5 Things that Anyone Can do the Save Money Now

I mentioned the other week that I had been traveling a bunch and had gained greater appreciation for the financial struggles that so many people are facing in our nation. As I have said multiple times, we can all count ourselves lucky to be enjoying the healthy economy that the State of Utah has to offer. That being said, I still encounter too many home owners, or would-be homeowners, who struggle to make ends meet.

Obviously paying down and avoiding debt should be a priority for all of us. Unfortunately, I have found that finding a few extra dollars to accelerate debt payments or, better yet, stay out of debt in the first place, is not as easy as one would hope—but it should be!

Those who have been receiving my Inner Circle newsletter for some time will remember a report I wrote as part of the 5 Things series about saving money. I thought it might be a good idea to revisit a few of the keys I wrote about at the time. Briefly, here are 5 things that literally ANYONE can do to save money, starting today.

1. Drink More Water.

Avoid costly soda and you will be healthier and have more money. But don’t just move to expensive bottled water.

2. Cancel your Netflix Account.

Get your movies for free from the Library. If you must rent, consider a RedBox.

3. Save your Windfall.

Just because you get a little extra back from the IRS or from Grandpa doesn’t mean you need to run out and buy yourself something nice.

4. Increase your Deductibles.

Pay less each month, and then hold onto the savings. If you need it, it will be there later.

5. Build an Emergency Fund, and then pay off Credit Cards.

3-4 months worth of your expenses is crucial—start savings 10% of your income, then, once the emergency fund is set, use that 10% to pay off debt.

How does this relate to mortgages? Well, more money means less debt, which means higher credit scores and more money for down payments, which means more equity, which means lower interest rates, which means lower house payments, which means more financial stability!

As always, if you are not receiving the Inner Circle newsletters, just drop me an email at jayhart@cottonwoodmtg.com and I will add you to the list.