Cutting Costs

Cut Spending

As Americans, we average $8,000 in credit card debt. This is an increase of over 200% since 1990. Some say that if we keep up this rate we will average $12,000 in credit card debt, and spend 3% more than we make a year by 2010. Incredibly economists do not see this changing anytime soon.

If you happen to be one of these consumers, there is a better way to approach your every day finances and spending. We have gathered some tips below to help curve this excess:

Bill Payment

The average household receives more than 15 bills a month. By mailing your payments in you spend nearly $90 a year in stamps and mailing supplies. Alternately try using online bill payment through your bank. This will allow you to not only save money, but save in time and budgeting by automatically scheduling when your bills are paid each month.

Conserve Water

According to the Environmental Protection Agency, 2 ½ gallons of water is wasted for every minute it flows – save money by turning your water off. Save 90 gallons of water by using a bucket and a quick rinse when washing your car. To save even more water run full loads of laundry and dishes, turn the water off when brushing your teeth and shaving. These are just a few ways to conserve water and save over $170 off of your bill a year.

Credit Cards

Shop for the lowest rate credit card and transfer any of your high balance cards over. Along with finding the best interest rate card, find out if they offer cash back or reward points. Some cards offer 1-3% cash back on purchases. It is nice to make money while you are spending it. If you can discipline yourself, use your cash back card instead of your debit card, and pay your full balance off every month. If you do not have the cash do not charge it. This could save you more than $700 per year.