Now that you know what you make and what you spend, you are reading to look for savings.

If your monthly expenditures exceed your income, you must take action immediately.  Only entities allowed to print money canexceed their income on a regular basis.  While I appreciate crafting, I cannot recommend printing your own cash. 🙂

If your income exceeds your expenditures, try to save at least 50% (preferably 75%) of the difference.  Consider your savings to be a bill that you must pay each month.  If you can have it automatically deducted, even better.  If you never see it, you rarely miss it.  I've had retirement savings deducted from my paycheck for years.  I never notice the money isn't there, but I sure do notice how much I've saved.

To increase your savings, consider these money saving tips:

• Try to reduce the cost for things you purchase.  When was the last time you re-priced homeowners', auto, or renters' insurance?  Check your current policy for your current deductibles and coverage and send an email to several reputable local companies asking them for their best price on those terms.  If the company offers both home and car insurance, ask them to price the policies separately and together. Make it clear that you are evaluating several offers.  When you get responses back, see if you are currently getting the best deal.  If you like your current company and they aren't the lowest price, call your agent and give her the chance to beat your best offer.   You can do the same thing with home phone and cell phone service.
• If you pay late fees for anything, get yourself organized so you pay on time.  Late fees are a total waste of your money.
• Consider cutting back on extras — eat out less, carry your lunch to work, cut a few premium channels from your cable package or drop back to basic cable, cancel subscriptions or services that you don't use regularly.
• Plan your meals and your shopping list using the weekly grocery store circular so that you can plan meals that take advantage of the specials.
• As sping and summer begin, substitute free or low cost local entertainment for more expensive options.  Instead of a movie or a pricey concert, consider a community theater, a free outdoor film, or a free concert sponsored by a local organization.  Instead of happy hour, spend an evening at a community or church festival.  You;ll spend less and you'll help a good cause.

What other money saving tips can you recommend?