5 ways to cut down on expenses

Learn how to cut down on your spending with these 5 ways to cut down on expenses and you will have money to pay your bills and do the things you want to do.

Let’s face it, everybody has expenses but the trick is to cut down on these expenses and get them under control. Let’s make that a resolution for the New Year. Many of these day-to-day week-to-week and month-to-month expenses can cost you a lot less money with just a little effort on your part.

Number 1. Pay down your high interest credit cards. Many credit cards nowadays are carrying a interest rate of 29.9% and if you have a high balance, chances are very good that you are making your minimum payment and it will take years to make a dent in the balance. Negotiate with your credit card company and get them to drop the interest rate to less than 10% and then make your minimum payment plus extra money on the balance each month. Start with the credit card that has the smallest balance and when that is paid off use the money that you are paying on that one and apply it to the balance on the next smallest and so on and so on until you have them all paid off.

Number 2. Get yourself a free checking account. Many small banks and credit unions will offer free checking accounts with no minimum balance. Find one and then go tell your bank that you’re going to switch your account because you found a bank account that is free and they might just switch your account to a freebie. If they don’t, then change banks.

Number 3. If you have an adjustable rate mortgage, refinance and get a fixed rate mortgage as soon as you can. With the government printing money right now the way they are, interest rates are going to go up. I remember very well in the mid 1980s that mortgages were at 16% and higher. This could very well happen again and people with adjustable-rate mortgages are going to lose their homes.

Number 4. Switch into to term life insurance. If you have a whole life policy and have cash value, cash it in and buy a single pay term life insurance policy.

Number 5. If your car is paid for, or if you have extra money, set up a car savings account. Each month put the amount of money equivalent to a good car payment in this savings account. At the end of three or four years depending on what type of car you buy you will have the money to pay for it from these payments and instead of paying interest you will have earned interest on your money. Now, as you are driving your new car start a car savings account again and do the same thing over again only this time you will not have to put as much money each month into it.

Jimmy says, there are a lot of ways to cut back on expenses, but you have to want to do it.

Whoa Jimmy?

If you know anyone who needs financial increase or wants to earn more money or save money sent them a link to this website. www.increasenow.com

This is only 5 ways to cut down on expenses and if you have any more tips please share with our readers in the comments