Money Sense Tips

Today more than ever people are trying to find ways to cut back and trim their expenses. Whether you are expecting a new addition to the family or expecting to retire in the coming months, the hardest part about adjusting is often changing your habits. Because we are creatures of habit it may take some getting used to, but once accomplished the rewards are endless.

If you are into the “quick fix” you need look no further than your refrigerator, as by using its contents more you can save yourself a bundle almost immediately. First, bring your lunch to work. Too many of us are in the habit of grabbing something at the local outlet versus making a sandwich or bringing some soup for lunch. While this in itself is keeping the local businesses running, your pocket book is suffering. You may also want to enjoy more meals at home. While a meal out once in a while is not harmful, eating out or ordering in more than a couple of times a month can add up.

Approach your food shopping as if it was a game. See how much money you can save. Set aside an amount ample for the supplies needed and then see how far under you can achieve. Get that Sunday paper, clip those coupons and do check the stores and the sales that are going on. There is a lot of competition going on right now – use it to your advantage.

The most important thing to remember before heading out is to compile a list of the items needed and stick to the list. More often than not, if you go out without a direction you are likely to pick up items that you could have done without. Also try and plan your meals ahead as this will reduce waste. Whatever you spend under your allotted amount, put in a jar and save it until you have saved enough for the item you wanted. This way it is not coming out of any other money.

Utilities are another example of places where money can be saved. It’s easily achieved by simply turning off lights when not in use, using the dishwasher once it is full, lowering the thermostat, or buying a programmable one. Programmable thermostats allow for regulation of your thermostat and lower bills. The same can be said for air conditioning. Using these tips will help to lower your utilities over the year.

Another way to save is to reduce your cable and cell phone bill. It seems like there are endless channels available on cable today. However, most premium channels replay the same movies so look into your current package to see what can be removed.  As far as cell phones go, if you have minutes left over each month, chances are pretty good that you are over paying.

Cutting back requires a lot of determination and sheer will. Adjusting our habits is not always easy, but when approaching a life change, it may be necessary.

any people live from paycheck to paycheck, never quite sure if they have enough money to cover their bills.  Living this kind of lifestyle makes planning for future expenses like emergencies or a new car extremely difficult.  However, these big expenses do pop up from time to time and if you’re not prepared, it can be an extremely stressful event.  Here are some tips on how to plan for the future and save money for the little and the big expenses.

Step 1:  Create a budget, or call it a spending plan if you prefer.  A budget simply tells you how much you are spending on certain items in your life.  It gives you control over your spending and cash flow, and helps you know where you can cut back.

Step 2: Create spending goals.  How much you spend on the majority of expenses in your life is up to you.  You don’t have to spend $1000 a month on going to the movies.  When you create a spending goal, you begin to control your money in a positive way.


Step 3: Create savings goals.  Include both short-term and long-term savings goals.  Short-term goals give you more immediate satisfaction, like saving for a new coat or a vacation.  Long-term goals like college fees or retirement are important too.  Both types of goals will have time lines and a planned amount to save each month.  For example, if you’re saving for a family vacation your goal may be to put away $200 every month for two years.

Step 4: Create a separate savings account for your goals.  If your savings and your checking mingle, then you run the risk of using your savings to pay for bills or things you want to buy.

Step 5: Put away money for emergencies.  This is particularly important in this day and age where people can get laid off from their jobs, or businesses can go under without notice.  And if you’re self-employed, a savings is particularly important.  Experts advise to have a minimum of six months salary set aside just in case.

Saving money doesn’t have to be a painful process.  With the right planning and a good budget, saving money can be a very positive and empowering experience.  After all, it’s worth all our time and a little effort to make the future more secure, to provide a good role model for our children, and to enjoy the fruits of our labor.