Tips for Saving Money

When the going gets tough, the tough get going. In these troubled times, we all must do some belt tightening measures. We must amp up the austerity. Unless you are a multi-millionaire with a huge passive income, you must save.Well saving is an activity that is easier than one may expect. All you need to do is develop the habit of doing it. If you do something for twenty one days straight then it becomes a habit. It is simply a matter of discipline and consistency.

Planning is an important part of the whole strategy. Those who fail to plan, plan to fail. We must do things in an orderly and systemized manner. One of the first things you must do is set boundaries. You must do what is called a budget. Here, you allocate your income to a list of expenses such as food, utilities, rent and clothing. You could also include to the list the amount or the percentage you would put away for savings. There is a nice range of accounting software to help you do this. This includes Quicken accounting software.A huge portion of our money goes to the local grocery. To save at the grocery you could use store coupons. This helps you shave off a few dollars and cents on items. You could also buy store brands such as Kirkland signature or Sam's Choice. These products are usually made by the same top manufacturers but are priced cheaper because of cheaper distribution costs. You should also make a grocery list to make sure you only buy what is needed.

Aside from these, you should also watch out for special offers. Sometimes grocery items have tie-ups and discount offers. These are true for items that are about to be phased out, about to expire or have damage in their packaging. Also try to buy in bulk for items you would regularly consume anyway. This will save you a lot of money in the long run.Another important thing to consider is to get foods that give you more value for your money. Instead of picking up that gourmet ham or prime rib, try to pick up things that are cheap yet filling. You have spaghetti, tuna, eggs, instant noodles, potatoes and macaroni and cheese. While you are at it, you might want to look for cheap recipes in television shows and the internet. There are so many stews, casseroles and pies you could do to help recycle leftovers and to save up on dinners. Back when Dwayne "The Rock" Johnson was a poor jabroni, he lived on a diet of tuna and spaghetti.

Try to also get cheaper versions or products that you use. Purchase the powdered or unprepared versions of stuff. Sure ready made is always convenient but the price you pay will add up to a lot of dollars. Convenience costs money.Try to avoid eating out as well. A home cooked meal is much healthier and cheaper. There are many one course meal recipes in the internet and in cooking shows. These are cheap and easy to make.

When it comes to buying stuff try to see if there is a cheaper version as well. Instead of buying hardbound books try the paperback version. Also, there are many stores that sell used or surplus books and appliances. Try to have a look there. Sometimes you would find some hidden gems in these stores.We should also save up on electricity. Turn off all unnecessary lights and appliances. Try to purchase appliances and light bulbs that consume low wattage. Try to minimize the use of air conditioners. Do not open the refrigerator so often as well.

A big culprit in overspending is plastic specifically credit card plastic. This leads to overspending since it is so easy. Just swipe the card and the latest gadget or those designer clothes could be yours. Not only are you burdened by high interest rates, late fees and annual fees but it will place you into a habit of spending money you do not have. Credit cards are a big reason many people in America today are into debt.Saving money also involves the proper mindset. School may have taught you how to read, write and speak but how to handle money was never taught. Get yourself educated. There are so many good books such as Rich Dad Poor Dad and Start Smart Finish Rich that will get you into gear.

One topic that David Bach of Start Smart Finish Rich discusses is the "latte factor." This states each of us spends money on little things. This adds up however. That little thing may be coffee, bottled water, DVDs, cigarettes, chips and others. We should try whittle this down in order to save.Also try to have the habit of saving money. This could be $100 a month. Place it in a bank account. Or for starters place coins in a cookie jar or piggy bank. It may not seem much but all this adds up.

In a nutshell, saving money is a matter of discipline, attitude and will power. All you need to do is develop the habit of saving and have the discipline to continue it. As long as you believe you can save then you can. As Henry Ford once said "If you think you can do a thing or think you can't do a thing, you're right."

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-Previously published in Ciao and Dooyoo