11 -20 of 101 Money Saving Tips
11. What Matters to You
Make a list of the 10 most important things in your life. Next to each item,
rank them in order of importance using numbers 1 through 10. The purpose of
this exercise is to help you see the things you consider the most and least
important and to provide you with a visual of why you need to save. Some
examples of things that a person might put on their list include new home, car,
special trip, artwork, starting a business, or pay off debts.
12. Setting Goals
Break your goals into short-term, intermediate-term, and long-term. Being
able to see your accomplishments is a great motivator for you to work hard at
saving. If you set a short-term goal of saving for tickets to the symphony and
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reach that goal, you will be encouraged to keep saving for the intermediate and
long-term goals.
13. Be Realistic
When it comes to saving money, make sure the goals you set for yourself are
realistic. If you earn $50,000 a year, saving $20,000 would be nice but it is
very unrealistic. Make your goals attainable or you will never save.
14. Flexibility
Once you have set your goal for saving, realize that things can and will change.
The secret is learning ways to be flexible. If you normally save $150 a month,
when something unexpected happens, you may only be able to save $50 that
month. This is fine as long as you focus on getting back on track.
15. Insurance
Shop around for insurance and work with a good agent that can provide
information on discounts such as good student, multi-car discount, etc. Some
people think the price of insurance is the same from one company to the next.
However, prices can vary dramatically and to ensure you get the best deal, you
need to consider all your options.
16. Coupons
Okay, maybe you used to laugh as you watched people pull out their coupons
at stores but the truth is that using coupons can save you hundreds of dollars
every year. Coupons can be used at grocery stores, retail chains, any store
where the item is sold. Some stores offer double coupon days, which is an
extra bonus. On average, you could easily save from 5% to 15% on a bill for
$100 simply by presenting a coupon. Coupons are not just for food items and
by scouring your local newspaper you can find coupons for all sorts of
merchandise.
17. Credit Cards
Use credit cards only for emergency. Although convenient, credit cards are
dangerous and damaging. In addition, if you have a credit card that has a
$1,000 balance and you pay only the minimum payment each month, it will
take you between 20 and 30 years to pay off that $1,000 balance since the
majority of money is going strictly toward the interest and not the principal
amount.
18. Mortgage Payment
Paying one additional mortgage payment each year, whether in a lump sum or
monthly increments, can lower a 30-year loan down to 18 years. If you pay
more than one extra payment, the number of years will decrease even more.
Since this additional payment will be applied only to the principal and not the
interest, you end up saving thousands and thousands of dollars once the home
is paid off.
19. Credit Card Interest
If you have credit cards and your credit is in good standing, call your credit
card company, and ask for your interest rate to be lowered. It is truly that
simple. Unfortunately, most people do not even realize this is an option so they
never make the call. Just tell the representative that you want a better rate on
your credit card and they will take care of your request.
20. Patience
Be patient when it comes to saving. This means that you need to accept that it
will take time to save and good planning. Be patient and remember that just
because you want something, do not rush to buy just to satisfy your urge.
Instead, wait for sales in order to get the best price, which in turn will save you
money.
stayed tuned for 21-30 cheers, Bob
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