Savings 101 : Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's a continuation of the savings tips:

21. Get Rid of Investment Charges and Fees
Choose lower-cost mutual funds and index funds instead. This will save you dramatically over the years.

22. Talk to your Friends about Budgeting
Let your free-spending friends know you are on a budget. This way friends won't take your "not today" to heart. Suggest another activity, like an afternoon walk or a free show.

23. Shop with Intelligence
Make a list of the items you need and search for coupons before you shop. There are many great sites to go to for deals, such as Dealhack.com and Bargainist.com.

24. Keep Credit Card "Control"
Be smart with your credit cards. Only use them for emergencies, or make sure you are paying more than the minimum payment each month. Perhaps cut up your card? Some find they spend less on impulse purchases when they use cash.

25. Record your Expenses
Costs can add up really quick. Annualize your expenses, and roughly calculate how much they're costing over a year.

Savings 101 : Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's a continuation of the savings tips:

16. Pay Bills and Send Emails Online
Set up your bills so you pay automatically every month online. You will save money on stamps, and avoid late fees. Send emails and you will save time spent at the post office.

17. Go Generic
Most brand-name products are the same as the store-brand. Save money by sticking to the store-brand.. although the label might not be as pretty.

18. Deduct Your Business Expenses
Keep personal and business expenses on separate cards. This will make it easier to be reimbursed.

19. Take Time for Big Purchases
Take time and think about what you want to buy. Research the product, read reviews, and take at least 48 hours before you make the purchase.

20. Buy Used
Don't buy new. Most things aren't worth the extra cost. Cars, books, Apple products and furniture can be bought used at a fraction of their original cost.

Check back tomorrow. We'll roll out five new savings tips each day for the remainder of the week.

Savings 101 : Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's a continuation of the savings tips:

6. Re-evaluate Your Phone Plan
Maybe you are not using all of your minutes on your cell phone plan. Chop down your service plan to save a lot of money. If you have a land line and a cell phone, maybe only one is necessary.

7. Cut Your Lawn
If you have a yard, start cutting your own lawn instead of hiring someone to do so. Use a push mower for a great work out, or listen to your iPod and ride along.

8. Consolidate Your Driving
Plan out your errands into one trip. You will save gas, and time. You can also walk, bike, or rollerblade nearby.

9. Track Your Expenses
Keep an eye on all of your cash so you know where, and how much you are spending. This will help you take control of your finances.

10. You May Have Too Much Insurance
Raise your deductibles for auto and home insurance, and check your life policy if you don't have any dependents.

Click here for savings tip No. 1-5.

Facebook dominates global online market

Facebook is the world's No. 1 social network--edging out MySpace, YouTube, Linkedin and Google's Orkut--according to figures released by comScore earlier this week.

The brainchild of Mark Zuckerberg, the San Francisco-based CEO who began Facebook in early 2004 as a Harvard-only SNS, has exploded as a global leader and platform for free expression.

The site has 132 million users with 63% outside North America. Facebook is translated into 20 different languages including French, Spanish and Mandarin and is extremely successful in terms of its ability translate content into so many languages. New members were up 153% in June when compared to the same month one year earlier.

While Facebook is a great way to reach out to old friends and connect overseas, there's an emerging backlash.

Most free Web sites offer a photo upload with an option to add a caption. End of story. Not on Facebook.

Here, users upload pictures, tag their name while adding their friend's name... even if their friend isn't a member of the online global network. People are learning that their personal information is ending up on Facebook without their approval or knowledge.

One may feel a "social connectedness" when networking on this site but some feel violated and confused. Facebook is encouraging users to share information that is, in essence, being used to send advertisements targeted to a specific demographic. This tactic is a serious red flag among many privacy advocates.

Click here for the lowdown. Also, go here to join Consumer United's Facebook group.