11 Ways To Save Money

11 Ways for Saving Money

Are you new at budgeting your finances? Do you really need to start saving up for a new vehicle, plan a vacation, save for retirement, pay on some medical bills? Here are some thoughts of how you can say for these items.

1. Make a total of all your monthly bills. Monthly bills are ones that occur every month, usually on the same day. Insurances, house payments, cell phone bills, and car/school loans are all considered routine monthly expenses. Don’t include things like grocery shopping, clothing, or eating out, these are flexible and can change from month to month.

2. Make a list of net income after taxes you receive each month. This would also include rental income, child support, interest you receive from investment, and etc.

3. Subtract your monthly bills from your income and what is left over is your true free income.

4. Take a look at your credit cards. Put your highest interest cards at the top of the list to pay off first. We need to get rid of these first and only keep the one with the lowest interest rate in your wallet. The ones in your wallet should only be used for emergencies only, like car repairs, medical emergencies, and home repairs that are a must!

5. Think about all the money you need to spend to SURVIVE. Not on dinners out, new toys, or clothing. Things you need to keep your family fed and healthy. Subtract this money from your free income, it should only be half or less of your free income money.

6. Use the rest of your free income to start paying down your credit cards. If you just pay the minimum each month you will not see your credit card debt drop. You must make a diligent effort to pay more than the minimum.

7. Repeat these steps until your credit card debt is under control. This doesn’t mean having absolutely no debt, but I would recommend an amount you can pay off in 3 months or less.

8. Congratulations on making it to step eight and getting your debt somewhat under control! Now let’s start saving. If you like to see what you need to save to retire, here is a free retirement calculator for helping figure our what you may need. Retirement Calculator

9. If your company has a 401k and they offer any sort of match (any percentage), start the 401k. This is free money that your company is giving you, if you do not take advantage of this you are losing out.

10. With you car loans, mortgage companies, and credit cards you may want to try and connect with the lenders and ask if they would consider lowering your interest rates. Even if you only get one yes, it is better than not asking at all and continue to pay high interest rates.

11. If your employer directly deposits money into your bank account, set up an extra account to add money into. Since you don’t ever see it, you won’t think about it. If you deposit your checks yourself, take advantage of a savings account or do what I did and set up an account at another bank and then on my bill pay each month I automatically transfer funds from my working account to my other bank account, what do they say, out of sight out of mind.

As hard as it sounds, try not to indulge. Cut back your cable package, go out to eat once a month, and instead of seeing movies on the big screen with your entire family, wait until you can rent the movie. Chances are you can rent movies through red box for less than $2.00! You can save a lot of money if you just put some effort into it. Our family had to make adjustments, but now we can sleep at night and don’t have get scared if the phone rings thinking what collection agency is after me now.

Posted by Tom

I have always had an enthusiasm for homesteading and for living off the grid even though I live in a combination of country and urban setting. Living in Central Florida north of the big cities we have the best of both worlds, country and the conveniences that a person would have living in a large urban city. I personally have had a concern about our weakening economy and how it effects each and every-one of us. The second thing that I have a concern about is how most of the world view’s our country and what may happen one day here in the United States. My Life Experiences I was raised by parents that grew up during the great depression, they passed onto me what life was like and how people had to live during this time period. My family were farmers, gardeners, and homesteaders, they were raised this way and they passed onto me these qualities. I also have family members that live totally off the grid. They live in the North Woods of Minnesota which is a great location for living off the grid. The Southern Homesteader is a passion of mine, I love passing on and sharing information about cooking, news, being self-sufficient, living off the grid, canning, food storage, budgeting, and much more. Since this blog is a passion of mine I am constantly adding and tweaking this site to be a better resource for you. More About Me I grew up in Northern Illinois farm fields. After spending most of my life in large corporate business I decided to relocate to a small town on the nature coast of Central Florida. This is where I met my wife and between us we have 4 wonderful daughters. We have a small homestead where we raise our chicken and live freely. We also have a bug-out place in the mountains of North Carolina that we call our retreat. We spend time there getting things prepared for all our family members when SHTF. I am blessed with a wonderful family and the knowledge that God has given me so I can pass this along to you the readers. I will never tell what you what to do or what to purchase, I just am offering my opinion. I want to take this time to thank each and every one of you. Always feel free to contact me and drop me a note. I will do my best to respond to your emails in a timely manner. Thank you again, Tom Johnson