10 Tips For Saving Money
The following 10 tips for saving money will help get you on the right track to better financial decisions. While it may seem like saving money would be a hard task, it is actually very easy if you are willing to follow these 10 tips with your best effort.
- Create a budget. The best tip for saving money is to first create your own personal budget. Gather all of your bills and expenses you typically pay each month and tally up the costs. If you have a bill that is not always the same every time you pay it, try to get an average cost for two to three payments.
- Keep track of your spending. This goes along with creating a budget but is a tip for saving money all on its own. Keep track of where you spend your money. Try to hold on to receipts or write down what you spent money on for the day. Keeping track of where your money is going can help you figure out if you’re over-spending and where to save money.
- Combine bills. You can easily start saving money by combining your insurance providers so you have one bill. If you have a different company for your car insurance, life insurance and home insurance, you can look into one insurance company that provides all three. Often times your rate will be much lower if you go with one insurance provider rather than splitting across different companies.
- Choose generic prescriptions. Rather than forking over more cash for brand name prescriptions, save money by choosing generics. Buying generic prescriptions saves you a lot of money and there really is no difference in the effectiveness of generics compared to brand name medicines. You are simply paying more for the brand name.
- Don’t pay full price. Retailers will always have sales, so if you have your eye on something you want to purchase, ask when they will have their next sale and wait to buy it. This is a good tip for saving money: never pay full price. If you don’t want to wait for the next sale, check online to see if there are coupons available to save money on your purchase.
- Reduce electricity costs. An easy way to start saving money is by switching out your light bulbs to energy efficient bulbs. These energy-saving light bulbs will help reduce the cost of your electric bill, and you can save even more if you practice turning off the lights in rooms that are empty or not being used.
- Set your thermostat. In the summer months it can get hot, and you probably use your air conditioner to help cool your place off. Try to set the thermostat to a reasonable setting to help save money. When you leave the house, make sure to adjust it accordingly so that your AC isn’t turned on when there’s nobody home.
- Adjust the water heater. You can save money by lowering your water heater’s thermostat. Set the temperature to 120 degrees so you use less hot water, which means more money saved and less money being spent.
- Stock up on sale items. When products with a long shelf life go on sale at the store, you should stock up. Buy things like toothpaste, toilet paper and cleaning products in bulk when they're on sale so you end up saving money in the long run.
- Run a full dishwasher load. Some may be surprised by this, but you actually use less water if you run a full dishwasher load of dishes rather than washing them by hand. Using less water means you are saving money. Just be sure to run the dishwasher only when it’s full and during off-peak hours. If your dishwasher is an Energy Star model, you will save even more.