Money & Finance

I know what you’re thinking: “If only I had a friend who could tell me how to save a dollar here, invest one there and generally get the most bang for each hard-earned buck or loonie.” Well – consider us that friend! Here’s how to go from financially strapped to financially savvy, courtesy of Real Simple magazine.

• When you hit the mall. Ask the information booth for coupons that’ll help you save money at different retail stores. They often have a stash.
• When it comes to your credit cards. Keep your balance low. Barry Paperno is a customer service manager from MyFico .com – a website that gives you access to your credit reports and FICO scores. And he says keeping low balances means you’re a good manager of credit. Also, lenders frown on people having too many cards – BUT, you don’t want to cancel all your unused accounts. If you close them, you still owe the same amount of money but you have fewer cards to show for it. That means your debt-to-credit ratio goes up, and that’s not good for your credit score.
• When you’re out on the town. See if you can bring your own wine to the restaurant. That’s advice from Richard Coraine, COO of restaurateur Danny Meyer’s Union Square Hospitality Group. It’s much cheaper, and Coraine says a good host won’t flinch at the idea. They should thank you for choosing their restaurant whether you brought your own wine or not. Also, bottled water can be marked up by as much as 300%. So ask for tap.