Tips That Work to Save Money


One lesson the majority of Americans have learned during times of economic difficulties is that they need to pay attention to how they spend their money. You cannot learn the art of frugality in schools, and it is a lesson that the great majority of us will have to learn the hard way by coming up short on bills.

Sadder still, everywhere we look, we see advertisements telling us that debt is no problem. Unfortunately, debt IS a problem, with consumer debt the most harmful. Spending is an expensive addiction that causes debt. If you’re learning this through a more difficult way, it is time to take a look at trimming down expenses. It’s even best to learn these lessons early on, but it is better to be late than never.

Eventually, saving 10 to 20% of your income is ideal. Parking any savings into a bank will earn money from the beginning. You do not need to have a complex form of investment, but a savings account that earns interest is a good place to begin.

Begin by creating a journal of your recent expenditures. Make a list of three months of expenses, and discover what you are spending towards – coffee, eating at home, going to movies, and everything else.

What you discover may be a source of pain, but it is well worth writing out your expenses. Some expenses tend to stay the same each month, like your rent and car payment, while other expenses will vary, like the cost of food or utilities for people who aren’t on a budget plan. You will find many ways for money to disappear down the drain by taking a close look at your variable expenses.

Now seek things to trim:

  1. Do you frequently purchase latte on your way to work? That is a cost of $20 per week or little over $1,000 a year. Make your own latte at home, drink it on your way to work, and save the remainder of it.
  2. Are you a smoker? Try to stop. It can drain your wallet of a couple hundred dollars every month, and it is reducing your life expectancy. That is costing approximately $2,000 annually.
  3. Are you eating at restaurants for lunch? It even costs about $6 to just go out for fast food. If you consider that you are spending 240 days per year at work and eating out for a hundred of those days, wouldn’t you rather have that $600 of expenditure come back to you?
    • Get into the habit of allowing Sunday afternoons to be spent packing a week’s worth of lunches. You can prepare all of your favorite foods, and freeze them or cook extra for dinner every night.
  4. “Convenience” foods you don’t need cost you money. While in the kitchen, take a look at how many pre-packaged meals you consume. Each and every single one of them is a representation of $2 to $3 you are paying somebody else to cook something for you.

    It is astonishing just how much money you can save by learning to cook your own food! The rule, generally, is that for the same amount of food, a pre-packaged meal costs two to three times as much.

  5. Create your own fast food meal. When you begin cooking, you can look towards other means of being frugal, such as cooking large batches and freezing leftovers. When you are in need of quick food, get something out of the freezer, and simply heat it up.
  6. Sip water. You pay much less for water from the tap than you would for soda or bottled water. Get a pitcher to filter water, and keep it full.
    • Try to always drink a glass of water before you eat anything or drink soda, coffee, or any other kind of drink. Give it time to quench your thirst. That will help you to drink less soda.
  7. Utilize discounts. Get even greater savings by combining a sale with coupons. You may end up spending just a few cents for a particular item that may use frequently.
  8. Go by the ‘wait 30 days’ rule before purchasing anything with a cost of over $50 or more.

    You have to be patient and willing to keep trying to learn how to save money and be thrifty, but you’ll be glad you did when your savings account lets you end your debt, take your dream vacation, or buy that new car.

Take small steps each week to form new habits, and before you realize it, you will have an entirely new way of living and extra money placed in the bank.



About Exceptional People Magazine

Exceptional People Magazine is where self empowerment, hope and inspiration happen. I’m Monica Davis the founder of Exceptional People Magazine and my mission is to enhance the quality of life of all people by promoting goodwill, unity and better living through positive media. Through this magazine you will be inspired to reach new heights.

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