Five Great Ideas To Save Money
Want to save money but don't know how? Feel like depriving yourself when it comes to saving money? Don't be disheartened. Try these five money saving ideas, without breaking up a sweat!
Reduce or eliminate magazines. If you are a typical American family, your mailbox gets its regular fill of magazines: business, sports, home and garden magazines. Can you imagine how much each of these subscriptions cost? Annually, it is an average of about $20 per magazine. If your family is subscribed to 5 different magazines, that's already $100 savings per year! If you still need the information from such mags, try to check out their websites and you'll be surprised at how much free information is available!
Buy in bulk. How can warehouse and discount clubs drastically lower their prices? Because they buy and sell in bulk. And so should you! Consumables that are non-perishable can be purchased 10-15% cheaper when bought in bulk. Be sure to stock up only on fast-moving items such as kitchen towels, cleaners, canned goods, etc., to avoid wasting money on rancid food.
Eat at home. Eating out has become an American lifestyle. What used to be an activity to celebrate special occasions has become part of the daily, fast-paced life. But did you know that eating out could chomp as much as 40% of your budget for food? That's as much as $40 weekly, saved just by eating in!
Plan your meals. Eating out 4X a week need not be your solution to a dynamic lifestyle. Menu planning is! Take time on weekends to plan for the following week's meals. Every night, before you hit the sack, take out the ingredients for the meals of the next day from the freezer, and store them in the refrigerator. By the time you get home from work, everything is thawed and ready to be cooked. And because eating out is part of the American way of life, you would have saved enough money to spend for dining out on special occasions!
Homemade skin care. Is your dermatologist eating up your budget? Don't you wish you can be beautiful and save money at the same time? The answer is yes, you can! By using ingredients from your pantry, you can take care of your skin and still save a fortune. Try the following:
- Honey and oatmeal can exfoliate dry skin.
- Ginger seeped in a bath softens your skin.
- Cucumber and milk softens tired skin.
Without drastically changing your lifestyle, you have started your path on saving money. Secure your future by using these money saving ideas, today!
Budget Like Mom
Budgeting is truly the turf of most mothers. Aside from the traditional role imposed on mothers as the one who budgets the family finances, mothers have the instincts and foresights on what might happen in the future.
But how do moms really stretch the budget? She neither uses complicated formulas nor magic tricks but simple ingenuity and common sense. Peek in through moms' secrets in budgeting and learn. Role modeling is a good way to encourage attitude, especially towards money.
1.She clearly knows where all the money goes. Usually it goes to child care apart from the housing, health insurance, food and clothing. It is unlikely for her to cut cost on her children.
2.She studies all options given to her in terms of child care. Before she decides, she examines all aspects like safety, health and education.
3.To understand more, she talks to local child-care specialists and works out schedules with her employer for bonding time with kids.
4.For working moms, it is double the effort. They take care of the house and the children and at the same time work. She incorporates practical ways to accomplish both roles.
Self Control And Saving Money
Self-control is one of the many virtues that is something that can be learned by each and every person. And learning it will prove to be very significant in the way people handle their finances. Possessing a sense of self-control somehow helps people to put aside money instead of spending it. It helps people to resist the terrible "itch" they get to spend money the moment they get hold of it.
This is a common pitfall for most people. Often, when people come into a certain amount of money, they have this tendency to rush out and instantly satisfy the irresistible urge to splurge on anything they lay their eyes on. This is a very dangerous mistake. Sometimes people fail to recognize the idea that the future has to be considered, too, whenever spending and savings enter the picture.
A Little Goes A Long Way Smart Secrets To Budgeting
There's nothing more we want than to be able to efficiently manage our money. After all, the money that we want to manage is money that is oftentimes, hard earned. This is where a budget comes in. A budget executed properly, should help you see where your money is going, get more utility out of every buck, and help you save some extra for future use.
The first smart secret to a budget is to set a goal. What do you want to achieve? Do you want to correctly appropriate your income into bills payments? Do you want to put an amount aside for a big purchase or a huge investment? By having a goal, you will be able to shape your budget to best serve your interests.
Secondly, you would want to take note of where your money usually goes. This includes bills, major but regular purchases (like grocery costs, healthcare costs, and the like), and everyday miscellaneous purchases. Only when you list down where you know your money usually goes will you be able to identify which expenses you can do without. Once you've identified these regular expenditures, take into consideration what you can cut back on. How much do you spend on your daily caffeine fix in the morning? How much do you spend on newspaper deliveries to your front door? The measly $2 or $5 of these small purchases cumulatively translates to more than $3600 a year! Instead of buying your expensive latte or reading the newspaper on print, put aside the amount you would usually pay for these small routine purchases in a small container. You will be surprised at how much you're saving out of your older budget.
