The thought of being an expert at anything can be intimidating, especially when it comes to money. But you don’t need a degree in finance to become a money saving expert. You just need a little creativity and an open mind.
If you’re tired of living paycheck to paycheck, you can learn to spend less and save more with these money saving tips. But before you can really succeed, you need to:
– Have a plan
Your budget and savings plan need to have clear goals for how much you’ll spend and also save. It’s a two way street here and you want to set the right expectations or you’ll get lost!
– Change your mindset
You CAN be good at saving money. Don’t let past failures keep you from succeeding now. Today is the best day to start fresh!
– Follow this simple principle:
Spend less than what you make. It’s simple, but it really comes down to this.
I didn’t expound on these general tips because most are self-explanatory and some are simply idea generating tips. If you’re like me, I can usually think of a few good ideas when I read a couple of tips, so if you do, be sure to share them in the comments!
30 Money Saving Expert Tips
Ways to Get Frugal
– Buy used books online
– Borrow DVDs and books from libraries
– Shop secondhand
– Save your spare change!
– Prepare double dinner portions for tomorrows lunch
– Ask for discounts – student, children, military, senior, church affiliation– Ride a bike or walk
Controlling Monthly Entertainment
– Cut cable or trim satellite package
– Use Redbox instead of the movie store
– Use Netflix instead of cable
– Set specific days of the month for eating out
– Go to the matinee instead of the evening movie
– Make your own coffee or set aside cash only for your mochas
Lowering Other Monthly Bills
– Contact insurance providers – increase deductibles, lowering payments
– Call credit card company to lower interest rates on outstanding balances
– Use Sunday papers to reduce grocery bill with coupons
– Cut unused subscriptions and memberships
– Lower your utility bill with an automatically adjusting thermostat
– Trim down your cell phone plan
Building Retirement Savings
– Take advantage of the match!
– Make an Ira contribution for you and your spouse
– Convert to Roth for future tax savings
– Max out retirement accounts and utilize catch up provisions
Growing Your Wealth
– Create automatic savings – pay yourself first!
– Have a garage sale – bank the cash!
– Set aside money for a car fund – pay for your next car with cash!
If you had one tip to contribute to this list, what would you add?