Money Saving Tips and Ideas For Everybody

Benjamin Franklin once said, “A penny saved is a penny earned.” Many people are able to relate to this because not spending money is the same as earning it. However, it is not always easy to see beyond want and need and find ways to not spend, and therefore save. There are many ways to save money monthly even during hard economical times. Finding ways to save may, at times, seem impossible and it may look like there really is no money to be saved. For the most part, for those who live day to day and paycheck to paycheck, there are some simple ways to find a little extra money every month.

Budgeting, Planning and Goal SettingThese three things might be the most important part of saving money, or to just not spend money in the first place. The first step to the money saving process is to budget. Make a budget using any type of spread sheet. Write down every monthly bill, the amount and when it is due. This will help in keeping track of necessary expenses.

The next step is to plan where the rest of the money will go once all of the bills are paid, either by month or by pay period. To do this, the easiest way is to spend a month writing down and keeping track of where every penny has been spent. At the end of the month, go through the list and itemize it, example: clothes, dining out, gas and so on. After the expenses has been figured out, find places where the spending can be cut back. Many people are surprised to find out where they have been over spending. Plan for the following month what money is going to be spent on which activities, necessities, etc.

Goals don’t have to be over the top, start out small. Smaller goals are easier to attain, then work up to larger more long term ones. Start with, say, wanting to save ten or twenty dollars a month. After a year that could add up to over $120 not being spent. Other goals could simply be to eat out less or maybe carpool more to save on gas money. Remember that goals should be realistic and there may be bumps along the road, but don’t give up.

Money Saving IdeasMoney experts all agree that in order to save money, one must first know where the money is going. Many people often confuse want with needs and end up over spending, often spending more than they are taking home. Here are some ideas and tips to start the money saving process.

Save Change: People don’t often realize how much money they throw away by not doing one simple thing, saving their change. It’s not always fun having to count it out and roll it up and then take it to the bank, but it is money and can add up quickly.

Eat In: Eating out is a huge expense. The average fast food meal costs six dollars, multiply that by the number of people in the family and by the number of times per month the family eats out. On average 41 percent of adults eat fast food at least once a week, according to the Pew Research Center. Try packing a lunch instead.

Shop For The Week: Avoid going to the grocery store more than once a week. Plan a menu for one to two weeks in advance, make a list and stick to it. Stores depend upon consumers buying things that aren’t on their list to help keep profits up. Don’t go shopping when hungry and buy items in bulk when it makes sense.

Coupons: Coupons can save a lot of money. Getting to know when stores drop their prices on items to it’s absolute lowest can take a while to figure out. In the mean time, cut coupons out of the paper, use in store coupons and a club card to save even more on the next grocery shopping trip.

The Library: Libraries have a large quantity of books to read on every imaginable subject. Some public libraries even have a section of books available to purchase for a discounted price and also movie rentals and internet available, all for free.

There are many ways to save money other than the ones listed above. Be creative when finding ways to cut back on the budget. Do research online to find more ideas, start or join a blog. There are a lot of online communities that specialize in saving money and provide emotional support. Change spending habits a little at a time in order to not become overwhelmed. And finally, look over the spending list, mentioned above, and figure out what is a necessity and what is a need.