7 tips for saving money
Today's economy is forcing all of us to consider ways to save money. It is often a struggle to find ways that are easy to implement that allow us to save a few dollars here and there. We all understand how important savings is, but are not always motivated to save. Set up a target amount of money that you wish to save. It could be for a vacation, to further your education or simply to save for the future. Here are seven tips to help you get started saving money.
- Cents off coupons - many of us already use cents off coupons. If you are not already using them, there is no better way to save money than to start today. Most Sunday newspapers full of them but there are hundreds of sources of cents off coupons online. Once you start using coupons, check the bottom of your receipt when you get home and place your savings into a piggy bank.
- Conserve energy - make your home energy efficient to save money. Inexpensive investments such as weather stripping, timers on your lights and heating system can all help you save money at home. Some of your conservation efforts may require you to make initial investments up front, but over time you will recoup those expenses and begin saving money on your energy costs.
- Price options - it is time for you to check out unit pricing at your favorite store. You may be surprised at how much more you are spending on items that you purchase all of the time. Buying in bulk, using store brand or generic products when possible will all help keep the cost of your grocery shopping lower. Buying items in bulk can help you save more money than you might think.
- Monitor spending habits - before you stop for work to grab a cup of coffee from your local coffee shop, stop and think about how much it is going to cost you. Consider this: if you stop each weekday morning to purchase a cup of coffee that costs you $2.00, over the course of one year you will have spent $520 on single cups of coffee!
- Create a budget - many people have made the decision to freelance due to the tighter job market. As a result of this they often get irregular payments and the idea of a budget makes them roll their eyes. Even if you are getting regular payments, budgeting should be a priority. A budget can help you stay focused and help you understand where your money is going. Budgets are great tools to help you save money.
- Consider refinancing - it may be time for you to consider refinancing your mortgage. If the current rate on your mortgage is more than one percent over current rates this might be the right time for you to refinance. Take all closing costs and fees into consideration before making a final decision. An interest rate deduction can result in significant savings.
- Swapping and exchanging - there is a growing group of people who do not have time to hold yard sales. However, they still have items in their home that they are still interested in getting rid of. If you join your local freecycle list you may be surprised at the number of things that people are giving away. The list is broad and includes items like children's clothing, computers, bicycles, dog gates, books and other household items. These items will only cost you the time to pick them up and the gasoline to get back and forth.
Set your savings goals and take the steps needed to begin implementing them. These seven tips for saving money can help put you on the right track to start a solid savings plan regardless of the goals you have set for yourself and your family. Many of these tips are painless and easy to put into motion.
