Money Advice: Tips on How to Save Money

Money experts say that ten percent of what someone makes should be placed in a checking account every payday. But saving money is about more than putting a fraction of it away. It's about changing spending habits. People don't seem to realize how much money is actually spend on extras overall. Sometimes it isn't a matter of quitting one bad habit, but a few.

1) Impulse buying

Supermarkets deliberately arrange their items in the store to encourage impulse buying. The candy bars and gum aren't at the register by coincidence. But look at how much money could be saved in one year if people didn't fall for these tricks.

2) Coffee

A cup of coffee from a fast food place or a coffee machine is nice once in a blue moon. But if it has turned into a daily occurrence, it's time to reconsider. For what it costs, it could pay a cheaper bill such as dial up internet.

3) Gift-giving

Buying gifts for everyone you know for every birthday and holiday may not be realistic if you're living on a budge. This is especially true if you have a large family or have a lot of friends. Instead, consider doing something nice for the person that doesn't cost anything such as washing and waxing their car.

4) Eating out

It's nice to eat out occasionally. But keep in mind all things should be in moderation. And don't take other people out to eat if you can't afford it. And if you're eating out daily for lunch, consider packing a lunch once in a while. The savings will really add up.

5) Don't loan money to others

If you loan money to someone else, then your money isn't doing anything for you such as accumulating interest in a savings account. And when you loan money to others, there is the risk that they may not pay you back. It's better to be cautious and not loan money to others.

6) Entertainment

Look at your budge and determine how much can be spent on entertainment and then stick to it. Everyone needs to have fun once in a while. But fun can be expensive. To save money, go to the one dollar theatre if you have one in your town. This is a much cheaper alternative compared to the regular movie theatre.

Another way to save money is to look at what television channels you have. If you work and aren't home much, then there isn't much point in having the bigger cable or satellite dish packages.

7) Telephone and Internet

Usually, there is a big price difference between dial up internet and high speed internet. Unless you're downloading big files (like television shows and movies) then you really don't need high speed internet.

Having a cell phone is pretty much a necessity. But unless you use the cell phone all the time, it may be unnecessary to have a ton of minutes. Or if you're always on the cell then consider only using the cell and getting rid of the landline phone in your house.

8) Quit smoking

Cigarettes have gotten so expensive. Quitting can be difficult, especially if you're under a lot of stress. However, there are easier ways to quit now such as the patch. The money saved in the end will be well worth the effort.