Frugal Living: Save money every month with wise spending habits

Generating income may not be a difficult task if tried for, but you will not be able to build up your wealth if you don't have wise spending habits. Frugality is not just a way of life; it is also a state of mind! If you want to save money, you will have to find out those money leaks and adjust as per requirement. It is your mindset which will help you in saving money without becoming too much of a thrifty. You should always remember that it's the recurring expenses that take away a large sum of our income. So, if you could eliminate those recurring expenses to some extent, chances of saving money will become higher.

Recurring bills that you can cut every month

Let's take a look at some of recurring bills which you may be able to cut if you plan in a better way.

Home phones: All of us have a set or two of cell phones and hardly use a home phone. So, a home phone is not have much of a requirement. It may sit at one corner of your house and you have to pay a certain sum every month because of it. You can simply do away with it. It will help you save a certain amount every month.

Cell phones: Though cell phones are a necessity these days, it digs a hole in your pocket every month. As you can't get rid of it, you should take steps to cut the bill. You can check out various pre-paid and post-paid plans with different service providers and chose the one that suits your purpose and doesn't cost you much.

Gym membership: Most of us have enrolled in a gym and pay for it every month. But how many times in a month do you visit the gym? Due to our hectic work schedules, we hardly get time to visit the gym. If you're really concerned about your fitness and want to avoid gym membership fee every month, try jogging every morning. You can run in the parks, beaches or even on the road.

Car washing: It can be understood that oil changes and other car maintenance work may not be your cup of tea but you can wash your car on your own. You will require car soap, sponge or terry cloth rags and a hose pipe in order to wash your car. This can be easily done in the weekend and won't take much of your time.

Subscriptions: You may have subscribed for different newsletters, magazines, clubs, etc. May be you hardly visit that particular club or you hardly get time to read those newsletter or magazines. In such a situation, you can withdraw the subscription so that you don't have to pay money for that. This will, once again, help you save a certain sum of money every month.

Electricity: If you're planning to save money, then control your electricity usage. This does not mean that you will have to live in the dark. As you may have heard earlier, you should turn off the lights and electronics when you're not using it, dial down the water heater to 112 degrees, open the windows instead of using A/C, etc. This will lower your electricity bills and save your money.

If you can follow the above mentioned tips diligently, then you will be able to save quite a lump-sum amount every month.

SB is associated with various online finance related Communities. He has also made notable contributions through various articles written on different subjects related to the debt industry. He has a good knowledge on Personal Finance, frugality, saving etc. You can visit http://www.ovlg.com/.

5 Tips for Staying Out of Debt This Year

Saving money is a must in today's economy and with the Internet’s fast, reliable connections to deals – you have to take a closer look to see what's available for you. Use the internet in your favour, consider how much money you can save on life cover comparison and other important financial aspects of your life. With the right information at hand, you can save money.

1. Price comparison sites online.Price comparison sites have all of the information you need from the best companies. You do not have to look far or spend too much time evaluating services on these sites. A few items you should consider using price comparison sites for is credit card deals, life cover comparison, health insurance, and car purchases. By using the sites effectively, you will save money to manage other responsibilities in your life.

2. Track sales offered in retail stores.Use the internet to find sales online. You may find opportunities to use coupon codes, printable coupons, and/or retail circulars with additional savings. By tracking the sales offered in-stores, you can plan your spending wisely to avoid compulsive buying that leads to debt.

3. Cook at home instead of dining out.Cooking at home saves time, money and effort in earning enough money to pay for high tabs in restaurants. Imagine spending extra pounds on family dinners when you can purchase the goods from the store. You can save money by buying enough food for seconds, left over food for lunches, and removing the aspect of travel to get to your dinner. Recent studies show that cooking at home is good for building relationships with your family, too.

4. Monitor your spending habits to eliminate unnecessary spending.How much money do you spend in a month? Include the basics of utilities, car maintenance, fuel, food and clothing then add all of the little extras you enjoy on a daily basis. You begin to see a pattern of overspending and/or extra funds you can use for other purposes in your life. Test yourself over the next 30 days by working hard in monitoring every pound you spend during your day. You may notice additional expenses you can avoid including coffees, restaurant tabs, and other daily activities draining your wallet.

5. Use cash instead of credit for purchases.Overspending behaviours kick in when you assume you have extra money on your credit card. Soon, the balances begin to trap you in further debt than expected. Remain cautious and buy all of your items in cash if you can help it. Try to change the way you view money then apply the skills necessary to avoid overspending in the future.

Guest Post by Daniel Kidd. Comparethemarket is a UK price comparison site that can help you save money on a range of financial products.

How to Get Out Of Debt This St. Patrick's Day

St. Patrick's Day is right around the corner. The holiday is a great opportunity for people to get together with friends and family and knock back a few beers. Traditionally, people don green attire on this holiday. However, if you want to enjoy all of the St. Patrick's Day festivities, there is another green thing you need to worry about. That green thing is money. Many people suffer from mountains of credit card debt. Debt can be suffocating for anyone who finds themselves in it. For St. Patrick's Day this year, it is time to take steps to get out of debt.

Assess the Situation

The first step to getting out of debt is to figure how serious the situation is. To do this, pull up all of your credit card statements and figure out exactly how much you owe. You also want to think about how you wound up in debt to begin with. A good way to do this is to track your spending for a week. Write down every cent you spend. This will help you understand where all of your money went. The first step to getting out of debt is understanding how you got there. Otherwise, you run the risk of getting in to debt all over again.

Make a Budget

If you want to figure out a plan to eliminate debt, you need to figure out how much you can afford to pay. In order to do this, you should make a budget. A budget is a template that helps you live a financially responsible life. You can make your budget in any number of ways, but a monthly budget is the most common format. When making your budget, you want to list several categories. First, list all of your income. Then, list your fixed expenses. This includes loan payments, rent, and utilities. The next category will be your variable expenses. This includes groceries, gas, clothing, and entertainment. This is the area where you have some flexibility. Assign a reasonable amount that you feel you can stick with. After your expenses, list another category. This category should include money you can put toward debt and money you can save. If you have left over money in your variable expense categories, that is more that you can put toward debt. The key is making a budget that you are comfortable with.

Learn to Save Money

If you pay a little more attention to detail, you can save a lot of money in every category. With groceries, look for coupons and sales before you go out. If you have a smartphone, take advantage of the many apps that are geared toward saving money at the store. To save on gas, consider combining trips. If you plan your activities ahead of time, you might be able to knock out more errands in one trip. For your gas bill, turn your thermostat down a couple of degrees. You will still be comfortable while saving a sizeable amount of money on your bill. As for entertainment, look for special event deals. It may be difficult to find a money saving pattern that works for you, but you will see results once you do.

Consider Debt Relief

If your credit card debt is sizeable, consider debt relief programs. First, contact your credit card company. They may be willing to work with you on a payment arrangement that will save you money and not destroy your credit. If you have debt on several cards, consider a debt relief service. These services can help you eliminate credit card debt in a less stressful way. Essentially, they will eliminate fees and interest so that you can save in those areas. As long as the debt relief program is reputable, you should be able to eliminate your debt as time goes on.

Author’s Bio: Mark Paul is a regular contributor for Debt Consolidation Advice and guest writes for several other finance related blogs. He covers the debt relief industry and provides helpful ways for getting out of debt. He also offers various tips for saving money and being financially responsible.