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Five Things You Can Do Right Now To Keep More Of The Cash You Have

Five Things You Can Do Right Now To Keep More Of The Cash You HaveIn a struggling economy, many people are looking for new ways to decrease their spending habits and save more of their income to stretch every dollar that they have. Fortunately, there are many practical ways to save more cash to ensure a more flexible budget. By practicing new habits and techniques, it can be easy to save more on a daily basis.

1. Use Coupons
Cutting coupons is a great way to save up to hundreds of dollars a month on basic groceries and household items for an easy way to reduce the cost of necessities. Many blogs and websites post the latest coupons and deals for great ways to save each day. Use inserts from the Sunday newspaper to obtain the best coupons, as well as finding them online. Check out this guide on effectively making use of coupons.

By pairing a manufacturer coupon with a store coupon, the savings can be doubled for name brand products that will make it easy to get more bang for your buck.

2. Reduce Your Energy Use
Energy bills can fluctuate drastically throughout the year, making it important to reduce your energy usage, especially in the warmer months. Use light blocking shades to insulate the home, while replacing outdated appliances with energy efficient appliances that will save more money in the long run.

Skip using the dryer when doing the laundry and opt for air drying the clothes, which will use less energy and even allow your clothes to last longer.

Set the thermostat at 78 degrees in the summer to prevent using an unneeded amount of air conditioning.

3. Use Cash
Using cash to pay for goods or services as opposed to using a debit or credit card naturally leads to spending less as many people become more aware of the actual amount of money they have when it’s physically in their hands. Using cash makes it easier to stay within a certain budget and prevent over-drafting or unplanned purchases.

For those who use cash, an envelope system will prove to be effective by using a separate envelope for each expense to place the cash in. Once the cash runs out, there is no other option other than to wait for pay day to spend more money.

4. Shop for New Car Insurance
Car insurance is often considered one of the most expensive bills, as it can cost hundreds of dollars a month for a single driver. Shop around and don’t be afraid to negotiate prices while reducing your premium. You can also ask for low mileage discounts, group insurance discounts, and being able to make payments to ensure it costs less each month. Look for online quotes and find a company that meets your coverage needs for the lowest cost. Check your credit score, as well as your driving record, to ensure that you’re getting a fair deal.

5. Pay Off Debt
Debt is one of the largest hindrances to finances, making it difficult to pay for other expenses or enhance your lifestyle. With hefty interest rates that average at 15 percent, most people are spending hundreds to thousands of extra dollars annually in interest rates instead of putting the money towards a savings account or everyday expenses. First, pay off accounts that have the highest interest rate, and then continue to pay off the remaining accounts depending on how much they’re costing you.

About Kim Parr

Kim Parr is a private practice optometrist, freelance writer, and personal financial blogger. You can follow her journey to 20/20 financial vision at Eyes on the Dollar.

One comment

  1. You don’t even really need to shop for new insurance. Often times, calling up your insurance company and requesting lower rates will do the trick! I have home insurance with Travelers. Every year, they automatically increase the coverage (often about 5%) and the corresponding amount they charge, claiming that this reflects increased costs for rebuilding in my locality. And every year I challenge them on that automatic increase, they run my home replacement costs through their calculator, and then magically offer to remove all or most of that increase. They admitted that the automatic increase is a set percentage, and is not really based on appraisals of rebuilding costs in my specific locale. Most homeowners never challenge them on this and just pay up.

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