Top 5 Ways to Save Money This Summer

Times are tough and everyone is trying to save a buck. But with rising gas prices, healthcare, and food costs, it is hard to save. So hang in there and get creative by following these 5 ways to save.

1. The Truth Hurts, But It Will Help You Save
Tracking every detail of your spending will help you find where to cut back. Keep your receipts, balance your checkbook, and categorize at the end of the month. Seeing monthly totals on your spending will make you realize where you may be spending too much. Some free tools that make this process simple are: www.mint.com & www.wesabe.com

2. Check The Internet Before Your Next Purchase

If you don’t research most of your purchases online before you buy, you should start. Before buying anything of substantial value, do some research on the item online. Look for product specs, prices, pictures and reviews, as well as compare it with competing products to ensure that your making a well-informed and thought-out purchase. Look for coupons, discounts, sales, and rebate offers.

3. Avoid Buying with Credit Cards & Loans

Ever heard the term “Cash is King”? This has never been more true. If you are still charging like it is 2006, you better slow down. Refrain from making everyday purchases through a credit card because not only do you get charged an interest rate, but it becomes easy to let the balance continually increase. If you have a large amount of credit debt, review your interest rate. In some cases it’s better to pay down a high interest credit card than investing the money.

4. Points, Points, & More Points

Does your debit and credit cards offer points or cash back? Some debit cards offer you a percentage cash back for any purchase made using your debit card as a credit card. Ever been asked by a teller “Is that debit or credit?”. Check with your bank and you may soon be saying “Credit!”. A small percentage can add up to hundreds of dollars a year.

5. Review Your Subscription Services
The summer is a busy time with vacations, outdoor activities, and events. Most families do not spend as much time in front of the television, reading newspapers, or talking on the phone. Review your subscriptions with these types of spending and look for ways to save. Many companies will be happy to switch your newspaper to a weekend subscription, or remove your movie channels for a few months.