Posted by: rhenderson8110 | April 7, 2013

Baby Steps to Saving Money

So in this post I thought I’d go over a few “baby steps” that you can take to begin the road to fiscal responsibility and freedom. Here are just a few that are easy and quick:

1. Call your auto insurance carrier. Ask them what discounts you are getting and to go over what coverage you have. Have the conversation- it takes a maximum of 15 minutes and is completely worth it. Did you recently pay off a car loan? Many times having a loan requires you to have maximum coverage- maybe you decide you don’t need that now? Also, if you are a homeowner- be sure to bundle your homeowner’s insurance with your auto it usually saves! After calling your carrier- call another and see if they can offer you something better. And phrase it that way to them- they are a business, ask them to earn yours!

2. Reevaluate your cell phone, land line, TV & internet coverage. First of all, do you need them all? Secondly, are you bundling them? Consider getting rid of cable and getting Netflix  instead- WAY cheaper and then as an added (and I would argue more important point) you can filter what comes into your home! Also, is there a family plan that you could jump on that would make your phone bill better? It doesn’t have to be family- it could be a group of friends who want to save some $$. 

3. Do you have school loans or other debt from a long time ago? Have you considered consolidating them? Interest rates are at an all time low- all you need to do is call the loan holder and ask them about it. It could save you a TON of money in the long run and is completely worth your time!

4. Enact a ‘no spend’ month. Do this as often as makes sense for you. Quarterly might be a nice routine to get into. Only spend money on the necessities. Work together & get creative about eating in & entertaining yourselves for free! Make it fun or this won’t work. On the plus side, when Alex & I do this we always find something really fun to do in our area that we wouldn’t have done otherwise. And it always involves quality time together- something we can’t get enough of! 

5. Make it a goal to do something active together on a regular basis. This sounds like it might not relate to saving money but when I thought about this, basically all active things are free or REALLY cheap! For us it could be agreeing to play tennis together 1 evening a week. Or going on a walk together 3 times a week. It’s good exercise, it’s FREE, and it is a ton of fun! Sometimes all we need to do is put it on the calendar. I promise you’ll be so glad you did it once you do! 

Okay well those are just a few but hopefully it sparked some ideas and inspiration! Remember, being financially free is just a bunch of baby steps in the right direction and small routines created that work for you. Happy saving… and remember to try to enjoy the process too!

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Responses

  1. I enjoyed your post! Baby steps are the best way to go – I am slowly chipping away at my debt 🙂 I recently implemented a no spending week (building up to a month 😉 and I found it really helpful to know I CAN have restraint on buying things when I set my mind to it! Im thinking of having a no spend week once a month 🙂 Anyway, thanks for sharing your tips.

    • I am so glad you enjoyed it! And yes, little by little is the best way. One week a month is a great idea- let me know how it goes!


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