10 easy ways to keep more of your hard-earned cash

Are you running out of money before the end of each month? Are you puzzled by the disappearance of your cash before the month is even over? Is it difficult to save money for vacations, retirement, or emergencies? Here are some easy ways to save money and make each dollar count and perhaps put more in your pocket.

1. Do you have both a cell phone and landline? For most, a mobile phone is all that is needed and it comes with free long distance. Dropping the home phone number can save you $50 per month.

2. Limit your visits to high-end coffee places. Spending several dollars each day on expensive coffee can rob you of $100 a month or more. sometimes known as the “latte factor,” this is an easy expense to lose track of. Use your gourmet coffee trip as a treat once or twice per month, rather than a daily necessity. You’ll save money while also enjoying other potential benefits like consuming less caffeine, sugar and fat. Make coffee at home and use a travel mug. Some convenience stores actually offer coffee refills for less than $1.

3. Make your mortgage payment every two weeks rather than once a month. You’ll save money on interest and finish your mortgage sooner. Another option is to simply add extra principal to your monthly payment. This is easy to do online these days and just an extra $50 or $100 per month can make for huge interest savings in the long run. Use the savings from #1 and #2!

4. Instead of carrying credit or debit cards, carry cash. Spending cash at the point of purchase is more psychologically difficult than using a card. You’ll spend less money and save money on interest if you’re carrying a balance on credit.

5. For groceries, entertainment, and other unfixed expenditures, use the “cash-stuffing system.” Using envelopes for each category, you’ll have total control of how much you spend and prioritize your spending.

6. Increase the deductibles on your home and vehicle insurance policies. The rule of thumb is  to not submit claims for minor losses because insurance companies tend to boost rates after a claim anyway. A raised deductible will save you money now and in the future and the risk is statistically nominal.

7. Purchase regular unleaded gas rather than premium. The majority of automobiles do not require premium fuel. If public transit is available in your neighborhood, use it. Take advantage of carpooling and “park and ride” options, especially when gas prices go up due to shortages or seasonal demands.

8. Make purchases planned in advance to avoid impulse shopping. Bring a grocery list with you to the supermarket and stick to it. Reasearch indicates that spontaneous purchases may add $10 to $50 to your final cost – and that’s what stores are counting on.

9. Instead of going to the retail book store, try going to the library. If you read a lot, set aside money for books you’ll want to retain and use the library for research, movies, and other items.

10. Plan a local vacation or stay home. Look for area attractions and events. You’ll rediscover your hometown while saving big money on travel, lodging and dining out.

These are only a few methods to save money and stretch your cash. If you put these guidelines to work, you’ll find that you have extra money at the end of each month to put toward other financial objectives like college savings, retirement, or just a rainy day.