Six Steps To Save Money

AmazingP

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#1
First, keep track of all the monthly expenses down to the last dollar. Group your expenses into groceries, utility bills, clothing, mortgages, rentals, credit card obligations and others.

Second, after identifying all of the monthly expenses, you should study your consumption pattern and try to pinpoint which of those can be eradicated or controlled without affecting the family’s quality of living. For example, I finally decided to let go of my cable subscription because I can watch movies online anyway. Next, I let go of my landline telephone because I seldom use it and I am now heavily relying on mobile connection. In addition, we cut back on our habit of dining out by at least half.

Third, for people who have credit cards, make it a habit to pay always on time so as never to give the banks the right to charge you exorbitant fees and penalties. Paying just the minimum is never a good idea. Make a general plan of someday getting out of debt and finally be using a debit card instead.

Fourth, never be an impulse buyer at all times – even when there are sales going on left and right. Stick to your own budget no matter what and learned the value of delayed gratification.

Fifth, have a list of the items you are planning to buy in the grocery store even a day before going to the place. Armed with your own list, stick to it. And remember this important advice: Never visit the groceries on an empty stomach as the aroma of all those food around you can induce you to purchase things you might not have a real need of.

Sixth, sticking to a budget is never easy but not impossible. This requires some willpower and patience. Be flexible with the adjustments needed and you are on your way to saving some money for the future. All members of the family must be working together towards a common goal and everybody should understand and play their role.

Are you ready?
 

zararina

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#2
I am already doing almost all of those those tips and it was so true that it seems hard but it is possible. I always keep track of my expenses and monthly bills and ensure that they will be money to be allotted for them. I sometimes make a grocery list if the budget seems to be limited and since I am just buying almost same kind/type of commodities and therefore a list is not always necessary for me. I do not have credit card because I do not want to be tempted and might have a hard time paying for it later.
 
A

artistry

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#3
...Excellent set of points to use in saving money. I have taken to having money put into an account, which I cannot touch for a year. At that time I will transfer that money to an account that will do the same thing. Hopefully it will grow. I am not one to save money. I have purchased things which are non-cash, that appreciate in value over the years.
 
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#4
This is so true. I believe that if you really want to save more money , you have to write all your expenses down and follow your allotted budget strictly. I am not really this organized but I might consider being one now that despite of my husband and I's joint income, we still go broke days before his payday.

I really hope I would be able to save some money soon. My kids are growing too fast and I am afraid that before I knew it, they's be off to school.
 
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#5
Great advice! I especially agree with the 5th rule. I also try to go to the grocery store when I am full even if it means going to a fast food place before hand. In the long run it does save me money. I also try to stick to my list UNLESS there is something else on sale that I need, also it is important to always buy things on sale or at least the best price available unless the quality is significantly worse... and can effect the product. Such as cheese.
 

pwcross

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#6
Thanks for the tips, these are great! As far as impulse buying goes, I once heard someone advise the following. This sounds drastic, and I've never done it, but... put your credit card in a Zip-Loc baggie, and put that in a large jar of water. Put the jar in the freezer. That way, if you're out somewhere and see a purchase that requires more than the cash you have on hand, you're forced to go home and defrost your credit card. The thinking is that by the time your card is defrosted, you've been forced to really consider the purchase, and you're much less likely to make it. Sounds crazy, right? But it also makes sense to me.

I haven't resorted to freezing my credit card, but I am a natural impulse buyer, particularly of things like books (for me) and toys (for my son). I've curbed this significantly by downloading Evernote for my iPhone. If I'm in, say, a bookstore, and I see three books that I'm really interested in, I'll take a picture of it with my phone and save it to the Evernote app. I tag all these pictures "Purchases I'm considering." This way, I'll feel like I've "honored" the impulse by recording it, then I can buy it later if a) I still want it, and b) I have the money.
 
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#7
Thank you so much for those tips. It is really important that you can spend your money wisely because first and foremost, you worked hard for that money. Second, it is important to save some of your money for emergency use, and a lot more..

These tips are really great and if all of us can follow it, I know we'll be able to save a lot of money and we can use it to more important things.