Jill Russo Foster

Tips for Successful Personal Finances

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Spring clean your finances

Now that Spring has arrived, most of us think spring cleaning. I am going to put a twist on that for this year that will save you money, too. I want you to spring clean your finances. This is not an all day project.

Take this month’s bills and go to your computer. You can do this in as little as an hour depending on how many bills you pay each month.

You are going to do some comparison research and try to lower your rates.

1. Start with your current company. Look to see if you can reduce your bill by changing the services you pay for – do you really use all of them?

2. Then, check out the competition and see what they are offering. Does it make sense to switch?

3. See if your current company will match the great deal you found at the other company. You have nothing to lose by asking. The worst they can say is “no”. Then you can make the choice.

Do this for each bill and see how much you can save. I’ve done it myself and it works.

  • I switched my power company and saved about 20% each month.
  • I switched to a cell phone plan with less minutes and saved $20 per month.
  • Several years ago we switched our insurance and were able to save several hundred dollars.

Trust me, when you see all the money that you can save, you will find that this is the best hour you’ve ever spent spring cleaning, and you didn’t have to break a sweat.

You CAN Lower Your Out-of-Control Expenses: Part 2

Using instructions from last week’s column, you figured out your average monthly expenses. Now, you need to ask yourself two questions:

1.) Are you spending too much on some items?

2.) Can you lower the amount you spend on some items?

Some fixed expenses can’t be lowered. Your loans and mortgage/rent are legal agreements, and full coverage insurance is mandatory with some loans. But, you do have some control over your utilities. You can choose a different phone company. You can also control how much water, gas, and electricity you use by making small changes. Try line-drying your clothes, using a fan instead of air conditioning, or running the dishwasher only when it’s completely full.

Look to your variable expenses to save money.

  • Do keep up your auto and home maintenance, but try to cut back on groceries, entertainment, gifts and clothing.
  • Try using the library, buying cheaper food brands, and buying seasonal clothes at the end of the season.
  • Instead of buying expensive gifts, give “service coupons.”
  • If you’re spending more than you earn, some of these changes will be mandatory.

With some creativity, it’s possible to reduce expenses without feeling deprived.