How to Save Money – Tips and Guides

Posted July 6th, 2010 and last modified May 1st, 2012

If you are looking for a how to save money – savings guide, then you have come to the right place. Saving money is very important, and knowing the right steps to take will make the process much easier.

Some methods of saving money are not going to be as effective for you as others.

By taking some time to look through your choices, you’ll be able to save more money faster. If you already have a method in place and you don’t find that it’s working for you, or you haven’t set up a savings system yet, it’s time to take a look.

Before you delve much further into this how to save money – savings guide, you should understand your savings goals. Savings goals can be of three basic types:

• Short-term goals A short term goal is something that you hope to achieve very soon, such as the purchase of a new DVD or an item of clothing.
• Medium-term goals A medium term goal requires more planning than a short term goal, but is still something you wish to achieve within one to five years. It might include something like the purchase of a new car, or a holiday overseas.
• Long-term goals Longer term goals are goals that you hope to achieve ten or twenty years from now. These include things like retirement, or early retirement. When it comes to achieving long term goals, you absolutely must plan carefully. If you start to save earlier, you will achieve these goals sooner due to the nature of compound interest.

Table of Contents

1. Planning To Save
2. How To Achieve Goals To Save Money
3. Find Your Inner Saver
4. Encouraging Yourself To Start Saving Money
5. Determine If You Are Saving Money
6. Principles Of Saving Money
7. Smart Tips To Save Money
8. How Can You Live Below Your Means
9. Deposits With Regular Savings
10. Planning Your Budget
11. Common Lies For Not Saving Money
12. Daily Rituals That Help You Save Money

Having a nest egg these days is not only a good idea, it is a necessity. With these uncertain economic times, it is strongly advisable to start saving if you haven’t done so already. There are some tried and true ways to start your savings and also have peace of mind.

Planning to Save

Consider planning your saving and set important goals, according to your financial situation. This is one of the most important steps if you want to eventually succeed. And do not forget to keep your plans as simple and as achievable as possible.

Where To Start

According to recent studies, Australians have become more interested in paying off their debts rather than saving. While paying off your debt is a very good thing, finding a way to increase your savings is also extremely important. While there have been some discouraging news in recent days about big banks lowering their interest rates on certain fixed-term deposits in spite of record profits, this should not deter you from starting a savings program.

There are many types of savings accounts out there and with a little research, you can find just the right one for you. There are regular savings accounts, instant access accounts and term deposit accounts. Depending on what you are saving for, there is something for everyone. If you want to save a certain amount each month, consider a regular savings account. If you prefer having constant access to your savings then an instant access account might be more your style. If you want to have the highest return for your savings then a term deposit account may be the answer for you. These accounts typically pay higher rates however, you do not have access to your money during the term.

Make A Savings Goal

So, you have decided on saving money is a good idea and you have also decided on what kind of account you want. But, what are you saving for? To be the most effective in your savings goals, you should have a specific reason for which you are saving. This can be anything – a house deposit, a car, a vacation or an emergency fund. Only you can decide. Having a specific goal will make it easier to increase your savings.

Finding “Extra” Money

Now that you have decided you are going to save, you might be thinking that you do not have any extra money to put in the account. There are always ways to trim and save. Here are some ideas that may help.

• Make grocery lists and stick to them. The more you prepare your meals during the week, the less tempting it is to eat out.
• Close out underused subscriptions and memberships. If you are rarely going to the gym, find alternative ways to exercise. And, cancel those subscriptions that are gathering dust on your coffee table.
• Refinance your mortgage. Rates are lower now, so maybe a refinance may help you find some extra money to “increase your savings.”

Increasing your emergency money is easily possible via the above suggestions. The hardest part is getting started and finding some way to stick to your self-imposed spending budget. Once you get the hang of it, saving money will become second nature to you.

Top Savings Accounts

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
RaboDirect High Interest Savings Account	Achieve your savings goals with this amazing ongoing rate!	5.60%	4.85%	0.75%	$0	$0 / $0
UBank USaver	Be rewarded with a bonus 0.50% interest when you deposit $200.	5.51%	4.91%	0.60%	$0	$0 / $0
Virgin Saver Account	High interest 4-month introductory interest rate of 6.51% on accounts up to $250,000.	4.75%	4.75%		$0	$0 / $0
Citibank Online Saver	One of the highest promo rates on the market.	5.70%	4.25%	1.45%	$0	$0 / $0
HSBC Serious Saver	Enjoy an introductory variable rate. Limited time only!	5.55%	4.25%	1.30%	$0	$0 / $0
ANZ Online Saver	Take advantage of this bonus rate from ANZ before its too late!	5.50%	3.75%	1.75%	$0	$0 / $0
NAB iSaver	Be rewarded with a bonus 0.50% interest when you deposit $200.	5.00%	3.65%	1.35%	$0	$0 / $0
Easy Street Bonus Saver Account	Be rewarded with one of the highest rates on the market each month you deposit $50 or more.	5.61%	0.01%	5.60%	$0	$0 / $0
Easy Street – Easy Savings Account	A high ongoing interest rate with no fixed term, no minimum balance and no fee.	4.60%	4.60%	0%		$0 /
St.George Maxi Saver	A competitive variable rate and no fees from one of the Australian most popular banks	5.70%	4.30%	1.40%	$0	$0 / $0

