Ten Simple Tips To Help You Start Saving Your Money

by Hank

Saving is like one of those fancy words that sound good until you get under the hood and see what it really is all about. Saving refers to spending less money which is something that is very hard to do for most people. But, a lot of people are feel locked into their current situation and do equate being frugal now with having more money to spend in the future. It is very hard for people to get into the saving and investing mind set early in their lives which is desperately needed in order to be super successful later in life during the golden years.

Many people think that they are took constrained in their monthly budget to save any money. There are always ways to cut your costs and save. Here are ten saving tips and start saving money from today…

1. Make A Budget. This is the baseline. You have to know where you are in order to start and then to know where you need to go. This will allow you to see how much money you make each month and how much you are spending out of it. A budget can greatly help you determine where you can squeeze out extra money to save. It is also an eye opener. I had no idea how much debt I had after graduating from college until I wrote it all down.

2. Cut Extra Expenses. The small things can really add up. You can save a lot of money if you curb your magazines subscriptions, trim the cable channels you rarely watch, or even brew your coffee at home instead of buying it on your way to work.

3. Learn Basic Home Repair. Instead of calling a plumber, try fixing the sink yourself. Take care of your garden yourself. Mow your own lawn. Paint your own house. Do not just automatically think that you have to farm out tasks around your house because you do not have that certain skill set. You can learn. Saving on these small things is actually quite big. So learn how to fix and mend things yourself.

4. Shop Smartly. Make a list of the things you need when you go out shopping so you do not get sidetracked when you are at the store.

5. Stop Eating Out. This is great not only for your pocket, but it is also great for your health. You can save the most by cutting back on eating out. You also get to start eating more nutritious food by having meals at home.

6. Pay Yourself First. David Bach really made paying yourself first famous in his book, “The Automatic Millionaire“. You should have a ‘savings bill’ for yourself. Most people feel bad about missing payments to their credit cards and other debtors, and you will feel the same way if you are your own bill. Set a certain amount of money aside each month and deposit it in your savings account just like you would write a check for a bill. Like your electricity bill or gas bill, you can have a saving bill for yourself which can be paid like the other bill at the end of the month. Write a check to yourself. Make it automatic with a funds transfer online from your checking account to your savings account. Do it first thing at the beginning of the month before anything else and make it a habit.

7. Don’t Forget Sales. If you can control yourself a little on buying that shirt you like from a shop, it will be cheaper in a few weeks. That is what I keep telling myself, “Maybe it will be on sale next week”. So, I wait and wait, and eventually I do not even want the shirt anymore. Or, it actually does go on sale. Every store eventually has a sale, why not wait until then?

8. Buy Used Products. A lot of people cannot get over their stigma of buying something used. I love it though! It is not embarrassing to buy used products when you can save a lot of cash! Instead of buying a new car, go for one that is a few months old. Electrical goods, tools, household items, and even clothes can be bought in good condition even if they are used. I only buy my books, CDs, and DVDs from websites like Half.com.

9. Use Less. Try to use less electricity by using fans more instead of the air conditioner in your house. Open the windows. You can look for ways to cut down your usage on a lot of items around your home.

10. Avoid The Malls. By going to the malls less often, you can actually reduce the temptation of buying things you really do not need. Stay home and do something more productive with your time and resources. Read something online like a great blog or newsletter, spend more time with your family, or just clean out that closet that you have been meaning to get to for months and sell it on eBay!

Comments on this entry are closed.

Previous post:

Next post: