Money Saving Tips

Today everyone is looking for ways to save money. The best place to start is to look at what YOU are actually spending your money on.

Step 1- track your expenses for 1 month. Write down everything you buy (include cash, credit/debit card and check expenses) from Gas for the car to a pack of gum.

Step 2- Review your Expenses. You don’t have to wait till the end of the month, in 1-2 weeks you will see your spending patterns. Identify your spending habits. For instance, how many times do you do to the grocery store a week? How many times do you eat out or order in? Do you buy a coffee every morning at work? Is your closet full of clothes and yet you still say you have nothing to wear? Adding up just the expenses from 1 week can show you one or two spending habits that should be changed.

Tracking your expenses for an entire month will give you a more accurate picture of your spending habits and show which ones need to be changed. If you don’t find at least one or two spending habits that need to be changed, take each monthly expense and times it by 12. When you look at your expenses on a yearly basis you will find a few habits to change.

Step 3- When you have identified your spending habits you can then work on changing them. Keep in mind that changing you spending habits doesn’t mean you have to give up everything. Remember “Everything in moderation is fine”.

Improving your time management skills can actually assist in changing your spending habits and help you save money. For Instance, go to the grocery store just once a week. Plan out your weekly meals especially the dinners before you go. Use the store circular to find the specials and to plan your meals. First by planning your meals and buying the food you are less likely to eat out or order in. Second, by decreasing the number of trips to grocery store you less likely to buy items that you really don’t need.

If you love to buy clothes give yourself a monthly budget and stick to it. Also for each new item you buy you donate 2 pieces of clothing or better yet find a consignment/Thrift shop to donate or sell them. Most consignment shops are non profit and clothing in good condition are in high demand. Donating or selling items at a consignment shop is a win win situation for you and the shop.

This last item is something I’ve been doing for years. When you purchase something especially with cash check or debit card round the purchase up to the nearest dollar. The food you bought was $18.42 give the cashier $19.00.Take the change and put in container. If you have a credit card, put the change toward your monthly payment. On average I deposit $25.00-$30.00 a month, that’s over $300.00 a year for spare change!