10 Outstanding Ways to Save $$$


blog pencil to paperYou have many options to fix up your finances, but these will have a significant impact:

  1. Cut your housing costs. These add up to about 33% of the average family’s budget. Refinance your mortgage to a lower interest rate if possible, increase the deductible on your home insurance, even consider moving to a location with lower property taxes or even renting. Are you unable to take this drastic of a measure? Chip away at things in your control. Watch your thermostat…in the cold winter months ensure it’s at a low temperature while you are out of the house all day. Consider buying a “smart” energy saving devices including a “smart” thermostat that automatically controls the temperature of your home.
  2. Buy used cars. Transportation is 18% of an average family’s expenses. Buy cars that are at least a year old and that generally you can pay for in three years. Plan on driving your “new” car for twice as long as it was financed.
  3. Check your charges. Request credit card companies to reduce your interest rates. In addition ask cable, phone and Internet providers for a reduction in your monthly fees, and cancel unused features and services.
  4. Cut the cord. Switch from cable to Netflix and Hulu Plus. The savings could amount to approximately $70 per month…
  5. Cut the line. Switch to a prepaid mobile phone plan and drop your land line. If that’s not possible, bundle your mobile phone charges, cut additional options, and buy fewer minutes or data usage,
  6. Stay out of the gym. Cancel your gym membership and start working out at home. Typical savings as at least $55 a month. Cancel subscriptions to magazines, shopping clubs and online services such as gaming sites. Many of these fees go unseen at $9.99 or less per month – but they do add up.
  7. Use credit wisely. Don’t use credit cards to buy groceries or finance vacations. Live on cash or a debit card allowance taken every seven days.
  8. Buy only what you need. Buying one pair of jeans that you need for $50 is less expensive than buying two pairs of jeans where the second is 50% off for a total of $75. Why two when you only need one?
  9. Shop around. Browse online to find the lowest price for purchases. Or use an app on your smartphone to scan bar codes for potential lower prices elsewhere.
  10. Set spending goals. Limit fixed costs to less than 45% of after-tax cash flow


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Posted in Achieving Financial Independence, Balanced Living, Goals-Based Planning, Mortgage, Uncategorized.

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