Just make the following suggested changes over the course of the next 12 months and by this time next year, you will have increased your savings by as much as $10,000 (if not more):
Take advantage of grocery store discounts
When I did my grocery shopping this past week, I saved $62 by buying items on sale, utilizing both manufacturer and retail coupons and using their loyalty discount rewards program. Sure, it took some planning, but saving $248 every month at the supermarket (or $2,976 a year) is a savings I’ll work for any day of the week!
Realistically, you can probably save even more if you spend a lot on food staples, so take the time to find the best deals.
Get yourself healthy
Even if you do have top of the line insurance, you still spend on office calls and prescription medications. These are expenses that you may be able to sideline if you focus on eating nutritious foods and getting in some daily exercise to get your health up to par.
Going to the doctor just two times a year will likely cost you at least $50 in office co-pays. Add one or two medications to the mix and you increase your medical expenses by at least $20 per month ($10 per script with a discounted prescription drug program). This alone results in $290 savings over the course of 12 months just by taking care of your health.
Change automobile insurances
If you’ve been with the same automobile insurance agency for years, it may pay to shop around. Insurance companies generally raise their rates annually which means that you’re probably spending way more than you need to. Most companies tout that you can save up to $500 annually, which is $42 per month back into your income.
Lower your plans
When you choose the most expensive plans for your cell phone, internet and cable TV, you are majorly impacting your ability to save. Certainly it is nice to enjoy the finer things in life, but when it is limiting you financially, you really need to consider which is more important.
The difference between unlimited cell phone plans and options with fewer minutes is generally around $30 per month. Internet packages can save you $20 per month or more by choosing a slightly slower option and cable television takes the bank with at least a $62 spread between getting hundreds of channels and a mere 140.
These three changes alone will save you $112 monthly, or $1,344 a year!
Limit eating out
If you are a family of four and you eat out even once a week, you’re probably spending at least $75 on that meal. Cook at home instead and you’ll save a whopping $300 per month, or $3,600 in the next year! (It kind of makes the cooking and cleanup easier to swallow when you realize how much money you’ll save, doesn’t it?)
Avoid unnecessary fees
If you’re the person that is charged overdraft fees and endure higher interest rates because you don’t pay your bills on time, you’re missing some great savings opportunities simply by being disorganized. One bounced check per month can cost you $40 from the retailer and another $25 from the bank, even if the check was only for a couple bucks.
Plus, you’ll pay hundreds extra per month if you have a high interest rate on your credit cards or loans due to your financial issues. For example, if you have a $1,000 debt at 9.95%, you’re going to pay roughly $100 in interest. However, that same loan at 24.99% interest (which some cards charge their high risk clients), you’re going to pay $250 – more than double!
Make these six changes and you’ll be well on your way to a savings account with $10,000 in it by this time next year. The time is going to pass anyway, so you may as well use it to your financial benefit!
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