Quick ways to improve your Finances – 6 tips to success in 2010

April 30, 2010

Author: William M. Davis

You should always be looking for quick things you can do that can improve your finances. Some of these things need only be done once, then you can just wait and reap the benefits that can enjoy in a short time or over a considerable amount of time.

1. Replace Incandescent

Replace all the old incandescent bulbs in your house with compact fluorescent light bulbs. If you use an incandescent bulb that is, let’s say, 75 watts and it is used for about four hours every day and you replace it with its 26 watt compact fluorescent equivalent you will save over $7 a year. Now multiply that figure for every bulb in your house. Depending on the number of rooms in your home, that can be a savings of over $200 a year.

2. Get Direct Deposit

Getting direct deposit to your checking account and automatically having some deposited a savings account will help you with saving and you will not be tempted. It will also save you time. Once you get into a mindset that time is money, there will be an almost immediately improvement in your financial situation.

3. Multiple Income Streams

Having multiple streams of income can be a fail-safe for unforeseeable financial crisis. The days of relying on one high paying job are over. Secondary income, even if not needed at the time, via a part-time job, money-earning hobby or babysitting can mean additional savings or a lifeline if your firm goes belly up.

4. Dump Your Fast Food Craving to Minimum

Not eating out or reducing it significantly can be a boon to your bottom line. Cooking your meals at home and carrying your lunch to work with you is cheaper than buying fast food and it is healthier to boot. Just bringing your lunch from home could save you $5 to $6 a day, that’s over $1,500 a year.

5. Reduce Weekend Spending

Not spending money on weekend or reducing weekend spending to once a month will most definitely reduce money spent and you my even find time for a second revenue stream.

6. Drop the Vices

Controlling or ending your addictions to vices like smoking, drugs, alcohol and junk food will save you so much money in the short term and long term that it is almost incalculable.