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Help! I'm losing my money. Learning how to cut back on spending

Updated on December 1, 2011

Help! I'm losing my money. Learning how to cut back on spending

Help! I'm losing my money. Learning how to cut back on spending

At that start it may look difficult to limit spending and sticking to a budget, but there are a few easy changes that you can create everyday that will reduce your spending more than you know.

First, change your credit card usage behaviour. Start using cash whenever you can. This will help you avoid making any purchase because if you do not have the money, then a transaction cannot be completed. If you decide to use your credit card, be sure you can pay off the amount due by the end of the month. This will save you money by helping your avoid nasty interest charges. If you already have a balance on your credit card, then find a card with a low interest rate.

Another idea is to bring a lunch with you everyday. Every lunch hours you spend at a restaurant will add up in the end. Thus, by carrying your own lunch can help you save several dollars every day, which will add up a ton of money over time.

Make sure you use your cellphone during those hours that cost you very little. Some people can spend hundreds of dollars a month just on phone bills. Therefore, try to avoid this by making most of your calls during off peak hours. Check with your cellphone provider and find cheaper periods of cellphone usage or times of unlimited calls.

You have to stop throwing away the newspaper before reading through the ads. Cut out some of the coupons and notice all the sales. This can seem like a tedious task, however the money you will be saving is often worth it. There are many stores out there that will double the amount of the coupon. This method can save you up to 20 to 30 dollars each time you head to the gorcery store.

Furthermore, start refinancing. Mortgage rates have been very low for the last few years. This has been a great time to reduce the monthly house expenses drastically. If you are looking forward to having your house paid off before your retirement, then you probably want to note this before you refinance.

Finally, consolidate your insurance. There are tons of insurance companies out there that will offer lower rates if they purchase more than one policies. There are some people that use the same agent for their cars, and others have combined their cars and house. Always remember that a dollar here and there eventually add up to a lot of money. Try not to think that if you changed your spending habits it would not save that much money because that is not true at all.

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