5 Money Saving Tips Everyone Can Use

Saving money can be especially challenging in a tough economic climate like the one we've been experiencing in recent years. On the other hand, tough economic times are one of the only things that prompts us to worry about saving money. Ironic, isn't it?  Many companies across the US have actually reported significant increases in efficiency and reductions in overhead since the recession began. Why? Because the economy forced them to work smarter and cut costs wherever possible.  There is no reason that we, as individuals, cannot use the current economic climate as our motivation to save more money. It's really quite easy. There are many simple steps that we can take to keep more of our hard earned cash in our wallet.  Let's look at five such ways below:
  1. Start by organizing your expenditures. Monthly bills have due dates that are usually the same. Write all of these due dates down so that you can keep them in mind and avoid paying late fines unnecessarily.
  2.  Never get lackadaisical about shopping around for your insurance needs. Auto, home, and life insurance account for a large portion of your monthly outlay, so control them fanatically by shopping around every year.
  3. Avoid your credit cards. Evaluate what you are about to swipe the card for; is it a need or a want? If you are being offered a discount for using your card; think, is the discount more than the interest you will end up paying?
  4. Do you have a habit? Be it a coffeehouse jones or eating out on a regular basis, the costs add up. Don't go cold turkey, just turn the habit into a reward or treat. Eat out every Friday night or visit a coffeehouse every time you pad your savings account by $50.
  5. Is that $500 in your savings account getting pretty tempting? It can be difficult to see it just sitting there. Remove the temptation. Convert it to a certificate of deposit that you can not touch for at least a year.

Keeping your money in your possession is easier than you think. One of the best weapons you have available is self-talk. Ask yourself if what you are about to do financially is really necessary. If it isn't or if you are not sure, walk away without completing the transaction. There is a lot of satisfaction to be gained from making smart money choices and having a nice cushion of cash at your disposal.

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