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.

1. 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.
2. 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.
3. 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.
4. 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!
5. 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.
6. 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.
7. 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.

Bargain shopping: Dollar store deals to avoid

Out of necessity, most of us have become bargain shoppers.  There are some dollar store deals that should be avoided. Here are some of the common traps that you can find in nearly any dollar store that are deals that should be avoided.

Pet products

Pet food is often on display at the end of a rack in a dollar store.  Before you reach for those cans of food for your dog or cat, make sure you are one hundred percent sure of what you are purchasing. Unless the brand is a name you recognize (and you've checked the expiration date) do not purchase dog or cat food at a dollar store. This is one of the dollar store deals to avoid.  In fact, there are several pet items that should be avoided in dollar stores including flea collars (check out expiration dates and brands), toys (they may have unsafe pieces or chemicals) and even shampoos.  Don't put your pet at risk trying to save a few dollars.

Small toys

While it may be tempting to stock up on small toys for your nieces and nephews or your grandchildren, avoid dollar store deals.  Many of these toys are fraught with dangers including small parts which can cause choking and some contain lead paint. Items such as books, crayons or jigsaw puzzles are typically safe to purchase but avoid most toy purchases at dollar stores.

Batteries

Unless you plan to replenish batteries frequently, avoid purchasing battery deals at a dollar store. What may seem like a great deal initially can turn into a real ordeal. You might spend a lot less purchasing batteries at a dollar store, but if you have to replace them three times as often as you would a more expensive, brand name.  Batteries are generally a dollar store deal that should be avoided.


Electronic and electrical items

Electronic and electrical items are at the top of the list of dollar store deals to avoid.  While it may be tempting to purchase an extension cord or a lamp for your desk very inexpensively, you should be aware that many of these items are not rated and should be avoided.  This also goes for decorative lights.  Check the rating on the tags on electric items before purchasing them.

Tools

As a general rule of thumb you should avoid dollar store deals on tools.  The tools that are sold in dollar stores are poor quality and will likely not last. Hammers, screwdrivers and similar tools should last a very long time.  Poorly made tools that are sold in dollar stores are liable to break soon after you purchase them making them another dollar store deal to avoid.

There are many great bargains that can be purchased at dollar stores. There are also many hidden hazards. Be certain that regardless of what you are purchasing at a dollar store that you carefully check packaging, expiration dates where applicable and take into consideration safety features.  While bargain shopping is a way of life for many, there are dollar store deals that should be avoided. Bargains are not always bargains.

Tips for spending less on books

If you love to read, you know that reading can be a very expensive past-time. However, there are several ways that you can spend less on books and you can still read as much as you would like.  Let us review some of the most economical and easy tips for spending less on books.

• Book swap - Most of us have a group of friends with similar interests.  If you have a group of friends who loves to read, make a conscious decision to set up your own book swap among them.  A group of a dozen people could mean that you can read twelve new books and only have had to purchase one book. This is a great way to spend time with friends discussing a book (after everyone has read it) and spend less on book purchases.
• Senior centers - If your community has a senior center, chances are that their shelves are loaded with books. Contact them and find out if you bring books in for them if you can borrow books. Many local community centers and senior centers will allow you to do this.  This can increase the number of books that you can read without adding anything to your budget to purchase books.
• Secondhand stores - Most people only read books one time and then either pass them along or donate them.  Check around your city or town and find out if you have a second hand book store.  Often these stores will take your book, give you credit for

Why a cheap product is not always the best value for money

From time to time you have to consider making large purchases and you might instinctively turn towards a cheap product. The problem is that a cheap product isn't always the best value for the money. This is especially true if you are purchasing items that are going to be used regularly and will suffer "normal" wear and tear. The fact of the matter is that spending a bit of extra money on a higher quality product could turn out to be more advantageous in the long run. Let's look at some instances why a cheap product isn't always the best value for the money:

• Furniture - Your furniture is hopefully going to be a part of your household for a long time. It doesn't make sense to buy a a cheap product that could turn out to be a bad deal. If you purchase a sofa, chair or even a table that is poorly made, chances are that you will have to replace it long before you would have to replace a product of a higher price.
• Winter Coats - Stop and consider how little use you get from a winter coat. Most times, you'll wear this coat for perhaps 3-4 months at the outside. A cheap winter coat often means that it is not warm, it's poorly constructed and it can ultimately last only one (or two) seasons. While it might be cost effective to but a cheap product, this wouldn't be the best value for your money.
• Appliances - Like furniture, you expect appliances to last a long time. However, there is also a hidden cost of appliances that might be overlooked if you purchase a cheap product. The hidden cost is the cost of running the appliance. A cheap product isn't

