5 ways to save money now
I often get emails from people desperate to get control of their finances and immediately reduce their spending. Most often, these emails are the result of a sudden job loss. While I’ve published more than 80 money savings tips as part of my Money Saving Monday Tips series, I thought it would beneficial for some out there to have a consolidated list of quick tips that would provide immediate money savings.
Here are 5 ways you can save money now:
- Cut your cable/satellite service – Contrary to popular belief, cable and satellite TV services are a luxury, not a necessity. They are also a fairly expensive luxury at that. Cutting your cable or satellite TV service can result in an immediate $50 – $200 savings per month.
- Reduce your cell phone plan – Many people have expensive cell phone planes that include lots of luxury features like text messaging. Change your plan to a pay per use plan OR reduce it way down to the most minimum plan. Turn your phone off when you don’t need to make a call and keep your calls to only those absolutely necessary. Following this tip could potentially cut your monthly cell phone bill by more than $100.00.
- Sell a car – Most families these days have two (or more) cars. Consider selling one and only having one car. Sure, it won’t be as convenient, but consider the money savings: gas, maintenance, payment, taxes, insurance. Cars are expensive, and if you really don’t need to have 2, selling one and using just one car can have a significant positive impact on your finances.
- Stop eating out – I talk to a great number of people about finances, especially when they find out I write here on Gather Little by Little. One of the things that amazes me is the number of people that say they’re “living on the edge” financially, but continue to eat out on a frequent basis. Their reasons are lack of time to cook. Make the time. Eating out is expensive and not near as healthy in most cases as eating at home. If you’re struggling financially and don’t have time to eat at home, cut back on your schedule. Personally, I’ve found people eat out because they’re too lazy to cook. No excuse, there are hundreds of meals that literally take less than 15 minutes to cook.
- Reduce your bills – Block out a 1 -2 hour time frame on a weekday, and spend some time calling all of your service providers: insurance, utilities, cable, cell phone, etc. Tell them your looking for ways to cut your expenses and see if they can provide any options. Many of these companies have special programs of offers they can provide. Why? They would rather get less money from you and keep your business than lose you all together. Trust me, with the recession these companies are hurting like everyone else.
These are just 5 quick ways you can cut your expenses. Take a look at your budget, and spend a month writing down every expense/purchase you make. Then at the end of the month, review where your money went. I guarantee you’ll find a few areas that will shock you. One of mine was the cost of Starbuck’s coffee everyday. I found I was spending over $30/month in coffee alone!
How about you readers? What tips or suggestion can you provide for other readers looks to immediately reduce their expenses? Add your tip or suggestion by adding a comment!