Trim The Fat and raise Your Credit Score

Not happy with your credit score? Don’t worry, you are not alone. Just read the papers and watch the news. The current economic state, according to the media, is a giant pool of quicksand. Consumer debt loads are at record highs and will probably stay that way for quite some time.

Trimming the fat is easier said than done but with a dollar here and a dollar there, you can make a difference and pay down your debt. Nobody likes to budget or even think about it so we’ve come up with a list of a few things to help you scale back and save a little cash.

Food. With a little effort and some time you can save big dollars in this department. Start with the Sunday paper and while you’re relaxing that afternoon start clippin! Yes, I’m talking coupons. Plan five of your next week’s meals around the coupons. While you’re at the store be sure and compare the generic brand against your coupons price. Even with a coupon the generic brand can save you even more.

Eat out less. I know it’s convenient but I recently kept a log of what I was spending on dining out. In one weeks time I spent over $200 in eating out. $12 per day was lunch alone! By bringing my lunch to work I am not only eating healthier, I’m also saving money and spending less time away from my work. Monthly savings: $400

Dry Cleaning. Ever noticed that almost every garment hanging in your closet has a “dry clean only” tag on it. Manufacturers put them on just about any delicate fabric to limit liability. Silk, cashmere, wool, spandex, rayon, and polyester can all be laundered.

Use the gentle cycle and lay your fine garments flat to dry. Cotton, rayon and polyester can all be dried on low heat then pressed. Suits only need to be dry cleaned four times per season, not after every wearing. Monthly savings: $50

Utilities. My mom used to bust chops if we left a light on, or didn’t close the door after going outside. Looking back I can see why. I wasn’t paying the bills so what did it care?

These days I turn it way down when I’m away and am mindful of excess usage. Consider spending a few bucks on a programmable thermostat. Monthly savings: $25

Cell phones. Make sure you are on the right plan. Odds are you are wasting money on extra services. Unless you’re building a rocket or downloading plans and specs for the worlds tallest building you don’t need unlimited megabytes. Monthly savings: $40

Cable TV. When’s the last time you actually used every premium channel in a months time? I can’t remember the last time there was a movie on that I actually wanted to see. They always seem to be on pay per view or at the local Hollywood Video. Hey, the Sopranos are over! You get the point. Monthly savings: $30

Here’s slightly more than $500 per month I found in savings. I guarantee you can do the same. Take that extra money and pay down your debts or throw it in to savings. You’ll be improving your credit rating and building a nest egg at the same time.

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