stores. The list could go on and on. Look everywhere for chances to save money and youll probably find them. And each dollar you save will put you that much closer to your ultimate destination The Price Youth City Council announces the winners of the centennial drawing contest the group recently sponsored. Pictured from left to financial security. Consumer Information Center Dept. 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