- Personal Finance
Saving money: 20 Simple money saving tips
It doesn't matter where you are with your financial situation. You can start saving money in so many different ways right now!
You may find some of these suggestions easy to implement, and others quite hard to do. Choose which tips you can apply to your life, and starting saving today.
1. Move your bank account
Monthly banking fees can really burn a hole in your pocket, so start researching other banks and see what they have to offer. You may find a better deal elsewhere. Even though interest rates aren't what they used to be, its worth checking out the competition.
2. Turn off your TV
A great way to save money on your electricity bill is to switch your TV off. Financially you'll benefit from less exposure to spending inducing ads, a lower electricity bill (if you downgrade your cable subscription) and a lower cable bill to. Giving you more time to concentrate on other things in your life, such as a small business or more family time.
3. Stop accumulating, start selling
It wasn't that long ago when people were collecting beanie babies, things have changed and many of those collection's can be found on eBay or Craigslist at a fraction of the cost.
If you're not sure if your collectibles are worth anything, don't collect things of questionable value. Instead start selling them off and start investing your money in more worthy financial goals.
4. Start collecting free customer rewards
It doesn't matter where you live, there are retailers who want to reward you with points for purchasing from their store. So start today and set up a Yahoo or Gmail account and start collecting these points on your customer rewards cards.
5. Be creative, make your gifts instead of buying them
If you enjoy giving generously, start creating your own home made gifts. You can make all sorts of goodies for your friends and family including; chocolates; biscuits; soap or candles.
6. Become an expert at the 30-day rule
One of most important rules of personal finance is to avoid instant gratification, and instead wait 30 days until you decide to make a purchase.
During this time you may find the urge to buy will disappear, leaving you with extra money in your pocket.
7. Make a shopping list
This is one of the simplest ways to save money. It will stop you from impulse buying or any unplanned purchases, which all mounts up.
If you write a list that includes items you need for a meal plan, you can stop food waste. So create that list and stick to it!
8. Don't go out invite your friends over instead
If you like eating out regularly you'll find your money will go down really fast. On the other hand you can save a lot of money and enjoy an evening in with friends with a menu created of your own choice. You can chill out and watch a movie or play games, which means you'll have extra money in your wallet and have a blast.
9. Fix clothing, don't throw it away
If your dress has a loose hem, don't throw it away, get out your needle and thread and mend it. Anyone can complete the most basic of sewing tasks. With a little practice you can save yourself a fortune as well as extending the life of your clothes.
10. Entertain your children creatively
Children have fun with the simplest of things. Give them a box and they'll play for hours, go to the park or show them how to plant flowers in the garden.
Children appreciate the time you spend with them more than oodles of toys, it'll save you money but bring joy to your heart.
11. Renegotiate your credit card rates or transfer your balance
As a credit card owner you have the right to negotiate your interest rate with your credit card company. You also have the power to transfer your balance to another company.
So start today, pick up the phone and see if you can get a better deal, if you don't make any progress start shopping for a different company with better rates to transfer your balance to.
12. Clear out your wardrobe
Everybody has clothing they no longer need or use, so why not donate it to charity or sell it on eBay. You can make a quick profit and take a psychological load off your mind.
13. Drink more H2O
Drinking water has both financial and health benefits to it. If you have a glass of water before a meal you'll be fuller for longer and not eat as much. You'll save money on your grocery bill and feel hydrated.
Remember - Drinking bottled or tap water means you spend less on fizzy drinks such as coke or sprite, plus its free!
14. Stay way from convenience and fast food
Make your own meals from simple recipes instead of throwing prepacked meal in the microwave. Spend an hour or so at the weekend preparing food and you'll have plenty of meal options the following week.
15. Quit smoking
You'll know by now that smoking is both damaging to your health and your bank account. So try giving up altogether, you can try many of the anti-smoking products on the market at the moment, or quit cold turkey. Either way you're health will improve and so will your wallet.
16. Pre prepare a large batch of casserole
Casseroles are both tasty and simple to make. So the next time you make a casserole make it an extra large batch to put in the freezer and use it at a later date.
If you and your family require a ready made meal, you have plenty on hand to save you from turning to fast food in a hurry.
17. Switch off the light's
Over time leaving on light's you don't need costs money. When you have daylight, don't turn on a light, and always switch off when you're leaving a room empty.
18. Trade in unwanted music, books and DVD's on the internet or at the library
Any books, CD's or DVD's you're bored with can be swapped online. So start going through your media collection today and trade them online. Alternatively you can save money by bartering with other people, you'll discover how much better off you'll be financially.
19. Don't rely on your credit cards
If you find spending on your credit card too easy, try putting them some where out of sight and in a safe place, but not in your purse. Keep a card for emergency purposes only.
20. Buy appliances that last
Before you buy a new appliance do some research and find the most reliable and energy efficient one that will last a long time. This will save you a lot of money in the long run because you won't have to purchase a new appliance every 5 years or so.
When money becomes tight don't be afraid to pull back and review your current financial situation. Be inspired and start saving instead of spending.
© 2016 Helen Bolam