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Carpool to work if you can to significantly reduce wear and tear on your car, save on gas, and take advantage of carpool lanes that might make it easier to get to work.
Check at least once a month to keep the tires on your vehicle properly inflated. Doing so can improve your gas mileage.
If you have debts with a high-interest rate, a balance transfer might be a good option and even offer perks such as 0% APR and rewards programs. Ensure you consider the balance transfer fees, and pay down the entire transferred balance during the introductory period if possible.
If you have high balances on multiple credit cards, it can make sense to use a debt consolidation loan. These loans combine several high-interest debts into one personal loan, ideally with a lower interest rate than your current debts.
If you have a large balance on your credit card, call your credit card company and request a rate reduction. If you often pay on time, they may be willing to negotiate, or you can get a 0% balance transfer onto another card.
Many installment plans offer an interest rate reduction if you sign up for automatic debt repayment plans. They are convenient, save money automatically each month, and ensure you won’t miss a payment or incur a late fee.
Country clubs, gyms, cable, newspapers, and magazines are some of the things that people often sign up to but rarely use. Try canceling any memberships you’re on the fence about, and see if you really miss them.
Also, look at the services you pay for monthly and think if their cost is worth it. If not, just drop the service and look for other options that can accomplish the same thing for less.
Ask at work about your available options that might reduce your insurance costs, and look into family options if you have one.
To lower monthly premiums, consider a high deductible health insurance plan. Just be sure to weigh the expected savings against the additional amount you may have to pay out-of-pocket each year.
Research your options. You may save money and maintain your current level of coverage by changing insurance, but give your current service a chance to match quotes.
You can also bundle your homeowners and auto policies together, most insurance companies give discounts for that. If you’re using different insurers, ask what kind of discount each would offer if you bundled the policies together.
If you’re paying for whole life insurance or universal life insurance, consider a cheaper term policy instead. The cost per year will be significantly less expensive – even if you buy similar coverage.
The only difference is, your policy will terminate eventually with term coverage — typically after you retire, when, presumably, your family is no longer so dependent on your work income — whereas whole life policies are for a lifetime.
Compare childcare options in your area or try to reduce your existing childcare by a day or two — for instance, look into a nanny-share arrangement, ask for your family’s help or try working a later shift so you can be home during the day.
You can also reduce or eliminate organized child activities. Look at the real expenses involved with any sport or activity before you let your children sign up and keep them on only one activity at a time.
SIMILAR ARTICLES & IDEAS:
Your future self might have more income, but it’s also fairly likely that your future self might have less income and you’ll find yourself in a really bad situation.
Even if your future self is doing well, there are probably going to be other big expenses that you’ll want to deal with at that time, like buying a house.
No matter how little or how much money you earn, creating a monthly budget is one of the most important aspects of managing your finances. What gets measured gets managed.
The Envelope system is a way to track your variable expenses like food, entertainment, and drinks.
This method, preferably used weekly, allocates a certain amount in each category in labeled envelopes (food, drinks, movies, etc.). Once the envelope is empty, you are done spending in that category.
The principles that make a good budget, something you can stick to:
The best way to attain financial success is not about having a budget or avoiding debt, or even choosing the right investments, but about having a system that makes automatic wealth creation po...
Will power and self-control are like a muscle that can be strengthened. The more we practice self-control, the better we become in implementing the same.
Our laziness too plays a big part in hurting our wallets, like forgetting to pay bills that incur late fees, or overspending on credit cards and paying for subscriptions that are not in use.
Automatic behaviours trigger better decisions and make the entire process seamless. One thing compliments the other, and good habits give space to other good habits.
Example: When a person is dressed up nicely, they tend to work harder.