Setting Savings Goal

1. When considering how to set a savings goal, you should recognize your financial goals. Consider both short term (one to three years), medium term (three to five years) and long term (longer than five years) goals. Different goals will have different considerations behind them: for instance, you may wish to buy a new car with cash in the near future, have a good retirement portfolio within four years, and maybe pay off your mortgage in fifteen years.
2. Plan out your budget so that you can understand areas where you can make some savings.
3. Start saving as soon as possible – the sooner you start saving, the more you will enjoy the effects of compound interest.
4. Clear your debts. Most debts charge a higher rate of interest than the interest you will receive on your savings. If you invest at 5% and have to pay a debt at 10%, then you are effectively losing money. So make sure you reduce your debts.
5. Be realistic. Aiming too high will soon lead to despair, while aiming too low will mean that you could have been saving and investing more.
6. Credit card addict. There are a lot of people that get used to spending with a piece of plastic and not thinking twice about it. This can cause heavy credit card debt and overspending on items that are not really wanted or needed. One of the best methods of saving money in this case is to put the credit card away to be used for emergency situations only. A debit card can take its place since the card is linked up to a transaction account and once the money in the account is gone, it’s gone. There is no credit at all linked to a debit card.
7. Financially disorganized. You may have a hard time keeping your finances straight and they are in a disorganized mess. In this scenario, you cannot save any money because you can’t even keep track of the money you earn. Your best bet is to set up a savings account and have a portion of your pay cheque sent to the account on a monthly basis. This will set up an automatic savings plan. You won’t have to worry about spending any of your savings either because you won’t be able to keep track of your account because you are so disorganized!
8. Frustrated with low income. People that fall into this category are frustrated with their low income and figure that they don’t have enough money to put away. One of the easiest methods of saving money for these people is to commit to putting five dollars away per week and then forgetting about it. After a year, the savings account should be checked to see how this small amount has grown. It should be big enough to get some incentive to raise the amount put aside every week. Sometimes getting started with saving money is the hardest thing but if you use these methods of saving money, you will be able to put a plan into action. Now is definitely the time to get some money set aside for the future.

In order to save more money, you will need to streamline your budget and cut back on areas of expense which are unnecessary. Spending carefully will allow you to enjoy your lifestyle while still growing your savings.

On the other hand, being too stringent about savings and spending standards will mean that you will soon start feeling miserable. Do not completely wipe out your lifestyle! Moderation is the key. Saving is a bit like dieting – you don’t want to do anything too extreme, or you won’t be able to stick to it in the long run. One or two lapses does not mean that your entire savings goal has failed either, just as one piece of cake does not make a weight loss plan fail entirely.

Be realistic, plan ahead and stick to your plan – and soon your savings will start growing.

How To Achieve These Goals To Save Money

In order to achieve your goals for saving money, whether they are short, medium or long-term, you will need to follow a plan of attack. A few things you should consider doing are:

• Pay off your debts
• Make a weekly savings schedule
• Set up automatic transfers so that you save automatically
• Make a budget and stick to it
• Deposit savings or long-term goals in a term deposit
• Do not use a credit card if you tend to overspend with plastic

These tips will help you to get started and to stay on track with your savings goals. The basic principle is to make savings easier – set things up so that saving money is like a second nature to you. Paying off your debts will help you to reduce your spending, while making a weekly savings schedule will help you to stay on track with your savings. Automatic transfers mean that the money will be deposited to your savings account before you are tempted to spend it.

Hopefully, this how to save money – savings guide will help you to save money and grow your wealth. Don’t get frustrated if it takes some time – after all, Rome wasn’t built in a day.

What would make saving money important to you? If you are coasting along without making any attempt at savings, you must understand that there will be a need for money savings at some point in your life. It should not take a dire financial emergency to make you aware of the need to put something back.

Saving money should be a carefully thought out plan that is flexible enough to change as the conditions in the world and your own personal life go through highs and lows.

Find Your Inner Saver

Suddenly, with the recession and the global economic meltdown, everyone is talking about saving money. A recent survey by ANZ found that of those surveyed, only 30% said they had planned well enough for the future. More and more Australians right now are prioritizing saving money, whether for a rainy day, to pay off debt or to fund their retirement package. In light of the economic conditions, an increasing number of people are seeing the importance of having a financial buffer in place.

The question then arises, when it comes to saving money, what kind of saver are you? US psychologist Dr Kathleen Gurney has found that there are nine money personalities when it comes to saving money. Since then, psychologists have come up with a number of other financial archetypes. The good news is that finding your inner saver is easy. The same basic strategies can be used to help everyone save more money.

Here are a few tips for saving money and getting in touch with your inner saver:

Understand what works for you – Not everyone has the same financial goals and financial situation. The first step to saving more is to understand what you want. Where are you financially and where do you want to be? Remember that saving is a household endeavour, so have a heart-to-heart talk with your partner.

Clean up your finances – Saving money is more than just putting away enough to buy the newest plasma TV. Instead, consider your household balance sheet and income flows. Try to clear up your debt, and maximise your accounts for the best financial returns.

Use the tools available - These days there are many tools available for financial planning, most are low cost and a fair few are free. Doing nothing doesn’t cost anything, but if you can maximise your financial position, you will be well on your way to maximising returns and having good savings in place.

Encouraging Yourself To Start Saving Money

It is a simple matter for someone to lay the law down on how and how much they should save, but it may be much different in application than it is in theory. Rules may be different based on good fortune and economic conditions, but you must encourage yourself to do what you are capable of doing when it comes to saving money.

If you want to start saving money and make it a continuing habit, think about how best to go about it. Keep these points in mind.

