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New year! Now is the time to cut costs!

Wednesday, January 11, 2012 at 5:09 pm by Administrator

2012 this is the year that things will finally get better, at least that is what “they” have been saying every year now, that the nation will start to see recovery next year, well it is finally next year and let’s hope for our sake that the nation starts recovering.  I’m of course being sarcastic about this, but now is a good time to take a look at your personal finances and get your financial house in order.  Some ideas might include depending on your situation and what you own.

Look at your insurance, It is possible that you are paying too much, like the commercials say,  get a quote from another agent and see what you are paying and if you can save money.

If you own a house see if it is a good time to refinance, be sure to include the costs of the refinance in your calculations so you would have an apples to apples comparison

Look at your daily life and see if there is an area that you can save money in, small savings today add up to large savings in the future.  Ask yourself if you really need to have that coffee from Starbucks, or if you can brew your own coffee at home.

Larger purchases, a general rule of thumb is that if you can put off buying something for a month you probably don’t need that item.  Think of things that you really, really need not just that you say you need.

This is by no means an exhaustive list of ways to save money, it is some of the things that I have personally done to save money.  I don’t plan on working forever and if you are reading this blog I’m guessing you are a computer literate person that does their banking on the internet and thus you would like to know where your money is going, so I’m guessing you don’t want to be working forever either. 

I have cut out cable TV and Internet, stopped having a cleaning lady (I was lazy), I stopped going out to eat multiple times a week, planned ahead for meals, changed cell phone companies, talked to my insurance agent about cost savings, only buy when needed.  I’m not saying this has been an easy switch, but over time when I see the extra money in my account each month I feel like I’m paying myself for the cleaning of the bathroom and reading a book or going for a walk instead of sitting in front of the TV or computer at night, and not buying anything (I need) at full price with the exception of groceries.  I’m sure that if you looked real hard at your finances you too will be able to find some areas to save.

A good site to help you with your monthly costs is www.mint.com, and a good place to find more savings tips is www.feethepig.org these sites can help you get started on the track to saving money now and on into the future. 

If you have read this blog, please let me know what you think or if you have possible topics you would like to see written about feel free to email me silstrup@citizensfirstbank.net

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