When people get serious about saving money and becoming debt free, it may be amazing just how many ways there are to do it. Oftentimes, it may be only limited by the power of your imagination and willingness to read more about it. Here are 5 ways for you to save money - a lot of it - this year.

1. Save Money by Refinancing Your Mortgage

It is possible that you may be paying a higher interest rate than what is now available. Truth is, mortgage rates are not apt to get much lower than they are now, making this the ideal time to refinance. You may have to shop around some, though, because lenders may not be as quick to refinance as they once were with so many others looking for new deals to avoid foreclosure.

2. Bring In A Roommate

Whether you own your own home or rent, it is always cheaper if you have someone else helping to pay the bills. A roommate can help you save money - a lot of it - over the course of a year.


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3. Save Money by Buying a Used Car

You can save more money if you buy a used vehicle, rather than a new one. If you already have a new one - such as a SUV, Business Week Magazine suggests you trade it in on an older model to reduce both overall indebtedness and monthly payment amounts. In some cases, with the right vehicle, you may also be able to reduce both your insurance and fuel costs.

4. Trying to Sell Your Home?

If you have a home for sale and can't sell it, rent it out and cover your bills. Instead of letting it sit empty, you can make a profit by letting someone else live in it - possibly on a lease-to-own situation.

5. Raise Your Deductibles

If you have insurance - whether it is health, auto, homeowners, or anything else, you can save money by raising the deductible on each of them. Remember, though, that you must pay the deductible first - before the insurance company pays, so you will need to have this amount in the bank if it should ever be needed.

Saving money on everyday things is not so hard - once you get used to it. By living a simpler life, you also get to joy it more - and those around you, too.