This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Saving Without Misery

The first step is to make a list that shows where all your money is going. Once you know this, you need to figure out ways to reduce the amount you are paying for each item on your list, instead of deciding what items to eliminate. While this may seem difficult at first, it's not too hard, and the more you practice it, the easier it will become. Here are a few examples of ways to accomplish this:

  • Instead of canceling your cable TV or moving to a slower Internet service, you can confront providers with competing offers and get the same service for a less-expensive price.
  • You can do price comparisons to see whether you can get the same coverage on your car insurance and homeowners insurance for a better price.
  • You can take a look at your electricity, water and gas bill and see whether there are ways to reduce the amount you spend without changing your lifestyle, such as washing clothes in cold water (you won't notice the difference) or installing energy- and water-saving devices.
  • These steps aren't limited to services. If you purchase a couple of soft drinks each day at work, you could instead purchase them in bulk from a discount warehouse club. You get the same drink, but at half the cost.
  • What all the above examples have in common is that you are still getting the same items or services that you are getting today, but at a better price. This frees up money, allowing you to save while still living the lifestyle you have enjoyed. By looking at all your expenses and reducing the amount you pay where it's possible, you should be able to shave several hundred dollars off your monthly spending.

    While this system will not work for those that are completely out of control with their spending, it will work for the vast majority of people. The key is that you focus on reducing costs without eliminating or reducing what you are currently getting.

    Jeffrey Strain has been a freelance personal finance writer for the past 10 years helping people save money and get their finances in order. He currently owns and runs SavingAdvice.com.
    2 of 2

    Check Out Our Best Services for Investors

    Action Alerts PLUS

    Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

    Product Features:
    • $2.5+ million portfolio
    • Large-cap and dividend focus
    • Intraday trade alerts from Cramer
    Quant Ratings

    Access the tool that DOMINATES the Russell 2000 and the S&P 500.

    Product Features:
    • Buy, hold, or sell recommendations for over 4,300 stocks
    • Unlimited research reports on your favorite stocks
    • A custom stock screener
    Stocks Under $10

    David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

    Product Features:
    • Model portfolio
    • Stocks trading below $10
    • Intraday trade alerts
    14-Days Free
    Only $9.95
    14-Days Free
    Dividend Stock Advisor

    David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

    Product Features:
    • Diversified model portfolio of dividend stocks
    • Updates with exact steps to take - BUY, HOLD, SELL
    Trifecta Stocks

    Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

    Product Features:
    • Model Portfolio
    • Intra Day Trade alerts
    • Access to Quant Ratings
    Options Profits

    Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

    Product Features:
    • Actionable options commentary and news
    • Real-time trading community
    SYM TRADE IT LAST %CHG
    AAPL $130.54 0.20%
    FB $80.29 1.39%
    GOOG $533.99 0.35%
    TSLA $249.45 -0.54%
    YHOO $43.35 0.97%

    Markets

    DOW 18,040.37 +29.69 0.16%
    S&P 500 2,111.73 +4.34 0.21%
    NASDAQ 5,082.9290 +12.9030 0.25%

    Partners Compare Online Brokers

    Free Reports

    Top Rated Stocks Top Rated Funds Top Rated ETFs