Simple Lifestyle Changes Can Lead to Big Savings

You really want to start saving more money each month, but you don’t know how or where to begin. Change can be good, but often times that first step can be the most difficult one. E-LOAN can help with some simple personal budget advice. But here’s the catch: you may need to consider making changes (some just temporary) in order for this to work.

Did you know?

Did you know? American consumers owe $3.037 trillion1 in debt and the average low and middle-income household has a credit card debt of $7,1452.


Let’s go over some ways that can help you lower your monthly spending, save money and begin paying off your debt.

Evaluate your monthly utility expenses.

Do you really need that expensive premium TV package? Consider cutting down on TV and finding new and less expensive ways to entertain your family.

Other utility bill tips:

  • Invest in a programmable thermostat to adjust the temperature while you’re away from home.
  • Limit dishwasher, washer and dryer usage.
  • Cancel your home phone or downgrade to a cheaper package.

Find out if you can lower other monthly payments.

Call your credit card company and ask them to lower your rate. If they can’t lower your rate and you have good credit, transfer your credit card balances to a low-interest credit card.

Also consider:

  • Shop for auto, home and life insurance. You may be able to lower your premium.
  • Evaluate your healthcare costs and make sure your plan is appropriate for your household’s medical expenses. Take advantage of open enrollment periods to find out if better choices are available.
  • Contact your cell phone company to see if your data and calling plan is appropriate for your usage.
  • If you’ve paid up to 80% of your mortgage loan and are currently paying for Private Mortgage Insurance (PMI), contact your lender to request a PMI cancellation.


Make time in your weekly schedule to do things yourself instead of paying others to do it. They may be chores to you, but setting aside time to complete a project can be very rewarding.

      For example:
  • Try washing and ironing your own clothes and save on dry-cleaning.
  • If you have pets, groom them yourself.
  • Skip the car wash and detail your own car.
  • Have a spa day at home and do your own manicures and pedicures.

Finally – don’t spend the extra cash you’ve saved!

You’ve made the necessary lifestyle changes. You’re putting in the work to save money and pay off your debt. Stay disciplined and keep saving. And once you’ve reduced your debt, make saving a permanent step in your personal budget plan. Start building an emergency fund, invest in your retirement or pay for your child’s education.

1Federal Reserve Statistics Release October 7, 2013. /g19.pdf
2The Plastic Safety Net 2012, May 22, 2012

Please consult with your attorney, financial consultant/planner, accountant, and/or tax advisor for advice concerning your particular circumstances. The information contained herein is for general informational and educational purposes only and should not be construed as professional, tax, financial or legal advice or a legal opinion on specific facts or circumstances. The information or opinions contained herein should not be construed by any consumer and/or prospective client as an offer to sell or the solicitation of an offer to buy any particular product or service.

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