5 Easy Ways To Save Money

In a tough economy sometimes what you spend is more important than what you make. Many companies are implementing wage freezes or cutting back on pay increases or maybe you have even found yourself being one of the many that have recently become unemployed. For many Americans being able to save an additional $200.00 per month could mean the difference between barely scraping by and continuing to save for the future. In this article I will provide you with some simple ideas to put extra money into your pocket at the end of the month.

The first step is to at the very least gather all of the bills that you pay on a monthly basis include everything you possibly can. The more that you know about where your money is going; the better your chances are of saving. Some of what you find will probably surprise you if you don't do this on a regular basis. Once you have done this look at the expenses with the largest numbers for example house, auto insurance, health care, etc. These are the areas where you have potential to see the greatest savings and would be a logical starting point.

There are many websites that will provide you will rate quotes from multiple companies simply by filling out one online form. You may also find better deals by going to each individual insurance companies website since different companies offer different types of discounts. I have found that Progressive and GEICO offer some of the most competive rates. If you have had the same insurance provider for more than a couple of years chances are you can save some money. You want to pay close attention to the amount of coverage being offered and depending on your situation you might be willing to accept more risk by having less coverage. Also if your car is paid off depending on the value you may want to consider only having liability insurance rather than full coverage.

If you have good credit but a good deal of high interest credit card bills or other high interest loans you may want to look into consolidating your payments into one monthly loan payment at your local bank or credit union. It is a little more risky because credit cards generally tend to offer low teaser rates to get your business and then increase the rate 6 months or a year down the road but you can look into this option as well. You just need to keep in mind that you don't want to pay for what you are saving now at a later date.

Take a look at what you are spending on utilities. Sometimes there are small adjustments you can make such as lessening the use of heat or A/C that can save you a good deal of money at the end of the month. Also converting to energy saving light bulbs may involve a cost up front but over a longer period of time the savings can add up. Cable and Internet can be big expenses also. Check to see if you are actually using all that you pay for. Do you really need all 200 channels when you really only watch 10 of them.

Check to see if you are using all of the minutes that you are allotted per month, if not you may be able to change to a plan that includes less minutes or features. It can also be costly if you are going over your minutes every month, if this is the case you may want to upgrade your plan. If your contract is up you can shop around to see if there is a less expensive plan that fits your needs better than your current one.

The items listed below are a few other common areas that you can add up the savings I will explain in greater detail in a future article

• Groceries
• Fuel Expenses
• Entertainment Expenses
• Personal Care
• Housing expense