Money Saving Tips
Do you need some good money saving tips and money saving ideas especially if you are now living single and on your own? Most smart money managers will tell you that two of the ways to save money is to spend less than you earn and save 10 percent of your income.
But a majority of people aren't disciplined enough to follow these easy money tips. They splurge on things they don't need. And they aren't aware that they are paying unnecessarily for things that they could have saved like electricity, food and gas. This is one of the main reasons why many people have huge credit card debts and no money in the bank.
Your savings is a backup. What if you fall ill and don't have any health insurance or medical benefits? What if you lose your job? How would you sustain your livelihood until you get hold of another? What if a mishap or emergency happen and you need funds?
There are many ways to make extra money and increase your income. But if you don't have a financial goal, develop a budget and change your spending habits, you will face the same problem of having mounting debts and no cash in hand.
Developing a budget is necessary. List your income, your fixed monthly cost and credit card and loan interests. From here you can see where you stand financially. If you find that your monthly commitment exceeds your earning, it's about time that you take massive and constructive action to get out of debts.
Money Saving Tips - How to Save Money
Change or adjust old habits.
One of the most common money saving tips anyone will tell you is to become aware of your spending habits. Do you eat out 3 to 4 times a week? How often do you have your premium coffee at Starbucks? How much do you spend on impulse buying, telephone bills, and entertainment? Just add them up and see for yourself. If you can change your spending habits and indulgence, you can save money.
Keep a journal.
One of the best ways to find out where your salary, income or money goes to is to update your daily spending and expenses. You will notice how often and how much you pay for spontaneous and impulse purchases. It's a boring task initially but by keeping track of your expenditures, you will become aware of your spending habits and make changes.
Save on food.
You may find it troublesome to cook for one so eating out seems like the best choice. Dining out is expensive even if you go for cheap food. You'll spend at least five dollars per meal. So if you do want to save the money that you are paying for something else that you really need, cook your own meals.
Cook something that you can keep it frozen, reheat and pack for your lunch or have for dinner. When you're tired after work and don't feel like cooking, there is food at home and you'll save on having to pay for fast food.
Plan your grocery shopping.
List what you need and follow it strictly even if you notice something that entices you to buy. Do this often enough and you will develop the discipline. Buy items that have long shelf life in bulks especially if they are on discounts. Plan what you want to cook for the week and buy perishable items that last for that period. You'll save the trip of having to go to the supermarket for immediate needs.
Compare prices and shop at the store that gives the best discounts. Collect and accumulate coupons and use them and you can save a substantial amount on your groceries.
Save gas or fuel.
One of the easiest money saving tips is to save on gas. You don't need premium gas or fuel. The regular is good enough for your car. Try to do everything, which requires you to drive, on the same day. You'll save on gas. Take the public transport to work or carpool. Start using online banking to make your bill payments. It is safe and convenient. If you plan to take a trip and drive, plan your journey and find the shortest but safest route.
Lower your utility bills.
Do you have a landline and a cell phone line? Do you really need them both? How much do you subscribe to cable tv? How about your electricity bill? Think about it and calculate how much you are spending on them and decide which one you could terminate or reduce. This is one of the money saving tips that you should try to really look into.
If you are using a heater or air conditioner, the cost is definitely high. If you can't live without it, find ways to reduce like doing a proper home insulation, turning it on only when you require it. Get the habit of unplugging plugs and switching off electrical appliances if you don't use them. Plan your weekend to do your washing and ironing.
Become a smart shopper.
Before you decide to buy something, ask yourself if you need or want that thing. A need is something that is a basic requirement and a want is something that you can live without but it does enhance your life if you have it. One of the best money saving tips is to delay buying the things that you want. In a few weeks, you'll realize that you've lost interest and have managed without it.
Do a research and compare prices every time before you make any purchase. If you do buy, go for quality goods instead of branded items. Shop at discount or thrift stores for good buys. Leave your credit card at home and don't bring all your cash.
If you add up all the small items that you think you need and the wastages that you weren't aware of before you become cost conscious, you will see that it's a lot of money. Get creative and find ways to cut cost on things like cleaning detergents, shopping for gifts and other home remedies. Google what you want to learn and you'll find thousands of websites offering free money saving tips and advice on how you can live frugal.
Do it yourself.
There are certain things that you outsource. But can't you do it yourself? If you don't know how to do something, you can ask, learn and try. Painting your home for example, is a very simple job. Other chores that you can do it yourself are like changing the faucet, checking your engine oil and changing the fuse. If you do need help for difficult task or if it involves heavy loads, trade services with your brother or nephews. Ask them for help and trade in with something you can help out.
Do online shopping.
Online shopping like online banking is secure and convenient. You shop at the convenience of your home, can compare prices, read buyers' comments and reviews and save your time and gas. You will find that many items are cheaper compared to retail outlets and your purchases are backed by money back guarantee. You might even get free shipping for your online purchases.
There are websites that allow you to barter or exchange things like CDs, DVDs and books. There are certain items like subscriptions that you can try for a certain period and cancel if you don't wish to continue.
Save at least 10% of your income.
Here is another money saving tips. Save at least 10 percent of your income. Put it somewhere and forget about it. Keep the discipline of putting it aside no matter how tempted you are to use it.
These are some of the money saving tips that you can start out with and discipline yourself to follow. Look at each of these money saving tips. Isn't most of it about your attitude? It's okay if you've messed up your finances. It is always possible to turn around and fix things because you can change your habit and situation once you make a firm decision to do so.
Be willing to learn and to educate yourself about money management, doing a financial goal, what kind of insurance you need, etc.
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