How to Save Extra Money
The demands for your hard-earned dollars can be endless. From rent to transportation and everyday essentials, such as food, medicine and clothing, you may find that it's increasingly difficult to stretch your weekly or biweekly paycheck. While you cannot make money appear out of thin air, you can incorporate money-saving tips into your daily routine so you save big.
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Instructions
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Contact your credit card issuer and request lower interest rates for lines of credit. Explain that you pay your monthly balance on time and wish to receive a lower interest rate as a courtesy for your years of business. Mention any increases in your credit rating, which may automatically qualify you for a lower interest rate.
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Consolidate loans. Negotiate a low interest rate for the consolidation loan and save money in interest fees. Debt consolidation loans have the potential to save you literally thousands in interest payments, according to the Bills website. Loan consolidation allows you to reduce all your debt repayments down to one convenient payment.
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Contact a nonprofit credit counseling organization to assist you with the debt consolidation process if you have poor credit and cannot negotiate an interest rate below the higher end of the spectrum. Debt consolidation loans typically carry rates between six and12 percent, according to the Bills website.
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Ask credit card issuers to waive or reduce annual membership fees. Explain that you can no longer afford the fee and will be forced to transfer your card balance to a different card if the fee is not waived or reduced. Many creditors are willing to waive or reduce fees to avoid a loss of profits.
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Set up an interest earning savings account with a local banking institution. Deposit the money you save each month in interest fees into the account. Allow the money to build over time.
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Tips & Warnings
Create and stick to a budget that allows you to save at least 10 percent of your monthly earned income, if possible.
