Top 12 Easy Ways To Save Money

There is no question that everyone loves to save money but figuring out ways to do so can be difficult. The fact is that there are some fairly simple ways that can help you save money and build your savings. These easy changes can help you become more financially secure.

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1. Save with a Savings Account or CD

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Leaving large amounts of money in your checking account may make you feel is if you are saving but unless it is an interest bearing account, you may actually be losing money. Even if it is an interest bearing checking account, those types of accounts pay much lower interest than a savings account. If you can place your money in a certificate of deposit for six months to a year, that will earn you even more interest over time. It also helps keep you from spending your savings too easily.

2. Check Your Credit

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Your credit score has an impact on many areas of your life. If your score is too low, it could result in higher rates on loans as well as higher rates on insurance policies. You may be denied an apartment rental or may not be able to rent a car. Even if your credit is good, keeping an eye on your credit also protects you from identity theft.

3. Repair Your Credit

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Everyone makes mistakes and if one of your mistakes was not taking care of your credit in the past, it is not too late to correct those mistakes. Although you can repair your credit on your own, it can take time. Using a credit repair company may help you improve your score more quickly.

4. Consolidate Credit Cards and Loans

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Credit cards and personal loans can come with fairly high interest rates. If your credit is in good shape, you may find it will save you in the long run to combine all those accounts into one in order to get them paid off more quickly. By reducing the interest you pay each month, you will have more money to add to your savings account.

5. Review Your Tax Situation

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You may have your tax deductions set too low which means the government is taking too much money from your check each payday which means they are holding your money interest free all year. If you have your deductions set too high, you could end up paying a big tax bill come April 15. Having your taxes reviewed by a tax service is a good way to get an idea if you have your taxes in order before you get a big surprise in the spring.

6. Shop Around for Car Insurance

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Car insurance can be very expensive which is why you want to compare rates periodically to be sure you are getting the best deal. Although you may think your agent has given you the best price, you may find that another company offers the same coverage at a much lower price.

7. Refinance Your Home

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Mortgage rates are very low right now and if you took out your mortgage more than five or six years ago, you may be paying a higher rate than necessary. Even lowering your mortgage rate by one percent can reduce your monthly payment by $100. That is a savings of $1,200 per year or $36,000 over 30 years.

8. Lower Your TV Costs

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Today, there are many options for television service. You are no longer tied to one cable company in order to watch your favorite shows. Eliminating the cable bill can save you a significant amount of money over the year.

9. Purchase Life Insurance

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Although you may not think a life insurance policy will benefit you, purchasing life insurance is an important investment. It will help provide income for your family should something happen to you and could prevent them from significant financial difficulties after you pass away. Purchasing life insurance when you are young is relatively inexpensive as policy costs rise as you get older.

10. Lower Your Credit Card Interest Rate

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If you have a credit card with a balance and a high interest rate, you could be spending much more than necessary each month. You can search and compare many different types of credit cards in order to find cards with low rates that even offer balance transfer options to help you eliminate the high interest you are currently paying.

11. Take Surveys

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One way to get a little extra money in your pocket is by taking surveys. There are companies online that will pay you to answer surveys on items you use each day. These may be questions about items you purchase or they may want to get a review on a product they know you use.

12. Try Free Samples

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Similar to payment for surveys, there are also companies that will send you free samples of their product and pay for your feedback. These may be different brands of items you use each day from recognized companies who want to know how they can better their own products.

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These are just a few of the ways you can save money each month. You can also save by joining EmployeeandMemberDiscounts.com. There is no membership fee and you can begin accessing discounts that were previously only available to certain employees or members of specific organizations. Sign up and begin saving today.