We all want to have savings and yet be able to take care of the bills that we have. Here are some ideas to help increase available cash.

1.  Change your Federal and/ or State tax withholding

Many people look forward to receiving tax refunds. they enjoy the "surprise" Money that arrives in the mail in late winter or early spring. This might seem nice, but the truth is that taxpayers would be better off reducing the amount of payroll tax withholding and investing the excess money out of each paycheck or using it to pay down debt. There are numerous reasons for this, but the main reason id that excess withholding represents and interest-free loan to the government. The excess withholding could have gone into an investment account or it could have been used to eliminate high interest debt. By giving it to the IRS, it will sit idle until you receive a refund, at tax time.

Tax withholding is usually set at a higher level than necessary, so why not change your federal tax withholding and make use of these funds right now? By increasing your number of exemptions, your Federal tax withholding will decrease, resulting in more cash in your pocket. True, this means your Federal refund will be smaller than usual when you file your taxes next year, but why give the IRS and interest free loan when you could be using this extra money to pay off high-interest debt? Increasing your exemptions for State withholding will have the same effect. However, since taxes tend to be much lower than Federal taxes, the impact will be minimal.

2.  Refinance your existing Mortgage at a lower rate

Interest rates are at an all time low. Mortgage rates are quite possibly a few points lower than they were when you obtained your original mortgage. Refinancing at a lower rate can have a noticeable impact on your mortgage payment and hence free up a large amount of cash each month. Generally speaking, the homeowner must have an equity position equal to twenty percent or more of the property value in order to refinance and there are usually closing costs to pay. However, there are some incentive offers available to encourage refinancing and the resulting mortgage payment can often be significantly lower than before. This adds up to some extra cash in your pocket that will continue from this day forward, until the loan is retired.

3.  Consolidate Debt using a Home equity Loan

If you have a significant amount of equity in your home, you may qualify for a home loan. With a home equity loan, the homeowner can receive cash-up front. This cash then can be used to pay off high-interest debt. The payback on these loans is usually spread over many years, resulting in a monthly payment that will likely be much lower than the payments made to the high interest debt. Not only that, but hoe equity loans provide an added advantage: The interest is tax-deductable much like the interest on a primary mortgage. This can result in significant savings over time as well as provide a much-needed boost to your monthly cash flow.

4.  Transfer credit card debt to a new card with a low introductory rate if interest

Credit cards can consume household cash flow with abandon and most financial experts agree that credit cards should be paid off as quickly as possible. Temporary relief can sometimes be found via transfers to other credit cards with lower interest rates. It is common to find credit cards with these deals that offer the cardholder a very low rate of interest for a specified amount of time, usually six months. Make sure that you evaluate the specifics before choosing this option.

5.  Request a lower interest rate from your existing credit card holders

it's easy. Call the customer service telephone number on your credit card statement and ask. It's that simple. They may say that you need to speak with a manager or supervisor; so agree. you may need to explain your reasons for doing so. You may also suggest to them that there is an offer on your desk right now for one year no interest for a credit transfer but you would like to continue doing business with your existing credit card company.

These are just some simple steps to help jump start your savings while still paying your bills.

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