Where Can You Find Extra Money?

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The secrect to paying your debts down quicker is going to be in finding extra money. You can do this by having extra money coming in or by having less money going out. This article deals primary with having less money going out. Before you can have less money going out, you have to know where your money is going.

I suggest developing a tracking system. There are journals made especially for this purpose, but since we are trying to save money, something as simple as a pocket size notebook will work.

Record every penny that you spend and where you spend it. This will make it easy to spot spending trends. How much money do you spend on eating out and other types of entertainment? This is a good place to start. How much money will you be able to save by packing your lunch once or twice a week or by cooking at home one or two evenings a week? Most people are shocked by the amount of money they spend on entertainment.

Some other places you might want to look for extra money are your cable bill and your cell phone bill. It seems like everyone has these luxuries. Can you do without either one of these items? If not, look at the extras that you are paying for. Could you do with less cable boxes or a smaller, less expensive cable package? If you have to have a cell phone, do you need a land line or can you do without the land line? Can you reduce the cost of your cell phone package? Text messaging and photo services can get to be very expensive.

Insurance is another place to look to save money. Raising your deductibles can save money. If you are fortunate enough to own a car that is paid for, you may want to carry just liablility insurance on your car, depending on its value.

Buying things at garage sales and thrift stores will also save you money. Shopping for good deals can be a lot of fun. You may even be able to find items that may have a higher resale value on internet auction sites. That brings me to all that unwanted junk that you have in your garage or attic. That can also bring you extra money through auction sites or garage sales.

The final tip I have for saving money is to buy generic or store brands. Most of these items contain the same ingredients as the name brand and have a lower price. I have been doing this and in most cases have not noticed a difference in quality, but it has saved me a lot of money.

These are just a few of the ways you can find extra money in your budget. With a little bit of effort, I am sure you can find others. Challenge yourself to find ways to save money and you will notice your debt decreasing and your finances becoming more under control.