Lower your car or mortgage payment
With the rising prices of gas and everything else, if you have a mortgage and auto loan to pay, it can be quite suffocating. If a big chunk of your monthly salary goes to fixed payments, you would have very little cash flow and might not be able to save much.
Other than trying to earn extra money to cover the extra expenses, you might want to check out how you can lower the payment amount of your mortgage and auto loan. Is it possible to lower my payment? You may ask.
We do not have an auto loan currently, so we are not sure what you can do with it. But, we recently requested for an interest reduction with our mortgage lender and were granted a two percent interest reduction that resulted in about one hundred bucks saving per month.
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