Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps.

In this economy, it’s easier to cut expenses than to increase your income. Need an instant budget makeover? These five tips will put money in your pocket nearly immediately. Check it out:

1. Look for little ways to save on discretionary purchases. It adds up over time, so stock snacks or soda in your desk rather than hitting up the vending machines.
2. Slash your monthly bills. Many service providers are willing to offer discounts to keep you as a customer. It never hurts to ask, so call your cable provider or gym membership administrator to see if you qualify for any deals. And while I’m sure you’ve heard it a thousand times from a certain animated gecko, 15 minutes could save you a lot of money on your insurance — car or otherwise.
3. Are you still buying books and paying to rent DVDs? Beyond hard covers and paperbacks, most libraries now have extensive DVD collections. Brush up on previous years’ Oscar winners for free so you can recognize the clips from those montages on Sunday night.
4. Know when price increases go into effect. For example, gas is typically more expensive on Saturdays — when everyone needs to fill up to run errands — than on Tuesdays. Save some of your money by knowing when to find the best deals. Gasbuddy.com can help you find the lowest price in your area, too.
5. Make your money work for you. Shop around for the best interest rates on savings and money-market accounts at Bankrate.com.

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