Tips How to Start Saving Money

We waste money on things every day. This waste can limit wealth potential and seriously hamper efforts to live a frugal lifestyle. Indeed, whether you are looking for ways to save on entertainment, or if you just want put a few more dollars in the retirement plan each month, you can find little ways to save. In fact, if you are serious about saving, here are 10 easy ways you can start saving money today:

Double check your employer match program for retirement savings: The employer match is making a comeback now that the economy is on the mend. That is free money in your retirement plan. Make sure you are taking advantage of the employer match.

Combine your telephone, Internet and TV services: It would be most cost-efficient to just watch TV on the Internet, and get VoIP for your phone, but if you aren’t comfortable with that, see if you can get a package. The rates are often lower when you combine. Start here to see if you can find a good broadband promotion.

Tri-line discount on insurance: The combination idea works for insurance premiums as well. Many companies will give you a discount if you get homeowners/renters, life, and auto insurance at once. I know I’m saving money each month with my insurance package.

Ask your credit card issuer for an interest rate reduction: If your account is in good standing, you might be able to get an interest rate reduction — just for asking. You can get a reduction of between 0.5% and 3%, depending on the policy of the issuer. It never hurts to ask.

Send away for those rebates: If you buy something that comes with a rebate, send away for it. Make sure you keep a copy for yourself, and date it. Use a calendar to mark when you can expect to get the money (6-8 weeks), and don’t be afraid to follow up. If you are really serious, and the rebate is big enough, consider sending it via registered mail to ensure that the retailer can’t claim that the rebate form was “lost.”

Double check the PMI: If you didn’t have a 20% down payment, you are probably paying for private mortgage insurance. However, if your home appreciates in value, and you have paid enough toward the principal, once you get a 20% cushion, that PMI can be removed. You can save money each month if you aren’t paying PMI premiums.

Re-evaluate your subscriptions: Honestly evaluate whether or not you are reading your magazine subscriptions, and whether you are really watching that much TV. Consider canceling subscriptions that you really aren’t using. Even Netflix could become a bad deal if you don’t use it. Check the Internet to see if you can find a better deal (free content or TV shows) online.

Consider rewards cards: If you frequent a store enough, consider signing up for rewards programs, or get a rewards credit card. This can result in coupons, special offers and even cash back. Just be sure that you aren’t buying useless items just to accumulate rewards points.

Maintain your car properly: Proper maintenance now can mean less expense down the road. Get a car with only one prior owner, and take good care of it. You will be surprised how much you save over the long haul. My husband and I bought a year-old lease return nearly eight years ago, and we have kept it in good shape. Our long-term costs on it have been lower than those of family members who bought cheaper cars, but haven’t been taking good care of them.

Increase your deductible: If you have a decent emergency fund accumulated, consider boosting your deductible. You can save on monthly insurance premiums if you are willing to pay a higher deductible. With the proper savings in place, adding $200 to $500 to your deductible shouldn’t be much of a problem.