• Without limiting the merit of good advice, understand that the percentage you save from your earnings must be a floating percentage. In good times, 10-15% put into retirement might be expected, but not when money is tight. Put back something regularly and adjust percentages with economics.
• Put yourself in a position to start saving money by getting free of the money wasting parts of your life. Pay off credit cards because they drain you of the capital and the interest continually.
• If you rent, you are getting nothing for your investment except a temporary living space. Consider owning so you can build up equity, which is savings. Interest rates are so low now that purchasing a home should be a high priority.
• Don’t pick up the tab when you and friends go out. A habit of that kind will lead to great expense for you, and friends will come to expect it. Keep up with when you buy and when they buy.
• Read books – One such book is called “Think and Grow Rich” by Napoleon Hill. This is a classic book for improving abundance and wealth in your life.
• Start a business – Let’s face it, job security is a thing of the past. The only way to truly guarantee employment is to employ yourself.
• Save every month – By saving even $50 to $100 a month in a high interest savings account, you will start to see returns on those savings in a very short period of time.
• Have a retirement plan – By having a retirement plan and sticking to it, you’re sure to find yourself living comfortably when it comes time to stop working.
• Invest, invest, invest – Consult an investment strategist and develop an investment portfolio. Nothing helps generate wealth more than investments that earn for you.
• Stick to a budget – Cutting out unnecessary expenses and sticking to a budget is a great way to have extra money.
• Clear debt – Debt is nothing but a drain on your wealth. Pay down debt as fast as you can and quit paying interest.

Equate It To Something Important

For me, personally, food is one of the most important things in my life. Not only does it keep me alive but, let’s be honest, I like food. When I see something I simply must have, I equate the price of that item in terms of food. For example, a $5 pizza. When I see something that will cost me fifty dollars, I think to myself, “That’s 10 pizzas. Do I want to sacrifice 10 potential pizzas in my future for this?”

It may sound silly but more often than not, this serves as a great buying deterrent for something I don’t actually need. Find something you value, give it a price, then measure everything in numbers of that item, rather than dollars.

Would I Buy This If It Weren’t On Sale?

It happens all the time- you walk into a store, see the sale rack and discover that there are some amazing deals. What better time than now to pick up these items at ridiculously low prices, right? You’re saving money because they are so much cheaper than normal, right? Wrong.

You’re spending money you don’t have to, regardless of how much you’re saving from the normal price. An easy question to ask yourself is, “If it weren’t on sale, would I still buy this?” It goes back to the “Do I need it?” question. If this is an item you still require and would still purchase were it not on sale, buy it, great, you’ve saved yourself having to pay full price for something. If you’re only buying it because it’s on sale, set it down and step away from the sale rack.

Remind Yourself

In the end, just remember what you’re doing- saving money. You’ve got a goal, a thing, a trip, something that you’re shooting for. You’re saving money for that thing, remind yourself, every day what you’re going for and soon you’ll have it. It feels infinitely better to accomplish your goal than to end up with no vacation and a bunch of stuff you don’t need.

Start Saving

Now that you’re mitigating additional expenses, it’s time to start saving money for yourself, but where to start?

An easy and simple formula for saving is to take your age, divide it in half and try to set aside that amount as a percentage of your monthly income every month. For example, should you be 30 years old, 15% of your monthly income should be set aside for savings.

The earlier this formula is put into effect the more money you will save and the savings rack up quite quickly. Ensure that this savings is either directly deposited into a savings account or an automatic transfer is set up through your banking institution.

The key to saving is not having to worry about it- the more automatic you can make it, the less apt you are to forget. Think of savings as another bill to pay only, this bill is paid directly to you!

When these two tips are put into practice, you will not only notice your debt going down and in the end, having to pay a lot less money for your financing. But you will also discover that your savings become larger and larger nearly over night.

A simple strategy for effective savings will no doubt win the game. Remember, savings is just another bill to pay!

Determine If You Are Saving Money

If you want to see how you are doing with your income, it’s a simple matter to look at the ins and outs on your bank account. A good exercise of your frugality is to make a spreadsheet of all the expenditures you have in a month, and then compare that to the amount you have brought home in salary during the same time.

When you see how you’ve spent your money, even if you have not spent more than you brought home, determine which of those expenses could have been avoided without taking away from the quality of your life. Chances are, you will see ways where you can increase the spread between expenditures and take home pay to reveal ways of saving money.

Budgeting is much easier using hindsight. It also makes it easier to determine what you are capable of doing in the way of new purchases you may want to make and the percentages of saving that you are currently able to put back.

Principles Of Saving Money

If you follow the principles of saving money wisely, you will be in a better position to set and reach any future financial goals. Saving money is crucial in this day and age, and these principles can be used as a helpful guide.

Using the principles of saving money to help you build a better future and plan for retirement is a goal that should be set at a very early age. The earlier you start the more interest you will acquire on your savings. You will be using the power of time to further accelerate your savings. This is just one of money saving principles, but it is indeed one of the most important. Here are a few more of the principles of saving money you can use to help you reach your saving goals.

The Principles of Saving Money using fifty dollars a month:

If you take fifty dollars a month and invest it wisely you will see an incredible difference in your financial situation. Taking fifty dollars per month to pay off a credit card bill can end up saving you thousands of dollars in the long run. For example, if you purchase something for $3000 with an interest rate of 18%, then it would take you approximately 8 years to pay it off. That is assuming that you had paid the minimum monthly payment of 2%, which equals sixty dollars. At the end of that period it would have cost you $5780 for the item that originally cost $3000. If you add an extra fifty dollars to your payment per month you would save more than $1800 of interest payments alone, and the item would be paid for in only three years. The principles of saving money include making smart use of any disposable income and it can be very powerful.

The Principles of Saving Money using the rule of seventy-two:

If you want to figure out how many years it is going to take to double your money then there is a simple formula you can apply. You calculate seventy-two divided by the interest-rate percent you will be able to get, and the answer is the number of years it will take to double. If you want to find out what kind of interest-rate will be needed in order to double your money in a predetermined amount of years you would use another formula. Seventy-two divided by the number of years in which you would like to have your investment doubled will give you the interest-rate percentage that will be required. These formulas are quite simple to use and can help you establish definite financial goals.

