5 Money Saving Tips

We all need to save money, but it isn't always easy. Here are some simple ways to get in the habit:

Spending money is much more fun than saving it. On the other hand, saving money is much more fun than earning it is, for most people. Rather than purchasing items on impulse, consider how long it takes you to earn enough money to pay for your purchase. In those terms, that new DVD may not seem quite so important.

Whether you just want to save more in general, or you are saving for a specific purchase, here are five painless ways to help you start saving more money:

Back away from the Latte

You are probably thinking this doesn't sound painless after all. Don't worry; no one is suggesting that you give up specialty coffees completely. If you are willing to give up just one or two coffees or fast food items each week, and put away the money you would have spent, you will see how quickly it adds up.

Keep the Change

Whenever you make a purchase, break a bill instead of counting out exact change. Empty your change purse or pocket into a jar at the end of each day. It is a good idea to separate the pennies and keep them in a different jar. You might want to give the pennies to your kids, so they can learn to start saving too. At the end of each month, take the change to your bank and have it sorted and counted. Put that amount in a savings account and watch it grow. You can continue saving long term, or use it for things like extra spending money when you go on vacation.

Start a Piggy Bank

Each time you cash your paycheck, take out a certain amount and put it into your new bank. It can be as little as 5-10 dollars, just as long as it is consistent. If you put away $10.00 each week, you will have saved $40.00 by the end of the month. In a year's time, that makes $480.00. It may not sound like a lot, but in five year's time, you will have saved enough to go on a cruise or put a down payment on a new car. You will not even miss 5-10 dollars during the week, but you will be glad you saved it when it comes time to make a large purchase.

Stop throwing Money away

Gather up clothing and household items that you no longer use and take them to a consignment store. You will receive a percentage of the sales price for each item. You can either put that money away, or use it as a clothing allowance so you can put away more of your paycheck. If you opt to give used items to charity, you can ask for a receipt and claim the donations on your taxes.

Become a Bargain Hunter

You don't have to give up shopping at your favorite stores, but making purchases when items go on sale is a great way to save a tidy sum of money. That cute shirt you have your eye on will be just as cute when it is marked down. In fact, it will be even more attractive, since you will save so much money. Hitting sales at grocery stores is also a good way to keep costs down. Finding great deals can be a lot of fun.

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