Many people find themselves spending money they don’t have, and/or not saving as much as they should. Do you feel this way about yourself? There are many ways to save money without breaking the law. You don’t have to be sneaky or disobey law in order to save on monthly expenses. In fact, working within the law not only allows you to save but gives you the chance to have fun along the way.
Here are seven ways to save money without breaking the law:
1. Some people don’t search for more tax deductions because they think they will break the law in the process. Yes, there are some who stretch the truth and end up getting in trouble when audited. But guess what? You don’t have to be one of them. You can find many legitimate tax deductions that will save you a lot of money. There is no point in lying to the IRS when there are so many deductions that you actually qualify for. All you have to do is find them!
2. Opt for public transportation whenever possible. After doing this for a few weeks you may realize that you no longer need to own a car. In this case, you can get rid of your vehicle which will save you money on your monthly payment as well as gasoline, maintenance, and insurance.
3. Negotiate anything and everything. This is one of the most overlooked ways of saving money. Did you know that you can negotiate the price of your utility bills? How about the price of that computer you want to buy? Don’t let anybody tell you that their price is not negotiable. You will never know if you can get a lower price until you ask. In some cases you will not receive a discount off the actual price, but the seller will throw in something extra such as free channels (on your television bill) or a free warranty (electronic items).
4. Use coupons religiously. This is a great way to save money without much effort. You can find coupons in the local paper, in daily mailers, and of course, online. Be sure to use coupons on items you are planning on buying, while also letting what is available guide you towards new products.
5. Cut one subscription or hobby from your monthly budget. For example, if you currently subscribe to a magazine you should cancel it and instead read the online version. You may go through withdrawals at first, but soon enough you will realize that you don’t miss this nearly as much as you thought you would. And once you see how much money you have saved over the course of the year you will definitely be proud of yourself.
6. Save $10 on 10 monthly expenses. This may not sound like a lot on an individual basis, but when added up it works out to savings of $1,200/year. It is safe to say that you could use an extra $1,200/year no matter how much money you have. Even though the degree of difficulty appears to be challenging, nothing could be further from the truth.
7. Taking out a loan to make a big purchase is a huge step in your financial life. If you opt for the first interest rate you are offered you could be throwing thousands of dollars out the window. Take for example a home buyer. A 30 year fixed rate loan of 6 percent on a $200k home equals a monthly payment of $1,199.10. If you shop around until you find a rate of 5 percent your monthly payment will only be $1,073.64. The total monthly savings is approximately $125. You can imagine how much money this will save you over 30 years.
If you want to save money without breaking the law the seven ways above should help you get started.