You can also use formulas to calculate how much interest you can earn in a set amount of time, or how much compound interest you can earn. These will help you manage your savings and give you further direction with your goal planning. These formulas are also part of the principles of saving money, and they will help you manage your savings, and give you further direction with your goal planning.

Smart Tips To Save Money

There are many money tips out there. However, not all of these tips are smart tips. Good tips are ones that will involve the right decisions for saving the most money over a longer amount of time. Here are six of the best tips that you should be using if you want to save money. These tips are incredibly smart for anyone to use.

Find A Good Credit Card

A credit card can be very beneficial for all of your spending needs. However, you will need to be careful when you do have a card. You should take a look around at different types of offers that you could get out of a credit card. Different cards will have their own special offers with interest rates and rewards. Be sure to find something that is more advantageous and less expensive for your needs if you want to save money.

Get A Will Ready

The second tip is to establish a will. This will be used to help with determining where you will have your assets go to upon your death. This is important for money saving needs because of the ramifications that can occur if you fail to establish a will. The reason why this is one of the most essential money tips is because your estate might not be dispersed properly.

What Health Insurance Do You Need?

One of the best smart tips involves health insurance. Private health insurance is the way to go. This can help you to do more than just save money on the medical expenses that you might have to deal with later on. It can also help you save on tax expenses. The amount of tax that can be saved will vary by each person who uses insurance like this.

Credit Card Payments Should Be On Time

The fourth tip involves how you pay off your credit card. All of your debts should be paid off in full when you get your bill. Paying all your debts off will help you to save money on interest. This will help you to keep from losing money on interest charges. Remember, interest expenses can be very high on any credit card.

Buy A House

Buying a house might not sound like something that you could use in order to save money. However, it is actually advantageous because it will allow you to keep from dealing with high rental prices. Monthly home payment costs could end up being less than monthly rent costs. Of course, the best way to take advantage of this tip is to enter the property market sooner.

Cut Your Household Costs

The idea of cutting costs around the home seems very obvious yet very few people do it. When you actually begin to look at what you spend on household bills in depth, it can be very frightening.

However, now is one of the best times to get better prices on your household bills and other expenses you may have. All businesses are fighting for custom. Retaining existing customers is as important as attracting new ones.

Go through all of your monthly bills and outgoings and starting from the top, have a look online to see if you can find a better deal. There are many comparison sites that actually tell you whether you can get the same product cheaper elsewhere.

Using this tactic, you can save hundreds on regular expenditures such as gas, electric, and even bills like car insurance. The money you save can then be tucked away in your savings account ready for when you need it most. This is one of the easiest saving tips to apply when trying to save money.

Get Rid Of Your Credit Cards

Try to use cash as much as possible. Although credit cards seem very easy to use and handy, they can be a fast ticket to debt if used irresponsibly. It is very easy to think you are saving money by paying for things using your card and then paying it back later but when interest is taken into account, you will find you are spending more than you need to on each item.

As much as possible, you should aim to use cash when making your regular purchases. If you can manage it then the best move would be to put your credit cards away unless being used in an emergency.

Go To Store Own Brands

When shopping for groceries, why not try some of the stores own brand foods. On most occasions, you will find they taste just as good but often cost half the price. Most of the time, you are simply paying a premium for the brand name itself.

I guarantee if you did a taste test on many types of food, you would not be able to tell the difference between brand food and store brand food. The amount of money you could save here is huge!

If You Can, WALK!

Using the car for short journeys is not only a waste of money but also a waste of exercise. You would be amazed at how many miles you can actually save yourself in fuel just by walking your kids to school or getting the bus to go to the local store.

Not only will you save money this way but you will get much more fresh air and exercise! 3 birds down with 1 stone!

Cut Down On Phone Calls

Another of the great saving tips that is often overlooked. Why spend huge amounts of money using your cell phone when there are much cheaper alternatives? There are many services on the Internet that let you chat for free, even letting you use your web cam.

If you are paying for broadband anyway then why not take advantage and use your connection for free phone calls. You can save money hand over fist by keeping your cell phone tucked away unless in an emergency.

Get A Savings Account Ready

The last of the smart tips involves a savings account. You should save your money in a high interest savings account. This will make it easier for you to achieve your savings goal. You can easily save more money at a faster rate when you get more interest from the money you have saved up.

Be sure to use these money tips when you are trying to get more money. These tips will help you to keep from spending more money on all of your essentials. They can also be used to give you access to many important things that anyone should be using in life.

Miscellaneous Tips

Saving money does not have to be painful. With a little planning and foresight, it’s possible to live comfortable while saving. Here are some tips for savings made easy.

Adding to your savings can be tricky, especially when you have many household outgoings.

It may seem impossible, but the truth is that controlling your personal finance is a matter of baby steps. You can build your savings by taking small actions to change your financial decisions on a daily basis. It is very important that you have savings to fall back on in the event of an unforeseen financial hardship, or other emergency.

Money saving methods do not have to take months on end to implement or put into practice.

On the contrary, by using these useful tips to cut your expenses, you can see your expenses decrease and savings increase almost immediately. If you can put these money saving tips into practice and cut out some of the unnecessary things that you spend money on, you will see more and more money left in your pocket every day and that will add up to a large amount of savings in the bank over time. Use the following tips and also actively look for ways in your life that you needlessly spend money and find ways to reduce those expenses and increase your savings.

