If you're currently living on a tight budget, you're not alone. More people than ever are living from paycheck to paycheck. If you need to free up monies to pay off debt or need to feel a release from the endless stress of your monthly obligations, there are many ways aside from the usual methods.
Reducing your gas and electric
You may already know about lowering your heat and raising the air while away from home and before going to bed. But, what you may not know is that having appliances connected, even though turned off can still cost you money each month. Phantom energy is consuming wattage on equipment and appliances like computers, printers, coffee makers, toasters and your television. This can account for up to 15% of the monthly consumption for these items.
While it may not seem like a lot for a month, just a few dollars, over the course of a year it can cost you nearly $100.00 for something you're not using. To reduce this, unplug unneeded items and with your entertainment system add a strip outlet and connect all of the plugs into it and then turn that off at night. Another fact you may not know is that since the deregulation of the electric you now have choices.
Reducing the APR auto loan
If you have good credit and you are gainfully employed you can refinance your auto loan. Many people do this every few years for their home but rarely take advantage of the same opportunity they have at their disposal for their car.
This can save you hundreds of dollars each year, especially if your credit was mediocre when you got the loan and had to pay a higher interest rate to acquire it. If your credit worthiness doesn't give the opportunity to reduce your APR, there is still another way.
You can make two payments per month, one for the required payment and one towards the principle only. This will help you pay the loan off faster and reduce the balance of the loan faster, making the interest per month go down as well.
Bundle home and auto insurance
If you own and home and an auto you carry homeowner's insurance and car insurance. What you may not know is that if you bundle these two policies with the same company they will give you a sizable discount, on both policies. Shop around and check the rates and the discounts you qualify for, it can add up to as much as 20% off each policy.
If you have high-interest credit cards and your credit score is good, apply for a new credit card that allows you to transfer the balance from another card and offers 0% interest from 6 to 12 months. Not all offers are the same, so shop around to make sure you get the one that offers you the longest repay terms interest-free. This allows you to figure out an affordable monthly payment with nothing added.
Most people especially those who work outside of home go to the salon at least once a month for a manicure, pedicure or a haircut. If you have several teenagers in the home this can really add a large expense to your budget. Instead, look up the local of the local beauty school and find out the services they provide. These are people in training looking to enter in the cosmetology industry.
Most times the prices are less than half of what you would pay at a salon and sometimes the cost is free, just a tip required.
There are so many ways to reduce your expenses. You can dine in more often, carpool, use public transportation and use coupons. If you need to pull in your belt and reduce your expenses, you can do it. With a little effort and creativity, you can find clever ways to keep more of your money.