9 Ways to Save Money

Achieving your financial goals will take time and effort. In order to achieve your savings goals, you'll need to track your spending and set goals for allocating funds in a way that best suits your wants and needs. Money is something that's hard to come by these days, so it's important not to waste what you do have by making impulse purchases.

1.  refinancing your mortgage.

There are a number of reasons why you should be considering refinancing your mortgage. Refinancing can help you take advantage of lower rates and save money on monthly payments, allow you to consolidate other debt and improve your credit score.

In order to refinance, you will need to meet certain qualifications like making a down payment or have at least 20% equity in the house. You'll also need to qualify for new loan terms and go through any required paperwork.

If refinancing is something that interests you, make sure that it's the best option for your financial situation before moving forward with the process.

2. Set savings goals.

It's helpful to set a savings goal - what you're saving for, the time frame and the amount. Tracking spending: Track your spending for a few months. The easiest way is to track your purchases in a spreadsheet or an app like Mint. You'll see where you're spending money and be able to make adjustments. Paying off high-interest debt: If you have credit card debt or other high-interest debt, it can be good to pay it off first since the interest rates are so high - even if that means not saving as much. Keeping savings:

It might seem counterintuitive but you should still save money even if you're paying off high-interest debt. Saving more than 10% of your income is advisable and will go a long way when you retire.

3. Track spending.

In order to find out where your money is going, you need to start tracking what you’re spending on in a month so you know where to cut back on and save more.

4. Pay off high-interest debt.

If you are paying over 20% interest on any of your debts, it is best that you pay off those debts first rather than investing because the investment will not provide competition with the high interest rates that you are paying on those debts now. Keep savings. It's important to have some money saved up for emergencies or just for when the rainy day does arrive!

5. Bundle cable and internet.

Incentives to bundle cable and internet:

- You may qualify for a promotional price on your internet plan.

- Cable companies like AT&T and Comcast give you discounts when you bundle services.

- Bundling allows you to get TV channels not available on streaming services at a lower cost.

Disadvantages of bundling:

- When bundled, it is difficult to change providers both for the internet provider and the cable company as they are contracted together.

- Bundled packages can be costly, making it harder for consumers with low incomes to find a good deal.

Switch your cell phone plan:

6. Switch your cell phone plan.

Look for plans that have similar minutes, data, and text messages but lower monthly bills. Choosing an unlimited talking, texting, and data plan saves money in the long run. If you're a heavy user of data (streaming music or videos), switch to a plan with more high speed data usage instead

7. Reduce your electric bill.

You can also reduce your electric bill by changing out light bulbs, turning off lights when not in use, installing solar panels, or upgrading appliances which all help reduce energy use.

8. Lower your student loan payments.

 There are a variety of ways to lower your student loan payments, depending on your situation. Some of these ways include deferring interest, paying more than the minimum payment, consolidating your loans and utilizing income-driven repayment plans.

9. Cancel unnecessary subscriptions.

Whenever possible, unsubscribe from services you no longer use or don’t need; for example, cable TV and print magazines. Review your monthly bills for recurring charges or automatic purchases like memberships to clubs or gyms. You can also cancel subscriptions for streaming services like Netflix and Hulu that you find you no longer use or have time for.