7 Tips on How to Save Money
Photo by Anthony Crider
Do you have enough money? Very few people would answer yes to that. Most of us always feel as though we’re barely making it and almost everyone wants more. Remember, money is but a tool, but damn if it ain’t a really useful tool!
This Economy Sucks
Even in the best of times it is prudent to live frugally and save money. But when the economy is as awful as it is now, saving money and living frugally is critical. It doesn’t look like anything is going to improve soon, so hunker down for a while and save!
Know Thyself
To control your budget you need to know yourself, your habits, and your lifestyle. Many people just spend and spend without thinking and end up in the hole every month, living paycheck to paycheck. Don’t keep spinning your wheels, follow these seven tips on how to save money!
1. Make Out a Budget
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You can’t begin to save if you do not know what bills you have that cannot be changed or reduced. These bills make up your monthly budget.
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So sit down with the expenses of the last few months and figure it all out – be honest!
2. Avoid Credit Cards
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It cannot be stressed enough how terrible credit cards are.
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The interest rate alone is a ridiculous demonstration of how out of control we are with regards to money.
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If you cannot afford it now, do you really need it now?
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Debt, and never in the form of a credit card, should be limited to homes, cars, and college degrees.
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Just cut them up. Go do it now. Credit cards are evil and you know it.
3. Cook at Home
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Bake your own bread. Pennies versus dollars and folks LOVE warm, fresh bread.
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Avoid over-priced restaurants, and their high sodium and fat content.
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Make your own lunch and coffee.
4. Buy Used Cars
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A new car is said to lose half of its value the moment you drive it off the lot.
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A freshly used car is a LOT cheaper and most still come with extensive warranties.
5. Do Not Rent
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When you rent, you gain nothing long term and often pay interest.
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Unless you truly only need something really expensive once, do not rent. Anything. Ever.
6. Consume Free Entertainment
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Being hooked on video games, drinking in bars, video rentals, and other expensive forms of entertainment is preventable.
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From the library to having patience for a film to come onto television, free stuff is good.
7. DIY
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Do it yourself.
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Learn to take care of your home, sew on a button, change your oil – all over-priced professionally and easy to just do yourself
For the Win!
If you can stick to these seven habits you will notice improvement in your financial situation almost immediately. It will add up too, so go for the long run. Remember, the money you save can be spent on truly meaningful things, not just parceled out $5 at a time in lattes and cigarettes. What a waste!
Written by: Sara Xiang knows how to find genuinely quick house buyers because she had to sell her home before. Now she spends a lot of time designing infographics for various websites. She’s become quite good at it over the years.
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Category: Saving Money