• Save money on petrol by using public transportation, especially to and from work. This can also save money if you pay for parking. If you take public transport, buy a long term ticket. If you drive, carpool with a co-worker, alternating weeks when either of you drives. This will save you both petrol and depreciation costs on your vehicle.
• Avoid buying lunch during the workweek and make your own from home. Take lunch to work. A sandwich and drink can cost around $10, which comes to $50 per week and $2600 per year.
• Skip the daily cup of premium coffee before heading to work, especially if there is free coffee at work. Try not to indulge in too many lattes. At $4 a cup, you can save $20 per week by simply skipping your morning coffee from the cafe.
• Buy tickets for movies in bulk and save
• Eat at home with friends, with different people hosting parties each week. You can also host potluck parties.
• Enjoy shopping dockets and voucher booklets which allow you to eat the same meal for less. Many restaurants offer “two for one” vouchers, which can be an affordable way to eat out.
• Eating is expensive. The easiest way to save money is to plan weekly meals and buy only what you need. In addition, since you know what you need to buy, clipping coupons is even easier. If you don’t need it, don’t buy it. Learn what’s in season, what’s in your pantry and plan meals around that. Always use a list for grocery shopping.
• If you shop regularly for groceries, keep an eye out for perishables that are near their use-by date and can be marked down drastically.
• Look for store brands, which can cost much less than the name brand goods.
• Take advantage of cyclical petrol pricing by buying petrol on Tuesdays and Wednesdays.
• Don’t focus solely on getting petrol dockets at the supermarket – you might wind up overspending only to save $2 on petrol. Instead, you’d be better off saving on groceries and shopping smart for petrol.
• Book hotels online, you should never have to pay full price for a booking.
• Sign up on airlines websites for their newsletter – this way you will be the first to hear about their flight bargains.
• Choose a less expensive credit card. One of the easiest ways to save money is to get the best credit card for you. A different credit card will not affect your lifestyle in any way, other than reducing unnecessary fees and costs.
• Use cash instead. Credit cards can make it tempting to over-spend. Instead of using a credit card, try to use cash most of the time.
• Save money on your pets. Pet treats, toys and veterinary care can add up. Make sure your pet stays healthy to avoid sudden trips to the vet. Stock up on pet supplies in bulk and shop at specialized pet stores to save money.
• Make sure your home is energy-efficient. Escaping heat can increase your utility bills. Make sure your home is sealed and is energy-efficient.
• Keep track of grocery fliers. Learn what’s on special by keeping track of fliers – you can buy what you love for less.
• Negotiate. If you are shopping for big ticket items, try to negotiate. It doesn’t hurt to ask if they can offer a better price.
• Reduce your phone bill. There are many inexpensive ways to make calls, whether through VoIP or a pre-paid phone.
• Check for coupon codes. Coupon codes are widely available online. If you are buying on the Internet, simply Google “Coupon code” with the name of the retailer.
• Consider loyalty programmes. Loyalty programmes cost nothing to join and offer you a certain percentage back on your purchases.
• Reduce your showering time. Not only will you save money on your water bill but you will also be conserving water and helping the environment.
• Each time you pass up the opportunity to utilise one of these or your own money saving tips, put away $1 into a savings jar and see how much you can accumulate.
• Build an iron clad budget. If you do not know where your money is going, there is no way to cut costs so the first money saving tip is to make a budget that make sense for your family. The first step is to see how you spend by simply writing down all of your expenses and income for a few months. Once you have that, you can make a budget that you can live with for the long term. Figure out how much it costs to live each month. Calculate your essentials and the amount you are paying yourself. Subtract that amount from your income and cut it in half- this is your fun money. Know that you cannot spend more than your fun money and keep track of what you’ve spent so far.
• Dump the labels. If you are one of the people who really believes that a name brand is better then a generic brand then it is time you tried a few out. In most cases, you will find that those grocery store brand foods do not taste any different then the name brands and they cost a whole lot less.
• Set up auto payments. Auto payments are an easy way to make sure that none of your budget has to be spent on late fees, which are a huge budget buster. You might think that they do not make a big difference but, over time, they can add up to a big expense.
• Cut the cable. You think you need that big cable television plan, but odds are, you only use a fraction of it. Keep a diary for a few weeks of what and when you watch the television. Then see if you could have used Hulu, iTunes, or another online viewer to watch the same shows for less cost. You will probably be surprised at how much you could cut back on this bill.
• Invest in home energy savings. If you really want to take a chunk out of your household expenses then you need to find ways to cut back on energy consumption. To do that, you need to make your house as efficient as possible. It might mean spending money now, but you will make it back in almost no time.
• Do you have clothes hanging around that you haven’t worn in a while? An extra chair in the house that nobody sits in? Consign it. Take these excess items to a consignment resale shop and get a little extra money for your excesses. Sell your junk! You can kill two birds with one stone; clean out your storage and make some money at the same time. Be critical when you sort through all of your belongings. If you haven’t taken an item out of storage for over a year, consider its sentimental value. If you can part with it, it’s time to sell. If you don’t have enough items to have a garage sale or simply don’t want the hassle, there are many great auction sites where you can advertised your unwanted goods. When you make a sale, don’t spend the money; take it straight to the bank and deposit it into your savings.
• Shop for your best interest. Look around for the best savings account option for yourself. Choose a bank that can offer you the best interest rates and flexibility. You will have a much more positive conception of your personal finances and banking experience this way, encouraging you to keep saving.
• Find a second income. This isn’t quite as daunting as it sounds. There are many second jobs you can take without having to sacrifice 20 hours or more of your week. Consider becoming a tutor or private instructor in any hobby you might have. You can baby-sit, dog walk, or do house calls for repairs and yard work.
• Reduce your expenses. Consider letting one of your credit cards go. If you have hired help of any kind, try taking on those responsibilities yourself in the interest of tightening your belt. Remember this is for the sake of your savings. Cutting household expenditures is a great step to take toward getting your personal finance back on track.
• Use monthly payment plans. If you have a hard time remembering to pay your bills, set up automatic payments. You can also arrange for regular automatic transfers between accounts so that you save some money away periodically. Once it’s out of your account and tucked away in savings, you are less likely to be tempted to spend it.
• Cut unnecessary luxuries. Try to avoid eating out. According to a Suncorp Bank survey done this year, almost one fifth of Brisbane residents spend between $50 and $100 on takeaway meals every week. The same survey tells us that a shocking half a million Australians spend an extra $100 each week to avoid cooking.
• Pay yourself. You are the most important person in your life and you too deserve to be paid. Every month, set up an automatic payment, either with your bank or with your employer and have a certain amount of your checks set aside to go to a savings account.
• Don’t shop. Of course this doesn’t mean you can’t buy anything; instead of going to mall or ‘going shopping’ when bored, find another activity- one that is free.
• Head outside. Finding activities to do is one of the larger expenses you can incur. Be it going to the movies or going out to eat- entertainment is pricey. Instead, take a hike, explore the world on foot- it’s free!
• Go green. By becoming more environmentally conscious, you will likely become more economically conscious as well. Often doing what’s best for the environment is best for your wallet. Save water by taking less showers, save energy by using CF light bulbs.
• Do your homework. Can you be making more money by switching to a high interest savings account? Can you transfer your credit card balance to a lower interest credit card? Devote an amount of time to researching more money saving methods.
• Save your change. You’d be surprised how much money can be saved by always saving your change. Put it in a jar, a box, something. At the end of the month, convert that change to paper money and see how much extra money you’ve got!

