My Way Credit

Identity theft is on the rise. Victims are forced to spend many frustrating hours and hundreds of dollars clearing their good names. So what can you do to protect yourself from becoming a victim of identity theft?

First, shred any documents that contain any personal or important financial information about you before you toss them. Dumpster diving is a common way for criminals to obtain your personal information so shredding credit card receipts, bank statements, bills, insurance papers, preapproved credit card offers and the like is an important first step toward identity theft protection.

Do not give out personal information over the phone, online or through the mail unless you initiate the contact or are absolutely certain with whom you are dealing. Phishing scams are prevalent on the Internet so be very careful about protecting your privacy online.

Inspect your statements thoroughly rather than glossing over them or ignoring them entirely. If your statements are late or stop arriving, contact the creditor and make sure your address has not been changed without your authorization.

Do not give out your social security number unless it is absolutely necessary. Do not have it printed on your personal checks and do not carry your social security card with you in your wallet or purse.

Do not use passwords or PIN numbers that can be easily guessed such as your birthday.

Use antivirus software, internet security software or a firewall and anti spyware software to protect personal information you may have stored on your computer.

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Here are some easy money saving tips I have personally used to save a few hundred dollars every month.

1. Drop unnecessary or unused services. This might mean scaling back on your cable package, switching your cell phone plan or getting rid of the gym membership you pay for but never use. I dropped most of my premium channels as I just was not watching them enough to justify the expense. Plus it made me feel like slightly less of a couch potato. I came to a similar conclusion about my cell phone usage. I have gone to a prepaid plan because I was paying for significantly more minutes than I was using. My cell phone expenses went from $50 a month to about $15.

2. I know we live in hectic times, but eating out all the time can really take up a large chunk of your budget. Bring your own lunch to work or try to eat out less. I was at the point where I was eating at least one meal out and often two every weekday. Save going out for special occasions and you will save plenty.

3. If you have a bad habit such as smoking, try to quit. Your overall health will improve and the money you save can be put toward something more worthwhile. My thing was caffeine and in particular coffee from Starbucks of which I usually had one or two a day. I haven’t quit coffee or caffeine completely, but I’m not spending over $100 a month on it either.

4. Try generic or store brand items. I understand brand loyalty and I have a few quirks of my own in terms of certain foods, but I have managed to save more than I ever thought I would on things like paper towels, aspirin, laundry detergent and other stuff I use frequently.

5. Use coupons and loyalty programs. I never really used coupons until I pretty much had to. My situation has improved, but I still use coupons. It really does not take much effort and the savings can be substantial over time. My local supermarket and drugstore also have rewards programs with special pricing available only to those who have signed up. Joining is free and a matter of filling out a short form. Again, the savings really add up over time.

With a little effort, I was able to establish smarter spending habits and come up with more money to use to reduce my debt. It was a lot easier than I thought it would be and now it has become second nature.

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