Tuesday, 23 Jul 2013
Saving money is important to make sure that when emergencies arise there is a way to deal with them. Many state that this is a task that is easier said than done, but there are a number of ways that costs can be cut without having to sacrifice on entertainment or eating. The savvy consumer will maintain their way of life without spending a fortune.
When seeking to save money a few simple steps can have a big effect on the pocket book. Some of these steps include:
- refinancing mortgages
- borrowing movies from a library
- stopping magazine subscriptions
- negotiate for lower interest on credit cards
- bring lunch to work
One of the top ways that costs can be cut is through the refinancing of a mortgage. Mortgage rates have continued to go down in the past couple of years. Refinancing can be an option that will not only save on the overall mortgage amount, but also on those nasty riders that accompany a mortgage. These riders can include prime mortgage insurance. This is an insurance that is placed on the home by the mortgage company when the down payment for the home is less than 20%. If present payment amounts on the home are above 20% this insurance can be removed, saving a bunch of money.
Movie rentals are another aspect where money can be shaved from our overall costs every month. Renting movies from nightly kiosks can help to save money by renting the movie when one wants to see it, instead of holding on to it for days at a time. Many libraries also lend out movies for free which can also help to shave costs.
Along the same line are cable costs. Every now and then the subscriber should review their services. If there are channels that are not being regularly watched there is the opportunity to scope down services and lower the monthly bill. One may also be able to rent movies directly from their cable box saving money on gas to travel to the kiosk to rent.
Another way to save money that the local library can facilitate is stopping magazine subscriptions. Many times the local library will carry popular magazines that the individual can read or borrow for free. This will save on money for paying for the subscriptions, and before leaving the library one can borrow a movie for the night.
Eating out is another area where many consumers spend a lot more money than they even realize. If the average worker brought their lunch to work with them two to three times a week, they could save an average of about $20 a week. While this is not a lot of money, it does add up quickly. Bringing lunch to work can also add up to saved calories as well. Fast food restaurants are not the healthiest places in the world to eat.
Interest on credit cards are a huge drain on a monthly budget. If the individual has had their credit card for a while and has kept the balances low or paid off, many credit card companies will renegotiate to a lower interest rate for the card. It can never hurt to ask, so why not contact your credit card company and see what can be done?
As you can see there are many simple ways to cut your budget and save more money.
This article is contributed by Madoline Hatter. Madoline is a freelance writer and blog junkie from ChangeOfAddressForm.com.