How to Save Money: Tips
Looking for tips on how to save money? Whether you're saving up for a big purchase, working to become debt free or facing income loss, it pays to find little and big ways to save money. Saving money also frees up resources for investing and long-term savings. Improve your finances by following these tips on how to save money.
- Difficulty:
- Moderately Easy
Instructions
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1
Reduce interest
Call your credit card companies to cut interest rates on your card balances. This is one of my top tips on how to save money, as doing it with one account saved me over $700 in a year. Be creative when calling, tell them you want to transfer the balance to a competing credit company and have them work to keep your business.
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2
Compare rates
Look for better rates on phone, internet and cable services. Find competitors rates and call your current service, requesting that they beat or match those rates to keep your business. You can also call to "cancel service" and when they offer you a deal to stay, accept it.
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3
Reduce debt
Pay more than the minimum on card balances to cut down on interest paid. You'll save a good deal of money in the long run, even though it costs more up front.
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4
Use cash
Use cash instead of credit cards. The average consumer will spend 16% less using cash than when paying with plastic. This is especially true in grocery stores where it is easy to justify buying extras.
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5
Make bread
Make food from scratch and grow some of your own produce to save money on groceries. Making homemade bread is one of the best tips to save money, and the results are better tasting too (once you get practice). A simple garden with tomatoes and a few seasonal vegetables will help you save even more money.
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6
Shop sales
Never pay full price for clothing. Buy your new duds on sales, seasonal clearances, consignment shops and discount stores. Children's clothing can be found at yard sales and flea markets for incredible bargains.
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Comparison shop for electronics and big ticket items such as appliances. The time spent looking for the best price will be well worth the effort.
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8
Car
Pay cash for cars. Save up and pay for a used vehicle, rather than financing your transportation. The amount of money spent on financing costs is very high -- so pay for it yourself to save a bundle.
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Save money
Look for banks with no fees on checking accounts. Withdraw cash from bank branches, in-network ATMs or during debit transactions at grocery store or USPS, other retailers to avoid the $2-$4 charges just to get your own money.
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Tips & Warnings
Another tip on how to save money: read all of your correspondence from credit card companies. Some are writing to notify you of higher interest rates that you can avoid only if you reply to the letter.
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- Photo Credit Peter Galbraith (making bread)
Comments
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what ever change coins with you at night keep in to jar.
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stop eating outside...be practical cook food at home and eat together with families...ukay ukay is located everywhere..shop your clothes there..
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Never pay full price for anything, everyone is wearing used clothing, driving used cars so let the other guy take the first hit.
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Michele Rappoport
Dec 04, 2008
Can always use more tips on how to save money. Good ones here, especially the idea about buying groceries with cash. Interesting stat you dug up about that.
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Maria Battista-ermabombeck
Dec 01, 2008
Common sense advice but you'd be surprised how many people don't know this stuff. 5*'s
