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Great Money Saving Tips
If you are like everyone else, you probably have too much "month" left over at the end of your money. Apply and stick to these tips and you will be amazed at how much money you can actually save.
By investing some of your money and being more aware of your spending habits, you'll not only get to save money for your future, you will also be creating an excellent residual income for the REST OF YOUR LIFE!
- First of all, open up a separate savings account at your credit union for all your "small savings". Once your account is established, make saving a habit by setting up a payroll deduction into this account on a monthly basis. Forget about this account unless you really NEED the extra money. A good account for this is a Rainy Day savings account.
- Ask your cell phone provider to match a deal. Some cell phone providers not only match deals, they throw in free minutes and other perks just to keep their customers. So be on the lookout for great deals.
- Re-adjust withholdings. If you wrote a big check to Uncle Sam, it's time to adjust your withholdings. While you're there, consider having a check direct deposited to your extra savings account or to increase your emergency savings fund.
- Water. Fill a two liter bottle with water and place it in your toilet tank. Not only will you save water, but it will save you a considerable amount of money every month. Every time you flush the toilet, and do not use the full tank, take $.35 cents and put that in your savings account!
- Electricity. When doing your washing, make sure that you have a full load. Not only will this be a saving on your electricity bill, but you will also save a lot of water. For every two small loads, you'll save $3.00 if you combine them into one large load.
- Bring your lunch. Instead of going out to eat at work, spend a few minutes making your own lunch. You'll spend a lot less on sandwiches you bring from home then on bought sandwiches. Consider this: A sandwich costs an average of $8.00. Take $8 x 21.66 days a month = $173.28! You can buy rolls, ham and cheese for the whole month's sandwiches and it will never cost you that much!
- ATMs and frivolous spending. Withdraw your money from the ATM's preferably on a monthly basis, but if you can't stick to that, at least only once a week. Give yourself a monthly or weekly cash allowance to spend on anything you want, other than food, shelter, and education. Once your cash is gone, it's gone. Avoid going back to the ATM for more cash. You could save an extra $25 a week just by avoiding the ATM temptation. Make sure you SAVE your savings!
- Recycle your plastic bags and tin foil. Don't throw your plastic bags and tin foil away if you can use them again. If they are still clean and re-usable, fold them up and put them back in a storage place. Calculate the cost of each plastic bag - if you pay $6.99 for 20 bags - a bag costs you $.34 cents at a time. Take the $.34 cents and put it in your savings and keep the bag.
- Use less shampoo and toothpaste. Did you know that you basically only need a pea-sized blob of toothpaste to get your teeth clean? And use only enough shampoo to get your hair soapy - you don't need a whole handful. By cutting down on the amount that you use, you could save on the cost of a whole tube of toothpaste and a whole bottle of shampoo that you may not need to buy! Put that money in your savings!
- Pay off your existing debt sooner. If you pay just $50 or $100 extra on anything that you owe, you will pay it off much sooner, thereby saving yourself an enormous amount in interest, and you probably won't even miss that $50! Also, pay on time so you will not receive late charges. Bigger balances can mean bigger late fees.
- Write down EVERYTHING you spend money on. You will be surprised at how much money you are still spending on unnecessary things, and you will also know exactly where your money went.
- Most important of all - you have to physically save your savings! Once you have calculated how much you are saving by not buying a product, or using less water etc, take that money and put it in a place where you keep all your small change. At the end of the month, deposit it into your credit union savings account.
Once you have a substantial amount of money in your savings account, carry that money over into a long-term savings account like a share certificate , a Personal Reserve account or even into a retirement account like an IRA. Over ten years, your "small change" will add up to LARGE SAVINGS!