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No matter where you stand on the financial ladder, there are things you can do to save money. These involve small lifestyle changes, not massive cutbacks. You will see immediate results and have cash in your pocket. The following are seven suggestions I have put into practice:

1. Eat out less. This includes the coffee you had from Starbucks this morning and the quick lunch at McDonald's. If your coffee alone costs $3.00 per cup (a conservative estimate), you've spent fifteen dollars during a five-day work week. That's $60.00 per month and $720.00 per year.

2. Budget your spending money. Leave funds for bills and necessary things in the bank so you can pay online or with your checkbook/debit card/bank card. Take out a set amount of pocket cash to use however you wish, but try to be conservative. Do you really need $100.00 a week in disposable cash, or could you live with $40.00, $20,00, or even $10.00?

3. Pay more than the minimum payment required on your credit cards. The interest rates are incredibly high. The goal here is to pay them off completely, then pay them off at the end of each month so no more interest can accrue if you still decide to use them.

4. If you have a large debt like a house or car payment, use the "apply directly to principal" method. Perhaps your monthly car payment is $345.00. Mail one check for the $345.00 with a second check for, say, an extra $100.00. At the bottom of this second check, write, "Apply directly to principal." The $345.00 payment includes the interest on the car. The $100.00 applies only to what you actually owe on the car - not the interest. By lowering the amount of the principal, the interest rate will decrease proportionally.

5. Don't make extra car trips. We all know how expensive gasoline is right now. If you need to go grocery shopping, do it after work, on your way home, or after you take the kids to school. Don't wait until the weekend and make an extra trip.

6. Don't nickel and dime yourself to death. This or that commodity may be "only ten dollars a month" - but how many of these expenses do you have? Do you really need the XM radio in the car, the extra cell phone minutes, or the expensive internet plan? You don't have to change your lifestyle dramatically, but you may not need as many of these extras as you once thought.

7. Put some of every paycheck into a savings account, even if it's just a few cents. I like to put an even dollar amount in my checking account, and put the "odd money" in my savings. For example, if my check were $529.63, I would put $29.63 into my savings. It adds up quickly over time.

Learn more about this author, M. Teresa Blaylock.
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