Best Ways to Save Money: Cutting Avoidable Expenses

by Melanie
(Transform Your Money)

Tracy Baker, a member of the Financial Planning Association discusses strategies to save you money.

Cut out avoidable expenses like added features to cable, telephone and other utilities that you don't use.

She shares that you should start by analyzing your statements each month to see what services you actually use, and which ones you can do without or don't use at all.

She says that you can keep up with your own credit rating, so if you have signed up with a credit monitoring service, chances are you don't need it. You can get a free report once a year from 3 different credit bureaus in the USA. In my mind watching your own credit and credit ratings is part of a good financial plan anyway.

Her next step is to avoid late fees. If you are following a good money plan, then there is NO reason to have late fees. If there is no charge with your bank, then set up automatic payments. Otherwise, pay your bills when they arrive not at the last possible minute.

Choose ATM's without large fees to withdraw, and withdraw larger amounts to avoid going to the ATM frequently. Just make sure that you track your cash expenses so you don't spend money frivolously.

Change your bank if your bank charges too much in fees. Banks are always offering "new sign up" incentives.

What it comes down to is to know where your money comes from and where it goes. I am not a fan of the word "Budget" so make it easier and create a spending plan with YNAB software!