How To Save Money

I remember when I was in debt, living paycheck to paycheck. I couldn’t figure out why I was running out of money every month.

It was a complete mystery to me.

I mean, I knew I was spending on things I didn’t need but I was always shocked when I had to scramble to pay the rent. (The lack of financial education in this system is near criminal… anyhow…).

It really just comes down to money going out versus money coming in. I know it sounds simple… and it is… but we often don’t think of things that way because of the way we’ve been conditioned.

The money going out part is your expenses and there are many ways to cut them down. I’m not going to tell you to cut out your morning coffee (although it would help). Maybe save the more “hardcore” cuts for later.

Right now I’ll show you how to save money on expenses you don’t even want or need.

Refinance Your Car

When you’re at the car dealer and the salesman is smiling hard and talking fast, it can be tough to think rationally.

They give you a rate, you’re rushed with emotion and excitement and you simply say “Ok”.

When you take a step back and have some time to think, you may be able to lower that “special rate” they gave you.

Check out this article on how to save some money on your car loan.

Refinance Your Car

Refinance Out Of Credit Card Debt

When working out of debt it can be a wise choice to get a consolidation loan.

This will allow you to take high-interest credit cards (usually around 21%) and roll it into a personal loan starting as low as 5.99%.

This can save you hundreds of dollars on interest. It can also allow some breathing room in your budget to get out of debt faster.

There are some gotchas, however.

Check out this article on how to apply for and use a personal loan to get out of debt faster.

When (and when not) To Get A Personal Loan

Refinance Student Loan Debt

Over the last few years, student loan debt in this country has skyrocketed.

Many people owe over $100,000.

Refinancing your high-interest student loans into a more reasonable program… can save you thousands.

There are some huge mistakes you could make while refinancing. Especially if you have a federal loan.

To find out more about how to do it the right way check out this article…

Refinance Student Loans

General Money Saving Tips

Here are some general things you can do to save even more money.

  1. Signup for automatic payments – This will make sure you stay on time with your payments and don’t negatively affect your credit score. You might also be able to save money on interest by setting up your payments this way. Student loans often give you a quarter-point discount on interest with autopay.

     

  2. Sell unused items – This can be fun and entertaining. Dedicate a weekend to clean out and sell unwanted items on Craigslist, Letgo, or eBay.

     

  3. Install CFL or LED light bulbs – These lights last forever and radically reduce your power bill each month.

     

  4. Change club memberships – I used to go to a popular club and they kept raising the monthly rate on me. It was $34 a month when I had finally had enough. I signed up for a $9 club which has better service and is a lot cleaner. Look around for a better option in your area.

     

  5. Reduce or eliminate your cable bill – Cable routinely costs many people over $1000 a year. Check out Philo for a simple package and pick one of the other streaming services to keep you entertained.

     

    I like to do Netflix for a month and then cancel the next month and sign up for Disney+. Then I cancel Disney+ and go to another streaming service and so on. That way I’m not adding so many services that my bill just goes back up to what I was paying for cable in the first place.

  6. Cook at home – Restaurants markup food around 300%. So if it cost you $5 to make something at home they charge you $15 for the same meal. I’m not saying to never go out again but definitely consider cutting back if you eat out multiple times a week.

     

  7. Lower your cell phone bill – Check to see how much data you use each month and if it’s under what you are currently paying for – consider changing plans.

     

  8. Buy a cable modem for internet – Internet companies charge you around $10 a month to rent their outdated cable modems. Buy one outright and it will pay for itself in a few months. –

     

  9. Couponing – If you have the time, consider looking for deals and stock up on non-perishable items from the grocery store. A warehouse club like Costco or Sams could save you hundreds each year.

     

  10. When making a large purchase check online shopping comparison sites – Sites like camelcamelcamel.com and Google shopping can help you get a better deal on large items like furniture or electronics. Take the time to shop around when making such large purchases. –

Alright! There you have it.

Spend a weekend checking out how you can make some space in your budget.

Give yourself some breathing room and never wonder again how you ran out of money at the end of the month 🙂

Steve Reeves

Steve Reeves

Steve is the founder and creator of the DebtZero personal payoff assistant. Working for a large financial software company he's helped hundreds of people with their finances. He's turned his attention to getting people out of debt. Something he feels is one of the most rewarding things you could ever do for yourself.
Steve Reeves

Steve Reeves

Steve is the founder and creator of the DebtZero personal payoff assistant. Working for a large financial software company he's helped hundreds of people with their finances. He's turned his attention to getting people out of debt. Something he feels is one of the most rewarding things you could ever do for yourself.

Get Out Of Debt Faster

Refinance your debt and get a better rate. With Lendingtree you can find the right loan for you. From credit cards to auto loans, you could save hundreds on your current financing.