Understanding Body Language

Sure, you can turn down the thermostat, buy generic, or lay off the dinner dates, but what if you’re still not pinching enough pennies? Try looking where you may not have looked before. For example:

1. Pay bills on time. Not paying on time results in significant late fees, and can negatively affect your credit score.
2. Try to negotiate a lower interest rate on your credit cards. It may not always work, but it’s worth a try, especially if you have a good payment history.
3. Consider consolidating credit card debt onto one card. Make sure it’s a card that has a low interest rate – lower than any of the others, at least.
4. Car insurance. Shop around for insurance to find the best rate. If you’ve had your car for several years, it may be time to revisit your coverage. There are probably some things you can drop, especially if the repairs necessary in an accident would cost more than your car is worth. Another way to save money on insurance it to raise the deductible. According to National Association of Insurance Carriers (NAIC), going from a $250 to a $1000 deductible can save you up to 40% on the collision portion of your policy.
5. Refinance your mortgage, if the interest rates drop significantly.
6. Save coins. We all have loose change jingling in our pockets. You’d be surprised how quick it adds up. Collect all your coins in one spot of the house – an oversized jar, for example. Once it’s full, trade it in for paper money at your local bank.
7. Pad your checking account. There are a couple ways to do this. One is to record a lower number in your checkbook than is actually in your account. For example: If you deposit $1,200, only write $1,000 in your checkbook. Pretend as if the extra two hundred bucks is invisible. Another option – round up on all your transactions when you make a record of them. For example: If you pay a $48.95 restaurant bill with your debit card, write it down as $50 in your registry. The extra padding adds up quick.
8. Save your raise. If you get a raise at work, consider depositing that extra money into savings.