"83 Little Known Secrets To Saving Money
In Today's Economy!"

 

Welcome To Day 2

 

Today, 9 more creative tips to help you save more money!

10.          Insurance

 

Shop around for insurance and work with a good agent that can provide information on discounts such as good student, multi-car discount, etc.  Some people think the price of insurance is the same from one company to the next.  However, prices can vary dramatically and to ensure you get the best deal, you need to consider all your options.

 

11.          Coupons

 

Okay, maybe you used to laugh as you watched people pull out their coupons at stores but the truth is that using coupons can save you hundreds of dollars every year.  Coupons can be used at grocery stores, retail chains, any store where the item is sold.  Some stores offer double coupon days, which is an extra bonus.  On average, you could easily save from 5% to 15% on a bill for $100 simply by presenting a coupon.  Coupons are not just for food items and by scouring your local newspaper you can find coupons for all sorts of merchandise.

 

12.          Credit Cards

 

Use credit cards only for emergency.  Although convenient, credit cards are dangerous and damaging.  In addition, if you have a credit card that has a $1,000 balance and you pay only the minimum payment each month, it will take you between 20 and 30 years to pay off that $1,000 balance since the majority of money is going strictly toward the interest and not the principal amount.

 

13.          Mortgage Payment

 

Paying one additional mortgage payment each year, whether in a lump sum or monthly increments, can lower a 30-year loan down to 18 years.  If you pay more than one extra payment, the number of years will decrease even more.  Since this additional payment will be applied only to the principal and not the interest, you end up saving thousands and thousands of dollars once the home is paid off.

 

14.          Credit Card Interest

 

If you have credit cards and your credit is in good standing, call your credit card company, and ask for your interest rate to be lowered.  It is truly that simple.  Unfortunately, most people do not even realize this is an option so they never make the call.  Just tell the representative that you want a better rate on your credit card and they will take care of your request.

 

15.          Patience

 

Be patient when it comes to saving.  This means that you need to accept that it will take time to save and good planning.  Be patient and remember that just because you want something, do not rush to buy just to satisfy your urge.  Instead, wait for sales in order to get the best price, which in turn will save you money.

 

16.          Financial Consulting

 

Many financial companies and even churches offer outstanding classes on how to manage money.  While some of these programs are free, others may have a nominal fee of around $35 to attend but the money is well spent.  Another great option is consumer-counseling services.  This is a great option for people in over their head with debt.  The counselors will work directly with your creditors to lower your balances, interest rate, and establish workable payments that you can afford.

 

17.          Break old Habits

 

Take time to learn the various things that “trigger” your spending.  When you are depressed, lonely, sad, anxious, excited, whatever it may be, do you spend more?  Once you can identify these triggers then you can learn how to control them.  As an example, if you were just laid off from your job, although money is tight, you may have an overwhelming “need” to spend money.  Perhaps you notice that when you are bored, you head for the shops.  Knowing what affects you will help you to discipline yourself to find other ways of comfort.

 

18.          Avoid Temptations

 

If you have a particular weakness, stay away from it.  If you love to gamble, stay out of the casinos.  If you have a weakness for shoes, drive past your favorite shoe store.  While avoiding temptation is hard, it is also necessary in order to save money.  When you want to give into your temptation, this is the time to use your “allowance”.

 

19.    The Right Time to Shop

 

Studies have proven that when shopping while hungry, depressed, tired, and stressed, you buy more.  Before you head to the grocery store, eat something.  If you are upset or feeling a little blue, calm yourself down or wait until you feel better before you head out to shop.  As funny as it may sound, having a clear mind is important when it comes to shopping and spending money.