How to Save & Make Money

Overview

Making and saving more money can be simple. However, when you're continually burdened by more bills than you can pay, it's hard to believe that simple changes in your daily money habits will do much to ease your money woes. It's true that personal finance problems are usually multifaceted, and the sums of money involved can seem overwhelming. However, if you break your spending habits down into smaller components--and take a creative look at earning opportunities--making and saving more money really is an achievable goal.

Step 1

Save all your receipts. Keep a meticulous log of all your spending--including rent or mortgage, utilities, insurance groceries, gas, and entertainment--for one month.

Step 2

Keep track of all your income for the same monthly period.

Step 3

Compare your spending to your income at the end of the month.

Step 4

Plan your monthly spending so that you spend less than you earn.

Step 1

Eliminate or reduce unnecessary coffee shop visits and dining out.

Step 2

Reduce your grocery bills by reducing prepared food purchases. Buy in bulk when it makes sense.

Step 3

Clip coupons. You might not see yourself as a coupon clipper, but big savings can be found when you're careful to buy only items you'd buy anyway. Combine coupons with store specials. You'll find the most manufacturer coupons in the Sunday paper, but you can also find printable coupons on-line.

Step 4

Do away with unnecessary services. Terminate your premium cable channels; subscribe to basic cable instead. If you're brave or especially broke, save more money by cutting off cable completely. Get an antenna and digital converter box.

Step 5

Allow your least favorite magazine subscriptions to lapse. This will save not only money, but it will cut down on clutter in your home.

Step 1

Withdraw enough cash each month to cover your groceries, gas and other necessary cash expenditures. Include a small splurge allowance to help you stick to your budget.

Step 2

Leave enough cash in your checking account to cover your bills that must be paid by check or Internet banking, plus $100 as a safety cushion. Use your budget as a guide.

Step 3

Transfer the remaining balance into an interest-bearing savings account or other no-risk interest bearing account.

Step 1

Pay off payday loans immediately if you have any. These are high interest loans that can quickly trap you in a never-ending cycle of debt that will prevent you from ever saving money. Consult a non-profit credit counseling agency for advice. Borrow money from family members if necessary to pay the debt before your next due date.

Step 2

Save money in interest by eliminating your credit card debt. Choose the card with the highest interest rate, and pay it off first; pay down all your cards in descending order according their interest rates. If possible, transfer high interest balances to a lower interest card.

Step 3

Trade in your car for a less expensive model if your payments are high. Buy a late model used car instead, and save even more money.

Step 1

Plan a garage sale. If you are well organized, you can make several hundred dollars in a single day by sell gently used clothes, books, toys, kitchen appliances, tools, furniture, car accessories, and anything else you have in your home or garage that you don't use.

Step 2

Take a paper route--or other early morning or late night delivery job--if you need to make money while your family is still asleep.

Step 3

Provide child care in your home. Make sure that you comply with all legal requirements for child care facilities if you have multiple children in your home.

Step 4

Do freelance work on the Internet. On-line freelancers provide a wide range of services including writing, bookkeeping, graphic design, and even technical support and customer service. Many freelancers make enough money that they do not need a 9 to 5 job.

Step 5

Sell products on-line through eBay or your own Website to make a little extra money. Websites are simpler than ever to set up, and they're inexpensive to operate if you keep the Website simple enough to do your own administration.

How to Save & Make Money by empiremoneymaker.com