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We all know that we should be putting aside an amount of money each month and saving towards our futures - right?

Well, if you’re anything like I used to be you get to the end of the month and the cupboard - or the bank account in this case - is bareif you’re lucky you just have enough to meet your monthly bills but you certainly don’t have anything left to play with.

Well - what if I told you that there were five very simple steps that you - yes you - could take to cut your monthly outgoings, increase your monthly income and thus free up money and create an amount each month that could be squirreled away for a rainy day?

Step One - Trim Everyday Expenses

We all have a mountain of essential payments that we must make every month; these include all our utility bills, our car, telephone, internet and even cable TV bills.

Although we’re all aware of these amounts draining our bank account every month, few of us give a second thought to whether we’re paying too much when often we actually are!

So, here are just a few things you could easily do to wipe off significant amounts from those bills - amounts which will, over time, compound to create a nice tidy little sum thank you!

Oh, and if you think about every bill you have I’m sure you’ll come up with many creative ways to reduce all of them.

Your Utility bills - have you considered switching your suppliers? Some suppliers in your area will be cheaper than others and all should give you a free quotation of how much you could be saving based on your previous month’s usage. You may get a further discount if you pay each month by direct debit.

Be aware of the amount of energy you use - switch to energy saver light bulbs, don’t put half a load of washing in the machine, wash-up small amounts instead of using your dishwasher every time and slowly but surely you’ll notice a significant reduction in your overall bills.

Your Car - shop around for cheaper car insurance, combine chores into one journey so that you drop the kids off on your way to work and do your shopping on the way home. The more ‘extra’ journeys you can cut back on the lower your fuel bill, the less often you’ll have to have your car serviced and the lower the mileage on the car when you come to sell it.

Step Two - Cut Interest Payments

According to industry statistics, the average home owner in the UK could reduce their annual mortgage payments by up to

Tags: bill, credit card, income, insurance, interest, invest, investing, mortgage, payment, save, savingbill, credit card, income, insurance, interest, invest, investing, mortgage, payment, save, saving

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I lost my shirt because of bad financial management and
impulsive decisions. Many people are fooling themselves by
turning their cheek and looking the other way when it comes
to financial situation. Is this you? Take this brief
questionaire on financial fitness that I found in the aisle
of my local grocery store. It was published by American
Media Mini Mags, Inc. Authored by Peter Reilly.

Which phrase best describes your financial philosophy?

a) “Shop till you drop.”

b) “Eat drink and be merry, for tomorrow we die.”

c) “A penny saved is a penny earned.”

What’s the highest interest rate you pay on a credit card?

a) 19 percent.

b) 12 percent.

c) 0 percent because you make all purchases in cash.

How do you plan for vacation?

a) You charge it to a credit card and worry about paying for
it later.

b) You shop discount travel travel services online like
Priceline.com or Orbitz.com and look for the best deal.

c)You budget a little each month so that you can afford that
great trip.

When your credit card bills come in each month, you are:

a) panic stricken and have to borrow from one card to pay
the minimum on another.

b) surpiised at how much you spent.

c) able to pay the bill in full.

What do you do if you get a raise?

a) Splurge on that home entertainment system you always
wanted.

b) Pay some bills and treat the family to a nice dinner
out.

c) Stick the extra money in a family emergency fund each
month.

When buying insurance, you:

a) pick an agency out of the newspaper that advertises the
cheapest rates.

b) go to an established agency because it’s near your
house.

c) research agencies and compare prices for the best deal
without sacrificing service.

What do you do when it’s time to pay your taxes?

a) Miss the April 15th deadline so you have to end up paying
fines.

b) Don’t itemize and just fill out the 1040EZ short form.

c) Itemize and use an online program like TurboTax or tax
preparation firm to legitimately reduce your taxes.

When buying a car, you

a) pay sticker price and take whatever additions the
salesman suggests.

b) haggle a little, but give in if it comes to a
confrontation.

c) do your homework, then are prepared to walk out if the
dealer can’t meet your price.

How much do you save each payday?

a) Nothing I live paycheck to paycheck.

b) You put 5 percent into a 401K.

c) Put 10 percent in savings, plus 10 percent in a 401K
retirement plan.

When buying a home, you:

a) get more house than you can afford because you’ll make
money when you sell it.

b) get a home mortgage that’s 50 percent of your income and
stretch the payments over 30 years.

c) get a mortgage that’s 25 percent of your income and pay
it off in 15 years.

How did you do? Where are the majority of your answers?
Let’s take a look; if the majority of your financial quiz
answers were in the As range, you need help and to realign
your money habits and thoughts.

If they are in the Bs range you’re like the majority of
people out there making ends meat , but you can do better.
If you’re in the cs range your a financial genius!

Reevaluate the quiz and compare these results to your FICO
scores I bet you’ll see the correlation. A simple shift in
thought and action will set you on the right path.

Need more help with your credit and money skills pick up
your free report at http://www.raise-my-fico-score.com

(c) 2006 Ryan Wegman

Tags: bill, bills, budget, Credit, debt, disaster, Finance, financial, insurance, management, mortgage, pabill, bills, budget, Credit, debt, disaster, Finance, financial, insurance, management, mortgage, pa

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