Take Stock of Expenses

• Conduct an analysis of your weekly expenses to determine how much money you are spending on necessities and how much is being spent on non-essentials. Examine non-essential expenses such as money spent on eating out, cigarettes, alcohol, coffee, unused gym memberships and clothes and establish reductions in each category. Calculate how much money you can put aside from these reductions for each paycheck and have this amount automatically withdrawn from your paycheck and deposited into your savings account each payday.
  
  

Review Financial Obligations

• Stop using credit cards immediately and consolidate debt by transferring debt to the credit card with the lowest interest rate. If you are not receiving a low interest rate on any of your credit cards, contact the credit card company to negotiate a lower interest rate. When it`s time to renew your mortgage, shop around to ensure the best interest rate. Auto insurance rates should also be compared and deductibles increased to ensure the lowest rate.
  
  

Become Energy Efficient

• Replace incandescent bulbs with longer lasting compact fluorescent light or light emitting diodes. CFLs use 25 percent of the electricity of incandescent bulbs while LEDs use 2 percent. Buy a programmable thermostat to lower the heating or air conditioning while you are not at home. Clean your car`s air filter to improve gas mileage. Use public transportation or walk to work if possible to reduce fuel costs. When time-of-use hydro rates apply, ensure that you are using hydro at non-peak times.
  
  

Reduce Communications and Other Costs

• Shop around for the cheapest cell phone rates and combine cell phone, cable and Internet services with one company in order to receive bulk discounted rates. Cancel additional cable TV packages that you do not watch. Use Skype as a method of making free Internet long-distance phone calls, reducing costly long-distance bills. Consider whether you really need both a land telephone line and a cell phone. Use only your bank's ATM machines to avoid additional fees. Shop in bulk at discount grocery stores to increase savings.