Finance Tips

Best 6 Tips For Saving Money

2010-02-22T01:24:00.000-08:00

Having a realistic budget is often the first step needed in saving money. People could easily save money in a variety of ways every day if they only take the time to think about how. Little changes can add up to a big savings. Here are some six tips on money saving that you can implement immediately?

1. The key to learning how to save is to properly access your inventory of needs. A tip on saving money is to write a list beginning with the largest items first and gradually move down the expense scale towards the cheapest item. Finding ways to save moderately on the large items and also saving on the smaller items can have the potential to reap a big reward in your budget.

2. Setting a budget and sticking to it is a great way to stop unnecessary or extravagant spending. If you need a new car, consider certified pre owned vehicles or demo cars. They are a better value and often still have full warranties. You can also save money if you buy your clothing off-season or during sales. Skip the designer labels and you will save even more. When you see something you just have to have, remember this tip on saving money, advertising is not usually reality-based. Find a way to try the item first by renting it or borrowing one from a friend. This may save you the hassle of returning it or storing it for years to come. Customer comments on most web sites can also give you some idea if the item will be a useful, worthwhile purchase.

3. Work hard to get the best deal that you can is another tip on saving money. Negotiating and bargain hunting is essential. This is especially important for big purchases such as houses and vehicles. For example, try submitting a loan request for a home mortgage to the resource Quicken Loans and within three days you will get back up to four offers from lenders who want your business. Spending time comparing prices can save you thousands of dollars in the end.

4. Shopping around for insurance is one tip on saving money that can be used for several needs. This may take a bit of time but will be well worth it. If you have comprehensive insurance, raising your deductible can save you on monthly payments. Add security by installing a system in your car as well as your home. Also, having the same company for all your insurance needs usually will save you money as well.

5. You can cut your foods costs. We all have to eat, and everyone has to spend part of their budget on food. A savings of just $20 weekly could add up to over $1000 per year, though. You can reduce your impulse shopping at the grocery by planning your meals in advance and making a list. If you stick to your list, you will save money. To save money at the store, always bring coupons with you. But don't stop there; another tip on saving money is to shop on those days where the store is doubling coupon value to boost your savings. You can also try store brand or generic foods, which are usually of similar quality to those with recognizable brand names.

6. Shop smart for clothing. The price of clothing is in a continual upward spiral so saving on clothing can be very important. A useful tip on saving money is to try buying separates that coordinate so you can make a variety of outfit combinations with just a few items. Buy clothing early in the season or after the season is over to take advantage of sales. Styles really do not change much from year to year so you can often buy clothing for next year this year when it is on sale.

All the above mentioned tips will help you going forward during 2010 and beyond saving money.

If ever there was a time for saving money it is now being what happen recently to the economy. For more information on how to save money check out http://www.amortizationfast.com

Article Source: http://EzineArticles.com/?expert=Bart_Rutherford

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Three Money Saving Tips

2010-02-20T09:20:00.000-08:00

Money saving tips are commonly all about price shopping and how to get a good deal. It makes sense to find ways to get the same thing for less money. Maybe it even makes sense to use coupons, although some of us find that the time spent is often too much for the savings obtained. In any case, looking for a better price is a good start, but there are more powerful ways to save money.

Money Saving Tip: Alternatives

Look at the underlying goals of a purchase or expenditure. Going out to eat, for example, isn't just about food, or you would just eat at home. The goal is more likely to get out of the house and have someone else cook for you. An alternative that accomplishes both goals? Buy prepared food at a deli and have a picnic in a nice place, saving yourself $5 to $20. Do this only if you enjoy picnicking, of course. You want to meet the underlying needs or desires at a lower cost, not give up what you want or need.

Try these three steps to saving money on what you want: 1. Identify the true cost. 2. List the deeper needs or desires. 3. Start looking for cheaper alternatives.

For an example of how to use this technique, we'll assume you're going to buy a boat. You do an honest tally of all expenses (step one). The boat you like costs $13,000 and be worth $5,000 in eight years or so, so depreciation costs you $1,000 per year. Now you add up the interest on the loan, insurance, gasoline, maintenance, a trailer, gas for your vehicle to haul the boat around, life jackets and anything else you can think of. You find that the total cost will be about $2,700 per year over the expected eight years you'll keep the boat. You honestly might use it ten times per year or less, so the cost is about $270 per use.

