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Advice on How To Save Money

Updated on March 24, 2011

Saving money can be both challenging and rewarding. Creating a budget and monitoring your expenses can give you greater financial security and reduce stress. Having some money saved for the future can prepare you for unexpected expenses and give you more freedom to take vacations, make large purchases, and support your family. Here are some tips for saving money.

1. Make a budget.

Make a budget to meet each month. The budget should have categories of your expenses—such as food, rent or mortgage payments, car/gasoline, and entertainment. If you are unsure of how much to budget for each category, track your expenses for a month to see how much you currently spend and then budget for a bit less. Include a budget item for miscellaneous expenses. Part of your budget should be a certain amount you intend to save each month.

2. Track expenses.

Once you have set a budget, stick to it. Do not spend at will and then check the budget at the end of the month. Instead, monitor your expenses regularly throughout the month so you can make adjustments if you are spending too much. Home budgeting software can really help you out here. While you can purchase software programs that will help you track expenses, there are many free products online that will serve the purpose well.

3. Eliminate unnecessary purchases.

Many people struggle with saving money because they tend to buy on impulse. Thinking carefully about what you buy before you swipe the credit card can help. When you go shopping, set a spending limit for yourself ahead of time and make a list of what you need to buy. If you are tempted to stray from this list, go home and think for several days about what you were tempted to buy. This will give you time to consider whether it is worth spending some of your budget on. Easy things to eliminate from your budget are items from vending machines, movies at the theatre (use Netflix instead), and brand name cleaning products (generic brands work just as well for a fraction of the cost).

4. Subscribe to frugal living newsletters.

There are many newsletters out there that offer regular tips on saving money. A simple Internet search will return thousands of results. Choose a few frugal living newsletters to subscribe to in order to get regular tips to help you save and meet your monthly budget.

Image Credit: alancleaver_2000, Flickr

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  • gajanis786 profile image

    gajanis786 

    7 years ago

    Useful tips....all workable ideas, indeed this is the right time to think of saving for future....thanks.

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