Being indebted is a vicious cycle on its own. You're talking about continuous payments, not to mention huge interest rates. The best way to deal with this is to pay the minimum on all of your debts in order to avoid paying extraneous late fees. Whatever cash excesses you may have, you can opt to add on to the payments you make in your biggest debt. This way, you are concentrated on getting the biggest debts first that cost you the greatest interest rates. Doing this progressively, you'll be amazed at how much you'll get off your huge debts.
The last and most important step is to jot down the amount you earn the sum you spend. You can make use of computer cash management programs, or make database sheets of your own. Make a system that works for you and will help you keep track of your monthly budgeting progress.
Importance Of Saving Saving The Best For Last
The value of money cannot be underestimated. In a recent national survey, more than 96% Americans agreed that early monetary savings would help one achieve a fruitful and stable life.
Saving is a way of insulating oneself from the many symptoms of health and natural adversity. While an average youth of yesteryears thinks more about short-term financial goals such as purchasing a new pair of signature shoes, owning a new jet ski or a brand new car, statistics show that more and more are starting to realize the importance of keeping a personal savings.
Long terms goals are described as goals that have a lasting effect should a person's present actions be religiously maintained.
The following statements are outlined to provide information and tips on how you can start up your money-saving gimmicks and ensure a happy and financially stable future and list the reasons as to why saving money should occupy a greater place in our list of priorities in life.
Reasons for Saving:
Starting Young: Teaching Teens to Save Money
Parents mostly complain that teenagers do not listen to them. The opposite is true when it comes to advice regarding 'money matters'. Teens actually welcome their parent's input about their finances.
In the past few years, teenagers have earned billions of dollars with part-time and summer jobs.
Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education.
Kids these days are becoming more and more aware of their family's source of income and financial status. They apply these money-spending principles when they venture out on their own.
Thus, it becomes more of a parent's responsibility to start "training" their teenage kids to use their money wisely.
Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks:
1. Lead by example.
With your lifestyle, the children will see how you spend your money.
If they see you allotting a certain amount for a specific household need, they will eventually do the same when they get to earn their own keep.
2. Help your teens get a bank account.
Establishing a bank account under their name would give them an instant financial responsibility.
Sit down and explain to them how to manage their own account, and the "rewards" that they get once they save enough.
Their savings could go to their college tuition, or a big purchase like a car.
Additionally, it gives them a sense of accomplishment once they have saved up, with something concrete to show for it.
You may check out the special benefits that banks offer for teens who open their accounts at such an early age.
3. Construct a "spending plan".
Once they hear the word 'budget', teens tend to cringe at the mere thought of having to restrict the spending of their money.
Instead, you and your teen son or daughter could build a "spending plan". This would get them excited, and think of ways on how they can wisely spend their savings.
Also, have them list down their earnings versus their expenses.
Let them know the difference between the items that they need and the luxury items that they want, which they can actually do without.
4. Make a "mock" investment in the stock market.
Make them aware of the options that they have financially.
Casually introduce to them the business part of your daily newspapers and have them make "mock" investments for companies who manufactures products that they like.
Monitor the stocks together and this would give them another option of investing their money in the future.
Patience The Virtue That Saves
Patience is a virtue. It takes some character to exhibit such levels of moral excellence, but did you know that by doing so, you could save money at the same time? Read on to find out how you can economize by emanating the virtue of patience.
Have the patience to walk instead of drive. It saves you gas, parking and the stresses of driving. Walking improves your health and well being while saving gas money.
Be patient: compare before you buy. From personal clothing to health club memberships, from plumbing services to insurance plans, from car accessories to a new home; compare the offers of 3 to 5 suppliers or service providers before finally settling with one. Let them know that you are taking the time to search the market and they may just be able to offer you the best savings. Truly, the patient consumer is a winner!
Use coupons as much as possible. Be patient in cutting them out and going through them before making any purchase. Pack them together with your grocery bag or in the car so you can use the discount voucher at every opportunity. One can save $20 - $50, just by using the coupons.
Track your expenses. Have the patience to keep your receipts and record all your expenses, no matter how small or frequently they occur. By doing so, you are made aware of where every single penny goes. Furthermore, you will know when you have spent too much on clothing, when in fact you still need to settle your credit card balance, or pay the mortgage. You will have a better hold of your financial health, by patiently tracking your finances.