These money saving tips are easy ways to stretch you dollars. That way you have more money for the things you really want like retirement savings or your next big holiday. All you have to do is put your plan into action and before you know it there will be lots more cash in your wallet.

As you can see, there are many ways to make savings painless.

21 Things You Should Stop Buying

• Renting movies every weekend.
• Limit the times that you go out for entertainment. Try limiting it to once a week or less. This also saves money on petrol as well.
• Smoking (cigarettes or cigars). If you are a smoker, cut down or give up all together. Quitting this expensive daily habit can dramatically reduce your expenses and improve the quality of your life at the same time.
• Going out to eat for lunch. Instead of eating out at a restaurant or fast food, instead, eat in. Think of eating out as a treat you will only give yourself once, maybe twice a month. This not only saves money but is much healthier on your body. Limit your dining out and buying fast food. Buying groceries, preparing meals, and eating at home saves a lot of money and petrol which means more money saved.
• Drinking at the bar- drink at home or not at all
• Morning stops at the coffee bar- use your coffee maker
• DVD/CD purchases
• Getting take-out for dinner
• Name brand toiletries- try the store brand
• Gym Memberships- most of us never go, anyway. If you have a dog, consider walking the dog instead of joining the gym to walk on a treadmill. You can also find a park to walk around or walk around the block. Consider other alternatives to paying a monthly gym membership fee such as purchasing exercise videos or equipment which in the long term can amount to tremendous savings.
• Expensive dog foods- raw diets or home-made food can be made much cheaper
• Cell phone overages- change your plan rather than pay monthly overage fees
• Fancy car- just because it looks cool doesn’t make the monthly payment any cheaper
• Lights during daytime- that’s what the sun is for
• Heating during the daytime- again, that’s what the sun is for
• Soda- it’s expensive and water is much cheaper. Save money on beverages by drinking only or mostly water and avoid buying drinks in bottles. Consider using a water filtration system for drinking water.
• Taxi/Commuting- take public transportation
• Pay-for-Television- read a book, libraries are free
• Junk food- it’s expensive on your wallet and your health
• Anything not on sale- wait until it goes on sale or clip coupons
• Designer clothing- there are plenty of lesser expensive alternatives or even thrift/second-hand shoppes

These steps are a good start but there are several other ways you apply money saving habits into your life, find them and apply them and watch your savings grow.

How Can You Live Below Your Means

Keep a Spending Journal

Write down everything you spend money on in the course of a month. For one month, record all of your spending on business, personal expenses, travel and recreation, or entertainment. Go through your journal and look for expenses that can be reduced or even eliminated. Once you’ve identified places in your budget where you can save money, it’s time to get busy cutting and slashing your monthly expenses.

Don’t forget to also check and see if saving money on utilities, transportation, and grocery store purchases to assist in your more frugal lifestyle. Every ounce of fat you can cut from your budget is well worth investigating, which explains why you’re interested in creating these savings in the first place.

Create New Spending and Saving Habits

It’s not enough just to make a few nips and tucks here and there. If you want to establish long-term methods to save money in your monthly budget, you’re going to have to create new habits. Some great habits you might want to consider that will have you saving money before you know it include things like DVD swaps, dinner with friends “in” rather than dining out, and taking advantage of free entertainment venues instead of more expensive concerts and amusements. Little changes like this can make the savings add up fast.

Focus on Ways to Save Each Month

What can you eliminate from your monthly budget in order to save money? Can it be one cup of coffee each week? How about one night at the pub? Are you spending too much money on your mobile phone bill? Where can you cut costs so that you can get busy saving money?

That doesn’t mean that you have to eliminate all the fun from your monthly budget but if you can pick one or two things that are most important to you and then find savings in other areas of your living and entertainment budget, you’ll be much better off than simply trying to shave a little off of the necessities each month. The more ways you find to save, the better the results will be, after all.

Learning to save money is a process that takes time for many people. But, once you learn to live beneath your means, saving money will be easier and the savings can really pile up to help you accomplish your financial goals even faster.

Deposits with Regular Savings

Whether you had the time required for working out a budget or not, you can start saving right from this moment. The key is to pick a small percentage and set it aside every single day. It is very common for most of the people who choose this method to opt for 5% or even 10% or their daily spending. Others prefer to set a standard sum. But this does not really matter, as long as you have the money saved somewhere.

