Increase Your Income

• Do you get a tax refund each year? If so, consider increasing the number of exemptions you are claiming on your W-4 form. This could give you more take home pay. However, be sure that this will not result in an end of year tax dept.
• Consider getting a part-time job.
• Think about merchandise or real estate you could sell for a profit.
• Consider having a garage sale to sell things you no longer want or need.
• Think about selling one of your vehicles. Could you get by with one car?
• Consider borrowing against cash values in insurance policies, retirement and 401k accounts.

Reduce Your Expenses

• Consider less expensive housing (remember to account for moving costs).
• Pack school and work lunches. Reduce eating out.
• Review telephone service costs. Can they be reduced?
• Review insurance coverage. Are you over insured?
• Shop seasonal sales for bargains.
• Consider your day care options. Can a relative or friend provide lower cost care?
• Think about eliminating any flexible expenses: memberships, newspapers, cable TV, pager or cell phones.

Savings That Works for You

• Pay yourself first. Make savings a part of your fixed expenses in your budget.
• Use payroll deductions. Have your employer deposit your savings directly from your pay to a savings account.
• Pay installments to yourself. After you pay off a car loan, etc. continue to budget the installment payment to your savings account.
• Have a nothing week. Once in a while have a week when you try not to spend extra money. Don't go to the movies, out to eat, etc. Save the money you would have spent.
• Use club accounts. Many financial institutions have interest-paying Christmas or vacation clubs that you can use to save for other goals (appliances, vehicles, etc.). If your bank does not offer these accounts, set up a savings account and make regular payments.
• Save windfall income. Try to save tax refunds, bonuses and overtime pay.

Source: Family Service Inc.

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