You list the deeper goals, which are fun, entertainment, and something you can do with the family. That's step two. Step three is to find ways to accomplish all or some of these goals without spending as much.

You might rent a boat four times a year at $200 each time, rent two snowmobiles for $200 per day twice and spend a weekend fishing with the family at a nice resort for $600, for a total of $1,800. Now, if that satisfies your needs (maybe it would mean even more fun), you have a great way to spend $900 less per year, or $7,200 over the next eight years. Add that to your retirement fund, save for a big vacation or for the kids college fund, or use it for anything else you really want.

Money Saving Tip: Don't Buy It

We easily imagine the benefits of things without looking at the drawbacks. The truth is that we are sometimes happier without what we thought we wanted. In fact, some purchases cause more stress in our lives because they add ongoing expenses and responsibilities. Of everything you consider spending money on, ask if it truly adds something of value to your life and, if the answer is no, save the money for something that does.

Money Saving Tip: Watch How You Pay

Some people pay far more for the things they own simply because they pay with credit cards. In fact, a simple $800 computer might cost $400 more by the time you pay that 18% interest for a few years. Seriously consider saving and paying cash for everything other than your house.

Copyright Steve Gillman. Learn more ways to Save Money, and get the free "Unusual Ways (To Make And Save Money)" Newsletter, at: http://www.UnusualWaysToMakeMoney.com/ways-to-save-money.html

Article Source: http://EzineArticles.com/?expert=Steven_Gillman

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Ann Robinson's Money Saving Tips

2010-02-20T09:18:00.000-08:00

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The Balancing Act - Personal Finance Tips

2010-02-20T09:06:00.000-08:00

Fall is here, and it's natural to start worrying about high heating bills and having enough money for holiday shopping. It is also a perfect time to assess your budgeting planning.
You're not alone. Most Americans aren't naturals at saving money. In fact, the United States has one of the lowest saving rates in the world and the highest credit card debt. To gain insight into your personal finances, take a few minutes and make a two columned list that has your assets on one side and the liabilities on the other.

Assets:

1. Value of your home and/or other real estate

2. Balances in Savings and Money Market Accounts

3. Value of all your investments (Stocks, US Savings Bonds, Mutual Funds, 401K, IRA etc.)

4. Any other assets

Liabilities:

1. Outstanding Mortgages

2. Credit Cards & Loan Balances you owe

3. Alimony, Child Support you owe or other Judgments/Debts

Subtract your liabilities from your assets, and what remains are the resources you have to begin building your financial foundation. Don't stress if the numbers don't look great. Most of us start lower than we would like. If the number is negative, the first step to improve your financial situation is to create a budget to pay off all non-mortgage debt.

It is surprisingly easy to find extra money in your budget to pay off your credit card debt and increase your savings when you making minor painless changes to your daily habits.

Here are 8 Easy Tips to Improve Your Financial Foundation:

1. Implement a budget - get Quicken 2008 for Windows or Mac from J&R and get 8.5% BondRewards!

2. Start saving monthly by reducing one or two of your weekly expenses and saving the money instead.

o Cut back on lattes 2 times a week or buy a tall instead of a grande o Pack your lunch 2 days a week o Eat out one day less per month, or watch a movie at home with the family instead of going to the movies.

3. Take the extra monthly savings and use it to pay the highest interest rate credit card first. Obviously, there's no sense in paying off a 10 percent card before a 15 percent card. Make minimum payments on the 10 percent card until the 15 percent rate is paid off.

4. Shop around for the best credit card rates. Visit our Credit Card Center for a starting point and work on credit card debt consolidation whenever possible.

5. Take advantage of your employer's 401K. Increase your contribution by 1%, and if you are not contributing -- Start Now.

6. Get a Certificate of Deposit (CD's). Generally they offer a higher rate of return than your Money Market Account, and you will get 10 BondRewards when you sign up with ING Direct

7. Create your holiday shopping list early. Start shopping now to find the best deals on BondRewards. Sign up for the "Free Shipping Deals" emails and visit the "Coupons" page frequently to see the best deals from your favorite stores.

8. When you receive your free savings bonds from BondRewards in the mail, add them to your Assets list.

Save while you shop at http://www.BondRewards.com . Shop at over 500 of your favorite stores and get an average of 9.4% payback! http://www.Bondrewards.com is free and automatically increases your savings.

Article Source: http://EzineArticles.com/?expert=Katherine_Zouein

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