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30 Ways to Save Money in This Economy

‘Money, money, money, must be funny, in the rich man’s world;

Money, money, money, always sunny, in the rich man’s world;

‘Aha-ahaaa’…All the things I could do …if I had a little money!’

Whenever I think about money, this good old Abba song comes to my mind. The present global economic scenario makes us mindful on the resources we have available. Many are suffering from a personal debt crisis so saving money has become a top priority. Here are a few ways in which you can save money right away:

Save money, Saving Money
1.      Begin your day by preparing your preferred choice of coffee or tea at home instead of rushing out and grabbing one at Starbucks or even at McDonalds. Also remember that hot or cold beverages from a vending machine costs considerably more than from a grocery store.

2.      Prepare food at home and pack your lunch instead of eating out. It is also a healthy habit. If you save just $5 a day– five days a week that is $25 a week or $1300 a year. If you have to eat out and have a choice choose to eat your lunch out over dinner. Lunch is cheaper than having dinner at a restaurant.

3.      Store your leftovers in such a way that you can use them for lunch the next day to avoid wasting food …and money.

4.      Why purchase bottled water, when you can get a filter and drink tap water through it. It will certainly save money.

5.     Try generic or store brands. You will be surprised that in many cases there is not much difference between store brands and name brands.

6.      For that popular movie that everyone has been raving about, try going for a matinee show. The ticket will be cheaper than that for the other shows. Or wait until it is in the cheaper theaters.

7.      Invited for a birthday party? Save money by putting your creative streak to test; prepare a handmade gift at home and people will appreciate your thoughtfulness.

8.      Spend quality time with family members playing games at home. You will bond better and save money required to celebrate out.

9.      Entertaining a guest? Why entertain him out, when you have everything at home? Prepare a special meal or even just fancy snacks food to tickle his tastebuds. Not only will you save a lot of money, but you will also have a more personal experience!

10. Want your haircut? Buy clippers from the store and regularly clip your own hair. It is very economical, especially for men who need it every few weeks.

11. Why purchase books or go for movies when you can use the library? You will be astonished at the variety available! Getting e-books is also a good option.

12. Cut down on energy. Turn off the lights in empty rooms. Get programmable thermostats. Insulate your home; use CFLs. Over a period of time, you will save a considerable amount.

13. Try to avoid driving whenever possible. Walk instead; it will work wonders for your health and fuel consumption.

14. Regularly maintain your car, drive with care and plan your trip so that you do all the chores systematically without wasting fuel.

15. Use your clothing, appliances and other possessions with due care, for the longer they are maintained, the less often you will have to replace them.

16. Save on the phone bills by getting rid of your landline and cell phone. Use VoIP, downgrade your cell plan or remove a phone line you do not need. Or, buy a pay-as-you-go mobile. You only need to pay for that extra call now and then.

17. Do you really need a gym membership to exercise? Try walking and exercising at home.

18. Before purchasing anything, do a price check for comparison. The savings will add up quickly.

19. Purchasing good quality second hand items can you save considerable money.

20. Pay off the principal on your consumer debt faster, because you save a lot of money on interest in the long run. Apply for lower interest credit cards.

21. Plan your vacation well in advance. Take advantage of the ‘Early Bird’ offer. Browse the web to search for discount airlines, hotel reward programs that earn you free nights’ stay. And when you travel, use your cooler to store your home-made food so you don’t have to purchase it.

22. While investing, use discount brokers and funds with low fees.

23. Considering the current low mortgage rates, you can save a lot of money by refinancing your home mortgage. Generally if you can reduce your mortgage by 1 -1.5% it pays to refinance. You might even be able to shorten the term of your mortgage and save even more.

24. If you have enough saved up for an emergency, consider increasing your deductibles on your home or renters insurance. Health and auto insurance deductables can also be increased to reduce your payments.

25. Think twice before purchasing a new car. Won’t a late model used car or a lease return do? You could save thousands. Just think about it!

26.  Make a list when you go out shopping and buy only what you need.

27. Sell things that you do not need anymore which are just lying around the house on eBay. You’ll be surprised how much money you can raise.

28. Avoid friends who are always spending money lavishly. Remember the saying ‘Birds of a feather flock together’.

29.  Eliminate smoking and drinking curb these habits forever and you will have saved a fortune! And you will be healthier as well.

30. Look out for seasonal sales and save for next year. They not only cost less, but you will also have lots to choose from.

These are just a basic few of the innumerable ways to save money.

Sow the thought of saving money today…it will reap more money tomorrow!

By www.investmentcontrarians.com

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