10 Easy Ways to Save Money

10 Easy Ways to Save Money

  The first step to save money is to know how much you’re spending. Keep a record of everything you spend. That means every coffee, every newspaper and every snack you purchase for the entire month. Once you have your data, organize these numbers by categories like gas, groceries, mortgage, etc. and get the total amount for each. After that, you can know exactly where you are spending your money and how much exactly on each category, and you can start saving. Here are 10 ways to save money.

1. Keep Your Eye on the Prize

Staying focused on your goals takes discipline and determination. Saving can be easy and exciting at first, but after a while you may lose that initial motivation and start to find other things you can spend that money on. To avoid that, remember your goals regularly and why you started saving in the first place and keep your eye on the prize.

2. Be A Smart Shopper

Don’t buy without shopping around for the best price, there is always a way to get whatever you want but with better price. Go around various shops and compare their prices, check who can offer some discounts or coupons, look for sales online or in the newspaper. Then, buy the lowest-priced items. Don't stop there. Whatever you saved from the difference of the amount you paid and the amount you would normally spend put that money into a savings account. Even if it's just a few dollars, those small sums will add up.

3. Save the Change

It seems old-fashioned but it’s the best way to save money. Take the loose change out of your pocket, purse or your car tray, and save it in a jar. Get excited about it and look for other ways to add more money to the jar. For example, every time you withdraw cash from the ATM, put 10% of what you withdraw into your savings jar. From time to time, say every month or quarter, count the money you've accumulated in your jar and add it to your savings account

4. Pay Yourself First

If you want to wait until everything else is paid and save whatever is left over, reconsider your process. It is much better to pay yourself first by creating a savings goal each month, then paying fixed expenses and budgeting the rest for variable spending. Consider putting most of your paycheck into your savings account and making a recurring weekly transfer to cover necessary expenses. This will help you stay on track. Then make a decision each week on where any excess should go: to remain in the account to cover any upcoming expenses or to be dedicated as extra savings.

5. 24 Hour Rule

Follow the 24 hour rule and never purchase expensive items on the spot. Think over each expensive purchase for at least 24 hours. Doing so will result to far fewer regret about impulse purchases, and far more money in your savings account.

6. Quit Smoking

If you’re still a smoker, you have to know by now that your habit is not only bad for your health and deadly, it is expensive as well. If you want to add years to your life and save some money, the easiest thing to do is to stop smoking. You can try some of the many anti-smoking products that are out there, or switch to an electronic cigarette to buy some time. Whichever path you choose, just get it done and you will be much better off.

7. Stick to the List

Strategic placement of foods as well as desirable packaging often has us leaving the store with a few extra bags leading to too many extra bucks spent. An effective way to stay away from impulse buying is to write a shopping list before going to the grocery store and then stick to it.

8. Take advantage of the Internet

Almost any information you want is available for free online. All those magazines all over the house are just a waste of money, nothing more. All those DVD’s you haven’t watched are just sitting around collecting dust. Why do you need a health club membership when its only costing you money and making you feel guilty because you’re not working out. You can find all the exercises on the internet, also you can go out on the streets for a walk or run.

9. Treat Yourself Wisely

We all love to buy new clothes, eat delicious food, hit the spa or see a rock band from the front row. But all those things are called luxuries for a reason and should be purchased in moderation. From time to time you deserve to feel special and it’s ok to treat yourself! Just make sure it's something you really want, and try to spend your money on experiences you'll always remember.

10. Buy in Bulk

When it comes to non-perishable items, buy in bulk whenever you find an offer or something on sale. The items I usually stock up on are, cereals, canned foods, rice, beans, pasta, toothpaste, body wash, shampoo, toilet paper etc. For such items, shopping at warehouse stores can save you some money, provided you stick strictly to your shopping list.