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Abstract:
"Ways to Save Money: Stop Wasting It" will give you big and small ideas of how to get out of debt and lower your bills. Do an audit of where all your money goes and you'd be surprised to find out that you are wasting money on big and small items.
Have you made a commitment to have a more conscious relationship with money? Many people think to be financially fit you need to reduce spending or save more money or make more money. Although these are integral ingredients to meeting that goal, there is one main component missing. To optimize your financial health, stop wasting money!
Make it a goal to stop wasting at least 10% of your money. You worked hard to earn this money - don't be willing to give it away so easily!
For example, in the last 12 months did you:
- pay any late fees because you forgot to pay a bill on time?
- overdraw your account due to poor planning and have to pay a bank fee?
- fail to return something to the store for which you could have received credit?
- accept an extra service on a bill because you didn't catch the error in time?
- always feel short on cash?
Making ends meet paycheck to paycheck requires that you be mindful of where your money is going. Make it a goal to stop wasting at least 10% of your money. You worked hard to earn this money - don't be willing to give it away so easily! You can stop wasting money with one major change to your financial situation and/or many small changes can add up over time. Here are some ideas to get you thinking:
Big Changes
- Refinance your home. If you still haven't taken advantage of the low mortgage loan interest rates available this could lower your payment each month and possibly save you money long-term. Only consider this option if you're going to stay in your home at least another five years and there is a 1% difference between your loan and the current rates. For example, if your mortgage interest rate is 7.5% and you're able to get a loan of 6.5% or less, seriously research this option.
- Consolidate your debt. If you are paying anymore than 12% interest on a credit card balance and you have somewhat decent credit, investigate your options for a better credit card rate.
- Get an insurance check-up. You can save 10% or more on your annual insurance premium by increasing the deductible on your car insurance. However, make sure that you have enough money set aside in case you need it.
Small changes - Schedule errands at the same time. Stop wasting your time and gas by running errands inefficiently - on your day off, spend 2 to 3 hours and get them all done at one time.
- Stop "going to the mall." If you spend your free time at the mall, you are probably doing more than just window shopping. Live rich on less.
- Commit to one coupon a week. Try to use a coupon the next time you get an oil change, a haircut, the dry cleaner, eat out, etc. Just spend five minutes a week going through all the coupons you receive in the mail. If you used a $5 coupon each week on things you would spend money on anyway, you would save $260 a year!
There are so many better things you could be doing with your time and money than giving it away to your bank, barber, or utility company! By being more careful of where your money goes, your cash flow will improve too paycheck to paycheck, step by step.
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