Free Resources to Help You Save Money from Consolidated Credit
Learn how to save money by cutting costs and closing spending leaks.
Saving money is an essential skill in personal finance. It allows you to cut back on unnecessary spending so it’s easier to avoid debt problems and achieve your goals. But while most people understand the importance of saving, they have a hard time implementing an effective saving strategy. If you leave savings for whatever you have left at the end of the month, it’s a sure way to ensure you never save anything.
The free resources on this page will help you learn how to save effectively. You’ll learn how to close spending leaks in your budget, how to cut costs on everyday expenses, and what to do with the money you set aside to save effectively. If you still have questions, just use the Ask a Question button at the bottom of the page to ask our certified financial coaches directly.
How to Save Money Everyday
This video teaches consumers how to save money effectively by evaluating their spending habits to find smart ways to save. By closing spending leaks and looking for easy ways to cut costs, people can increase cash flow in their household budget that can be used to save consistently in order to achieve financial goals faster.
Ever hear the adage of a penny wise and a pound foolish? It refers to being good with small amounts of money, but missing the mark on the big stuff. We think you can do both.
By focusing on the small things to save a few dollars here and there and avoiding big expense-drainers that often lead to debt, you can avoid challenges and improve your situation in a snap!
Let’s start with the penny wise and pound foolish when it comes to food. When you’re a pound foolish you dine out whenever you want and get a cappuccino to start each workday
As a result, your family of four spends $3,000 eating out annually and you spend $1,300 each year on a morning cup of coffee. To be a penny wise, you limit prepared meals – from restaurants and fast food to take out or delivery. You make meal plans for the week to match up ingredients, and you shop with coupons and use in-store offers. Then once you’re in the kitchen you cook more than you need for a family meal, so you can freeze the leftovers and have easy re-heatable meals on days when you don’t feel like cooking.
Your appliances are a penny wise too. Because you check Consumer Reports for price and energy usage. Then when you purchase new appliances, you check three to four retailers to find the best deals. And you don’t turn around to be a pound foolish by using your energy-efficient appliances half full, which increases consumption.
When you’re a penny wise you also take steps to keep your bills low. You get a home energy audit, turn off lights and ceiling fans when you leave a room, and set thermostats smartly to cut your electric bills. And you avoid being a pound foolish by paying a flat rate for unlimited mobile service if a measured service plan would cost less. Penny wise people also cut options on home phone and internet to save up to $40 per year for each option dropped
These are just a few examples of how you can take action to be a penny wise and avoid being a pound foolish. Other videos in this series go into more detail, so use them all wisely to make your dollars stretch as far as possible!
