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Saving money should be at the top of your New Year’s Resolution List this year! But, how can you save money? Here are some tips from the penny pinchers at Pennypinchinghints.com.
One: Put away some money for yourself! Start with $5.00 a week. Find a place to stash it away every week, and think what you can save. If you are easily putting away $5.00, try for $10.00, or even $20.00.
Two: In order to better evaluate what you can stash away for yourself, in the first week or two of January 2010, write down everything you spend—for the whole week. Add it up and look carefully at your expenses. Then try to budget yourself for each week for the rest of the year based on what seems reasonable for your income and your necessities. You will save! You might want to check out Pennypinchinghints’ artcle on basic budgeting advice; it offers great suggestions!
Three: While you are thinking about budgeting, think about how you can save both money and time on your loans by pre-paying or paying ahead on them. If you put $20.00 or $30.00 more a month on a student loan or $100.00 extra a month on your mortgage, you are paying yourself and not giving the bank more interest money. Check out information at Pennypinchinghints’ article on getting and saving on mortgages.
Four: Check with your employer to see if you can put away non-taxable money for health care expenses for the year in a health care spending plan. Actually, there are many ways to save on your health care costs. To see how, go to our post on insurance savings.
Five: While your looking at health insurance, don’t forget to review all your insurance policies annually. Make sure you are taking advantage of the many discounts on insurance, combine car and home insurance, or raise deductibles to save. Look at Pennypinchinghints’ articles on home insurance savings : http:// and car insurance savings.
Six: If you have credit card debt, you need to reduce it NOW. You might be able to consolidate your debt on one card for the least amount of interest. Pennypinchinghints also has some good information about reducing credit card debt.
Oh, and, seven: Here are some simple things you can do. Cancel memberships that are not current or part of your lifestyle now. Reassess your need for subscriptions and cancel what you can. And, make sure charities that you contribute regularly to are not double dipping. You might be giving to them more than once a year because they will dun you more than once a year.
Happy New Year; and here’s to great personal saving!
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