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Every day’s news headlines include stories about people who use shady, unethical, and illegal methods for acquiring money. Seldom do media outlets carry information about folks who use fully legal, ethical techniques for bolstering their monetary wealth. Even so, numerous ways working people employ to reduce personal spending. One of the oldest strategies is to set aside a fixed percentage of every paycheck. Other, more modern tactics include reworking the monthly budget by refinancing student loans, renegotiating a mortgage agreement, using public transport more often, and dining at home regularly. Here are details about several legal ways to spend less and save more. 

Redo Your Monthly Budget 

Refinancing is an entirely legal financial maneuver that millions of people take advantage of every year. When it comes to quickly reducing personal spending each month, working adults with multiple education obligations can gain much by refinancing student loans through private lenders. By turning several loans into one, borrowers typically gain access to more favorable terms and very competitive interest rates. Plus, they simplify their finances by converting several loans into a single monthly obligation. Working with a private lender is the smart way to go because of the potential for flexibility and advantageous terms. 

Renegotiate Your Mortgage 

No law says homeowners can’t renegotiate their mortgages. You can opt for a typical refi or speak with the lender to find out what terms are available. In many cases, especially when your credit scores are higher than they were when you originally bought the home, lenders will work with you to restructure loans. Along the same lines, if you have saved money and want to put it toward the principal, call the lender and let them know. Often, they’ll accept the payment immediately and rewrite the loan terms on the spot. And, it’s all legal. 

Solve Your Transportation 

If you drive to work and use your car for many other errands every week, consider carpooling for the job commute and using public transport for the chores. It takes a bit of getting used to, especially if you’re not a regular user of the local bus or light-rail system. But going public and carpooling are two excellent ways to become more sustainable and reduce fuel consumption while also saving a significant amount of cash. If all goes well, consider selling your car once you decide to live without it. Many single people own two cars, which represents a vast potential for saving money. Sell the one you use the least, and sock the cash into savings. 

Don’t Eat Fast Food 

It’s known as the four-word solution by those who have tried it, and it works in nearly every case. The four words ‘don’t eat fast food’ routinely lead to consuming more meals at home, which is a simple, powerful way to break the habit of eating out and chop spending every day of the week. If you’re a fast-food enthusiast, ease into the new lifestyle a day at a time. Allow yourself one or two fast-food stops per week, then eventually taper down to zero. 

This content is provided by an independent source for informational purposes only and does not contain legal advice. Consult an attorney or financial advisor when making decisions. This information is provided by legal writers and does not reflect the views or opinions of The Daily Sundial editorial staff.