Get started by making a budget
Before you make any kind of change, you need to first start by creating a budget. Outline the money that you have coming in and what that money is spent on. It is important to understand the amount of money you have to work with and where you’re spending that money. This will help guide you through figuring out what cutbacks you can make to save money each month.
Pay bills on time
Do you have a habit of paying bills past the due date? Try to make sure that you pay bills on time as much as you possibly can. Every bill that you pay late can be penalized with late fees and increased interest rates.
Cut down on memberships
Are you paying monthly fees for memberships to fitness centers, country clubs, golf courses, etc.? Evaluate how often you use these memberships. Are you frequenting the places enough to make it worth the fees that you are paying to be a member?
Do it yourself
Are you spending money to get your hair or nails done each week? Do you call up a handyman to come out and do minor repairs, like tightening a leaky faucet or fixing a squeaky door? Taking time to do things yourself will save you money in the long run. You will learn new skills and ease the strain on your wallet at the same time. For car-related repairs that you can do yourself check out our article: 10 Easy Car Repairs/Maintenance You Can Do Yourself To Save Money.
Remove the extras
Ask yourself if you really need the premium cable package. Do you need an expensive detailing for your car every two weeks? Take a close look at all the little extras you’re paying for to find out what you really need and what you can truly do without. You will be pleasantly surprised how much you can save by letting go of the channels that you do not watch, or by going to a $5 car wash.
Bundle up and save
If you have home phone, cell phone, cable TV, or internet from different service providers, you should look into bundling up those services with one provider to save some money. Having one provider can save you a couple hundred dollars a year. There is also the added convenience of having to only pay one bill each month. Make sure to shop around before you bundle. In addition to better rates, many companies offer additional perks. Some service providers will offer $300 to $400 Visa Cards to switch or bundle up with them.
Cancel excess subscriptions
If you are subscribed to magazines or newspapers and they are not being read, then cancel your subscriptions. You’re just throwing away money paying for subscriptions if you are not reading them.
Buy generic brands and store brands
Did you know that most products we buy are available in a generic/store brand? Most generic/store brand items are the perfect match to name brand items. When you go to grab an item at the store, stop and take a look at the generic or store brand and give it a try. Check the ingredients and compare it to the name brand. If the ingredients are the same, go for the generic/store brand and save some extra money. Remember, it is not just food that is available in generic/store brand; you can also get vitamins, supplements, medication, personal hygiene, cleaning products, paper products, and more at a drastically lower price.
Set a limit and stick to it for special occasions and expenditures
When it comes to holidays, birthdays, or back to school shopping (not recurring monthly expenses) set a limit on what you are going to spend and stick to it. You can use what is referred to as “The Envelope Method” to stay on track. Decide on the amount to spend and create a list of the items you need to get. Take the money and the list and place it in an envelope. Shop around, spend wisely and when the money is gone, you’re shopping is done. You can use this process to really learn how to budget your money and take time to find the best deal on what you’re looking for. It can also be a challenge to see if you can get everything on your list with the funds you have set aside. Most importantly, it will help you refrain from impulse buying and spending more than you have on any one annual occurrence.
Don’t go broke for an automobile
While it is a necessity to have reliable transportation, there are ways to cut back and save money in this area too. Some basic ways to save are: carpooling when you can, shopping around for cheaper insurance/gas, and keeping your car well maintained to avoid costly repairs. Some other ways to save are to try to reduce your monthly payment by asking for an interest rate reduction or refinancing your auto loan. Do you have more than one car? Paying costly insurance premiums, renewal fees each year for tags, and annual vehicle taxes can really add up. Consider getting rid of any extra vehicles that are not being used and save money by avoiding paying fees on unused vehicles. If you do have an extra vehicle you want to get rid of to save money you can donate your car. 1-800 Charity Cars is here to help make the car donation process fast and easy. Give us a call today at 1-800-242-7489.