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Want an extra $150 or more per month?

Everyone is looking for ways to have just a little more money per month to pay down debt, save a little more or have it to spend on necessities. It might be easier than you think to find $50 or even $150 in savings per month. See below for ideas on where to start looking.
Where is the first place to start looking for extra money?
It starts with grocery shopping. If you use coupons you can generally save $5 – 10 per week and combine that with a loyalty card and you can add another $5 - 10 per week in savings. Most families of four can save $60 or more per month.
Is there any other way to save on groceries?
Yes, the biggest is to shop with a list after preparing your weekly meal plan. Too often people stock up on groceries and then decide on a meal plan. This leads to some food being thrown out because it’s not eaten in a timely manner.  It is estimated that a family of four throws out at least $30 per month of food.
Are there daily habits that can become costly as well?
Two of the biggest are the stopping for gourmet coffee and/or eating out for lunch every day. Have a coffee at work and brown bag it twice per week and the savings will add up. Just cutting both of these back by two times per week can save over $60 per month.
What if you already are frugal with shopping and don’t drink gourmet coffee?
There are still opportunities to find savings in your monthly expenses. If you have a solid emergency fund established, review your auto insurance and decide if you can increase your deductible to lower your month insurance costs. There are several variables but potential savings could be $25 to $40 per month.
Are there ways to save around the house?
If you are paying for your own heating and cooling, think about installing a smart thermostat. One that will keep the house the right temperature when you are awake or home and then conserve energy when you are sleeping or not at home.  Of course the new thermostat will be an expense but the cost should be recovered in 6 – 9 months and you will start generating $10 to $20 per month in savings.
What is an unexpected way to save that most people miss?
Lowering the fuel consumption of your vehicle which comes in two forms. One, combining trips from home and carpooling. The second is regular vehicle maintenance including proper tire inflation. These two activities could net up to $25 per month or more in savings.
What should we do with this windfall of savings?
If you need it for everyday necessities, then that is where it should go.  If you don’t need it for that reason, then make a smart financial decision and increases your net worth by saving it or using it to reduce your outstanding debt.

Posted: 11/13/2017 with 0 comments

Categories: Money Matters, Saving, Spending

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