Next, what you should do is obtain some useful pieces of information from your employer or bank related to how you can automatically deposit this money in a savings account. This is very important because it will take the effort out of saving and you will not have to remember putting the money somewhere anymore.

Planning Your Budget

After you get used to the process of saving regularly, you can start looking at your expenses in order to see if you can afford to save even more. And the most accessible way to do this is to plan your budget.

A wise thing to do if you want to obtain an accurate estimation and planning for how much you can spend and save is to use a piece of software that can provide you with all the features you need, all integrated into a single tool.

For example, the budget spreadsheet tool is available for everyone and has successfully offered precious guidance and advice to thousands of Australians, especially to those aiming at reducing debt and saving money. With this tool, you will have the possibility to learn how to properly manage your income and use ever y single dollar wisely.

Furthermore, your expenses will be reduced significantly after using such software and you will be able to understand all the leaks present in your budget. Not to mention about the great organization of your finances and the help you will get when it comes to setting goals for the near future and not only.

Finally, the budget spreadsheet will also provide you with a great number of stunning visual effects and a friendly user interface, in order to create a perfect virtual environment. Even though for this kind of software you will usually have to pay around $30, the investment is totally worthwhile and completely recommendable. Try it.

Common Lies For Not Saving Money

One of the reasons that people give for not saving money is they don’t have debt so saving money is not important. The freedom of having no debt can be continued by simply starting to save to protect yourself for the future. You don’t know what the years ahead are going to bring and the more money you have set aside, the more protected you are if something should happen.

No need to budget

If you are interested in saving money, you’re going to have to make a budget. This is an excuse that is often heard and it is virtually impossible to do proper saving without knowing how much money is coming in and how much is being spent. Even people that have a lot of money have a budget made and perhaps that is how they ended up getting rich in the first place. Taking total responsibility for your money means setting up a budget.

Lowering your standards

A lot of people think that setting up a budget means that you’ll have to lower your standards. It really doesn’t have to mean this. You simply need to confront what you are able to afford at the time and put money away for your retirement so that your life can be comfortable then.

Everything will be fine

Many people feel that they’re invincible and nothing will ever happen to them. You need to get out of this mind frame and understand that emergencies can happen and you should have some kind of safety net there should they arise.

Having a safe job

You can never count on a job. Thousands of people have learned the hard way when they received their notice to leave. Never completely count on your employment. You should have a fund set aside for emergencies that covers three months of income. This is just one of the budget mistakes that people make – putting all their eggs in one basket and then watching the basket crumble. Line yourself up to have money in case your job does fold up one day.

There are really no excuses or lies that you can use any further. You know deep down that you should be saving money for the future and the time to get started is immediately. Start by putting away a few dollars of every paycheck and then begin saving more once the habit has formed.

If you are like most people, you have every intention of saving money but are often caught up in not knowing where to start. Saving money is a big endeavour; it takes away from your budget every month and is hard to get started.

Like most people, then, you need a few helpful tips to get you started in the right direction. Once you are on your way, you’re sure to discover that soon you’ve got a noticeable sum of money saved. Here are a few helpful money saving tips to get you started.

Pay Down Debt

First and foremost, debt is the number one cause for wasted money in a budget. Interest is charged every month on outstanding balance on any debt account, be it credit card or loan. So long as you owe money, more will be charged against that balance.

In short, the longer you have debt, the more you pay. The more you owe, the more you pay. Combine those two and soon you’re sure to be drowning in overwhelming debt.

Debt happens and unfortunately it is a fact of life. The expectation is not that you will be able to pay off your debt in one lump sum, but rather, always ensure that you are paying more than the minimum amount on your debt. This is key: pay it off as soon as you possibly can. The less time that debt collects interest, the more money you save.

Daily Rituals That Help You Save Money

Cutting the cost of your daily activities can save serious dough.

If you were to sit down and actually calculate how much money you spend on little things like buying coffee every morning or going out to lunch, you would be shocked to see the amount it adds up to over a week, a month, and a year. In fact, you should do that. Add it all up and you will finally know where your money goes every paycheck. A big chunk of it is probably going to a whole lot of nothing. No matter what your excuses are for all these little expenditures, it is worth it to cut back. Then the money you save can be used for something really valuable like going on holiday or buying a sassy new handbag.

Being proactive and making plans makes life flow much smoother.

Creating a daily budget and sticking to it makes it much easier to budget your everyday expenses and account for your future financially. It also helps you to monitor how much you spend, see patterns in your spending, know how much money you have spent, know how much money you have left, and recognize possible ways in which you can save money.

Make Time

However, instead of doing this on a yearly basis as people do with their New Year resolutions, maybe you should make a commitment to visit your daily budget on a daily basis. Make it a part of your daily ritual. Get up in the morning, exercise, go to work, eat dinner, check your daily budget. This should not be that difficult to work it into your morning or nightly routine. If it is really important to you, you will find a way to arrange your schedule so that you can monitor your finances. This is the only way that you will be able to stay on budget and save money as well.

Analyze Your Budget

Watch your daily spending habits on a daily basis. Make sure that you know where every cent of your money is going. Learn to be honest with yourself because this is the only way that you can know what you are doing wrong and make changes for the future. For example, if you are spending too much money on entertainment, make a list of the things that you must learn to sacrifice.

If you have a good accounting system in place, you should be able to run applicable reports that will indicate exactly what you have spent your money on. Although this type of analysis can be done manually, it really is much easier to do by using an up to date accounting software package. It is just a matter of keeping your receipts and entering them into the software package on a nightly basis. Once your receipts have been entered, you can file them until they are needed for tax time. But for now, use your receipts and accounting information to determine where you should make changes to your daily spending and save money.

