How To Save More Money And Boost Your Finances

The year is 2014 and the financial climate of the world is only getting worse. More and more jobs are being cut and employers paying less and wanting more time and work from employees. The cost of living seems to be soaring and with a paycheck that doesn’t increase, many people wonder, how can they save more money or at least cut down on their expenses. Not to worry, this article will outline some of the easiest ways you can instantly save some money and improve your financial situation.

planning_budgetThe first thing you can do is refinance your home. You may be doubtful of doing this; however, this can give you huge savings on your current mortgage in the long run. Sure you will pay more on the monthly for a period, however, in the long run, you will save thousands of dollars.

The next method to save money is to cut your grocery bills and food expenses. The first step is to reduce how many times you eat out and drastically cut this to the bare minimum. Instead of wasting hundreds of dollars in restaurants or bars, buy all your food at the grocery and market. You can save even more money at the grocery if you collect coupons and use these to purchase essential items in bulk and save hundreds. The television show, “ Extreme Couponing”  will show you exactly how little you can spend i.e. less than $20 at the grocery but get a basket full of groceries. Also, there are usually days that you can get discounted fresh produce from the market – usually the day before they get new stock and you will get fruits and vegetables for less than half of their original cost.

The third tip to drastically cut your monthly costs is to disconnect your telephone service. This may seem shocking at first, but I promise, you don’t need it! Once you have a good internet connection, you can use a device such as the “ Magic Jack” to make calls through your internet. Alternatively, you can use Skype or free calling services such as Viber to keep in contact with friends and family.

Another way to save money is to donate your stuff – clothes and household items to an IRS charity. These IRS affiliated charities allow you to donate your belongings in exchange for a reduction on your yearly taxes. However, be sure to keep a note of all the items you donate and their cost so you can attach them when you are doing your taxes for the year.

The last method that will help you to save more money is to cut up your credit cards! Okay, well maybe you won’t be able to cut all of them since modern living requires the use of credit cards, however, you don’t need to have more than 1 or 2. By drastically reducing your use of credit cards, you will reduce your debt and stop spending money you don’t have! Alternatively, you can use a debit card for online transactions and get rid of credit cards altogether.

On ending, you will save thousands of dollars by following the above tips and guidelines. By taking charge of your monthly and yearly finances, you will be taking charge of your life!

Albin Poulsen is a third year PhD student in the Dept. of Business and Economics at University of Southern Denmark. In his spare time, he runs a blog, where he talks about finances, debts, loans and about the economy in general.