How to Save Money
- A penny a paycheck!
Saving money can seem like a daunting task.Until, that is, you look at it from another perspective.Saving money doesn't need to take over your finances.But it should be part of your budget.Here's what you should do.Instead of saving hundreds of dollars at a time (and stretching yourself to the max just to say you have X amount of dollars in your savings account), save a little at a time.Each time you get paid, take $25 or so (depending on what you can afford) and put that money in a separate account.Some banks will even automatically withdraw the money for you.You'll be surprised at how quickly it will add up.Then, once you've grown accustomed to saving $25 per paycheck, try increasing your savings to $35 or even $50.Saving a "penny a day" is an easy and smart way to save money.
Be a penny pincher! If you think you don't make enough money to save any, think again.Saving money doesn't need to be an all-consuming task.You'll be surprised at where you can find a few extra dollars each day, if you're willing to make some small sacrifices.Let's say, for example, that on any given day, you go to the convenience store and buy a coffee, drive to work and pay to park and buy lunch from a vending machine.There are several unnecessary expenses here.First, you can save money by making coffee at your own home rather than buying it.Instead of driving yourself to work and paying to park, find a co-worker to carpool with and split the parking fee.Finally, bring your own lunch to work rather than buying it each day.Then, take the money that you've saved each day and put it into a savings account.It will seem small at first, but you'll be surprised at how quickly a few dollars a day will add up when you're a penny pincher.
No impulse buys! All of us have, at one time or another, seen something in a store or online that we though we simply had to have.So right then and there, we bought it.Without stopping to ask ourselves whether we really needed that octopus shaped towel drying rack or cool electronic gismo, we just bought it.Or it could be something as simple as a candy bar at the grocery store.Sure, it's easier said than done, but you'll be amazed at how much money you can save if you can resist impulse buys.If you see something that you think you need, wait a few days.Think it over.Look at your finances and see if you really can afford it.If you can, and it's something you really want, then go for it.But more often than not, you'll find that you didn't really need that little gismo.And if you've been able to resist the impulse, then congratulations.You've just saved yourself a bit of money.
Become your own gourmet chef! Everyone loves to eat out.Who wouldn't?!It's a nice feelings to come home from work and know that you don't have spend the next 2 hours slaving away over the stove and oven, only after you've been able to figure out what to cook for dinner.And sometimes that can be the toughest part.So, many of us just decide to go out to eat or order take-out to save ourselves the trouble of cooking.But did you realize that aside from being a fairly unhealthy way to live, eating out all the time is costing you a ton of money?Just think about it.You're probably spending around $15 dollars every time you order food out.That's a lot of money and it really adds up!If, every time you wanted to eat out, you instead saved that money, you would have a large savings account in no time.So next time your belly is grumbling, think of yourself as the gourmet chef rather than the cook at the restaurant down the street.
Make a list! Any time you go grocery shopping you're bound to pick up a few things that you don't really need.Maybe you're hungry when you go shopping so it makes it much easier to find things that look tasty.And there's nothing terribly wrong with that, at least as long as you're able to keep things under control.But if you're one of the many people who go to the grocery store expecting to buy $30 worth of groceries and end up spending $85, you may have a slight problem.You're certainly not doing your finances any good by over spending like that.But the way to get around this problem is fairly simple.Just make a list!Before you get to the store, go through your cupboards and make a list of all the possible things you might need to buy.Then when you're at the store, stick to your list.You'll save yourself money and end up much happier in the long run.
Be a Budgeter! In order to save money, you have to manage it.Because if you can't take care of the money you already have, how are you going to save a little cash here and there?The first step is opening up a free checking and savings account.The bank will nickel and dime you on little things like too many ATM withdrawals, too many checks written, or a funds transfer.Make sure you can access online banking, pay bills and manage your account without attached fees.Next, you need to create a budget (a loose one or a tight one, depending on your personal habits) and then stick to it!Be sure to balance your checkbook each month so that you always know what your money is doing.That way you know you're not wasting money on something silly and you can start putting a certain amount of money in your savings each month.
Public transportation: the answer for money lovers and nature supporters! A great way to save money every day is surprisingly simple.Instead of driving to work everyday, getting stuck in traffic, paying a ton for gas, risking accidents at every turn, and paying a fortune for parking, try taking public transit to work.Depending on where you live and how far you commute, you'll save money on gas, parking, insurance and wear-and-tear on your car.You'll be happier because your monthly insurance payment will be half the cost and you'll only need to fill your gas tank maybe once a week.Or even less!You'll be able to read or relax or even work while riding the bus or subway.Maybe you'll even meet new people.But more importantly, think of all the money you'll save!And cutting out the daily drive to work and back will cause less stress on the environment - and you.
Stop wasting money on unused subscriptions! One of the biggest wastes of money we experience today is subscriptions to magazines that we don't ready; or cable or satellite TV that we don't watch very often.So if that's such as waste of money, think of all the money we could save if we cancelled unused subscriptions to magazines and cable or satellite TV services!Cutting back to the magazines and channels that are essential to you could save you hundreds of dollars or more per year.Plus, you won't be wasting hours of your life in front of the TV.And you can save even more by cutting your newspaper subscription back to weekends only and getting your news at work, on TV or online during the week. You'll have less paper to recycle, too.Then you can take the money you would have spent on these subscriptions and put it in a savings account.You'll be rich in no time!
Brown bag it! We all know that it can be expensive to eat out every day.But sometimes it's so much easier to just go out for lunch while at work.Plus, we can meet with clients over a lunch break if we go out.but think of all the money you're spending.Tomorrow, instead of eating out, try brown bagging it to work. Bringing your own lunch can be much cheaper than eating out.Be sure to include snack foods like muffins, fruit and cookies for morning and afternoon breaks as well as a lunch. Also, if you drink the office coffee or bring a thermos of coffee, instead of stopping at the local Starbucks, you can save $10 to $15 a day. If there's no lunchroom at work, eat and read the paper at your desk or take your lunch to the park and eat there. You'll be healthier as well as richer.
Use plastic with care! Almost everybody has a credit card.They've made our lives so much easier.Now we can buy almost anything we want right when we want it.This makes things so much more convenient.and also so much more expensive.Credit cards, although they serve an excellent purpose and most of us couldn't get along without them, can be a very bad idea if you don't have a lot of self control.It's so easy to spend with a credit card.Simply swipe and you're done!But this may encourage us to buy things we wouldn't buy if we had to actually pay for it at the time.This in turn causes us to waste our money.This is why it's so important to use your credit cards carefully.Leave them at home when you're shopping so that you don't go over your budget.If you do use them, pay the balance as soon as the bill comes.You'll be happier as well as richer if you don't have a high credit card balance.
