| Five Budget Tips to Help You Save |
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montyauto
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| Five Budget Tips to Help You Save |
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Five Budget Tips to Help You Save
By Bob Benson
Saving money is much easier than earning it from scratch. But it is also much harder than it is to spend money, and as a result, most of us spend what we would rather save. In order to begin saving money, we need to have a plan, and the more automatic the plan works, the better. When we are confronted with the choice between spending money and saving it, we run the risk that we will give in to the temptation to choose instant gratification. So taking the choice out of the equation is one of the first steps to a steady savings program.
Here are five tips for budgeting and saving money, the automatic way:
1) Set up an automatic withdrawal program with your bank, so that every time you make a deposit, a percentage of the money you deposit is automatically transferred to a savings account that is harder for you to access. One way to do this is to have your bank use an automatic deposit system to put a set amount of money – for example, $100 – into your savings account each month.
2) Save your loose change and small bills. Put a piggybank in your kitchen and every time you come home, empty the change from your pockets and put it in the piggybank. Toss in a few one-dollar donations from time to time. Although it sounds juvenile, you will be surprised how much you can save with this old fashioned method. And it is so much fun to break the bank when it won’t hold another cent.
3) Write down everything – and that means no exceptions – you buy. Keep a log of every single purchase you make. Write down what you bought and how much it cost. If you left a tip, write that down too. Be diligent about keeping your log book, and if you do it well, you can just do it for a month and gather enough information to help you save even without the log book. Most people find hidden expenses, like $10 per day for coffee or $50 per month for a gym membership that is never used, and then they can easily adjust their budget to save money immediately.
4) Spend less at holidays. And entertain at home. Instead of giving expensive gifts at Christmas, give handcrafted items, poems, or pledges to do errands or barter with friends. One fellow we know agreed to shovel his friends’ sidewalks during one snow season. His friends got a great gift, and he saved some cash to spend once the snow and ice thawed. Instead of going out to eat in restaurants, cook at home or invite friends for a potluck dinner. Rent DVD’s instead of going to the movies.
5) Don’t shop hungry. Scientific studies show that people who have a strong appetite will not only eat more, but they will consume more of everything else, too. Many of us know that if we go grocery shopping while hungry, we will buy more than we need. So don’t do it. Eat first, then shop. But since studies show that it applies to all sorts of shopping, always have a satisfying snack before going to the mall, the clothing boutique, or the sports store. You’ll spend less, and save more.
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Thu Jan 25, 2007 6:54 am |
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andiruleu
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good tips. thanks
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Sun Jan 28, 2007 3:45 am |
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btacay
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| More Money Saving Tips |
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Here are some of my personal tips on How To Save Money
• You can save a lot of money when you plan your shopping. Always make a list. Keep it in the kitchen and add to it as needed. Don’t shop often. Do at least one week's shopping with each visit. In the store, don't buy on impulse.
• Cutting on your credit cards will save you a lot of money. The number one rule with a credit card is to pay off the total balance every month. Never incur interest on a credit card. If you can't do that, cut it up today. Even if you are getting the best credit card rewards around, if you are paying interest each month, you are losing money.
• Avoid eating out to save money. I know that we all need a break from routine, but just be aware of the cost of restaurant meals. On a single dinner out, a couple can easily spend as much as they do on two weeks of grocery shopping. Maybe the relaxing ambiance and the break from the humdrum are really worth that much to you. That's your call. If you're seriously into saving, consider reducing the frequency of those costly restaurant outings.
• There are so many saving tips out there. But one most important tip that I can give you is you negotiate for everything you buy so you can reduce your expenses and increase your savings.
• Using different banks to help you control your money will also help you save more money. One of the biggest problems we all face with money these days is that is always instantly available.
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Sun Oct 03, 2010 10:12 pm |
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veenasachan06
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Hello!
Great tips ever because I want to save my money but I have no knowledge but your post helped me,
I like your all tips thanks to sharing it..........
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Wed Oct 06, 2010 3:46 am |
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pdx
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Buy things only when you need it.
Avoid frequents visits to the stores.
Check if you can afford things at http://caniafforditnow.com/ before making a purchase.
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Wed Nov 10, 2010 12:54 am |
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NolaP
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I am a beginner when it comes to saving money - I'm trying to save a down payment for a condo at the moment - so I just want to say thanks for the tips, and please keep them coming. I am a master at thoughtless spending and then stressing until the next paycheck but I am working on it!
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Thu Feb 17, 2011 6:33 pm |
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jeffreymint
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When it is about the grocery showing you have been getting the grocery expenses of something that you reeded it and have actually started to save and to be able to see.
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Mon Feb 21, 2011 3:59 pm |
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MrPolarZero
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Well, I think some of these tips are rather drastic. However, these actually work out pretty well, so there is nothing to worry about.
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Tue Feb 22, 2011 4:45 am |
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jeffreymint
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Saving should occur to us at all times. Why? Because life can be unpredictable and who knows where or what we would be like from today to tomorrow. Simple.
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Wed Feb 23, 2011 3:21 pm |
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jessb
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Use rewards credit cards to save to vacation tickets.
No fake signatures - thanks
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Thu Feb 24, 2011 1:57 am |
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photon2157
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From personal experience, tracking every single expenses do not really work for me. Over along time, you sort of lose your discipline and wander off to your old spending habits. The best way for me has been to set a savings a predetermined % each month (say 30% of your paycheck) and regularly stick to it. Practically this means setting that amount to a separate savings account as soon as you get your paycheck. Aim to gradually increase that % over time.
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Thu Feb 24, 2011 5:12 am |
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jeffreymint
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That could also work out good. Separating/allotting a percentage of money aside right from the day you get your paycheck can work well. Treat it like an expense so it get lost in the budgeting already. But in the back of your head you know that you have some saved up. Sure worth a try.
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Tue Mar 01, 2011 1:52 am |
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khosta
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These are all great tips!! I am also at "beginner" at learning to save! I just had a very stressful money moment yesterday... Saving is becoming VERY important to me!!
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Tue Mar 01, 2011 2:40 pm |
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MrPolarZero
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Definitely a thumbs up on saving loose change and small bills. This is something that a lot of people tend to forget, but is rather helpful.
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Wed Mar 02, 2011 5:16 am |
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