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Eleven Money Saving Tips
Eleven Tips to Save Money
You have heard some of these tips before but it can’t stress them enough and the real question is - are you using these tips in your life today? You know there are hundreds of ways to save money, however, if you are not in the habit of saving money but are constantly complaining about not having enough money – then it is time to change a bad habit to a good habit.
In these tough economic times - "money" can save you from hardship. Following are eleven ways you can start in small areas to get back to financial prosperity.
1. Cook At Home. Do not buy the prepared meals that need meat or vegetables added. They cost too much and you can eat healthier if you start from scratch and cook wholesome foods. In addition, you will save on your grocery bills. Put the extra money that you save in a savings account. You can also take the leftovers for lunch at work for more savings.
2. Don’t Spend $ on Coffee - Fancy coffee shops are death on a budget. Drink the fancy coffee but do not pay to buy it yourself. Tell friends that give you presents to give you a gift certificate and then treat yourself. In the meantime, buy a coffee pot and make your own coffee. It will save you money in the long run. Invest in a thermos if you drink a lot of coffee take it to work or wherever you are going and you will keep the lid on your wallet and save money.
3. Take Your Lunch to Work - Three or four days out of the week take your lunch to work. It gets boring after a few days but you can spice it up and make it interesting. Also, the best time to make this lunch is at night before you go to bed. If you wait until morning – it will not get done. Once a week you can also treat yourself to an outside restaurant meal.
4. Coupons - Personally, cutting out coupons is very time consuming but if you can stick to it you will save money. Cut out coupons for what you actually use - you will save money on the grocery bill.
Don't deviate from your grocery list and save. If you have friends that subscribe to the Sunday paper, ask them if you can have the coupons. You can also get online coupons. Using coupons is also a good way to stockpile items and save $$$.
5. Walk instead of Driving - Exercise is good for you.Whenever you can walk instead of driving. Walk everywhere. If you work, ride the bus, get off one stop early and then walk the rest of the way to work. It may be more convenient to drive but if you can save gas by walking some places it's great. Try it.
6. Stop Unnecessary Expenditures – Keep all receipts and at the end of the week review them to see where you could have saved money, where you wasted money and look at the things you bought that you did not need. When you see things that you purchased three or four times (not rent or mortgage, credit card bills, grocery bills) but cigarettes, wine, or other unnecessary buys – it’s a clue that you are buying things that you might not need. Take that money and put it in a savings account.
7. Pay Bills Early. Paying bills early is much better than paying them on time. You save money by avoiding interest fees and whenever you can double payments up do so and get rid of the bill. Once it is gone – put the money into savings.
8. ATM Fees - Stop using other bank or store ATM’s to avoid ATM fees. If you need money fast – go to a grocery store or to your own bank branch so you are not charged extra fees. Plan ahead so you know when you need money. Bank fees are more money traps.
9. Quit Buying on Impulse - Stores put items need the checkout to trap you and to take your hard earned money. Don’t fall for this marketing ploy. Just go through the check stand with your hands in your pockets and don’t pick up stuff that is luring you to open your wallet and spend your hard earned money.
10. Start a Coin Jar - Every night before you go to sleep, empty your wallet or purse of all your change. At the end of the week – take that change to the bank. Do not use machines that convert your coins into cash (they have these in stores so people can convert change). These machines charge a percentage to convert your money. Either roll it up yourself or just take it and count it with the bank tellers. Some banks have coin changers as well. Some banks also now have the change accounts where you can round off your checking account and they will put the change in a savings account for you and after a period of time they will match some portion of your savings. You can also just open a savings account for your change.
11. Save $5 a week – if you cannot do any of the above – just take a $5 bill and put it into a savings account at the end of each week. Don’t be embarrassed to “walk” to the bank each week to put your $5 dollars in your account. Be proud. $5 adds up.
Finally, if you have savings account where you have a checking account and you have an ATM card that can access both accounts, close the savings account and t and move it to another bank and decline the ATM card. Savings means just that. If your checking account is overdrawn the bank will deduct the money from your savings account to cover the overdraft. An ATM card for your savings account is just another one of those money traps. Don't get caught in a "bank" trap.
Start saving right now…
These are just a few tips – there are thousands of ways to save money. Would you share the ways that you save with me? I am going to try different money savings ideas each month to save money. Please feel free to send other saving suggestions that we can try.