Tips for growing wealth, Essence talks finances...

10 Easy Tips to Save More Than $5,000 in Just One Day, When you thought you didnt have it.

1. Slash cell bills!!!
Pull out your last three cell phone bills and check your usage. If you’re wasting minutes, call your provider and switch plans, or go to lowermybills.com to comparison-shop. American consumers pay an average of $60.53 for cell phone service, according to TNS Telecoms. By switching to a 450-minute plan for $39.99, you can save $20 a month.

Annual savings: Up to $200-plus by changing wireless plans

2. Lower credit card charges!!!
Gather your statements for credit cards that carry a balance. Call each company and ask for a lower rate. The average household carries $9,159 in credit card debt with an average APR of 16.55 percent, according to CardWeb.com. By getting the APR lowered 2 percentage points to 14.55 percent, the average household will save nearly $200 a year.

Annual savings: $183 (lowering APR to 14.55 percent from 16.55 percent on a $9,159 balance)

3. Spend less on entertainment!!!
Get a library card. You can check out books, audiobooks, videotapes and DVDs, saving between $7.95 and $24.94 for books—as well as the $4-plus charge to rent a DVD at Blockbuster. Lots of late fees? Subscribe to a service like Netflix (netflix.com). Plans start at $4.99 per month. You keep the DVD for as long as you want to with no late fees. When you return it, you get the next one.

Annual savings: About $400 a year

4. Find cash stashed in your closets!!!
Go through your closets and gather any clothes you haven’t worn in the past two years. Separate the best pieces and take them to a consignment shop. Consignment shops will sell your goods and then give you a percentage of the profits, which can range anywhere from 25 to 75 percent. If clothes aren’t sold in a specified amount of time, they will return them to you. For selling tips, go online to powerhomebiz.com /vol58/consignment.htm, or search ehow.com for tips. Then look in the Yellow Pages for shops near you.

5. Take a lunch break!!!
Hungry? Instead of buying lunch, make it. If you normally spend $5 each workday eating out, taking your lunch can save you as much as $1,200 a year. Even when you add the costs of making lunch, you still come out ahead. To save time, store dinner leftovers immediately in portable plastic containers.

6. Scale back on grocery shopping!!!
Sign up for a membership to a warehouse club such as Costco (costco.com), BJ’s (bjs.com) or Sam’s Club (samsclub.com). You’ll pay between $35 and $100 to join, but according to industry estimates, on certain items, the clubs have prices up to 88 percent less than those at grocery stores and 24 percent less than supercenters like Wal-Mart. Still buy perishables and smaller family portions from the grocery store, says Tawra Kellam, cofounder of livingonadime.com. But those looking for big-ticket items and home-business products can make out quite well.

Annual savings: Approximately $1,400 if you only realize 30 percent savings from a warehouse club, minus the membership fee.

7. Get more out of banking!!!
Try Internet banks such as ING Direct (ingdirect.com) and Etrade (etrade.com), which offer yields of between 4 and 5 percent on savings accounts compared with a 0.76 percent national average. By moving $1,000 from an account earning 0.76 percent to one earning 5.05 percent, you’ll go from making $7.60 to $50.50 per year in interest.

Annual savings: $42.90 in interest by moving money from a 0.76 percent yield savings account to a 5.05 percent yield account

8. Adjust your insurance policies!!!
Compare auto and home insurance rates at lowermybills.com and insweb.com. Keep your home and auto insurance with the same provider to save 5 to 15 percent. Or raise your deductible—the amount you pay first—to save between 15 and 30 percent. With the average annual auto policy at $847, a 25 percent savings could net you $211 per year.

Annual savings: Approximately $200 on auto and home insurance premiums

9. Conserve energy—and cash!!!
Change the filter on your air-conditioning/heating system. A clean filter will cause the system to work more efficiently and use less energy. Then run to the store to pick up fluorescent lightbulbs. By changing all your incandescent lightbulbs to fluorescent ones, you’ll save 30 to 38 percent on lighting costs.

Annual savings: $260 with 20 percent energy savings

10. Cut back on personal-care costs!!!
Get the Yellow Pages and find local beauty schools. You can get the same services of a trendy salon at half the price. The Hair Academy in New Carrollton, Maryland, for example, charges clients in the Washington, D.C., area only $13 for a wash, blow-dry and curl, and $32 for a relaxer and set. “I was skeptical at first about getting a touch-up, but the stylist was closely watched by a licensed professional, and she did a great job,” says Katrina Ruiz, 38, an event planner in Mechanicsville, Virginia, and one of the women who took our challenge. Ruiz will save $320 a year using this hair-care option.

Annual savings: $648 if you get a $40 wash, blow-dry and curl twice a month

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