How To Save Effectively
I know that I usually suggest to you ways to relieve you of your cash (albeit at a discount) by telling about all the fabulous deals around, but regular readers will know that I like to talk about saving as well, from time to time, such as how to save on groceries, how to reduce your gas bill, etc. Today I just want share some general tips about saving, which I picked up from here and there.
Make a balance sheet: You don’t have to do this your entire life, just do in for a few months: track all expenses, make a note of them; remember to add even the smallest outflow from your pocket. This is a great way to figure out that perennial question where did the money go! This also comes in handy when you are trying to prioritize spending and for drawing up a budget plan. Make a budget and STICK TO IT!
Set aside some portion of your income every month: Be it 5%, 10% or whatever percent you can afford, make a portion of your income inviolable, the portion that goes into the rainy day fund, which can be your bank account, an IRA (Roth or traditional take your pick and no you are not too young whatever your age), 401Ks, Certificates of deposit and annuities etc.
Spend less: Yes I know a lot of you intoned ‘Duh!’ right about now, but if you keep track of your expenditure, you will realize what a lot of stuff you could very well do without that you spent money on unnecessarily. Buy in bulk those things that you know you will surely use. If there is a sale, make sure the prices really are marked down; do your research beforehand (viz. read this blog regularly J ). Also don’t make impulse purchases; you know you’ve regretted them sometimes.
Read online: consider cutting down on newspaper and magazine subscriptions. Read the same things online and save yourself some money and the earth some trees.
Walk: Save on gym fees, gas, and do your body a favor all in one fell swoop! Wherever possible, leave the car and home, use the bicycle or just walk.
Cook: Carry your own lunch if you work outside the home. It is healthier and cheaper. Eat out occasionally (once a week is good enough). Cooking at home: again healthier and cheaper.
Remember if you are healthy, that saves trips to the doctor, so, Presto! More savings! So tell me what are the saving strategies that you live your life by?
Im saving for .
arms,ammo,food and beer
and not in that order.
BeEr IS so refreshingly Icy Cold And delicious
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Great tips! I think i’m going to give this a try. My gf always ask me where all my money gose and I can never figure it out hopefully I can by the end of this month hehee! Thanks for the tips!
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These are some great tips, particularly in light of the current recession. I know that my husband would be over the moon if I ever created a budget and lived by it. :coughnotgonnahappencough:
Here is another suggestion for avid readers. I check this site daily: http://www.mysavings.com/free-product-samples/newest-free-samples/
They post options for free magazine subscription a few times each week. Some of them are lame, but I am currently receiving some really good mags that I didn’t pay for. And since I then take them to work for others to read and then take them to the recycling center, I don’t feel too guilty about them.
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Nicole Price reply on August 14th, 2008 6:27 pm:
Thanks for the link. Hope it helps other readers here too.
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I agree absolutely gr8 tips, can be implemented in day 2 day life.
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Good advice, it is very important to know where your money is going if you are trying to save!
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[...] Deimos’s Daily Reads Bargain hunter Nicole Price shared with us some good tips on how to save effectively. [...]