Check your reoccurring auto pay on your bank and credit cards. You will find old memberships, subscriptions, and forgotten costs that can be eliminated.
Shop insurance rates. Cutting out 20% in home, auto, health, or other insurance costs can go a long way.
Consider refinancing the mortgage. Rates are at or near record lows and the cost savings could be immediate.
Stop going out for lunch. It is easy to just run out for lunch while I’m working, but most of the food is unhealthy and expensive. Pack lunch most days of the week and go outside for a walk with the extra time not in traffic.
Consider an older version of the next technology purchase. My kids love buying the latest and greatest cell phones and computers, but I save as much as 90% when I purchase a model a year or two old.
Consider Date Night at home, a park, or a free local event. Dinning out is not only expensive, it often involves a long wait. Enjoy the sunset in the metro park or down by the river, it not only saves money, there is no wait!
Consolidate debt. A few store cards here and a couple small balances there really add up when it comes to monthly payments. A person can dramatically lower their monthly outflows by consolidating that debt. An added bonus, if credit is great, that person might even get a lower or zero percent interest deals.
Save on the grocery bill. This one Grandpa taught me. Not only can a family save a ton by using coupons, big savings can occur by shopping at more than one store. Meat might be on sale at one location and household goods could be the deal of the week at another store. Shop around.
Pay in cash. Using the card makes it too easy to spend money. Using cash to pay for purchases has a psychological impact and can help slow spending.
Use the rule of 72. This is a formula most common in investing. It is used to figure out how long it takes money to double. Yet, for this rule of 72, my advice is for readers to wait 72 hours before making any large purchases. Sleep on it a few days and a person might double their savings by not spending it.