Your money and your time are your greatest financial assets; when you waste either unnecessarily you’ve placed yourself into a no-win situation. You, your family members, and your colleagues deserve the best in life, and that just doesn’t happen when your fritter away your money and time on things that just don’t support your success. By applying the following tips, you can make a big difference between going broke and saving plenty of money in the year 2011.
Take a good hard look at the number of monthly contracts to which you’ve committed your personal or business finances
Seriously think about the number of contracts you commit to each month. Are they all necessary? Do you really need that $80 membership at the gym, subscriptions to catalogues and a premium television package? If the answer is no, cut them and don’t think about re-opening them until your economic state is in slightly better shape.
There are some contracts that you simply cannot avoid paying, however, which is fine. But there are some contracts that you can easily expunge from your life without removing the commodity that comes with it. For example, do you really need to pay for your cell phone on a yearly contract? Or could you downsize the calling plan and get a pay-as-you go contract that allows you to regularly re-evaluate how much money you really need to budget for your cell phone service?
Sometimes contracts are the best option, but have you really thought about the amount you’re paying for the contract? For example, think about your heating company. Are there other companies that offer the same thing at a lower price? Consider searching for different companies using price comparison websites.
Accept that you can look fashionable without robbing your piggy bank
According to research, 80 percent of generic products are just as good as the branded ones. Dress your kids better with affordable and stylish clothes. A $100 sweater may look nice, but so can a $30 sweater on sale.
Start reducing your monthly shopping expenses by taking better advantage of available rebates and coupons
Coupons are a great way to budget and cut back on expenses. Taking the time to clip those coupons for your clothing and grocery transactions is an awesome way for you to save money and cut your monthly household costs.
This is a guest post by Stephanie Mojica. She is a writer for Quizzle.com, where she specializes in helping consumers with money management and money saving tips. She’s also a business success and prosperity coach and author of “How One Writer Shifted from Settling for $12 an Hour to Prospering at Over $90 an Hour.”