The Home Lending Source

20 Tips To Saving More Money

If you're looking to cut back your spending and shrink your monthly budget, here are 20 tips that you might find handy. Many people wonder at the end of the month where all their money went. People spend money on such small things that they don't realize how much it all adds up to.

A good trick is to carry a notebook with you for the next 3 to 4 weeks and write down everything that you spend. After the time period that you set, you can go back and look at all the things that you spent money on and see what you can trim out and how much it will save you over time. Don't forget to take into account your biggest asset, your home mortgage. Refinancing and consolidating some debts may yield better results than you think.

Pay off your credit card debt as quickly as possible.
When you're paying high interest rates on your credit cards, it makes it much more difficult to get your finances in order.

Transfer your balances and switch to a less expensive credit card.
Take advantage of the low introductory interest rate and use those monthly savings to pay off the debt sooner.

Don't buy it if you can't pay for it in cash.
You can still use a credit card if you collect points, cash back, or miles. Just make sure that at the end of the month you have enough cash to pay off the entire balance of what you spent.

Write down everything that you spend.
If you do this you will be amazed at the daily waste in your spending. You can also use personal financial software to better keep track of your accounts.

Lower your thermostat in the winter and raise it in the summer.
Update your windows and doors. Energy efficiency can save you hundreds of dollars in a year's time.

Eat at home more often.
If a family of four goes out to eat twice a week and spends $40 each time they go out, that's an average spending of $350 a month. Cut back to once a week and you will save nearly $2,100 in a year.

Don't go out for lunch.
If you spend an average of $10 a day on going out to lunch during the work week that is a total of $2,600 a year.

Clip coupons and shop where there are sales.
Some stores even often doubling or tripling their coupons.

Get a membership at a wholesale store.
Don't let yourself fall into the routine of buying more than you need just because it seems cheaper.

Give less expensive and more creative gifts.
Magazine subscriptions are great gifts for saving money and they will think of you every time they get it in the mail.

Find free or inexpensive activities for the whole family.
Many museums offer free days or discounted days. There are many free parks that the whole family can enjoy.

Set a spending budget for your vacation, and then stick to it.
Before you go on vacation, create a spending budget. If you plan out your activities ahead of time you should be able to stay close to your budget.

Take your vacation at home.
Spend you vacation as if you were a tourist. Check out things that can be found locally in your area.

Instead of going to the theater, stay home and rent a movie.
For a family of four to go to the theater can cost in upwards of $40 just for the tickets. You can usually rent movies for free from your local library and if you rent a movie from the store you can usually find them for under $6.

Don't lease, buy your next vehicle.
Unless you need to have a new car every two to three years, you are generally better off to buy the vehicle than to lease it. Do some research on the financing and try to find your best deal before you purchase your next vehicle.

Buy a used car instead of a brand new one.
A new car loses value as soon as you drive it off the lot. If you buy a pre-owned or pre-leased vehicle, you can save the depreciation and the vehicle should still carry a good warranty.

Use the same insurance company for your vehicles and home.
Many insurance companies offer multi-policy discounts. You might be amazed at how much you can save just by having one insurance company for everything.

Raise your deductibles on your car and homeowners insurance policies.
You may be able to save a couple hundred dollars a year by carrying a higher deductible.

Make sure your bank has ATM's close to your home and where you work.
If you find yourself paying fees to use another bank's ATM, it may be time to switch to a bank that is more convenient for you.

Balance your check book and other accounts.
This can be done manually or you can use personal financial software to help you keep track. If you do this on a weekly basis it will help you to avoid bouncing checks or overdraft charges from your bank.

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