Hold-off and sleep on it! If you are about to purchase a $100 item, hold off the purchase until you've given it much thought, say sleeping on it for 1-2 nights. If after such time, you decide that you absolutely need and can afford the purchase, then go ahead. Nevertheless, you'll be surprised at how much you can save by just sleeping and thinking things over.
Devote money in long-term investment. Understand that when you take up long-term investment, you do not need the money for now, and it is not considered as part of your daily finances. However, such money when set-aside will reap great rewards in the future.
Exude moral excellence by patiently saving for years to come, starting today!
A Frugal Lifestyle
The word "frugality" has left a more negative connotation for most people than simply being a saver, a cheapskate or tightwad. There is a thin line difference to saving and too much frugality to the point of being awkward and ridiculous. This is where the negative connotation comes from.
But if you are guided with the right principles and reasons in deciding to live a frugal life, you would never go wrong.
If you have decided to live frugally, no need to be worried of insults. Keep your head up high. And keep your focus through these tips.
1.Eating Out - Having gimmicks with friends on a Friday night is fine if you do it once in a while. But this can be expensive if you add them up at the end of the month.
2.Clothing - Naturally, if you are the kind of person who adores signature and designer clothes, do not expect that there will be something left of your take home pay. Instead of being trendy, wear clothes that can easily be matched with your other clothes.
3.Own Home - If you are planning to move out and find a place to settle, do not be overwhelmed by the excitement, instead be practical. As a start, buy a smaller house or try other ways like rent-to-own, do-it-yourself arrangements, and owner financing.
4.Buying Your Own Car - Shy away from sports cars or SUVs. Just stick to your purpose of buying a car which is to transport you anywhere you need to go. Check out also program cars like a new car warranty. Maybe this is not just the best time to replace your car with a new one.
5.Shopping for Groceries - As much as possible do not go with items that are branded. Choose non-brands and try looking for items on the highest or lowest shelves for best prices. Grab the opportunity and shop during sales or use coupons.
6.Family Out - There are inexpensive ways to bond with your family and be entertained like going to libraries, local parks, malling, picnics, visit friends and local church.
7.Buying School Supplies - Stock school supplies at home and do not buy anything fancy.
8.Be contented with what you have and try to live within what you earn.
9.Plan your Child's College Education - Teach them the ways to be independent and self-supporting by encouraging them to apply for scholarships and "on campus jobs".
10.Be Aware of your Financial Limitations
11.Anticipate your Failures by Planning - Have always a budget plan so you would avoid impulsive buying.
Tips On How To Save Money On Transportation
Prices go higher every year, especially the cost of gas. Transportation is one big factor that makes the household budget difficult to cover all your expenses. Here are some guidelines to help you save money from transportation:
1.To save money, you must always check on your vehicle regularly. A well-maintained vehicle can get you out of trouble on repair expenses. You can actually spend only $50 on maintaining your vehicle and save up to $800 on repair costs in a year. You can even save more if you do the maintenance yourself and not bring your car into an auto shop.
2.If you want to save more money, it is recommended not to buy a new car. The value of a car depreciates automatically when you drive it out off the showroom of the car dealer shop. You may buy a car that is used at least one year. It will save you thousands of dollars to the actual worth of the car when it was new. The owner will then pay all the depreciated value of the car.
3.Save money on buying used cars by comparing the prices of the car dealer and the actual price on the list of the used car dealer ads. To ensure the car that you buy is well conditioned, you may ask for the help of a mechanic to check if the car is good enough for its price. It is better to buy a used car from a person you know and trust. This will help you make sure that you have a good deal in acquiring a car.
4.Try to compare gasoline rates. You may refuel your car with the gasoline station that offers the lowest price on gasoline. You can even save more by pumping gas yourself and use the lowest octane in your car's manual. It is also recommended that you pay cash than credit cards that charge extra rates. Do not forget to check the gas cap if it is tightened to ensure no gas is spilled out.
5.Always keep your engine tuned-up and have your tires inflated to their desired pressure to save you more money. A well-maintained engine consumes less gas. Keep your car's trunk clean to save more fuel. Heavy loads in your vehicle can consume more fuel because of the excess weight it carries.
6.Try to limit the use of your car on your daily route. You may take the bus or the subway to save gasoline. You can also save time by ignoring the traffic that you encounter everyday on the streets.
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