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February 2011 - Some ways to save money.

Some ways to save money.

☳ by Adam Aspilla

One of the common causes of financial problem is not preparing a family budget. Without a family budget, you will usually spend more than what you earn. When your income could no longer meet your expenses you will use your credits cards or line of credit. This way of handling your finances is a recipe for a financial disaster. No wonder, many people resort to credit counseling, consumer proposal and bankruptcy.


Saving money requires discipline. Preparing a family budget and following it could avoid spending more than what you earn.


To save money, you have to look for ways how to reduce your family expenses in easy ways. There are some ways of saving money.


First: reduce eating out side, buy few clothes, and cutting back on your vacations.

Second: stay healthy by eating healthy foods (not junk foods), and exercise regularly. If you are in good shape, you can save a lot of money on your life insurance and health insurance.


Third: review your auto insurance policy and look for saving opportunities. A good example is to consider raising your deductible, which could lower your premiums. For an older vehicle, evaluate if you really need a collision insurance, which covers damage to your car when there is an accident. Furthermore, compare insurance premiums annually which could be done online. And of course go for the lower premium.

Fourth: improve your credit rating (credit score). Improving your credit rating is very important. It could save you a fortune in interest expenses for you will be paying less interest from credit cards, car loans and mortgage loans. Over a lifetime, you could save tens of thousands of dollars.


Fifth: consider to bundle your internet service, cable and telephone. There are providers offer discounts when you bundle the three of these services together. You not only save money, but you also get the convenience of a single bill each month.


Sixth: prepaid cell phone. This option is not for everybody. If you are not operating a business you may consider a prepaid cell phone. The advantage of a prepaid cell phone is you are not using your cell phone on unnecessary calls therefore you can save money. You don't have to commit to long terms contracts.

Having big salaries is not equal to having financial health. You need to make a family budget and spend according to your budget and look for ways of saving money.



Adam Aspilla is a Senior Financial Counselor of the Debt Clinic of Canada Inc. and the author of the book, You Can Negotiate All Your Debts. He also writes a biweekly column, “What Matters In Life” in “Taliba Newspaper. For free initial, professional and confidential consultation, please call 905-306-7572.