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9 Ways to Stretch Your Income


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With spiralling fuel costs and interest rates on the way up, many of us are finding ourselves having to stretch the ends until they meet.

... continued below

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9 Ways to Stretch Your Income ... continued from above

By Susie Cortright

Here are some great tips for stretching every dollar.

1. Save a penny, keep a penny.

Dump your pocket change into a jar each night.

Invest it in a high-interest bearing account at the end of each month.

Woman's Day magazine recently suggested this money-saver, adding that if a couple puts just one dollar each into the jar every day, the sum will top $700 at the end of the year.

Invested at 10 percent interest over 10 years, that pocket change will grow into $12,000.

2. Use your computer.

You can save big money by shopping online, if you know where to look.

Do a Google search for coupon codes before you start shopping from online merchants.

You can also purchase a local coupon book for offline purchases (The Entertainment Book, for example.) I use mine all the time for groceries, oil changes, and dining out.

3. Write letters.

Whether you love the product or hate it, write the manufacturer a letter.

A company that receives a complaint is bound to make amends.

On the same token, many companies will acknowledge--and encourage--your satisfaction with coupons and discounts.

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4. Shop smart.

Look at the grocery store ads before heading off to the store.

Maybe you can reserve a few items for purchase at a nearby store that is offering unusual bargains.

5. Ban impulse buying.

Make it a family policy: if you see something you like, write it on a wish list and wait at least three days before buying.

6. Watch out for "nickel and dime" expenses.

Those little snacks and coffee stops can easily add up to more than $500 per year.

7. Shop around.

Research purchases on the internet.

Before making a big online purchase, visit http://www.dealtime.com and http://www.mysimon.com.

8. Refinance your home.

Signing a few papers can save you big money on your mortgage payments. In fact, if you refinance and consolidate your debts into your home mortgage you'll find that your monthly outgoings can decrease dramatically.

It's really not as big a hassle as you might think.

Ask your friends and family for the name of a good mortgage broker

Editor's Note: Better still, get a professional opinion by applying online at www.financialservicesonline.com.au/homeloansonline.htm for a free mortgage assessment and comparative home loan offers from a huge range of Australia's leading bank and non-bank lenders.

9. Examine credit card use.

If you're paying credit card debt, you're paying not just 17 percent more for your purchases than you need to, you're also missing out on the money that the sum could earn for you if you had invested it.

Try calling your credit card company and ask if there’s a way to lower your rate.

One two-minute phone call recently reduced our rate by 4 percentage points. That was one call I wish I'd made a long time ago.

The most important thing is to recognize that you control your finances. Empower yourself with smart spending.

Susie Cortright is the founder of Momscape.com - and Momscape's Coupon Codes and Online Promotions, which provides the best deals on Susie's favorite online stores, including Target, Dell, Overstock, Photoworks and more.

Reader comments about this article

    By monica

it's amazing how helpful such simple tips can be. Great article!


    By Jan Stewart

We all love our dogs and wish to keep them healthy, and I have found a way to save money at the same time. Instead of buying expensive tinned dog food, I just feed good quality dry kibble but make gravy to add flavour and moisture..........this proves to be an economical solution and my dogs love it!!!!!


    By krysia jagiel

ideas that are very encouraging and wonderfully simple. thanks for the tips


    By Toni Hall

A great site with achievable advice.


    By Robyn Cotterill

I enter any promotions that I find whilst doing my normal shopping, as an added bonus when a promotion is running the items are often on sale as well


    By marilyn curtis

Any advice, no matter how small is always a great help. " Take care of the pennies and the pounds will take of themselves" is an old adage worth keeping in mind. I also will return every item I am not happy with, this adds up to quite a sum. Keep receipts in a shoe box so that you can get a refund on items that you are not happy with/unsuitable. Write down every dollar you spend in a pay period and see where you are being frivilous or wasting money.


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    By Judy Westcott

Some great ideas. We will have to see just how we can improve our budget


    By Christine Shaw

What do you do if there is not enough equity in your house and you have too much unsecured debts no one will let you transfer balances into one credit card to save on interest or to refinance your home or give a personal loan to reduce your payments?


    By Carolyn Singleton

If you refinance your mortgage you might also consider consolidating your other debts at the same time (credit cards, personal loans, etc). I wound up with an extra $135 per week using this strategy - and I pay the extra money saved off the new mortgage to build more equity in my home - which I'll now own 8 years earlier.

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Negative Gearing: When an investment is purchased with the assistance of borrowed funds and where the income from that investment (after the deduction of expenses) is less than the interest commitment in the course of a year.

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