Seven Tips for Saving

by Kathy Kirk

1. Cut back on spending – This is usually the easiest and quickest way to create more cash, and it’s something everyone can do. If you’ve already sized down and cut back as far as you can, I challenge you to look further. Write down all of your spending for a few weeks and undoubtedly you’ll find something else that can be cut. No matter how small the savings may be, every penny counts.

2. Cancel subscriptions – Cancel your magazine subscriptions. Most magazines can be found at the library or check to see if one of your friends read your favorite magazine. Also consider canceling your daily newspaper subscriptions to a weekend only paper. Consider reading the paper at work or school during the week

3. Reduce your food expense – Food expense is an area where most families can improve. We are all probably guilty of eating out too much, buying on impulse or just wasting food. The food expense is probably considered one of the easiest to cut back on but requires planning and commitment.

4. Reduce your utilities – Your utilities are another great source for savings. First, consult with your utility company to determine if they have a budget plan. This will allow you to control your expenses from month to month. In addition put your heat/air on a timer to shut off during the day and come on before the family returns in the evening. Also never run your dishwasher unless it is full.

5. Lower your insurance expense – Insurance is probably the one expense that most people feel we could do without. However, it is a must but we can control how much we are willing to pay. Shop around for the lowest insurance. Compare your company’s health insurance against your spouse’s. Also by increasing your deductible, you can reduce your insurance premium considerably.

6. Pay debt within 30 days – Try to condition yourself to buy on a cash basis this will help you to purchase only what you need. If you use your credit card, please pay the balance in 30 days to avoid finance charges. Also have only one credit card for emergencies and destroy the rest.

7. Get creative with entertainment – I know how important it is to get away and relax. I will not tell you to do away with this but to get creative in how you do it. If you like the movies, attend matinees. If dining out is your source of entertainment, shop around for inexpensive restaurants. Also request that your family give you gift certificates to your favorite places for your birthday and Christmas.

Again, there are many changes that we can make in our lifestyles to save money. In Faith, the First Step to Financial Freedom , I disclose many other ways to reduce your everyday expenses. In addition, I provide proven ways to make your cash last longer

2005 Copyright, Kathy Kirk. All rights reserved