7 Essential Tips for Saving Money Every Independent Woman Should Know ...

Due to recent events, millions of Americans are looking for ways to save money. Listed below are a few tips to help you make each dollar count.

1. Insurance

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There are many different types of insurance such as homeowner’s insurance to protect your valuables and property and renter’s insurance to protect your belongings. There’s also car insurance that provides protection in the event of an accident and term life insurance which covers your expenses and provides death benefits after you are gone. While these types of insurance are important, they will vary in cost and benefits by the company.

2. Lowering Credit Card Debt

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Having access to credit cards is convenient, but it comes at a cost to your wallet. Unless you are in a financial position to pay them in full each month, you will accrue interest. If you carry a large balance for any length of time you may end up paying two or three times the initial cost of the items purchased. A good rule to stand by is that if you don’t have the money to pay for it outright, you should wait until you do. 3. Bundling Services Bills such as your cable, internet, homeowners, and auto insurance are a few examples of services that you can bundle to save money each month. Shop around with different companies to see who offers the best prices and make the switch.

3. Lowering the Cost of Food

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Depending on the size of your family, weekly food shopping outings can run into the hundreds. Luckily, there are several ways to lower the cost. First, make a comprehensive list of the items you need for the week. Then, view the flyers of the local grocery stores in your area online to see who has the best prices on the items you need. Finally, go to one of the reputable sites online that provide free coupons and then select and print the ones that apply.

4. Take Advantage of Utility Rates

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Electric companies charge more for use during peak hours. Review your bill carefully to see the kWh (kilowatt-hours) and the rates that apply for time slots day and night. Doing things like the laundry and running the dishwasher later in the evening will help you reduce the bill without compromise.

5. Life after Work

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In your twenties and early thirties, you may not put an emphasis on tucking money away for your retirement. However, it’s exactly the right time to start planning. Waiting until you’re in your forties or even your fifties doesn’t give you many years to contribute. If you want to live the same quality of life as your present, you must start now to build a sizable fund. A 401k or a Roth IRA are two methods for achieving financial security in your golden years

6. Spontaneous Purchases

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You go to a store with no direction and suddenly you spend over $500.00 dollars on a gaming system. Unfortunately, many people continue to live paycheck to paycheck due to impulse purchases. Browsing only works if you can refrain from buying until you have the cash on hand. Instead, if it’s something you really want, try waiting at least 24 hours. The following day, if you still want it, then buy it. This way you get a chance to weigh the pros and cons of a large purchase.

7. Emergency Fund

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Without savings, any minor home or auto repair or unexpected bill can cause a major financial setback. Starting an emergency fund now will save you money in the future. You will eliminate the necessity of paying a bill late and avoid falling behind with your monthly payments. You work hard to earn your money. Learn ways to make it go further. Start with these!

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