5 Money Savings Tips (2 comments)
Everyday Money Savings
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Right now with economy being down and jobs are far and few to find, life has been tough. While economy seems to be improving, I see many good and hard working people are struggling and hard to keep paying bills for mortgages, medical treatment and worst of all credit card payments.
While we can not help some bills such as medical and emergency situation but we can take precautions to make sure we are never in this uncomfortable situation where we may have to lose a house or lose credit ratings. Saving money has been practiced since early days of our great great grandparents to our parents.
There are easy and simple ways we can save money for everyday savings. Once saving habits are ingrain in our mind, saving money or being frugal comes as easy as breathing and it will have so many benefits that your quality of life will be improved.
Start today, do not wait for special occasion or a new year to start a new habits on our personal finance. We can save money on everyday expenses such as phone services, insurance, groceries and travel and more. When we are starting, every penny will count. Do not think, what you will do with saving a few pennies here and there. Just imagine, saving a few pennies will make a dollar and few dollars savings will makes hundreds of dollar. Just imagine you putting this saving towards debt or in saving account, how much money you can save in interests.
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There are many ways to save money in our everyday life. Here are my to ways to save money for everyday expenses. Some tips may need getting used to in the beginning but, it is doable for any of us. Why wait, read on and start saving now.
1. Spend Less Then you Earn
Spend Less, period. This seems simple enough but sometimes hard to achieve, at first. This step is really important if you are serious about saving money for long term effect. Best way to do this is to write it down, each day what you spend money on; it could be gas for your car, or cookies from vending machine, a dollar for homeless guy, no matter what it is, write it down. Can you do without any of this expenses? When I looked at my expenses, I was spending on Latte a day, that saved me $4.50 a day and $135 a month when I stopped buying. And you know what is great about it? I had extra $1620 money which can be used towards traveling or paying off debt. See how every little things adds up?
Cooking at home also helps spending less money. One way you can start doing is by starting no spend money challenge to set a budget and spend only within that budget for the month.
2. Create a Budget and Stick to it
Budget is dreaded word. At least it was for me a few years ago. Now, I have have a budget and I like to call it as a spending plan instead. It sounds better but it is actually budget plan so I know how much money I am spending in various categories such as phone services, groceries, eating out and more. Establishing a personal budget and sticking to has helped me and it can help you too, whether you are a single student or large family with kids.
Just think of this way, if you do not know where your money is going, how can you know if you enough money coming in and going out? In order to know your own finance on piece of paper or a software spreadsheet, it will be much easier to stay motivated and stay on course.
3. Shopping Habits for Savvy Shoppers:
Many times buying bulk saves us bunch of money. Think of buying groceries such as dry staple, soap, and other necessities of daily expenses. If you plan you meals in advance you can do bulk buying and buy necessary ingredients when in sale and not at last minute. Sometimes buying food item in season and freezing or canning them for later also helps. You can buy not only food items but other needed items in bulk to save money, for example, printer paper, soaps, dish washing and laundry detergent, shampoo, diapers and so on in bulk when using a coupons or when in sale. If you are buying gifts for friends and family in advance, it will help you look out for sales and discount and can make you save money and plan things, so you are not buying things at last minute at retail price.
4. Do research before buying:
Before you buy an item, do a research online, ask friends and family before making a purchase, specially if it is a large ticket item such as flat screen Television or camera. Make sure the sale price is really a sale before making any large expense that cost $100 or more. What do I mean by that? Some product may it is 40% off retail price, while that many sounds good, not many product companies pay retail price, so check to see where is the best price comparisons such as similar stores, ebay or other online shops to make sure you are getting a best deal on item you want to buy.
Many time, “Buy one get one free”, “50% off”, and “Huge Discount” will make you think you are saving money, double check to make sure it is really a huge discount as they say as it is our hard earned money we are spending.
5. Buy used or generic when possible:
I have made a rule except a few items, everything can be bought used. I personally am fan of used items as it saves me tons of money. I have 2 years old car that is running fine and has saved money. I just make sure with a mechanic to make sure there are no hidden repairs and check car fax report before buying it. Cars loses 33% of value in its 1st year so if you wait a couple of years you can save a lot. You can buy used and good quality furniture, toys and so on. Other than diapers, medicines, food items, many of us can buy quality items from garage sale, craigslist and ebay.
How do you save money?
Saving Money and Budget Resource
|You Need A Budget (YNAB) – Personal Finance Software|
|Quicken Starter Edition 2012 [Download]|
|Peachtree By Sage First Accounting |
How do you save money with Budgeting or Spending Plan?
See part 2 of the series: 5 more tips to save money