Steps to Increase Your Cash Flow

Unless your name is Bill Gates, you could probably use a few more dollars every year. Here are just a few steps you can take to help increase your cash flow.

Reduce Your Credit Card Debt

Reducing your credit card debt is one of the most effective ways to increase your personal bottom line. Paying off your credit cards early is like getting a fantastic return on an investment. Use the money you would have spent on interest payments to pay off your other bills and increase your available cash flow.

Close Unnecessary Credit Cards

Having too many credit cards can make it difficult to keep track of your many balances, fees, and due dates.  Get rid of any unnecessary cards after paying off the balance, especially any with annual fees. Some cards may charge you $60 or more per year for the privilege of owning the card, so if you don’t need the extra credit cards you can save some real money by closing them.

Shut the Windows

Save money on your monthly energy bills by keeping doors and windows tightly shut. This will help keep your home well-insulated, making it easier to heat in the winter and cool in the summer. Keeping the windows and doors shut will reduce the amount of time your energy-guzzling HVAC unit will need to run.

Save Money on Your Grocery Bill

Everyone has to eat, but you don’t have to spend a fortune to keep your family fed. Buy generic store brands whenever you can, instead of the more expensive national brands. Shop with a list in hand and don’t buy items that are not on your list. Buy in bulk when it makes sense.

Walk More

Gas is expensive, but walking is free. Walk to nearby destinations. Seek out local businesses that you can walk to instead of more distant shops. In addition to saving money, you’ll also get a good workout and find out more about your neighborhood.

Switch to Compact Fluorescent Lamps

As your incandescent bulbs burn out, replace them with compact fluorescent lamps, or CFLs. CFLs cost more up front, but according to government estimates CFLs last significantly longer than traditional bulbs. You may spend $5 on a CFL instead of $2 for a traditional bulb, but you’d have to replace the traditional bulb ten times before needing to replace the CFL. CFLs also use less energy to provide the same amount of light, helping you to save even more money.

Brew Your Own Coffee

A cup of coffee brewed at home costs between 18 and 50 cents, according to one study. By contrast, even a cheap cup of coffee at McDonald’s will cost you a dollar. You could be spending even more if you indulge in gourmet coffees such as Starbucks, which can cost more than $5 per cup.

Car Pool

Set up a carpool to help save money. Try to arrange a carpool with co-workers; if none of your co-workers live near you, many local governments provide services to help drivers find people to carpool with. Splitting the cost of gas four or five ways makes each visit to the pump a little more bearable.

Byline This article was written by Karl Stockton for the team at Silver Super Store. Be sure to check out their wonderful items, such as their Lenox Vintage Jewel.

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