Best Ways to Save Money

Alexandra Heep By Alexandra Heep, 10th Aug 2010 | Follow this author | RSS Feed
Posted in Wikinut>Money>Saving

Common sense approaches to saving money without going to ridiculous length - suitable for everyone

Saving Money the Fairly Easy Way

When it comes to saving money, this is rule Number One: Learn to say no! Say no to all the credit card offers that come in your mail, the telemarketers that call you, the salesperson at the store that offers you 10% off if you apply for a charge card. If you you do the math on the latter you will find that after the finance charges that 10 % does not amount to much.

There are of course many other ways of saving money, such as:

* Get rid of the car payment as fast as you can:
Many people either don't pay their car loan off without "upgrading", or as soon as they are done, they get another, newer one, or just one to "keep up with the Joneses". Decide upfront how much car you need: If you are single, do you really need a $60,000 SUV? Not to say that we don't deserve good things, but it's a good idea to put reliability and function of a car above status. Also, keep in mind the rising cost of gasoline. Do the research when you purchase a car - use the Internet to your advantage: Find out what cars have good ratings, have the lowest maintenance and repair costs, etc.

* Open a savings account that is at a different bank then your checking account:
Don't get an ATM card with it. You can either set aside a certain amount of your paycheck to put in there, even it if is just a small percentage. Or, some people make overtime - put the overtime pay in there and just live on your regular salary. Every time you have to take out of that account (maybe for car repairs or other unforeseen expenses) make a mental promise to put a little more back as soon as you can - even if it is just $ 5.00 more.

* Advertise your skills around co-workers, friends etc:
For example I sometimes do typing work outside of my job. Mostly I put that extra money in my savings account. Yes it's okay to reward ourselves, but I try to only use less than half of the extra money I make for that.

* Bring your own lunch:
Not only is it cheaper, it's probably better for your health as you can control what goes in it. Again, moderation is the key and there is nothing wrong to occasionally treat yourself when you have a stressful day with a nice greasy Big Mac meal, or do lunch with a co-worker at a sit- down restaurant. You will also find the less of a habit restaurant or fast food is, the more you will enjoy it actually!

* In the age of cell phones, there is no need for a home phone:
Get rid off it. I also use a Cable/Internet package that is cheaper than paying for home phone and dial up, not to mention better service. Shop around. For example my old employer offered a discount for a certain wireless phone company, and I still use that one and still get the discount. Ask around at your work place if they offer discounts, you will be amazed how many companies offer one but don't advertise it.

* Do plan out your errands to save on gas:
I do mine at lunch time, and the night before I plan exactly which places I will go to - i.e. Grocery Store, Mall, Post Office, etc.

* Eliminate credit cards:
Not only does it save on finance charges, it is so much simpler not to keep writing checks to pay on those, making sure you don't forget anything. At one time I thought I could not function without, but once you do it, it's easy.

* If you get a tax refund, put at least half of it in your savings account:
Most people get taken in by those offers that pop up like mushrooms in the Spring around tax time - you know what I am talking about: "Use your tax refund for a down payment ..." Resist those offers, that leather couch will still be there at the same store three years from now, even if they shout at you in the commercial that it's this weekend only.

While I am far from being financially rich, following the guidelines mentioned has me in less trouble with this declining economy than a lot of others. It also helps if you are single and in control of all finances. I was married before and none of these things worked. We had three times the amount of money I have now, but never enough it seemed. If you have a partner, that person and yourself must be on the same page financially.


Finance, Finances, Financial, Financial Crisis, Financial Freedome, Financial Plan, Money, Money Ideas, Money Saving, Money Tips, Save Money, Saving, Saving Money, Saving Tricks

Meet the author

author avatar Alexandra Heep
I am a freelancer and I can write about any subject. I have a professional background in administration, real estate, marketing, and mortgage post-closing. Other areas of expertise include health and beauty as well as spirituality and self help iss...(more)

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author avatar Conny
10th Aug 2010 (#)

What you say is certainly true Alex, but if everyone starts biting pennies in half, how are we ever going to get out of this recession?

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author avatar Alexandra Heep
10th Aug 2010 (#)

LOL Conny this was written a long time ago and not all I write is my opinion

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author avatar Brenda Shelton
11th Aug 2010 (#)

Some very interesting points.

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author avatar constance
14th May 2012 (#)

That is so true. It takes two people to make finances work and sometimes it might not be enough if those steps are not taking seriously.

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