Many of you reading this blog are saving up for a down payment, security deposit, cash purchase of investment property, or a similar major expense in the near future. With slim paychecks and rising expenses it can be difficult to squirrel away the recommended 20% of every paycheck.

When I transferred from property management to brokerage I knew I was going to take a pay cut for a while as I rebuilt my business. Here are some of the things I've done to cut my expenses. Maybe they'll work for you, too.

1. 

   Don't pull your scores - real FICO scores are expensive. But definitely check your credit report.

   Check credit reports regularly. You get one copy of your report from each of the three credit bureaus every year. I usually pull one at the start of the year, once over Memorial Day weekend and once over Labor Day weekend. The dates go in my calendar. The FICO credit scores are not free. And the Scores offered by many of the "free" credit score websites that have popped up lately are not FICO scores. They use a different scale. The free reports you can obtain through annualcreditreport.com are just a list of your open accounts, but for checking accuracy that's all you really need.
   My Cost: $0 and 15 minutes. My Savings this year: $0, but I learned that one old collection account had dropped off of my report this year.

2. Call insurance companies annually. Did you know that health insurance plans since the beginning of the year have had to cover preventive care 100% before your deductible? Do you even remember what your car insurance deductible is? It's always good to check with each of your insurance providers annually to find out if you can get a better rate. That goes for homeowner's/renter's insurance, business liability insurance, landlord umbrella policies, car insurance, and health insurance for the self-employed. You won't always get cheaper insurance if you call, but it's always worth the effort.
   My Cost: $0 and 25 hours. My Savings this year: $75 in car insurance plus $5580 in health insurance plus $120 for annual checkup now covered by insurance.
3. 

   There are other sites out there that allow comparison shopping but they're owned by corporate entities. Plug In Illinois is the state-sponsored site and likely to be more neutral.

   Switch electricity suppliers. Hey Chicago! You don't have to get your power from ComEd. You don't. It's worth looking into other options, especially if you have central AC. New carriers in the area offer lower prices. Investigate your options at the Illinois Commerce Commission's "Plug in Illinois" site.
   My Cost: $0 and 45 minutes. My Savings this year: About 5% off my bill plus the good feeling of knowing that my electricity is now coming from renewable sources.

4. Track cell phone usage. Do you know how many minutes are on your cell phone plan? How about the date when your contract expires, if you're on a contract? When was the last time you used all of your minutes or text messages? Have you been with your cell phone provider long enough to earn a new phone? Do you not know? Maybe you should check. It's especially useful to track your voice minute usage and make sure your plan suits your current lifestyle.
   My Cost: $30 for a new smartphone last year. My Savings last year: No savings but I got a phone and a mobile broadband router for the same price I'd been paying for just voice service on my old carrier. (I'm on a 2 year contract so I'm holding tight on this until next year. The expiration date is definitely in my calendar!)
5. Appeal property taxes regularly. I've discussed this at length in a prior article about property taxes. You get a window for appealing your taxes every 3 years, and under certain circumstances you can appeal outside of that window. If any home similar to yours has sold nearby you in the past year, it's worth trying to appeal your taxes based on their sale price.
   My Cost: County filing fee. My Savings this year: About $200/mo.
6. Always get multiple estimates. Calling around for estimates can be annoying and you always feel like you're being a pill. However, you learn in the process about the task at hand, and businesses that won't provide an estimate are not going to remain in business very long. Treat your bank account like it's a business operating account. Allow yourself a certain amount of petty cash for expenses, but if a purchase will require more than your petty cash allowance then go do the proper research.
   My Cost: $0 and a few hours of time. My Savings this year: $500 on a dental treatment and $700 on an exterminator.
7. 

   Chicago's got some of the best water in the world. (Lake Michigan photo by John Chimon)

   Learn to love ice water. Beverages cost more than food. This is true for most restaurants, and especially for alcoholic drinks. Pop & sugary juices are not healthy either. With the exception of my morning coffee (homemade, french press, black) I stick to ice water from the tap for most of the day.
   My Cost: My portion of the water bill in my monthly assessments. My Savings this year: At 20 cents per can of soda, at least $113.75 so far this year, plus the wear and tear on my pancreas.

8. Shop slowly. This started with my mother's habit of carrying items around with her in the store as a "test drive" before purchasing. She generally does not make a purchase unless it's on her shopping list or she's toted it around with her in the store for a while. In my case I use my 2 week "Do I need an Ipad" test on pretty much all of my major purchases before I even walk into the store. Mom has picked up on this test and was recently using it herself. She's quite the frugalista, so I'm very pleased.
   My Cost: Quite a bit of time doing research. My Savings this Year: At least $700 on an iPad, $200 in unnecessary clothing & shoes, and $80 in makeup.
9. 

   Be nice. Win stuff.

   Buy low, tip high, stay consistent. I don't want my thriftiness to hurt the individual workers. I want them to be able to afford to go shopping too. Tips are 100% take home for the laborers, while unit cost is retained by the corporation. Whenever possible, especially in the service industry, I make sure to tip high and I frequently reap the benefits if I'm a returning customer.
   My Cost: Minimal. My Savings this Year: At least $80 in free beers from grateful bartenders, plus $30 from being able to go longer between manicures.

10. Refinance the mortgage. Much like insurance, you won't always win on this one. However, as long as mortgage rates stay below what you currently have and you stay on top of your credit score, you have at least a shot at a successful refinance of your loan. This is the one scenario where the cost may outweigh the savings. Make sure you run the numbers before you go ahead with the refi. Check with a different lender at least once a year, or once every 3-5 years if you recently refinanced.
    My Cost: About $700 in 2010 for a HARP refi. My Savings: About $28k in interest.

Do you have a money-saving tip to share with us? Let me know in the comments!