It seems the price of everything continues to go up, requiring people to be more conscientious about how they spend their money. The problem is that by the time the mortgage, car, utilities, and credit cards are paid, there is often little money to put aside even if we are the best bargain shoppers around!
Saving money may be a matter of learning the many different options available to you and learning how to be creative. Accept the challenge and make a competitive game for yourself!
There are the obvious methods of saving such as putting money into a retirement fund or savings account. The following list will show you that there are hundreds more of ways to save money. Although some of the tips for saving may not seem like much at the time, once you add them up at the end of the year, you will see how substantial the savings really are.
Keep in mind that saving is more than a single lump sum of money put aside. Dreaming about winning the lotto and its huge chunk of change becomes reality for a few. Day to day habits that encourage saving is something each of us can create by the way you live and the choices you make. Each penny saved is one more penny than before. If you have the ability to save big, that is great. However, most people are not in that position, which is why this money-saving tips will show you how even a little savings can add up quickly.
It is never too late to start saving, regardless of your age. With the following money saving tips you’ll learn easy ways that will help you start saving for your future right away.
10 money saving tips:
1. Use the Thirty Day Rule
Whenever you’re considering making an impulse purchase, wait thirty days and then ask yourself if you still want that item. Quite often, you’ll find that the urge to buy has passed and you’ll have saved yourself some money simply by waiting.
2. Be Realistic
Make your goals attainable or you will never save. When you first start saving try setting a few short-term goals and work towards them. After you have successfully reached your smaller goals you can start planning for more long-term goals that will help you reach your financial goals.
3. Coupons
Watch for them and use them for products and services you use regularly. They may seem like a lot of trouble, however they can save hundreds of dollars a year.
4. Budget
Knowing where you are spending your money is by far the best way to save. In most cases, people have no idea where their money is really going and once they see it on paper, not only are they surprised but eager to change their spending habits. Where are the “holes” that the money is “leaking” through? Tracking your spending will show you those spending areas that need attention.
Challenge yourself to put half of your “fast food money” into savings. Or that cup of coffee that costs $2.75 a day. Cutting down in some areas may free up a lot of cash for you.
5. Gifts & Cards
Think about creating your own gift or card and the message comes from your heart. Take a moment to plan an experience with a friend rather than purchasing “stuff” that may just sit in a closet. Extend a helping hand; offer to complete a task for them; enjoy some time together or a phone call.
6. Have Patience
How many times do we go for the “Instant gratification” when a little patience is all we need? Build the savings up gradually keeping the goal in mind requires patience. Accept that it will take time and good planning to save. The reward will be a sense of satisfaction when you have less credit card debt and peace of mind.
7. Plan a Time to Shop
Plan ahead. Studies have proven that if you shop while you’re hungry, depressed, tired, and stressed, you’ll buy more. It may sound silly but it’s true.
This becomes an essential strategy if you are you’re on a tight budget. The plan should be that have eaten before you head off to the grocery store. If you are upset or feeling a little blue, calm yourself down or wait until you feel better before you head out to shop. Impulse purchases will quickly blow any budget you’ve established.
8. Thrift Stores
Thrift Stores and Surplus Stores are a perfect place to find inexpensive items. Find a thrift or surplus store close to where you live and then plan spending some time to find those outstanding bargains. Thrift stores sell brand name clothes for only a few dollars. Shop within your budget. It feels great to find a bargain and is a creative way to save money on items you need. it is also a good way to practice recycling when you bundle up your used items and get them into the flow.
9. Credit Card Interest
If you have credit cards and your credit is in good standing, call your credit card company, and ask for your interest rate to be lowered. It can be that simple. Just tell the representative that you want a better rate on your credit card and they may just take care of your request. A simple five-minute phone call to your credit card issuer could save you hundreds, even thousands, of dollars in interest charges. It can’t hurt to ask! With a good credit standing, you can also shop around for another card that offers lower rates if your request is denied.
10. Financial Counseling
Many companies and churches now offer financial management classes. If you are overwhelmed or confused about managing any portion of your finances, this is a good place to begin. Introductory classes will often be free or at a minimal fee. The relief you will feel when you know you are in control of your money and your spending will be immense.
Another option is consumer-counseling services. Often recommended for people in over their head with debt, counselors will work directly with your creditors to lower your balances, interest rate, and establish workable payments that you can afford. The caution here is to do your research for a credible company. There are those that would like to take advantage of your financial situation such as those high interest Pay Day Loan institutions – they only make your situation worse.
These 10 tips demonstrate proven ways saving money is possible even when things are tight. Create a plan and stick to it. Make it a challenging game with meaningful personal rewards when you reach goals along the way. Keep the rewards something that truly matter to you and your savings will grow over time along with an amazing feeling of accomplishment. Take your first steps towards saving today.