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Step 1
Are you paying for unnecessary services? Do you really need all those cable channels you are paying for? How about the extra features on your cell phone calling plan? Are you paying for a gym membership you aren't using? These are great places to start when re-evaluating your budget. Are you paying for something you can get for free? Dig out your library card and start getting your books, movies and even music for free or nearly free.
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Step 2
Don't pay to get your credit report. Everyone is allowed to get it once. Contact one of the 3 credit bureaus for info on how to get one. Don't get charged for calling 411 for directory assistance. Instead try calling 1-800-FREE-411. Do you dine out frequently? When you cook dinner, make extra to bring to work for lunch. Forget Starbucks. Brew your own coffee at home and spend a small amount for a large travel mug. The price of the mug will cost you less then 2 trips through the drive-thru.
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Step 3
Your financial management plays a big role in how much of your money you get to keep. Pay off your credit cards every month. Just carrying a $1,000 balance can cost you over $150 per year just in interest. If you must use an ATM, use your bank's or an Allpoint or Money Pall ATM which doesn't charge usage fees. Keep tabs on your checking account balance and try to leave a cushion for yourself to help avoid overdrafts. Many banks charge as much as $35 for each overdraft-whether they cover it or not. Stop loaning out your money to the government for free. If you get a tax refund every year then you let the government take too much money out of your paycheck. Try adjusting your withholding. Just ask your employer for a new W-4 form to fill out.
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Step 4
Here are some things you may not think about that will save you some money. Try buying generic products instead of name brand ones. Not just groceries either. You can do this with clothing and prescriptions as well. Unplug appliances you aren't using on a daily basis and you could save upwards of 40 percent per year on your electricity bill. When in the market for a car buy used instead of new. Cars lose most of their value in the first year or two so think about purchasing a car that is less than 5 years old. It will help you to pay less in taxes and car insurance. Going a little deeper on that subject-do you really need an extra car? Think about how often you drive and see if your family can get by on just one automobile. That alone can save you money with car insurance, maintenance and gasoline costs.
