Having a few easy and down to earth concepts and ideas for spending less, cutting expenses and socking money away is a good way to start putting together a rainy day fund. This freed up money can be applied to your emergency fund so that you can weather any financial storm that blows your way. Here are some great ways to save for a rainy day.
- Examine how you use your cell phone and make adjustments accordingly. If you are exceeding your minutes, would it be cheaper to switch to a plan with more minutes? Would it be easier for you to switch to a prepaid cell phone card if you are not using all of your minutes every month? Many cell phone users can save money every month simply be re-evaluating their mobile phone usage.
- Pay using cash whenever possible. Unless you are good at paying the bills for your credit cards in full every single month, then never use your credit cards for anything that you eat or anything that you wear. When you use cash to buy these purchases, it makes you much more aware of how much you are spending.
- Turn things you are not using, or wearing, into money in your pocket. Take clothes to a consignment shop, cell CDs at a record store and trade movies and video games into a video game shop. If you have a lot of unused items, consider having a garage sale. Apply all of the money that you earn to your rainy day fund.
- Plan all of your errands ahead of time. When you combine numerous errands into a single trip, and when you plan all of your stops out for the most efficient route, you end up saving yourself both time and money in the process, so this is a win-win situation.
- Make sure that you have the best insurance. Compare home owner's insurance plans, automotive insurance plans, health care plans and any other types of insurance that you use to make sure that you are reducing expenses rather than piling them on. Compare quotes from a number of different providers and make sure that you are getting the best possible deal. Periodically going over your rates is also a good idea since good behavior can help you lower your rates. This is especially true when it comes to automotive insurance, since driving well with no tickets or accidents often translates into a deal.
- Maintain a healthy credit rating. Your credit rating counts for a lot, and saving money, which means getting low rates, will mean having a solid credit rating as a foundation. Maintaining a healthy credit rating will certainly pay off over time.
Photo Credits: Sushicam
Originally posted 2009-12-09 03:57:00. Republished by Blog Post Promoter
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And stop buying random things you don’t need! You will survive skipping the bar hop or the dinner on the town.
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