10 Cool Money Saving Tips & Tricks You Aren't Using
It's always important to take a look at how you can save money, and here are some great tips and tricks you can use to get started. Anyone can start saving money with a small amount of effort.
Look through these tips and find at least one that will help you balance your budget and build up your savings.
1. Pay With Cash
Instead of using any plastic credit cards to make your purchases start using cash instead. Sometimes plastic can be very deceiving since it is a symbol of money and not physical cash in itself. That is why a lot of people get into debt using plastic. You can save a lot of money by using cash. You'll be able to see it disappear in front of your eyes and it will be more real. You may think twice about making your purchases when you have X amount of cash in your pocket and will be able to see your limits more clearly.
2. Budget Your Cash Into Envelopes
In this day and age, with all the sophisticated software and equipment available to manage your budget, this may seem like a very old-fashioned idea. Actually it is and always has been a very effective and workable way to manage your finances.
Every time you get paid you should separate the money into envelopes. Some money should be put aside for food, some for gas if you drive a vehicle, some for miscellaneous expenses etc. Once this is done you will be able to take any extra money and deposit it into a savings account.
Every time you make a purchase, you use the money that has been allocated and stored in a separate envelope. Each envelope must be clearly labelled and you must use self discipline to make sure that you stay within the limits set for each envelope. This way you will have enough money set aside for your regular weekly necessities and at the same time be able to put money away for savings without worry.
3. Trim Your Budget
Take a look through your monthly budget and see what can be eliminated or reduced and then put that extra money towards your savings. Most people have something they can trim from their budget quite easily and without too much distress. If you are used to going out for dinner once a week, for example, reduce it to twice a month. Once you get in the habit of only going out twice a monthly you'll get quite used to it and it won't feel very painful at all.
4. Get Rid Of Unwanted Jewellery
Instead of buying new jewellery, get rid of the unwanted jewellery that you have hanging around. Go through your jewellery box and see if you have any pieces that you don't really wear or like anymore and sell them. Gold can sell as high as $1300 per ounce or more and now is the perfect time to get some extra cash from your unwanted jewellery.
You can calculate how much you think that your jewellery is worth by finding out the gold market price per ounce and then dividing that amount by 20. This will give you the dwt or pennyweight, which is the measurement for precious metals. You would then multiply that amount by the purity of the gold. If you have a piece of jewellery that is 24K, you would multiply it by 100% whereas if it is 18 K it would be multiplied by .75.
You just need to be careful when you're selling your gold to use a reliable gold dealer since there are a lot of scams for gold these days.
5. Open A Savings Account
You'll find that you save a lot more money once you have opened up a high interest savings account. If you have a dedicated place to put your extra money and make sure that you deposit it on a weekly or bi-weekly basis, you'll see your savings adding up right before your eyes. It is hard to save money if you don't have a place to save it. Take the first step and open a savings account today. Then you can start making deposits on a regular basis.
6. Shop For Groceries With A List
The worst thing you can do when you are grocery shopping is shop when you're hungry or without a list. You'll end up coming home with bags full of food and be missing essential ingredients to make simple meals for the week.
Meal planning, and making a list based on it, is the only way to do your groceries. You'll be able to stay focused when you're getting your food and end up getting what you really need. If you have children and take them grocery shopping with you, without a list, you'll have an even harder time. Trying to figure out what food you need and trying to handle children's requests at the same time is a recipe for disaster when you're shopping for groceries. Take a list, leave the children at home if possible, and arrive home with sensible food that you can really use for the week.
7. Use Self-Discipline
You are at the one that is responsible for your own the money and for your shopping habits. If you know that you have a problem with shopping you're going to have to execute some self-discipline to get it under control. The first thing you're going to have to do is make a final decision that you are going to use self-control. It all starts with a basic decision and once you put that into force you can use tricks and mental imagery to stop yourself from buying things that you really can't afford.
One thing you can do is imagine how much money you're going to save by not buying the item and then take that money and put it right into your savings. You'll feel like you have accomplished something and will be able to see the effects of it right away.
8. Shop Online
If you're not accustomed to shopping online, you should give it a shot. You can use the Internet to do comparison shopping and can quite often find deals and coupons online that you can use. Prices for shipping are usually very reasonable and in some cases free, which will save you money on fuel and possibly save with parking costs as well.
More and more people are using the Internet to do their shopping since it has become a safe and secure experience if used properly. If you only shop with trustworthy retailers and look for sites that have a security presence on them, you can use your credit or debit card without worry.
9. Pay Extra On Your Mortgage
Most mortgages will allow you to make extra repayments without penalties. Before you go ahead and make extra payments, however, you should make sure that your mortgage does allow it. If it does, you should be paying extra amounts to get your mortgage debt reduced as fast as possible. You can end up saving thousands of dollars in interest by paying extra whenever you can.
One easy way to get this done is to round up the amount you need to pay and pay the extra. For example, if you have to pay $867 every month, round it up to $900. This will help build up the equity on your home while reducing interest payments.
10. Stay On Top Of Your Finances
While this may sound very basic, a lot of people ignore their finances and have no idea what is happening with them from one week to the next. Formulate some kind of system that you feel comfortable working with and implement it right away. For instance, set aside a half hour every Sunday night to go through your figures. Examine what was spent the week before and what will be spent in the next week. With careful examination, you'll be able to see where every penny you spend is going and have more control over your finances and your money decisions.
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