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SERIES: Top 5 Ways To Save Money WITHOUT Selling Anything RECAP

In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money!  This five part series will share the top five ways that we see people saving lots of money.

I believe that if you apply these five items, you will save over $1,000 a year.  Don’t believe me?  Try them out!

Click the links to find out additional information about each one!

  1. Auto/Home Insurance The average person saves $500 – $600 per year just by obtaining new quotes!
  2. Life Insurance Chances are high that you are overpaying!  Find out more and obtain instant quotes (without talking to anyone!).
  3. Zero-Percent Balance Transfer Credit Cards Move your high interest debt to zero percent interest debt!
  4. On-Line Savings Accounts On-line banks pay five to eight times the interest that most local banks pay.
  5. Groceries Cash envelopes and coupons really work!

This series started out with a belief that there was a great chance that one could save $1,000 or more by pursuing these five moneysaving tips.  Tell us how you did!

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SERIES: Top 5 Ways To Save Money WITHOUT Selling Anything 5

In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money!  This five part series will share the top five ways that we see people saving lots of money.

I believe that if you apply these five items, you will save over $1,000 a year.  Don’t believe me?  Try them out!

Part Five Groceries and Cash Envelopes

Cash envelopes allow me to save a TON of money.  How?  I have a written spending plan that my bride and I prepare every month.  In this written plan there are several items that I tend to be impulsive with.  Groceries, Dining Out, Clothing, Entertainment, and Spending Money are the top five impulsive categories for me (can I get a witness?).  To control my impulsiveness, we pull that money out in cash.  We stow away the debit card and only allow cash to be used to purchase items in our impulsive categories.

This one move saved us over $200 a month in groceries alone!  You can read more about how to start with cash envelopes HERE.

You can also use coupons to save a ton on groceries.  In fact, my team has prepared an entire section of money saving tips for groceries under the Next Steps tab.  You can check it out HERE.

SERIES: Top 5 Ways To Save Money WITHOUT Selling Anything 4

In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money!  This five part series will share the top five ways that we see people saving lots of money.

I believe that if you apply these five items, you will save over $1,000 a year.  Don’t believe me?  Try them out!

Part Four On-Line Savings Accounts

Do you have money in your savings account?  If not, it should by your TOP PRIORITY.  $1,000 as a minimum or $2,500 if you have kids or a house.  I repeat – this should be your TOP PRIORITY!

For those with money in savings, how much interest is your bank paying you?  If it is a local bank, it is likely that the interest rate is very, very, very low (close to 0%).  On-line banks pay much higher interest because they do not have to pay the costs of maintaining local branches (people, buildings, etc).  These on-line banks pay around 5X – 8X the national savings interest rates of other banks.  I hold all of my savings in on-line banks and have done so for over two years now.  They are FDIC-insured and are very easy to use.

There are several excellent on-line banks. Click HERE to see the on-line banks I use or recommend.

The bottom line is that your money should make you money – the most money possible.  My on-line banks allow me to do that for all money that I plan on using within the next five years.

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SERIES: Top 5 Ways To Save Money WITHOUT Selling Anything 3

In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money!  This five part series will share the top five ways that we see people saving lots of money.

I believe that if you apply these five items, you will save over $1,000 a year.  Don’t believe me?  Try them out!

Part Three  Move high interest credit cards to zero-percent balance transfer credit cards

I do not know how the credit card industry has been so effective at teaching Americans to believe that 15% is a good interest rate.  But they are great at it!  I can not tell you the number of times I have heard the following statement during a financial counseling appointment:

“The interest isn’t bad on this card.  It is only 17%.” Or 13%. Or 11.99%.  Or …  You get the picture.

I used to say the same thing (when I was BROKE).  I got unBROKE by challenging my belief system and realized that I was allowing myself to be legally robbed of my money!

If you are paying high interest on a credit card, you should seek to restructure that debt.  One great way to restructure debt is to play the “surf the balance” game.  Move the balance to a zero-percent balance transfer credit card and then work like crazy to pay it off.  If it is not paid off by the end of the zero-percent period, surf it again.  This ensures that all of your payment goes to reduce the principal balance of the debt.

There are several 0% Balance Transfer Credit Cards located on the “Next Steps” tab (HERE).  Move the balance and make progress toward 100% debt freedom!

You will save a ton of money by restructuring high interest debt!

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SERIES: Top 5 Ways To Save Money WITHOUT Selling Anything 2

In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money!  This five part series will share the top five ways that we see people saving lots of money.

I believe that if you apply these five items, you will save over $1,000 a year.  Don’t believe me?  Try them out!

Part Two  Life Insurance

It is incredible the number of people who have dependents reliant upon their income yet do not have life insurance.  J.D. Power and Associates has determined that over 50 MILLION Americans have inadequate life insurance coverage.

As a teacher and speaker on the subject of personal finances, I have seen many examples of inadequate/no life insurance.  The impact that it has on the surviving dependents is devastating.  I have also seen instances where there was adequate insurance.  The result is much different!

I have also seen a lot of people who are paying way too much on life insurance.  I have seen people who are paying thousands of dollars a year in life insurance premiums who tell me that the cash value will be worth $1,000,000 when they retire.  I tell them that this is great, but if they would have term life insurance and invest the difference in cost, they would have $10,000,000.

I recommend term life insurance equal to eight to ten times one’s annual take-home pay.  For healthy people term life insurance is SO CHEAP.  I personally carry thirty year level term policies on my and m y bride.

You can obtain on-line quotes without speaking to anyone HERE

Go ahead and check them out.  If you do not have life insurance and you have dependents who are reliant upon your income, purchase a policy ASAP.  If you already have life insurance, compare the costs.

My bet is that you will save a ton of money.

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SERIES: Top 5 Ways To Save Money WITHOUT Selling Anything 1

In a terrible economy, it is high time that the I Was Broke. Now I’m Not. team deliver ways to save money!  This five part series will share the top five ways that we see people saving lots of money.

I believe that if you apply these five items, you will save over $1,000 a year.  Don’t believe me?  Try them out!

Part One  Obtain new quotes on Home and Auto Insurance

I know that I have mentioned this several times on the blog, but it is so true!  I have had HUNDREDS of stories of people telling me about how much money they have saved by getting new quotes.

Many of them never had to change their current insurer because they took the better quotes back to their current insurer and demanded a better deal.  Sweet!

I love US Insurance because you can type in your home/auto information in less than five minutes, and it goes out to all of the insurance agents in your area.  They will compete for your business and that means lower prices!  Click the US Insurance logo above.  You will be routed to their website and on your way to saving money!

Remember when LendingTree said “When banks compete, you win!”?  Well, the same is true for insurance companies.  Be sure to get your home/renter’s insurance quoted along with your auto insurance because bundling them together will save you 10% – 30%.

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