Bills, bills, and more bills. But... to establish and maintain a healthy financial profile, you must learn to save. Here are 25 tips on how to save money and start building your financial dynasty. Remember greatness starts small, so the first step is a step in the right direction.
- Open new bank accounts that offer perks and that pay higher interest. There are also banks that will pay you to open an account. If you’re paying a monthly fee for your checking or savings account, you would benefit from researching banking accounts that offer no service fee accounts.
- Don't be a Pack-Rat, and open an E-bay or other online accounts that allows you to sell. There will be a small service charge but it will be well worth it, to unload items that have been buried in your closet for years. remember "one man's junk is another man's treasure."
- Use the 30-Day Rule. Waiting at least 30 days before you make a major purchase will surely balance the impulsive spending habits.
- Make sure you craft a list before going shopping Your trusty list ensures you don't miss anything, resulting in you returning to the store. One stop shopping keeps your budget in tack and is a time saver as well.
- Pass on dining out at restaurants, and invite friends over for a potluck instead.
- Don't spend large sums of money on children entertainment. Check your local newspapers and online ads for free family entertainment.
- Cook at home, and avoid fast and convenience foods. Cooking at home instead of eating out can save you a lot of money. You can not only save money, but food prepping for the week in advance is both great for your wallet and healthier for your body.
- Don't waste precious energy! Turn off lights when you aren't using them, and utilize the natural sunlight, which will ultimately lower your power bill, saving you money.
- Don't use credit cards unless you are sure you can pay them off by the end of the billing cycle. Credit card debt is by far the most prolific form of debt, and the interest rates alone will keep your bill on an average of about 20% more than the base cost of the items that you purchased. Stay away from credit cards if at all possible.
- Cancel unused memberships, such as a gym or other memberships that you don't utilize. That is valuable money that can be used to pay off debt and build your savings account.
- Remove your stored credit card numbers from the online websites where you buy frequently. Make it a habit to manually enter your credit card number each time you make a purchase. Using the manual method, statistically slows the buying tendencies, especially since the "buy now" button is not so readily available.
- Shop in advance, and store items that you purchased on clearance for upcoming events such as weddings, birthdays, mother's and father's day, etc. Shopping the day or so after holidays gives you the best opportunity to save money.
- Trade your more expensive car in for a cheaper model. That will save you money on car insurance, gas, maintenance, and of course, the cost of the car itself.
- Lease out unused rooms in your home for extra cash. Remember to do background and credit checks to make sure you get a tenant that has a good paying history. This will also reflect any criminal history so that you can make a sound decision on if you want them for a tenant or not.
- Check your cell phone and cable bill for services that you don't use, and ditch those. Add the money saved to your savings accounts.
- When buying a car, look only at used models. While the novelty of new cars is awesome and beautiful to drive and own, there are thousands of used vehicles that looks just as good, with the same quality. Brand new cars are terrible investments, and the loss of value begins the moment you drive it off the lot.
- Don't forget the coupons. Coupons can save you a bundle, and make you very happy after you leave the cash register. Join coupon clubs, clip, and sign up for electronic coupons to start saving.
- Write down every purchase that you make, and inspect the list carefully at the end of every week. This visual will serve as a reminder that your money is being spent wisely, and your savings account will thank you.
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