Always trying to save money but somehow you always end up spending more than you save? I will try and detail my very best money saving tips for you to make use of. Saving money can be easier than many people think, but only if you go about it the right way. It’s important to remember that there are tons of ways you can save money, however it’s up to you to find out which ways work best for you.
Budget:
Setting up a budget can be a time-consuming task, but it can be the most effective way to save money. Be as thorough and as honest as possible and add up all your monthly expenses. Then work out your monthly income and deduct your monthly outgoings from your monthly income.
What you are left with is your flexible cash for the month. My advice here would be to put the majority into an interest bearing bank account; we’ll come back to that later. Use any left over cash you have where it is necessary to do so; an example of this could be to pay off some outstanding credit card debt. Budgeting lets you see quickly and easily how much money you can afford to spend in the month without having to worry about missing any payments.
Shopping:
My quick and simple tip here is to always avoid impulse purchases, take a list with you whenever you go shopping and try to stick to your list, you could save a lot of money just by using this straightforward method.
Credit Cards:
Tackling your credit cards is an integral part of saving money. Having a large amount of credit card debt can mean that your monthly payments can be very high. You should always monitor your payments to make sure your carrier is not charging you too much interest. If you feel like you are paying too much interest then check other providers to see if you can get a card with a better interest percentage.
If you have a large amount of credit card debt then you could look for a card which is targeted at people looking for balance transfers. If you’re in this situation balance transfer credit cards with 0%interest on purchases could be perfect for you. You will avoid paying any interest for 12 months as well as having 0% interest for 12 months on new purchases. Avoiding interest for 12 months allows you to target that level of debt and try and reduce it as much as you can.
If you take manage your credit cards well and regularly meet payments, you should check to see if you are being rightly rewarded for using your cards. Reward credit cards are there to reward us for our spending, you can gain big discounts on future purchases from some cards, but their benefits differ and depend on what you require. For example if you’re a frequent flier you might require an airline or overseas credit card, or if you’re a company owner, business credit cards can open doors to many supplier discounts. All in all reward credit cards can help you save money.
Monitor Your Outgoings:
Always monitor your expenditure; keeping an eye on your monthly outgoings is essential if you want to save money. Check price comparison websites and check if you are paying above the average for your necessities. Price comparison websites do the hard work when searching for the best deals so that you don’t have to. You should check your bills, including any utility (gas, electric) and phone bills you pay regularly; changing just one of these can mean massive savings across the year.
Use a Savings Account:
Any cash you have left over at the end of the month after paying your expenses should always be placed into an interest bearing bank account. If you are based in the US the Lifetime Savings Account offers brilliant rewards. Money you put into your account is not tax-deductible but whatever returns you earn from your LSA are tax-free. In the UK using a cash ISA is the best way to save. All interest you earn on your income in tax free and you can save up to £5,100 per year.
I hope you have enjoyed reading my best money saving tips and remember, when saving money little changes can have a huge impact.
Bio: This article was written by Andreas Nicolaides, a money saving expert for MoneySupermarket.com.
Originally posted 2010-08-10 17:15:19. Republished by Blog Post Promoter
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2 comments ↓
Here are a couple tips that helped me get through my last years of college:
1) Buy generic products instead of brand name products. I found that buying generic products is cheaper than buying brand name stuff and is more or less the same quality.
2) I traded in my contract cell phone for a prepaid TracFone. I buy only the minutes that I need and don’t have to worry about activation, overage, or cancellation fees. It works wonders because I don’t spend an arm and a leg on minutes.
I definitely recommend those tips to any college student who might be tight on money.
In order to save money you need first to make them. More money you make, bigger chance to save some of them. Just saving money is stupid, you need to think where to invest them after that. This thing is more important.
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