How to save that extra cash

Saving an extra $100 per month will give your budget additional flexibility. There is a lot you can do with $100, such as paying down high interest debt, saving for future expenses, or even a luxurious vacation.

Cut the luxury

Small luxuries are the first place to look for cuts. Look into your wallet at the beginning of the week and at the end of the week, chances are that the small bills go quickly and you never have anything to show for it. The $4 cup of coffee in the morning, a $.75 candy bar at lunch and a gumball at the store might seem like a small amount at first, but this adds up to $150 per month.

Insurance premiums are out of this world

Insurance premiums are another place to save some additional cash without risking financial safety. Raising the deductible on your home or car insurance will drop your premiums by 25% or more. Increasing your deductible from $500 to $1000 will free up a significant portion of your budget while only adding additional liabilities if an emergency occurs. Why pay an extra $600 a year for just $500 more in protection on your car? Call your insurance broker and lower your deductible immediately.

Invest in cost saving devices

Invest in your future. Changing out light bulbs or your shower faucet head can bring instant savings in electric and water bills. New light bulb technology drops electricity use by 75% while still delivering the same amount of light. Low flow showerheads limit water usage but can still deliver the pressure that you enjoy from your traditional shower head.

Saving the small change

Start collecting spare change. The small amounts of money is quickly lost or spent on things we do not really need. The “gotcha” stores with the $1 items might sound cheap at first, but when you realize you have no need for them, they are no longer doing you any service. Start saving the small change and it will quickly add up.

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