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Mountain Ridge Associates Provide Useful Tips for Cutting Expenses

April 22, 2019 by AlissaB

There are two ways you can improve your financial situation: increase your income or reduce your debts. While increasing your income may involve the longer process of learning new skills and seeking a better employment position, reducing debt is something that can be done relatively quickly. These tips can help you get started by giving ideas on how to better control your spending today.


Stop Driving Everywhere

One of the best ways to cut back on your spending is to limit the driving you do in your personal vehicle. When you can walk or bicycle instead of driving, you’ll be saving money, getting exercise, and helping the environment. Even taking a bus can help you get to work or school without spending as much money. If you can eliminate your driving altogether, you may want to consider selling your car. This will help you save on insurance and registration fees, giving you that much more money to put into your savings accounts.


Consolidate Your Debt

Companies like Mountain Ridge Associates make it easier than ever before to pay down your debt. By offering personal loans at lower interest rates, debt consolidation lenders can help you make your debt more manageable, while also putting everything together in one convenient monthly payment. The lower interest will help you save money, especially when compared to the interest rates you would be paying on your individual credit card accounts. This means you can pay off your total debt faster, so you’ll be living debt-free that much sooner.


Eat Dinner at Home

You may not even realize how much money you could save by making dinner at home as opposed to dining out or ordering delivery. The food you order from a restaurant has to be prepared and served to you, so, naturally, you’re going to be paying more. By eating a healthier diet at home, you can use the same amount of money to buy enough groceries to last several nights or more. The money you save can be diverted to other areas of your budget, making it easier to cover your debts and build your savings. 


Be Frugal at the Grocery Store

Debt consolidators, such as Mountain Ridge Associates, often offer free tips for saving more money each month. One of the most common ways to save is by watching how you grocery shop, since food purchases comprise up to 40% of each household’s spending. By clipping coupons, buying generic, and making bulk purchases, you can save a significant amount on your monthly spending. When planning out your shopping list, try to organize it by meals. This will prevent you from buying too much of one item and not enough of another. Pre-planning your meals and watching for extra savings can give you more money for a rainy day.


Insurance is an Investment

When you look at everything home, auto, health, and life insurance offers, you begin to realize that maintaining insurance is an investment that will pay off many times over. Take homeowner’s insurance, for example. In addition to protecting your home and possessions, the average policy also covers your temporary lodging expenses in the event that you’re displaced from your home. Your auto insurance offers liability coverage and roadside assistance. These types of coverage can be especially useful in the event that you do cause an accident while driving. You may not use the various types of coverage offered by your insurance policies on a regular basis, but they will help you save money and protect your family, if some crisis does strike.


Cancel Unnecessary Subscriptions

One waste of money that goes unnoticed is the money spent on subscription services your household uses month to month. For example, you likely have internet service and subscribe to online video streaming services. If you also subscribe to cable or satellite TV service, you may be spending twice as much as needed. Canceling the cable or satellite service can help you save big on your monthly budget. Similarly, you don’t really need landline phone service if everyone in the home has their own cell phone. Look for more recurring services that you can eliminate without upsetting your household.


Only Spend in Cash

One problem people often run into in adhering to their budget is overspending without realizing it. This often occurs because it’s easier to lose track of the spending you do with your debit card. Instead, go to the ATM and withdraw the exact amount you have allocated for the week’s spending. This will help you spend more wisely, so you’ll spend less within each pay period.


Reducing your spending each month may require some sacrifices, but it can be done if you’re determined. By decreasing how much you spend, you can create a more flexible monthly budget that will allow you to save for emergencies, vacations, and your retirement. It’s up to you to determine whether you’d rather indulge yourself now or live a more enjoyable life down the road.

Posted in: finance Tagged: Mountain Ridge Associates

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