Save Big On Small Changes

The worldwide economic slow-down has forced many people to reevaluate their personal financial habits

. This has come to be because too many people had to wither the economic crisis with little to no savings. Big spending and big credit was a recipe for disaster for many families. If you are ready to take steps to increase your savings, without drastically having to change your lifestyle, read on for more information on just how you can do it.

Before you begin you should be prepared by knowing that in order to be successful you have to make a mental commitment to your financial health. Start by writing down all of your monthly expenses. You may be tempted to leave out some of your guilty pleasures, but make sure that you are accurate in this list.

After you have your expense list ready, revise. What items on the list can you live without? What are silly pleasures and what are serious responsibilities? How much would emitting the unnecessary expenses save you? Now, tally up this amount for a whole year. This is the amount that could be sitting in your savings account simply by making a few easy cuts.

However, easing back on expenses may be easier to do than cutting them right out of your budget. If you don't think you can handle foregoing all of your wants, try to at least cut them in half. You can start weaning yourself off of these expenses until they are totally cut out of the expense list.

Save on food by planning. Plan ahead for the week in order to know what ingredients you'll need. Write out your list before you head to the grocery store. This will help prevent repeat trips to the grocery that will cost in time, gas and money on things you'll pick up but don't really need. Try to cut out the number of times you eat out as well.

You may actually be able to enjoy great entertainment for less. Public libraries are a go-to spot for free rentals. Granted you may not have the option of the latest releases, but you may actually be surprised at what you'll find. Don't worry, you'll find more than just classic DVDs at most libraries!

You can save if you have multiple services from the same company. For instance, it usually makes no sense to buy home insurance and car insurance from two different companies. Most of the time you can get both from one company and receive a discount. Are you missing out on a good deal?

Eliminate high interest credit card debt. This is one way to eat through your savings before you even have any! Make a list of all of your credit cards and make a commitment to tackle them one at a time, giving priority to the highest interest cards. Remember, the little changes you make in your financial habits will help you gain the courage for bigger and more effective steps. The most important part of this challenge, or any other, is the mental commitment you have to it. Do you have what it takes to be financially healthy?

by: Helen Chappell

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