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2. Get real about your cell phone
and save $240.
According to a recent study by Yankee Group, on average cell
phone users pay for 791 minutes per month and use only 477.
Right now, an individual plan with 900 minutes through Verizon
Wireless costs $60 a month -- add in taxes and fees and you're
looking at an $80 monthly bill. That's close to $1,000 a year
in cell phone charges.
If you go with a plan that offers fewer minutes -- 450 -- it
will only cost you $40 a month, or $60 with taxes and fees.
Simply by opting for a lower plan, you'll easily save $20 a
month, or $240 a year. And that's being conservative; chances
are your cell phone bill is even higher than my estimate here,
considering all the available bells and whistles.
3. Go wireless and save
$600.
It's becoming increasingly common to cancel
landline phone service altogether and use a cell phone in
place of a home phone. Your landline is probably costing
you at least $50 a month, so ditching it would mean a
savings of $600 a year.
If you get great reception at home, are organized enough not to
lose your phone, and are good about keeping it charged, this
might be a great solution for you.
4. Exercise smart
and save $240.
We all know the trap: You pay your monthly or yearly gym
membership dues and don't go quite as often as you thought you
would. According to the International Health, Racquet and
Sportsclub Association, the median gym membership runs around
$150 a month, adding up to a hefty price tag of over $1,800 a
year.
You could cancel your membership and save a bundle, but you
don't have to give it up completely. Many Platinum Memberships
offer certain extras, including the option to work out in other
locations -- maybe while traveling or on vacation. If you
downgrade to a more basic membership you can save at least $20
a month, or $240 a year at the very least.
5. Shop for car insurance and
save $500.
This one's a no-brainer. If you own or lease a car, car
insurance is a must-have. But don't settle for the first rate
quote you get -- you've got to shop around. Simply by picking
up the phone and getting some comparative quotes, you could
wind up saving 10 to 15 percent on what you're paying today,
and possibly more.
I wrote a column on this topic last year. My assistant saved
$800 with one 10-minute phone call. Even with a more
conservative savings estimate of, say, $500 a year, it's still
a windfall.
Your grand total savings: $ 2,540.*
These are some great keys but as you cut your expenses for the
purpose of saving extra money be sure to save the extra money.
Unfortunately, people often work really hard to save money in
different areas of their life only to spend the money saved in
another area. Be cautious not make the sacrifice only to use
the extra money for your play account.
When you are saving money from cutting back on entertainment or
consolidating services, remember to save with the intentions of
investing. Studying investment opportunities while saving money
will allow you to increase your knowledge about investment
while creating opportunities for greater financial returns. As
your money continues to grow through wise investing financial
freedom will be the final result.
But investing opportunities
do not knock on your door you must hunt them down. (At least
until you get the money then they have the tendency to find
you.) Look into purchasing stocks, investigate real estate
properties, go to bizbuysell.com and look at a businesses to purchase or to invest in
you might be surprised what you can invest in that is a
couple blocks away. What are you going to do today that will
take you and your family one step closer to financial
freedom?
finance.yahoo.com/expert/article/millionaire/20382
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