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Expenses You Can Look to Cutting Back On

While holding off on buying impulse purchases such as car accessories for girls can help to free up extra money in a month, reducing shopping sprees are not the only way to hold onto your hard-earned money.  By reducing some of your monthly expenses you can then focus on other areas, such as building up an emergency fund or increasing contributions to your retirement account so that you can ensure having adequate funds to continue to enjoy life experiences when you finally do walk away from work and enter your golden years.  Some may be more difficult than others, but in order to get ahead there may have to be some sacrifices to be made, but no one ever said it would be easy.

Check Your Credit Report

These days you never know who your information may have, whether you leave your card out for too long when paying a restaurant or bar tab, or have your information compromised from a retail store, by having your credit score decline, that could be costing you plenty of money in higher interest rates on your mortgage, auto loan, or credit cards.  Even checking once, a year with a free copy of your credit report from the three major bureaus, you can ensure all of your information and accounts are up to date and accurate.  To see your credit score, you can monitor monthly on credit card statements, and as your score rises, you might want to think about refinancing, etc. to get a better rate and save money every month.

Cut the Cable Cord

A popular trend these days is getting rid of something that you are probably used to having your whole life, depending on your age, but if you think about how many of the hundreds of channels that you are offered, let along how much live TV you watch besides DVR, you probably could get by with cutting the cable cord, saving a hundred of two a month, and just going with a streaming service, that you probably have in addition anyways.  To keep the local channels, you can still get an HD antenna for around $20.

Avoid Going Out to Eat

Here is where the sacrifices start to come in.  While it’s nice to go out and have someone prepare, serve, and even clean up after you, it does come at a cost.  While cooking your meals at home do involve actually cooking and then cleaning afterwards, if you can opt for going grocery shopping instead of going out to eat, you can save hundreds of dollars every month and immediately see the financial gains start to add up.

Stop Paying Credit Card Interest

When you are unable to pay the full statement balance by the due date and carryover a balance, that is when the credit card interest kicks in, and depending on the balance and APR on your card, could significantly add monthly payments to your budget, in order to get rid of the balance quickly instead of making the low minimum payments.  Sure, making the minimum payment will satisfy your account for the month but could take decades to pay off the balance, and imagine that amount of interest you would be paying over that amount of time.

Seek Out the Best Price

With having the internet at your fingertips with virtually endless amounts of websites that you can flip back and forth to in the matter of seconds, there is no reason to drive all over town and look for the best price when you can do it from home, probably with free shipping anyways, as long as you can wait a couple of days for the item to come.  There is no longer a need to waste gas, deal with crowds, not to mention keep your sanity, all from the comfort of your home with online shipping available.

Lower Heating and Cooling Bills

If you haven’t weatherproofed your home in a while it may be time to take a walk around to ensure it’s as energy efficient as you can, in order to keep your heating and cooling bills down.  Caulking around doors and windows can keep any potential drafts from coming in, not to mention any electrical outlets that share a wall with the outside could be filled with foam in order to keep any extra draft out.  You’ll be surprised that even doing this, you can see your furnace and air conditioner from kicking on a little less and reducing your bills in the meantime.

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