Advice And Tips On Saving

“Never spend your money before you have it.” – Thomas Jefferson

Eliminate Your Debt.

Set Savings Goals.

Pay Yourself First.

Create an Interest-Bearing Account.

Annualize Your Spending.

Keep track of your spending.

Separate wants from needs.

Avoid using credit to pay your bills.

Save regularly.

Check your insurance policies.

Be careful about spending a significant amount of money on periodic purchases.

Cut or downgrade your services. Can you get a cheaper cable package or have no cable at all? If you have a cell phone consider cutting your land line.

Try lowering your energy bill.

Consider signing up for online bill payment.

Cut down on take-out ordering.

An emergency fund is a must.

Establish your budget.

Budget with cash and envelopes. If you have trouble with overspending, try the envelope budget system where you use a set amount of cash for most spending. And once the cash is gone, it’s gone.

Don’t just save money, save for your future.

Save automatically.

Start saving for your retirement as early as possible.

Save your windfalls and tax refunds.

Save your coins – literally.

Use the 24-Hour Rule. Avoid purchasing expensive or unnecessary items on impulse with a self-imposed 24-hour rule.

Browse online for free or low-cost local entertainment.

Create a family spending limit on gifts.

It’s never too soon to start saving for college.

Don’t buy cheap clothes for cheap’s sake.

Compare other options for your mobile service.

Turn off notifications that want you to spend money.

Take advantage of free local attractions. A little research can help you find fun, affordable attractions and activities in your local area.

Break up with brand names

Speaking of groceries, consider whether you really need to pay for expensive brand-name foods.

Compare other banking options. If you’re paying service fees for your checking or savings account, it’s time to figure out how to reduce those costs.

Compare car insurance rates.

Use coupons and promotional codes. The concept of couponing might sound old-school, but finding deals doesn’t always require clipping portions of the Sunday newspaper.

Challenge yourself to a spending freeze.

“It is great wealth to a soul to live frugally with a contented mind.” – Lucretius

“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett

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