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You might not be saving money due to your debt. We've seen reports that the average household carries $7123 just in credit card debts. If this is you and if you were to pay off that debt without incurring more debt a few months later, you'll ultimately save money. Here's an example of this. If you owe $500 in debt at 10% interest on a credit card, you'll run up $50 in interest -- assuming you don't pay off your balance -- and then the next month you will owe $550. Do nothing and next month and you’ll owe $605. What this boils down to is that if you eliminate debt – especially the kind that accumulates interest quickly – you will have a lot more money left over to save.
8. Get organized
If your finances are kind of chaotic you could get them better organized. We’re not talking budgeting here. It's just things as simple as determining when your bills need to be paid. If you stay on top of your finances, you should start saving money pretty quickly. For example, you pay a late fee anytime you have a late credit card payment.
This might be just because you accidentally threw away the credit card statement and couldn’t remember your due date.
When you have a late fee, you get a negative mark on your credit report, your credit score will likely go down and lenders will see you as a greater risk. In fact, some credit score experts say that just one late payment could drop your score by as many as 40 points.
9. Review those auto-pay subscriptions
Also make sure you review your subscriptions – particularly those that are on automatic pay. Do you have a gym membership that's on auto pay but you haven't seen the gym in four months? You need to eliminate that subscription. Do you pick up fast food habitually because you feel that you're too tired to cook? Or do you buy snacks out of vending machines at your workplace, which are costing you twice as much as if you bought them with you from home? All these could easily be more than $100 a month or more than $1000 a year. And that's serious money.