Money Saving Tips

Saving money can be challenging but there’s usually a reward at the end. Whatever you are saving, it ends up being your reward as well as your achievement of being able to save. Once you get a monthly budget established, start putting any left over money into a savings. Here is some general money saving tips to get you started.

General Tips

Decide on what you need and what you want. You’ll save big if you aren’t mistaking wants for needs. You need shelter, food, clothing, and transportation to survive. You need a car to get you to work but you don’t need a $40,000 car unless perhaps you are using your car for work purposes. Once you establish your needs from your wants, you should be able to cut out certain costs.

More Specific Tips

House Mortgage/Rent. Most likely, your largest expense in your budget is going to be your house mortgage or rent payment each month. In order to save on this expense you will need to shop around. You will be able to find different rent rates in different areas as well as different mortgage loans that could save you thousands of dollars over the term of your mortgage so don’t settle for the first thing that you are approached with.

Cars. Next up for most families are usually car expenses. Depending on what you need your car for, it should relate to the size of the car. If its just you alone, there’s no need to have a gas guzzling SUV. Ways to cut costs are cars are by downsizing, which will reduce insurance operating expenses, monthly payments and maintenance. If you car is old and not running properly you may be wasting money on repairs or maintenance so it may be time to spend money on a new car but it will save you money in the long run.

Insurance. Most people, buy insurance, and then just pay it monthly, not taking the time to compare it to other companies. Most families insurance costs over $2000 a year, so if you find a 15% difference, you can save $300 a year. Here are a few quick tips on how to save on your insurance.

Home Insurance

--Shop around. The longer you look, the more savings you may come across.
--Increase your deductible. If you increase your deductible from $250 to $500 you can save up to 12% a year.
--Increase your home security. If you have a smoke detector, burglar alarm or dead- bolt locks, you can save up to 5%.

Automobile insurance

--Shop around. Surf the net, ask friends, or call your state insurance department to get more ideas. However don’t settle on the first offer that is given to you.
--Ask for higher deductibles. If you request a higher deductible on collision and comprehensive coverage, it will lower your costs substantially.
--Take advantage of low mileage discounts. If you don’t happen to use your car for long distance travel, you may be eligible for the low mileage discount which many insurance companies do.

Food. Food is vital for survival however it can add up fast. Its best to shop around and catch the sales. Make a list before going to the store and stick to it. Compare items before assuming one is less than the other or one has more. Buy generic products opposed to name brands, which will save you less, and stock up on sale items so you don’t have to purchase them again at regular price.

Clothing. Don’t waste your time going to name brand stores; you’ll be wasting your money. You can find similar items at discount or large retail stores. Buy clothes, which enable you to mix and match your outfits. Shop around once again. You may find similar clothing at different stores marked down or up so it could save you some money. Purchase your clothes a season ahead. By your winter clothes for the following winter during the end of season sale and you’ll save. Buy your children clothes from garage sales or use hand me downs from other family members or friends. Lastly, stick with the basics because trends will pass and you’ll be left with a wardrobe of clothes you wont wear.

Phone usage. Today people use their cell phones more frequently then ever before. Most plans come with long distance plans so if you have a home line there is no need to have more than a basic line. Use your cell phone when your minutes are free and get on a family plan if you aren’t already on one so your family members can talk for free.

Travel. Check with different airlines, different car rental places and different ways to travel all together. Flying my be more expensive then taking the train. Hotels across the street from the ocean are probably a little less expensive then being right on the beach. Take some time to comparison shop to assure you are getting the best possible deal.

With all these tips you should be able to save big. It takes time and effort but once you find the best deals, you’ll be happy you took the time to shop around. For more information relating to saving money please visit http://www.savingdimes.com.

[img]http://www.savingdimes.com/_assets/library/img/409.php[/img]