Since, the global recession which started around 2008, people have been trying to catch up and live normal lives. People have been trying to be frugal with their life styles. With 2010 starting, what’s a better way to start the year by thinking of ways to tighten up a little our spending belt.
Here are 10 great money saving tips:
1. Make a goal for your savings; giving yourself a goal to save money is a good idea for the reason that you will have the drive to pursue it no matter what. One good goal, is so you can pay off your debts. This goal allows you to be debt free and will be able to save up more for the future.
2. Determine how long would it take for you to achieve the goal you just made; setting a deadline when you could achieve the goal will help you assess in the future on how you are doing.
3. Assess your financial statement; here you will be able to have an overview on how much you are spending and how much are you are earning, then you will know how much you need to save up and where to cut costs.
4. Cut expenses; since, you have already assessed your financial statements, you now know how much you are spending and how much you are earning. The thing to do now is to analyze how to cut your expenses. Take a look at your utility bills, grocery bills, and credit card bills. And think of ways how to cut these expenses, give priority to those which are necessities and cut those wants which aren’t that important.
5. Next thing to do is make a strict budget; know you know which places to cut costs and how much you can save, try and make a budget which lasts for a whole month with the necessities coming first.
6. After you’ve done those things, next thing to do is to cut up your credit cards, and stop using them entirely; by doing this you will be less tempted to spend, and avoiding yourself from making any debts.
7. Open up a savings account which gives you good interest rates; this is a good idea for several reasons, first is that you will not be tempted to spend the money you saved, putting it in a piggy bank isn’t really a good idea. Secondly, your money earns interest while it sits inside the bank.
8. Deposit the money you get directly; it is ideal that you directly deposit the paycheck which you plan to save directly when you get it. This avoids the temptation of you cashing it in and risk spending it. Key note to this is resist temptation.
9. Reassess your goal; after a few weeks or so reassess you goal and check if you have met them. Also check on how much you have saved and if you on track. If you are behind, kick yourself and remind yourself to follow the goal at all costs.
10. After following, the above tips, all you need to do is follow these steps diligently. Be firm and be disciplined enough to follow through with the goals which you have set.
With these tips outlined, it's a 100% guarantee that you will save money in months to come.