- Determine a realistic monthly budget. If you aren’t able to pay cash for everything, consider using one credit card that you pay off every month (to avoid interest fees). Ideally it should be a credit card that offers reward points, not only will you earn points for merchandise or cash, but you can “float” that month’s expenses until next month, giving you a month to pay off the entire amount.
- Pay your bills online. This not only saves you time and the cost of stamps, but if you sign up for monthly payments on recurring monthly expenses, you will never be late and therefore won’t get hit with late fees. A bonus is that it’s paperless system which saves the environment in a small but significant way.
- Are you getting the most out of your CD, savings or checking account? If not, shop around for better interest rates, it pays to look for an institution that offers more for your money. Ally.com usually has higher APY rates than most online banks.
- Save money on your energy bill this year. Certain states have deregulated electricity and natural gas, which means you have the freedom to choose who your energy provider will be. You have the power to shop for the best rates. Check out SpendLessOnElectricity.com to find out if your state has deregulated electricity and/or natural gas.
- If you aren’t lucky enough this year to pay off your mortgage, consider refinancing or reducing your mortgage payment. Interest rates continue to be low. You could save a good amount of money each month which you could save towards paying off your home loan earlier.
- You can save money on your car, home, health, life insurance. I recently saved almost $400 a month on car insurance! If you are 50+ you can get great rates thru AARP.com.
- Let’s face it, it’s fun to shop. However, for me it’s more fun if I can get a bigger bang for my buck. This year, one of my goals is to save as much money for things I shop for, whether it’s groceries or clothes, etc.. By regularly using coupons, shopping for online deals or buying stuff at garage sales or thrift stores I can ensure I won’t be paying full price for most things.
Most people make resolutions at the beginning of each new year, but it’s smart to keep check of your finances all year long. If you are truly serious about “saving more money” this year, here are a few tips that can ensure that you are taking steps towards that goal.
How much do you spend on your basic monthly expenses? I keep a log of my daily expenses so I know how much I spend monthly. We all have basic expenses that are part of everyday life; such as insurance, utilities, etc.. In reviewing my own expenses, I determined that I should be paying less for certain items. In keeping with my frugal lifestyle, I searched for companies online that I could compare current rates and plans with. By shopping around for better rates or plans you really can save money. It does pay to compare, it could save you hundreds annually.
Here are my top 10 list of categories to save money. Click on each category to learn more.
What exactly does frugal lifestyle mean? Well, it does NOT mean being cheap, quite the contrary, I believe it’s being smart in your choices, such as what you spend on (or not spend on) on a daily basis. Prioritize and take control of what’s important to you. Choose value and quality over quantity or fads and you will come out ahead. The great benefit of being frugal is that it eliminates waste and clutter which in turn helps our environment. By doing simple changes towards more “green” and frugal ways, together we can make an impact on our planet.
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