Free help on saving some extra money

Saving some extra money is easy!

The first step to finding a little extra savings each month is to find out exactly where your money is going. Once you know where your money is going, it's easy to find ways to make small adjustments that really add up.

1. Track your purchases and put together a spending plan.
2. Make sure your spending is less than or equal to your income.
3. If your spending is more, make adjustments to your spending plan by reviewing your spending categories.
4. Look at discretionary areas of spending first. Spending for items such as eating out, lunches, entertainment, clothing, personal items etc can often be reduced. If you cut a little in each area, you likely won't feel the pinch and still make a difference in the big picture.

In order to find additional savings, review all your spending categories and see where you can cut costs. The following are a few options:

• Shop around for lower premiums on all your insurance
• Shop around for a less expensive cable or satellite package
• Find lower rates for long distance or Internet access
• Switch to a lower cost cellular phone plan

Other cost savings options for every day situations are as follows:

• Brown bag your lunch to the office, at least a few times each week (have the kids do the same thing for school a couple days a week)
• Use coupons for things you frequently buy; keep them in your car so that they are handy for the store, fast food or restaurants
• Rent a movie instead of taking the whole family out to a theater
• Carpool or consolidate errands to cut down on extra gasoline expenses; when you do buy gas, do it in the middle of the week and at a gas station that has competition close by
• Stock up at holiday and back-to-school sales for things you now your kids and family will need
• Use email for long distance communication instead of the phone
• Swap babysitting nights with family or friends
• Use a shopping list when at the store; do not deviate from your list whenever possible
• Keep your eye on the register when checking out at stores, purchases can easily be rung up wrong

Many of these items listed above, may appear to have small dollar figures attached to them but as a whole the savings can really add up. Along those same lines, those little purchases – Coke here, a latte there – can all add up quickly. Be conscious of where you are spending your money and avoid purchasing the things that you simply don't need.

Written by Steven B. Smith author of Money for Life - Budgeting Success and Financial Fitness in Just 12-Weeks. (Dearborn Trade Publishing, 2004)

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