If you are looking at your empty wallet or a bad credit score asking yourself: "Where did the money go?" it's time you gain control over your expenses once and for all. Perhaps you've heard about taking an installment loan for bad credit or ways to cut expenses on monthly basis but never realized how bad your money habits are. Brace yourself and get ready to make serious changes to your monthly budget and see how much money you can save.
1. Saving on Television Services
The development of Internet technologies has driven people away from their television sets and closer to their devices. That's why a month subscription to Netflix or Vimeo has become unnecessary for some people. Review how much time you actually spend in front of the TV and see if you could cut back on expenses for a thing you don't use anymore.
Preferences of different people motivate new providers to come up with cost-saving packages for every family's needs. You could have a talk with the current provider's customers' service and ask for a discount or switch to a different provider to choose a more cost-conscious plan. Either way, you will get an addition to the sum of money you can save every month.
2. Giving up a Landline Telephone
Whether you use a landline phone or not the bills keep coming every month. For some households, it seems irrational to still have this old piece of equipment.
Giving up a landline telephone will definitely save some money. However, if your career depends on communication via one or getting faxes from clients, you simply must look for the cheapest and most cost-effective package.
3. Cutting Back on the Internet Use
You can't just give up on the Internet. All of your devices, household needs and possibly career is tied to it. When looking for better packages from TV providers and landline services take time and revise your use of the Internet. You could switch to a lower speed Internet without hurting your business or get a package of services for TV, landline and Internet in one.
Be sure to check if the new provider is a reliable one and by cutting on expenses you are really getting quality service.
4. Revising Your Cell Phone Use
Cell phone companies are the best at luring new customers in with their offers of unlimited minutes and gigabytes. Don’t just get hooked on low prices. Revise how much time you spend on the smartphone, whether you use all the free text messages and Internet gigabytes. By reviewing your needs you will be able to find the package that suits you best.
5. Ensuring Good Insurance
Insurance plan has to work for you, so make you sure you get the most of it. A good way to cut the monthly expenses is consolidating your auto, home, life and business insurance in one package. Moving to another company isn't always an option. Raising your deductible for lower rates or asking for discounts at your current insurance company is already a huge step towards saving more money.
6. Exploring Free Checking
Simply by using another bank's ATM, you are losing money cent by cent. Consider moving to a bank that has more ATM machines in your area.
Revise the bank fees. While your bank already offers free checking you may be still paying a monthly fee. If you have direct deposit, your bank should offer some kind of free checking.
7. Home Refinancing
Having refinanced your home you will be able to receive a measurable sum of money to save every month. Mind that the whole process of refinancing takes up time as well as additional expenses, such as taxes and interest points. Do this only if you are going to stay in this house for a long time.
8. Using Reward Points from Credit Cards
Reward points that you have on your credit card aren't like some money stashed away. They have a tendency to expire. So, instead of saving up these points for one big expense, use them daily and see the improvement of your monthly budget. Be careful about receiving reward points, don’t spend more just to collect them.
9. Saving on Utilities
It's become modern to shop for a reliable utility company. Many of them are opening these days offering discounts to new customers. In addition, you could always conserve electricity and use less water thus saving money and caring about the world.
10. Reducing Interest
People who have large debt are less likely to save money while making only a minimum payment a month. They, however, can be helped as well. Asking for a lower interest rate will significantly reduce interest. If the credit company refuses to do so, think of a possibility to transfer the balance to another card of a better rate.
Since balance transfer sometimes causes rates to go higher and can involve fees, read the fine print very carefully.
Finally, always track your spending. If you want to stop struggling from paycheck to paycheck, mind the daily expenses as well. There is an abundance of online tools and mobile apps to create a monthly budget and calculate unreasonable expenditures. Not using them and letting money slip through fingers is simply unreasonable these days.