7 Tips on Saving Money

Saving money in today’s economical market is something we can all benefit from. Whether you’re a single parent, or a person with a six-figure income. You work hard for you money and are always look for a way to save a little cash. With rising costs of gasoline, child care, and medical expenses, everyone can benefit with these seven tips on how to save money.

1. Evaluate your spending habits. For most individuals the more money you make, the more money you spend, and usually on unnecessary items. Do you really need another pair of shoes to add to a collection exceeding 50 pairs? Ask yourself, is this a wise purchase or am I buying this just because I have the finances to purchase it?

2. Use community resources for free entertainment. Indulge in a book borrowed from your pubic library. Walk, jog, hike, or have an outing with your family at a local park. Scan over the newspaper for free community events such as concerts and other events being held in your local community.

3. Stop or reduce the usage of credit cards. Every year you could save the total amount that you would be paying in interest fees on credit cards. Also using cash for purchases makes you more aware of your purchases and reduces compulsive spending.

4. Quit Smoking. By kicking the habit you can save a substantial amount of money in a relatively short amount of time. For a smoker that smokes 1 pack per day at $5 a day that adds up to about $1,800 a year. Multiply that by 2 if you also have a spouse that smokes, and it’s easy to see how the savings add up.

4. Arrange to carpool with fellow colleagues. With gas prices skyrocketing, this is a wonderful way to save money. It also reduces the maintenance costs by putting less mileage on the vehicles.

5. For every purchase you make with cash, keep the change you get back At the end of the day, put your change into a container you set aside. By the end of the year you are left with a pretty hefty hunk of change. Besides no one likes carrying change that weighs you down.

6. Buy used. You can find great deals on things you need and/or want if you take the time to shop around for used items. Your local consignment shop, online auctions, and newspaper classifieds are just a few places where one person trash becomes another persons treasure.

7. Need a home improvement? Contact numerous contractors and get a free estimate. Perform a side by side comparison and choose the best deal for your money. Learn to do-it-yourself, take classes or read articles on your home improvement project, and save money by cutting out the middle man.