How to Start Saving More Money


Save More Money          In this rough economy it is becoming more and more difficult to save any money. In fact people are buried in credit card debt, bills, and loans. Saving money is the last thing on their minds. However it is vital to save money for when you need an emergency fund or to save for your children’s future. Follow these tips to start saving more money every month.

Step 1

Make an inventory of your expenses per month on a spreadsheet. Separate the columns into headings such as rent, groceries, restaurants, loans, entertainment, etc. Take a look and see if you notice any outrageous spending patterns. If it looks like you are spending too much money in certain categories then focus on reducing extravagant spending.

Step 2

Stop eating out at restaurants. Instead buy more groceries from wholesale supermarkets. Make all meals yourself at home. You can save hundreds of dollars a month with this method if you frequent expensive restaurants.

Step 3

Save Money on GasTry to spend less on transportation. If you drive to work and there is cheaper public transportation available to you like a subway or bus, then switch. Make sure to crunch the numbers first to see if switching will benefit you monetarily. If not then try to increase the fuel efficiency of your car so you can spend less money on gas every day.

Step 4

Reduce your expenditure on entertainment. If you used to go out to the movies regularly try renting DVD’s instead. Instead of going out with your friends and spending money try spending time with each other at home instead.

Step 5

Consolidate your loan payments. There are agencies out there that will help you consolidate all your monthly payments into one lower monthly payment. This strategy may allow you to save a few extra hundred dollars per month.

Step 6

Try to refinance your mortgage at a lower rate if you own a house. This can drastically reduce your monthly payment.

Step 7

Take all the extra money you are now saving with the steps above and enroll it in an online savings account. Online savings accounts typically give much higher interest rates on your account’s money than a traditional physical bank does. Plus you will have easy access to view your savings grow online.


Additional Advice

                   When making your spreadsheet make sure to average your data over a few months because some months you may spend more or less on entertainment and food than others.

                   Be careful when using bill consolidation programs. They may lower your monthly rate but sometimes they will charge you a higher interest rate on your balance than you were paying before.

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