Tips For Saving Money

There are some excellent tips for saving money that you can use and see a positive impact on your monthly budget

. To start with, carefully go through all your credit card statements and see if you have any unpaid fees left. Also hunt through different club membership cards and magazine subscriptions that you dont use or read and get them deactivated. Use your credit card as sparingly as possible and dont let the bill mount up and eat away all your savings. If you want to be a long term money saver, you will have to learn to spend less. Although it sounds like a simple tip, however, break habits can be challenging and this is one you need to work on immediately. You can start spending less by starting slow; make telephone calls at off-peak times, instead of getting newspapers delivered start reading the news online, reduce the number of coffee you buy everyday and the list goes on.

One of the very important tips for saving money is to make a personal budget. Clearly record all our inflows and outflows and make sure that your expenses dont swell out of the budget. When you can see where your money is going and where is it coming from you can mark places where you can actually save money. Another great tip for saving money is to buy in bulk. This applies especially in grocery as there it saves money rather than buying products in small quantities. Once you have purchased in bulk, dont leave it unattended. Store it carefully and keep a check on your usage and consumption.

A very useful tip for saving money is to not be fooled by sales. A sale is only a sale if you have done ample price comparison and the price quoted is actually lesser than normal. Many times, companies in an effort to boost sales, promote their sales promotion activities in a way that makes it look like a huge discount program. However, many times the expensive items remain more or less same priced and you end up purchasing it once you enter the store. Even if the 50% off or huge discount or buy one get one free is really an attractive deal, do not go overboard with shopping. You may end up buying too many items and the whole point of saving money through a sale is lost.

A very practical money saving tip is to seriously consider used stores. Many times, these stores have stuff that is almost as new and at drastically low prices. If you are buying a car, why not buy it 24 months old as the price reduces by one third of the original price. Clothes, electrical goods, pots and pans and many other items can be purchased as good as new from second hand stores. Try to avoid debt as much as possible. Apart from the necessary debt like college or house loans, try to reduce other sources of debt. Credit card debt is essentially the most expensive debt that we carry.

by: Lauren James

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