©Stuart Miles - freedigitalphotos

©Stuart Miles – freedigitalphotos

If you are facing foreclosure, or falling behind on other monthly payments, then it’s time to make some changes and find out where you can cut back. Often times the difference between keeping your home and losing your home is only a few hundred dollars a month. Most families can find an extra $500 to $1,000 per month, if they only reduce their spending and do everything possible to save on monthly bills. Here are 5 ways to easily cut monthly expenses and find extra money to help pay your mortgage payments.

Stop Eating Out – If your not making your own meals, then you’re spending more money than necessary and you’re not eating as healthy as you should be. Eating healthy can save you $1,000’s in medical bills and increase your energy and stamina. Before you go to the grocery, make a list of the items you need and stick to it. This will save money by preventing impulse shopping and preventing multiple trips to pick up items you forgot. You can also buy generic or store brand products, which taste exactly the same or better and cost up to half the price.

Use Less Electricity, Gas, and Water – For the average household, it’s possible to save over $100 a month by cutting back on utilities. Unplug appliances when not in use and always turn off lights when leaving a room. Many people think it takes more energy to when turning lights on and off, but that’s just a myth. It’s always better to switch lights off when they are not in use. By taking shorter showers with warm water, rather than how, you’ll save on water and electricity or gas to heat the water.

Quit Bad Habits – If you are a smoker, drinker, gambler, or if you have other bad habits, today is the day to stop! If you spend too much, shop too much, or drive to much, you’ll need to start changing your lifestyle. Smoking habits can cost over $2,000 a year alone. Just imagine how much you can save if you used to drink, smoke, and gamble! If you have a shopping addiction, consider buying used items instead. If you drive too much, try to carpool, walk, or ride your bike.

Eliminate Excess Fees – Stop making late payments, bouncing checks, and paying unnecessary fees. Nearly all banks and credit cards have additional fees when you make late payments or exceed your available credit/balance. Keep track of your payments and make sure you don’t write checks that wont clear. $35 fees can add up quickly, so when times are tight, keep a close watch on due dates, balances, and every check you write. Also shop around for low interest rate credit cards and bank accounts with lower fees.

Use Technology To Save Money – Phone and cable vision bills can be eliminated by leveraging the power of the Internet. Using an unlimited IP based phone system can cost as little as $50 a year for unlimited local and long distance. Cable TV is another unnecessary luxury and all your favorite shows are available through a normal antenna, or online through sites like fox.com, nbc.com, or hulu.com.

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