Make The Appropriate Changes

Now that you know where the problems lie within your finances, make the applicable changes. Where do you need to cut back in order to make your finances flow much smoother? Once again, be honest with yourself. If you lie, you are only cheating yourself and your finances will not get any better. It might mean cutting out a few extravagances here and there in order to keep your finances under control. But, monitoring and making changes to your daily budget can help to make this process easier. Make it a daily habit and you will be well on your way to a stable financial future.

Transportation

This should be a easy concept for most people to understand. It does not make sense to drive your car to work every day if you have other options to save money. One of the best money saving tips involves finding a carpool group among your co-workers. This works well for everyone. Not only will you save money on car repairs and petrol, but it will also let you get a few hours of your time back that you would normally spend fighting traffic.

If you are not able to find a group carpool, all still is not lost. There are other ways for saving money on transportation. Ride the bus or the train. Purchase a rider’s card and you are bound to save tons of money on petrol and car repairs. Besides it doesn’t make sense for you to drive to work every day when you are the only one in the car.

Stop Driving. Driving your car to work each day is expensive and bad for mother earth. Walk if you can or get together with your co-workers and start a carpool. You might miss those few minutes of solitude in the car but you will save loads of cash.

Food

Of all of the ways to save a few dollars, food tops the lists for many of them. This is one of the main places where people can save some cash. More and more people are becoming obese on a yearly basis. Just stop relying on takeout foods. Learn to eat breakfast at home and make your lunch to take to work with you. Planning is of the utmost importance when it comes to saving money. Make a grocery list and plan out your breakfast and lunches for the entire week. Sure you probably do not have the time to sit down and eat breakfast every day, but who says that you have to sit down and eat it? Find some healthy breakfast sandwiches can you can eat on the run.

You’ll also find that it’s quite easy to experiment with some tasty recipes at home for dinner instead of grabbing take-away on your way home from work. You don’t have to make fancy restaurant-style dinners. Simple, home cooking is always a favourite in any family.

Little changes can help you to keep your money in your pocket. Incorporating these small changes into your life is one of the best money saving tips that you will ever receive. Start planning your meals and watch your saving account grow.

All in all, these are just a few ways to save your hard earned money. Just think these are just the things that you can do early in the money to save a few dollars. Its these types of changes that you can do all through the day to keep money in the bank. Look around and you can see all types of ways to save cash all day long.

Stop Eating Out. I understand why we all do it. Going out to lunch is fun, it tastes good, and it breaks up the day. But, you know what else it is? Expensive. Eating out, even at a relatively cheap place is easily $10 a day, times five days that is $50 a week. Over a month that adds up to $200 dollars, which then becomes $2400 for the year, just on lunch. Pack a sack lunch and go eat in the park or some other lovely spot. If you can’t stop completely then at least cut back to only once a week.

Enjoy Coffee With Your Co-workers

Instead of buying a $5 latte on the way to work and then drinking it at your desk, convince your company to purchase a nice coffeemaker and quality supplies. Make taking the time to enjoy it with the people in your office one of your daily activities.

Turn off

Your phone that is, not your brain. When you are at work, shut off your mobile and you will not be tempted to make calls or send texts. You will save loads of cash just by taking eight hours off your mobile each day. Anyone who really needs to reach you can call your office phone instead.

Happy Hour

There is something to be said for camaraderie and a weekly happy hour goes a long way toward building it. But, it is expensive to drink at bars. Instead, have in-house happy hours where everyone brings their own beverage or you take turns providing it.

The best way to save money is to really think about how much they cost. Keep in mind that cutting back does not have to mean cutting all the fun. You can still enjoy your work life and get the stress relief you need without spending every dollar in the bank. You are not alone, odds are your fellow employees will be happy get on board with you.

How To Make Sure You Do It

Saving money is a difficult thing. Life is expensive in itself and there are always more expenses coming up even when we try to save money. Unfortunately, one of the biggest money wasters is spending money on the larger ticket items that just aren’t needed. When it comes right down to it, there are some times when people need to be forced to save money and here are some of those ways.

Wallet Cash

Limiting the amount of cash that is in the wallet can be a good money saving tactic. The more money that is in the wallet, the more that looks available to spend. It is easy to reach into the pocket or the purse to get this cash and use it all up within no time at all. It can be used up on those impulse purchases like gum, mints, soda, magazines and other things are bought without thought when there is money there.

Credit and Debit Cards

Leaving the money behind is one good thing but so is leaving the credit cards and debit cards. These items can be pulled out on a whim and most places accept them now for payment even for very small purchases. When a person wants to save money, they need to stop using these cards so much. It is very simple now to go get lunch with a credit or debit card when a person already has lunch with them that leaving them behind can save more than imagined.

Direct Deposit

There are still many people who are getting their cheques passed to them in an envelope that they can go and redeem at a store for cash. There are two problems with this. The first is that there is a fee for cashing a cheque. The second is that this puts a lot of cash in the pocket of the person who can then go and spend it.

It is a much better idea to have the cheque deposited into the account so that there is never that amount in the wallet and there is no fee to pay. It is also possible to have a certain amount automatically transferred into a savings account therefore enabling a person to save more

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• Utilities, Electricity & Gas, Water, Phone & Internet Bills Saving
  Water is the single most important resource we have because it is necessary for all life on the planet. Finding ways to conserve utilities begins with the wise use of water, electricity, phone and internet.
• Weddings and Engagement Parties on a Budget
  A wedding is one of the most important moments for one’s life, or at least it should be. However, regardless of the importance of the commitment and the actual event for you, you should definitely avoid spending too much, because there is no point in it. You will most definitely need money after the wedding takes place for future objectives, including the honeymoon.
• Weight Loss and Healthy Eating on a Budget
  Have you ever considered losing weight and saving some money at the same time? Well, luckily there are a great number of ways to achieve this. You will just need to follow some of the pieces of advice presented to you in the following lines.

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