Monday, May 07, 2007

Money Saving tips

I have decided to pull my posts from another forum and add them to my blog to help others on the road to financial freedom. As many of you know I am very focused when it comes to my finances and have a goal to have our house paid off in 7 years from the date of purchase. Here are some of my tips:

Invest in really good bedding and sleepwear. Here in NM our heat is run on gas which can get expensive. I spend a little extra buying at least 300tc sheets and my kids wear long flannel pajamas. I also have vellux blankets on the beds to keep warm. This allows me to turn the heat down but we are still warm. I also purchased a couple of electric heaters and put them in each room.

Make a list and stick to it when shopping. I plan out my meals for the whole week so when I shop I know exactly what to get so I won't have 3 boxes of lasagna in the cabinet.

Take your lunch to work. Just think about spending around $5 per day or $100 per month on eating out at lunch.

Buy things on sale and save them for gifts. When bath and body works have their clearance sale, I rack up on items. Then as time goes by, I give them as gifts.

Use mypoints. If you need the link shoot me an email and I will refer you. This is something I have been doing for over 4 years now. You get points for reading emails and shopping at merchants. Whenever I buy flowers for someone, I use proflowers which is a mypoints partner and get points. At the end of the year I redeem those points for gift cards and give them as gifts or shop with them to buy gifts.

Write it down. Yes you need to have a good look at your finances. So for a whole week write down what and where you spend your money and then examine it for ways to cut back.

Shop for better credit cards. See if your current card will give you a better rate. If not switch to another and take advantage of those introductory offers. When you get the new card, shred it and pay it off before the period is over.

Also depending on your state, you can adjust the insurance coverage you have on your vehicle. Especially those with older vehicles. Same thing with homeowners insurance. Make sure you are get all the discounts you qualify for.

If you have an adjustable rate mortgage and the rate is set to increase, start looking into refinancing with a fixed-rate or even to another adjustable rate for x amount of years and focus on taking the extra you may save and apply it to principle.

For those of you that own a house, refinancing and doing a debt consilidation is another great option. For one, in most cases the interest you will now pay is tax deductible unlike a credit card. Also you may be saving money and can apply it to paying off the refinanced loan sooner. For instance if you have a mortgage of $150,000 paying $1000 and 3 cards with a balance of $30,000 paying $600 refinance that and now you have everything in one lump of $180,00 but now you are only paying $1300. Take the extra $300 you were paying and add it to your new monthly payment to pay it off sooner. Plus you can now write off the interest you pay on the $180,000.

The following are links regarding budgets:

It is also important to enjoy and treat yourself every now and then. That way you won't always feel soo stressed and stuck over budgeting and saving. I always put aside a little extra to treat myself. It could be a massage, a manicure, pedicure, or just having a nice dinner. It is a way to reward yourself for staying focused on your goals. Be blessed and take control of your financial future. Q

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