Cash loans, Saving ideas

12 Top Money Saving Tips in Order to Survive in Today’s Economy

With the economy in a free fall, everyone is trying to save anyway they can.

Here are 12 money-saving tips that I frequently use. These tips can save you thousands of dollars a year. Let’s dive right in:

1. Create a budget.

Not knowing where you spend your money can lead to big problems.

If you aren’t sure how to create a budget there are many free websites on the internet that will explain how to create a budget. Knowing where you spend your money is the best way to save money!

There are millions of people out there who have no idea where their money goes, but once they see it on paper they are eager to change their spending habits.

2. Plan.

By planning everything you do and sticking with it can save you a lot in the long run.

Before you go to the grocery store write down only what you need and stick with it. Not planning will certainly lead to impulsive spending.

3. Bulk Buying.

Warehouse shopping will save you a lot of money.

If you have a small family or are single go shopping with friends or family and split your purchases.

4. Clearance sale shopping.

When people hear the word clearance they think of stuff people don’t want and product stores can’t sell.

This isn’t always true. I have found a lot of good items that were one clearance sale because they were out of season, overstocked, or couldn’t sell.

Most stores today have clearance isles where you can find products at more than 75% off the original price. You just have to dig a little to find the right item for you!

5. Lower your credit card interest rate or use a cash advance.

Yes, it’s true by placing one simple phone call to your credit card company you can lower your interest rate.

Most companies won’t tell you this is an option everyone has available to them as long as your account is in good standing. Sometimes it’s more advisable to get cash advance instead of credit cards. There are certain websites helping you find cash advance near you. You can also apply online.

6. Set Goals.

By setting goals this allows you to see your accomplishments. Seeing them is a great motivation for you to work harder at saving.

7. Use Coupons.

Yes everyone at one time or another has laughed at a person in line with all kinds of coupons, whether it was out loud or to yourself you still laughed!

Or you got mad for someone holding up the line! Whatever the case might be it is proven that coupons will save you hundreds every year if you use them.

On average a person can save 5-15% off their total bill by just using coupons. I know that might not sound a lot now, but if your family spends 500 dollars a month on food 10% of that would be $50 a month.

That’s $600 a year. You see it adds up.

8. Pay extra on your Mortgage.

By paying just one extra mortgage payment a year can lower a 30-year mortgage loan to 18 years.

If you can pay more the years will go down dramatically.

This happens by the payment going straight to the principal and not the interest. By doing this you can save thousands of dollars once the home is paid off.

9. Give yourself an allowance.

Whether you’re on a tight budget or you’re just trying to save money, everyone needs an allowance. It’s like dieting, total deprivation will lead to overindulging!

10. Know when it’s the right time to shop.

It has been proven that going grocery shopping when you are hungry, you will spend more.

So eat something before you go and you’ll be able to stick to your plan and buy only whats on your list.

11. Get Generic!

When you are buying food, try the generic brands. These tend to taste the same as the name brands and are a lot cheaper than the name brand.

Give it a try you’ll never know if you don’t try! Most of these brands are produced by the same companies as name brands but just with a different name.

12. Don’t waste money on movies anymore.

Many people spend hundreds every year by renting movies or going to the movies when you can get them online for free.

Go to Google and research torrents. For those who aren’t familiar with torrents its file-sharing.