HOW NOT TO SAVE MONEY

***5 THINGS YOU SHOULDN'T DO TO TRY TO SAVE MONEY***

Money's tight and people everywhere are looking for ways to spend a little less. But here are FIVE corners you SHOULDN'T cut . . .

#1) DON'T CASH IN YOUR 401K PLAN. It can be tempting, but if you cash in your 401K early, you'll be hit with at least a 10% penalty, and a tax rate that can be as high as 40%. Cashing in your 401k should only be considered a last resort.

#2) DON'T CANCEL YOUR HEALTH INSURANCE. It'd be nice to rid yourself of that monthly health insurance bill, but then you run the risk of a MINOR injury putting you in MAJOR debt. Half of all bankruptcies are due to overwhelming medical bills.

#3) DON'T BOUNCE CHECKS. If you need something but the cash isn't there, don't be tempted to write a check. You'll start hurting from bounced check fees, and writing a check when you KNOW it won't clear is illegal.

#4) DON'T PAY CREDIT CARD BILLS LATE. Sometimes when you're in a tight spot it's unavoidable, but missing credit card payments means late fees and bad credit. ONE-THIRD of your credit score is based on how often you pay on time.

#5) DON'T SWITCH CELL PHONE PLANS MID-CONTRACT. Switching to another carrier for a free phone and a discounted plan might sound good, but cancelling when your contract is still in effect can cost you a bundle. --First, check how much longer you have on your contract. If it's just a few months, you should probably wait. (MarieClaire.com)