Saving Money

The secret to wealth isn't all about the paycheck, but rather what you do with the paycheck once you get it in your hands. The extra cash you think you don’t have may very well be sitting right underneath your nose. Saving money isn’t hard once you have the tools needed to begin, and creating wealth with your extra cash could very well put you on the road to financial freedom.

 

The following is a list of top ten money saving tips which will put extra cash in your wallet and a spring in your step!

 

1. Pay cash whenever possible. The very best way to avoid overextending yourself and creating unwanted debt is to pay cash for your purchases. Period.

2. If you do have credit cards, ask for a reduction on your interest rate. A drop in your interest rate, even by a point or two, could save you hundreds of dollars a year in interest.

3. Refinance your mortgage. Now is a great time to take advantage of lower interest rates if your credit is worthy. You can save money and put extra cash in your pocket every month by lowering your interest rate.

4. Drive your car longer. A positive step toward wealth is not purchasing new cars every couple of years. The bottom line is that cars are notoriously bad investments, so drive your car longer and reap the rewards of no car payments.

5. Take advantage of your workplace 401K plan. If you are not already doing so, contribute up to the maximum amount that your employer will match, at the very      least. 

6. Pay your bills on time. This may seem like a simple statement, but many people that do not establish good credit by paying their bills on time and in full every month watch their interest rates climb and their wealth decline.

7. Pack your lunch and stay in for dinner.  Want to cut out a significant portion of your monthly meal expenses? Stay in and cook dinner or take along a brown bag lunch.

8. Cut your energy costs. Look into replacing your standard light bulbs with their compact fluorescent counterparts, insulate your home properly and turn down the thermostat, just for starters.

9. Make a budget and stick to it. Most people find that they are unable to save money because they don’t know where it’s going every month. The best solution: track your spending and become aware of your monthly expenses and purchases.

10. Park you car. The best way to cut fuel and vehicle maintenance expenses? Park you car, grab your bike, or a good pair of walking shoes, and head out.