Just when you got them paid for one month it seems that they are back again looking for more money. What are they? Those monthly recurring expenses. What can you do to reduce the largest amounts of money that you spend each month? Some feel that they are fixed expenses and there is nothing that you can do. Is that true? What can you do to save on those pesky expenses? Here are 7 strategies that many have used successfully.
- Inspect your budget...Sit down and scour each line on your budget and see if you can save a $25 on every item in it? What could you cut back on or adjust to make that happen? Think about it…maybe raising the deductibles on your insurance or dropping the coverage on a paid for vehicle that you hardly use. We recently changed the coverage and saw a decrease in our premiums on our Primary vehicle that my wife uses because of driving below the annual mileage and the vehicle qualified for a lower tier of coverage. BUY EXPENSE TRACKER
- Eat Out Less…wow here’s the one that most of us could save on by bringing lunch with us to work. Five days a week x $7 =$35 in weekly savings…$140 a month that could be used to invest or use in another beneficial way. That amount could get even higher if we cut back on eating out with the family or if 2 spouses work! The key is to just “Think Savings” and once you are on that mode things will pop up to you that you didn’t even realize you were wasting money on. BUY DAVE RAMSEY’S ENVELOPE SYSTEM
- Drive your car a little longer (ok…till the wheels fall off). The costs of buying a new car is increasing and takes away valuable capital and uses it on a depreciating asset. Would you knowingly buy a house today for $200,000 and make large payments on it and know that in 5 years that house would be worth $100,000 or less? Of course not, that wouldn’t make sense.That would be insane you say, that would be like throwing away money…Ah hah, EXACTLY! Spend your money on things that will appreciate not depreciate so says the rich. BUY CAR MAINTENANCE LOG BOOK
- Think outside the box...There’s a book by the name of “Think and Grow Rich” by Napoleon Hill one of the most read books by successful people and you might be amazed at what you can come up with if you put your mind to it. Take as little as 15 minutes a day and think about how you can make your financial situation better. Some do it on the drive to work or at their lunch break. Inventors take existing products and improve them and guess what? We go out and buy the new and improved version…cha-ching all the way to the bank. To that end, we can improve our financial situations by thinking. BUY THINK & GROW RICH WORKBOOK
- You may be able to skip a month on your existing car loan – Some companies will let you skip one payment a year if you ask them, if you are current and haven’t been late in the last 6 months (each company is different). Call them and see what’s available. Again, you’ll never know what you can do if don’t try. If they say that it’s not available, ask them what is, maybe you can refinance the car for a lower interest rate. In other words, don’t take no for an answer. Could you trade your car in for a less expensive one? Or improve your credit score so that the payment decreases.
- Ask for a reduction or renegotiate – (refer to my previous article on “How to Negotiate…Everything” ) this can apply to credit cards, car payments or anything else. How to Negotiate…EVERYTHING
- Energy Bills can be controlled… there are many things that you can do to control this beast. You could use Solar Motion Detector Lights , Fluorescent Light Bulbs, use Surge Protector Power Strips , Lower Your Electric Power Bill…using Free Electricity…#1 . Install a Programmable Thermostat . This is one of the best ways to save on your budget EVERY MONTH.
- Bonus tip: Never ever pay full price for the items you buy…Search for the best deals on sale like the ones shown here on Amazon.
As always, keep a positive mindset and believe you can change things for the better. Be creative and find a way to come up with decreases in your budget. You may just find that you were spending way more than you should have been and that equals SAVINGS all the way to the bank. Thanks for tuning in. This has been another “MoneySavingTipz” tip 🙂
Also see: More Cool Ways to Save Money On Expenses
What are some tips that you use to save money?
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