Money Saving Tips for the Consumer
Posted at by ifydcat on category Personal FinanceConsumers of any level can always find ways to save money. Whether you are a big-ticket spender or not, the following suggestions can help you find ways to save money each time you want to make a purchase.
Even the smallest savings will add up quickly. Start by finding deals on an item you wish to purchase that is just a little better priced than you had found it elsewhere. This can be done by shopping at different stores and by shopping online. You may be quite surprised how much cheaper you can find an item if you take the time to compare the price at different places.
Get to your bank and set up a plan for payroll deduction. This plan will withdraw the money from your paycheck when it is deposited and tuck it away in a savings account. It makes it easier for you to save money when you do not get to see it in your checking account balance and not have to transfer the money on your own.
Set a limit of a cash allowance that you can use each week for work. Instead of pulling out your debit card and buying the things at lunch that you think that you want, you will have a budget to work with and cash in your pocket to pay for it. This will help you limit the cost of the lunches that you buy each week because if you are not careful about what you buy, you will run out of money before the week ends.
Figure out where all of your hard-earned money is going. Keep your receipts so you can see exactly what you are spending your money on each month. Once you have accumulated a pile of receipts, you can sit down and make a chart of what you have spent money on. You should be able to use the chart to decide what purchases were not necessary and can be cut from your buying habits.
If you have more than one credit card, you may want to consider eliminating all but one or maybe two. The more credit cards you hold, the more likely you are to pull one out to buy something that you really do not need or can afford. Find the cards that have the best interest rates and keep them.
Do not pay a company or person for the things that you can do yourself. If you are capable of cleaning your own home, cancel the cleaning service. If you are capable of changing the oil in your car, avoid the mechanic. These things add up quite quickly and if you are capable of doing them yourself, they are just wasting your money.
When you find something that you really want, you can make it the item of motivation to save. It might be a vacation, a new car or a new big screen TV, but whatever it is, it has to be something that you know will drive you to put away the credit cards and will keep you from buying the third cup of coffee for the day. You will quickly save money for something that you truly want.
You can make these small changes to you spending habits. In doing so, you will quickly gain some extra money in your savings account.