Money-Saving Tips When In Debt

They call it drowning in debt for a reason – when you owe more than you can pay on your credit cards, you feel in over your head. Here's tips to help save money.

Just say no to expensive gas

Try using a rewards card to cut down on your gas expenses. Rewards cards either allow you to earn points toward a gift card or to get cash back when you make purchases. This in turn can save you an average of 4 percent of your typical gas bill. If you're an SUV driver and spend $400 in gas per month, a rewards card can save you $16 per month. You can also cut commute costs by taking public transportation such as buses or subways, or by walking or riding your bicycle to work. Also consider carpooling, which can not only cut down gas costs, but also save wear and tear on your vehicle.

15 Gas Saving Tips

With gas going up and down on a daily basis, it is great to have some “fuel” in your pocket. Here are some tips on how to save at the pump.

1. Going the speed limit can actually save you money, so slow down
2. Make sure your vehicle is properly maintained. It will run better and use less gas, plus it will last longer.
3. Don't carry more than you need. Having things that weigh down a car uses more fuel. If you don't need it in the car, take it out.
4. Tires need to stay filled. Making sure that you have proper inflated tires will help at the gas pump, while keeping you safe. Your tires will also last longer which will also save you some cash.
5. No wind in your hair. Having the windows open on the highway actually causes drag which uses more fuel than using your air conditioner. So close that window.
6. Choose where you live wisely. If you don't already live close to work, next time you consider buying a house, think about making it closer to where you work and where you spend most of your time. You'll drive less that way.
7. Plan your errands. Plan your route before you head out. If you need to go to multiple places, make sure you can do it all during one trip to eliminate the need of excess driving.
8. Share a ride with someone. We all know about carpooling. But see if your office has a program already in place. If you are heading out to an event with others, try sharing one car instead of all of you going separately.
9. Buy gas during the morning or late evening. The cooler it is, the more dense gas is, so a gallon of gas in the morning has more gas than a gallon of gas when it is hot and the gas has expanded.
10. Fill up when you are at half a tank. The more air that is in your tank, the more your gas will evaporate. Minimize the evaporation by keeping your gas tank full more often.
11. Set the cruise control. You won't be accelerating and braking nearly as often and keeping your speed at a steady rate helps reduce the use of gas.
12. Fill your tires with nitrogen gas. Nitrogen is more fuel efficient than regular air, it helps the car handle better and it gives you a better tire pressure retention and tire life.
13. Accelerate and brake with ease. You waste gas with you are aggressive when you put the peddle to the metal or you if you brake fast.
14. Buy a fuel efficient vehicle. Buying a vehicle that uses fuel alternatives will obviously help at the pump. Or buy a car that gets great miles per gallon.
15. Try to drive during off-peak hours. If you drive during rush hour, you waste valuable gas with the constant accelerating and braking. Try asking your boss for less typical work hours or see if you can telecommute a few days a week.

Video: Money Gas Saving Tips

Put the wraps on gift giving

You don't have to be a Scrooge at the holidays to save money, but it does help. Instead of giving each family member multiple gifts, try giving one or two at the most. This could provide you with a monthly savings of as much as $100 or more. You can also get creative by making gifts. For example, try your hand at knitting a sweater or scarf, or creating whimsical origami pieces for recipients of all ages to enjoy. By looking around the Web you'll find a whole host of do-it-yourself resources.

Be smart when eating out

Cutting costs doesn't mean you have to stop eating out. It does, however, mean you should consider making substitutions and cutting non-essential items. For example, you can save $40 per month just by substituting regular coffees for cappuccinos. Eat out two times fewer per month and you'll end up saving $30. Finally, by bringing lunch to work instead of buying it, you'll see an estimated savings of $3 per day, or $60 each month. Also, consider using online coupons such as those found here.

Video: Saving Your Lunch Money

Entertain your kids for less

Instead of going to the movies or buying books, turn to a truly great resource: your local library. You can save $15 a month just by borrowing, rather than buying, a single book. You can also save $20 or more per month by checking out two DVDs or videotapes rather than going to the movies. In addition, many museums have exhibits that are free of charge to visitors, which is a great opportunity not only to save upwards of $15 per month, but to offer your children a cultural experience. Check out this list of reduced and no-cost admission offers to museums across the country.

Curtail your credit

Since credit-card debt got you into this mess to begin with, this is one category that requires taking some significant action. By paying off your balance each month, you can save yourself upwards of $25 in interest. You should also consider switching your balance to zero-percent balance transfer cards, which will also provide a savings when it comes to interest. If you accept a balance transfer offer, however, make sure that the associated fee doesn't exceed any potential savings. The Federal Trade Commission offers information to help you understand the ins and outs of credit.

Other savings tips

The Dough Roller has a list of 75 money-saving tips. These tips include ways to cut costs on utilities, transportation, health, and even love. Put a few of these ideas in motion and you'll be able to save yourself from feeling like you're drowning in debt.