20 Simple Money Saving Tips for your future needs and financial security

imageEverything seems to hinge on money these days. The prices of the provisions and the basic things have been skyrocketing, making a hole in the pockets. You never know when you will have to face economic downturn. Money saving is extremely important for your future needs and security. Keep in mind to distinguish between wants and needs and make money saving your hobby.

Here are 50 simple money saving tips for the tough times ahead:

1. The most important money saving tactic is to pay off all your credit card balances and get a savings account. Pay the balances which have highest interest rate first.

2. It is also advisable to consolidate your debt and get a lower interest rate. Pay it as soon as possible.

3. Banish the retail therapy. Squandering away money just to cheer up and considering it as a stress-buster is a big no.  Rather invest the money as you will have more money later.

4. Go for quarterly or annual subscriptions rather than monthly subscriptions whether it is a magazine or a web hosting plan.

5. Do not splurge and get into an impulsive purchase. In order to resist the temptation always make a list before shopping or you will end up buying the things which you really don’t need.

6. Make sure that you know your bank balance and avoid the unnecessary fees like over draft fees.

7. Be aware of the ATM withdrawal fees. Sometimes there is a transaction fees if the withdrawal is by the other bank.

8. Use your credit cards with utmost care and do not use the ones with annual fee. Use the ones with only free reward plans.

9. Do not buy the books rather get it from public libraries. It will not be of use once you have read. So, public libraries have huge collection and are free at the same time or you can buy used books.

10. Try to cook most of your meals at home. If time is the culprit then cook the meals which can be refrigerated. It will save you time as well as money. Avoid the ready-to-eat packaged food.

11. Make your own coffee. People spend everyday while traveling to work. Do not underestimate these expenses. Try to skip it and it will save you lot of bucks in the long run.

12. Buy all the non perishable items like rice, beans, coke, few toiletries, cereals, etc in bulk. Shopping in bulk can get you good deals and discounts. But coming to perishable items make sure that you check the expiry dates.

13. When it comes to money saving, regulating on electric use is extremely important. Switch off the fan and other electric appliances when not in use and unplug all the devices. A programmable thermostat should be used for heater and AC usage. Low energy light bulbs can be used.

14. Ditch the landline and use mobile phones. You can go for the packages that consolidate broadband internet, telephone and television using the same service provider. To prevent overshooting the mobile bills use Skype, IM or email services.

15. If you planning to travel then do not make the arrangements in the last minute. Plan in advance and make sure you have compared all the prices. Also, travel during off season and not during the weekends. One can also book their own packages online.

16. Cut down your fuel costs by carpooling. Get a cycle or take a walk to the nearest grocery store or the mall.

17. Freecycle.org is an online site that offers free stuff. But make sure to ask if the item is fully functional.

18. Cut down on your alcohol and quit smoking. After all health is wealth.

19. Cancel the gym memberships. Get into outdoor activities and go for a jog. One can subscribe in a cheaper gym or workout at home. Take care of your health as it will save you big bucks in long run. Dental and other healthcare expenses can cost you a bomb.

20. Buy seasonal fruits and vegetables and eat less meat. Have a veggie meal few times a week.

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