Solutions to Make Better Decisions with Your Money

5 Quick Ways to Save $50 Each Month

5 painless ways to save $50

Are you looking for different ways to save each month?

What could you do with an extra $50 per month?

See if you can find that extra cash in one of these five ways:

1. Cut the cable

Who needs cable anymore?

Sign up for a streaming plan like Amazon or Netflix, and watch current movies and TV online.

You can download whole seasons of your favorite shows or buy them on DVD, go out to a real theater once in a while and still come out at least $50 ahead over paying for cable.

2. Find unnecessary repeat charges

It’s so easy to sign up for a trial subscription, or even one you intend to use, and keep paying for it year after year without even being aware of it.

Get out your credit card or bank statements for the last couple of months and scrutinize every line.

Investigate, cancel, or dispute every item that you no longer need (or never did).

If a bill is unauthorized or in error, you have 60 days after the first bill with the error was sent to you to dispute it.

3. Bring your own snacks to work

Vending machines and workplace snack bars make a healthy profit.

If you’re buying cookies or chips at work, start bringing your own stash for your break. Consider bringing your own tea and other drinks, too.

You’ll have a better selection, and it’s probably a lot healthier than the snacks you might grab at work.

If you save a couple of bucks every workday, you can easily save $50 a month.

4. Copy your favorite restaurant meal

Do you go out to eat because one restaurant dish is calling you? There’s no such thing as a secret recipe on the internet.

Learn how to duplicate the dish at home, and make it once a month. You could save $50 per month over taking the family out to eat.

5. Lower your consumer interest expense

If you’re paying 18% or more on credit card balances, you may be able to save money by cutting interest expense.

The best way to save on interest is to pay the balance.

If you have savings accounts earning next to nothing, and you can pay off credit card balances without jeopardizing your emergency fund or other financial needs, by all means do so.

Another way to save on interest expense is to make a list of your credit card accounts, their interest rates, balances, and available credit limits.

Use the cards with the lowest interest rates and gradually pay off the cards with the higher rates. A new card with a low or zero-percent rate may be a good idea, depending on your situation.

If you have a good payment history, you might try calling your credit card company and asking them to lower your rate. If you’re successful, you might save $50 a month with one phone call – and no pain at all.

Do you know the interest rates on all your credit card accounts?

Photo credit: lanier67 via photopin cc

About Sally Herigstad

Sally Herigstad is a certified public accountant and personal finance columnist and author of Help! I Can't Pay My Bills, Surviving a Financial Crisis (St. Martin's Griffin). She writes regularly at CreditCards.com, Bankrate.com, Interest.com, RedPlum, and MSN Money. She is an experienced speaker and a member of Toastmasters International. Follow Sally on Twitter.