Top 10 Tips for Saving Money

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Top 10 Tips for Saving Money

There are many creative and fun ways to save money, so have fun and think outside of the box. Below are a few ideas to get you started. They may not all be a fit for you, but try one or two and use your momentum to keep going. Before you know it, you may find you’re saving more money than you ever thought possible! Sometimes the first step is the hardest.

  1. Create a fund in case an emergency should happen. Even if you can only afford $5.00 or $10.00 per paycheck, it will add up. Your emergency fund goal should be $500-$1000.
  2. Place any bonuses from work, tax refunds or winnings into a savings account.
  3. Collect your loose change. You could save hundreds of dollars per year by opening a new account with just your loose change.
  4. Treat yourself, and put an equal amount into savings. For example, if you buy a $5 cup of coffee, put $5 into your savings account.
  5. After you pay off that car or credit card, keep writing that check and deposit it in to your savings account or investment account.
  6. Set a goal to reduce your credit card debt by $1000. This can save you $150-$200/year.
  7. Make one day a week a “no spending day.” Pack your lunch, go to the park or go to the library. Get creative and do things without spending money.
  8. Double the recipe when you cook a meal. Freeze leftovers in serving size containers and use them for lunches or dinners. This will save you time and money.
  9. Keep your car maintenance up. When you keep it tuned up and properly inflate your tires, you can save yourself $100 per year in gas.
  10. Wait 24 hours before purchasing expensive items or items you can live without. You might change your mind during that wait.

Resource: Interactive Health

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