Witty Living Part II: Saving Money so you use less Payday Loans

Witty Living Part II

This article is a continuation of “Witty Living Part I | A Report From Your Payday Loans Source,” covering money saving tips to brave the current economic storm.

Saving On Interest

If you currently have debts such as high interest credit cards or perhaps an auto loan, you may consider making a large lump sum payment with the funds you may have set aside in savings.  Why?

Bank savings accounts usually pay very little in interest, failing sometimes to simply keep up with today’s inflation rates. By using these funds to pay off your high interest debts or make a significant payment towards them, you will save more money in the long run in interest fees then in the interest you would have earned on it if it were in a bank savings account.

Also, making payments above and beyond the minimum required payments on your credit accounts, will save you lots of extra money in interest fees over the life of the balance as well.

Reconsidering Your Mortgage Payment

Perhaps one of the most significant ways to save yourself money is by changing your current mortgage structure from a 30 year fixed mortgage to a 15 year fixed mortgage.

If you were to take a $100,000 fixed rate loan with an annual percentage rate of 7%, it would cost you $75,000 less than a 30 year fixed rate loan at the the same percentage rate.

Many think that a 15 year mortgage means your payment will be double the size that it is now however, payments on a 15 year versus a 30 year usually only differ by a few hundred dollars.

Before you decide to switch to a 15 year mortgage, take a careful accounting of your finances as you don’t want to find yourself borrowing payday loans each month just to make your monthly housing payment.

Water Down Your Heating Bill

Believe it or not, heating your water accounts for approximately 14% of your monthly utility bill. Being diligent about cutting costs here will show you a noticeable difference on your next bill. Here are a few ways to cut costs on your hot water bill.

• If your water heater is old, you can invest in a newer more efficient water heater for only a few hundred dollars and by doing so you should see some significant savings each month.
• I you cannot afford a newer unit, you can wrap your current water heater with insulation or a water heater blanket to make it more energy efficient.
• Encouraging shorter shower times among your family members will dramatically decrease the amount of energy it takes to heat your water and keep it heated.
• Check the temperature of your hot water.  If it is scalding hot, you should turn your water heater thermostat down so as to avoid heating water above the satisfactory temperature for bathing, doing dishes, etc.
• Changing your existing shower head to a lower flow aerating shower head can save you up to half the water consumption that is currently being used for bathing.
• When washing clothes, 80% to 85% of the energy used is for heating the water. Try using cooler water with your loads of laundry. You shouldn’t have to use hot water except for heavily soiled or stained clothes. For everything else, you can use warm and cold water.

Subsidize Monthly Entertainment With Public Resources

Families are faced with large costs these days with the cost of entertainment. Taking the kids to “Chuck E Cheese” or to a movie at the local cinema can cost an arm and a leg these days.

Subsidizing your entertainment costs by utilizing your public library for book and movie rentals can prove to be a cost effective and fun outing for the family.

Looking at a local community newsletter or website may also provide you with some additional community funded activities that are community funded.

Posted courtesy of PersonalMoneyStore.com, your payday loans source!