Penny Pinching To Make Financial Commitments More Affordable

Your mortgage is your biggest monthly expense. You won’t be able to get away from it as an able working adult. Even if you successfully side-stepped it, there is the rent to look forward to. It truly is a lifelong commitment. But there are ways to save money on a daily basis and then you can apply that money to your mortgage. It could be an important lifestyle change if you are up to your neck with cash flow problems.

Then there is the study loan. It is astonishing how much graduates are freshly joining the workforce with in much debt. What an irony that schools and universities are making money from teaching the next generation how to make money.

The next obvious item is the car loan. You see, there are so many payments an average person has to make consistently. And we haven’t even mention insurance premiums, housekeeping, childcare, etc. It’s no wonder people are complaining that not enough money is being made while things are getting more expensive. Well, you can be a penny pincher.

Let’s start with the change in your pocket. Most people who have coins rattling around in their pockets tend to spend them on coffee and treats. Instead, after you pay cash and receive change, dump that change in a large container at home. Once the container is full, look for a bank that has a free coin converter. Do not use machines at stores, as you will lose a large percent of your money in fees. Now if you cannot find a bank that has a free coin counter, you can purchase coin rollers that are relatively cheap. Roll the coins or have your kids do it, then deposit the money in the bank.

There are many money saving options around the house that you can do daily. First of all, toilet paper and paper towels are expensive. Scour the flyers and buy in bulk when on sale. That’s the smart shopping lifestyle.

Most detergents are the same. So if you are washing dishes or doing laundry, it is best not to pay a lot for this soap. Use a bargain brand instead. A generic one does the same thing as a branded one.

A lot of people do laundry on a daily basis, especially if they have children. Check with your electrical company to see if they have a lower rate during times that are not peak electrical needs. In many areas, the electrical company drops the rate after 8 p.m. This is an excellent time to do a wash and dry.

Most people waste electricity. You could save money on electricity daily by switching to energy saving light bulbs, having only one light at a time on in your house or hand washing and drying your dishes. Dish washers suck up electricity like a Hoover vacuum. In most cases, your dishes will even be cleaner if you do them by hand.

An excellent way to save money daily, is stop buying lunches at work. You will not only save money daily, you can also help your health. Bring healthy brown bag lunches instead. It is far cheaper to eat two apples on your break, than it is to skip over to the coffee shop and have a coffee and donut or two.

Same for lunch. There are many healthy choices that are not expensive. A tuna fish sandwich for example, is perfect. You can alter the tuna fish very cheaply. One day, its tuna fish with chopped green onions and later in the week, tuna fish mixed with a hot sauce and mayonnaise. Again, it is a lot cheaper than a hamburger and fries. The money you save, can go into your change jar and then applied against your mortgage.

Coffee drinkers should take note. Coffee that you purchase at most coffee shops, is really just an average brand. It is the cream that is added that makes it taste so good. Why not brew your own coffee or tea and take it to work in a thermos.

Pennies can really add up into huge sums in the long term. When making your monthly repayments is a huge concern, you will have to take extreme measures to control your cash flow. Until your get that bonus you have been waiting for to be deposited, it is best you learn how to live frugally in the short run. Defaulting on loans can be more costly than the actual loan itself.