How to budget when you get irregular payments

Everyone understands the importance of living on a budget. For most, weekly paychecks or monthly fixed payments (such as Social Security) provide the basis for budgeting. For thousands of others though, paychecks are variable (or non existent) some weeks (or months). This is the life of a freelancer or a small business owner. Like everyone else though, they do understand that they need to carefully budget money. The secret is learning how to budget when you get irregular payments. It is not as difficult as you might think. Here are some simple ways to understand budgeting when you are uncertain how much money you'll be bringing home next month (or week).

Managing regular expenses

There are several monthly expenses that you can count on being the same from month to month. Whether it is a rent or mortgage payment you understand how much your monthly output is going to be for housing expenses. This means that you know the minimum amount that you need in order to make this payment. This is an important determination in deciding how to budget when you get irregular payments.

Utility expenses while being varied can be averaged out over a year. Many electric and gas companies

How to budget for home heating costs

It is never too soon to learn how to budget for home heating costs. In general, it is often easier to spread your annual heating costs over a long period of time (10 to 12 months) than it is to try to pay extraordinarily high monthly bills during the winter.  Here are some tips to help you learn how to budget for home heating costs that will not leave you short on money every month all winter long.

If you heat with oil

For those who heat with oil, gather all of your prior years oil bills. Your oil company can help you with this if you are unable to locate them. Calculate what your oil payments were for a complete twelve month cycle. If you had an unusually mild winter, you may want to consider finding out how much you paid in the prior twelve months.  Once you have gathered your figures, determine how much you spent and divide by the appropriate number of months.

Contact your oil company and find out what the average price of oil is. Another question to ask them if they will allow you to lock in rates for oil. Find out if they offer a "cap" on the maximum amount you will pay per gallon during the winter season. This can allow you to properly budget for anticipated costs.

If you heat with natural gas

Contact your gas supplier and ask them if they offer a budget plan.  What will happen is they will look

Simple hints for economical buying

Regardless of whether you are working or not, you are still looking for economical ways to purchase items you need.  Whether your objective is to simply spend more wisely or save for a vacation, you are looking for simple hints for more economical buying.  Here are some easy tips that can help you extend your shopping dollars and get great value.

• Be aware of sales - Be vigilant in your review of store sales. If you believe that you will need an item in the next couple of weeks and the items is on sale, you should purchase it while it is on sale.  In addition, do not overlook in store sale items that might not be advertised.  You can find "managers specials" on items from paper goods to meats that can result in more economical buying.
• Coupons - On-line and offline coupons can add to your buying power. Many of our favorite stores now offer "Internet Only" coupons which you can print off at home and use in your local market.  Combine these coupons with your stores "rewards" card and you can stretch your purchasing power.  Do not forget to check your favorite items in the store - from time to time they will offer additional manufacturers coupons as well.
• Bulk purchases - For the most economical buying, you should always find out if non-perishable and other commonly used household products are available in bulk (or family size) packages. 

How to make your home more energy efficient

Saving money is important to everyone. Whether it is during difficult economic times or when attempting to save money for a vacation, retirement or a special purchase. There are many tips for saving money but, many are asking how to make their home more energy efficient to save money. Here are some simple and inexpensive ways.

• Timers - use timers on the lights in your home, especially in those rooms where you tend to gather with your family. Set the timers so they automatically turn on at dusk, and turn off at bedtime. In general, this will mean that your lights will be off far more than they are on.
• Energy-saving light bulbs - the new energy-saving light bulbs can save you several dollars a year.  While they may cost you upwards of $8-$10 initially, they not only longer, but they use far less energy than standard light bulbs. If you replace all of the bulbs in your home, you can save a substantial amount of money over the course of a year.
• Filters - check the filters in your heating and air conditioning systems to ensure they are not clogged. Replacing or cleaning filters will ensure that your system will run far more efficiently. The more efficiently heating systems run, the less energy will be required. If you do not currently use permanent filters, consider investing in them.
• Close the curtains - take advantage of natural solar energy in the wintertime by opening your curtains when the sun is highest and closing them once the sun goes down. In the summertime, close the curtains when the sun is highest to prevent the home heating up. This will save money on air-conditioning or cooling costs.