Top 10 Money Saving Tips

By: Dee Marie
Submitted: 2007-01-17 16:16:08
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For most of us saving money is not something that comes naturally. We agonize over it, ignore and think money will magically appear in our checking and savings accounts.

Really, though, saving money is much easier than you might think. All it takes is some tips that, with a little dedication and practice, will have your savings growing faster than you ever imagined.

1. Budget. Yes, you get tired of hearing it, but it’s true. Every project—including saving money—starts with a plan. So get started on that budget now!

2. Kill the plastic. While credit cards may seem like a dream come true, for most people, they end up being a nightmare they never really wake up from. By cutting up and canceling your credit cards, you can save yourself enormous fees and interest amounts that you can put into savings to buy the things you want, when you want them.

3. Walk. You’ll be amazed how much money you can save by walking or using mass transportation rather than your car. It may feel inconvenient at first, but with some planning, you’ll feel right at home before you know it. Use the time you spend on the bus or subway reading or listening to music to keep the ho-hums away.

4. Dine in. Rather than eating lunches and dinners out, eat in for a change. Do this frequently and you will likely be surprised to find you’ve saved hundreds of dollars in a single month. Dining out, even just for lunch, is usually quite expensive, and it’s easy to pack good, nourishing lunches with just a little effort.

5. Shop around. This is especially important when you’re buying large ticket items such as cars or home appliances such as refrigerators. Don’t let high-pressured sales tactics—or falling madly in love—cause you to overspend.

6. Surf the web. Bargains are easier than ever to find, thanks to the Internet. No matter what you’re looking for, you can find it online and usually at much cheaper prices than in your local retail stores.

7. Keep steady. Your thermostat, that is. Find a comfortable temperature for your home, set your thermostat—and leave it there! Turning your thermostat up and down frequently can cost you large amounts of money, as it takes a lot more energy to heat up or cool down quickly. So find your comfort zone, and stay there!

8. Try used on for size. Many times you can find terrific bargains in everything from home furnishings to clothes to cars. And usually, no one will know you bought something used—unless you tell them.

9. Resell. Again, thanks to the Internet, it’s easy to sell items you no longer want or need, so why leave them to clutter up your closet, attic or garage? Sell things you can no longer use or just don’t like anymore at online auctions. Then tuck the money in your savings account for that rainy day—or that new tie or purse you just can’t live without.

10. Out of sight, out of mind. The idea here is if you don’t see it, you won’t miss it. So each month have a set amount of money automatically deposited into a savings account—hopefully, one that you can’t access with a debit card. It’s much easier to tuck money away this way—and see that it stays tucked away.

Dee Marie is a freelance writer for NotMadeOfMoney.com. Visit us for money saving tips and ideas. Check out our personal finance blog which is updated daily.

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