Give Yourself a Raise!

Anytime you are facing a debt with the desire to pay it off its good to find a little extra cash. It’s that cash that’s left over each week after the bills are paid that allows us to eat out, buy something we want or even pay extra towards the debt.

What happens when you don’t have extra cash after the bills? Here are a few quick tips that might lead you to some.

• Mind your utilities. Don’t leave water running, flip the lights out when you exit the room, adjust you thermostat for when you are not going to be home and keep the front door closed as much as possible.

These are all minor adjustments that take just seconds but could lead lower utilities and extra cash.

• Take your lunch to work with you. I know we aren’t talking elementary school anymore but taking your lunch with you will not only save you money but could also help you eat healthier.

• Buy your groceries for the month. We spend so much money on impulse buys at the grocery store. Buying a month’s worth of groceries will result in fewer trips to the store and less impulse buys.

• Shop your insurance. This is a huge one! There is a lot of money to be saved or lost in your insurance. Never renew your auto insurance policy unless you have compared it to at least three other quotes. Most auto insurers provide additional discounts for taking a 12 month policy. The same principles apply for your home owners or renters insurance as well.

Your medical insurance needs to be check and compared annually as well. If you are paying for insurance through work or privately you need to shop around once a year. Sometimes you will find better deals for comparable insurance and sometimes you will find that you already have the best deal but you’ll never know until you check. Between my auto, homeowners and medical insurance I will save $174.00 per month beginning in January.

We all like to get pay raises because it means we have additional income coming in. I’m due for a raise in July but thanks to a little extra research and effort I’ll start receiving extra income long before that by the process of savings.