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10 Great Money Saving Tips

10 Tips to Help You Save MoneyAre you living paycheck to paycheck and finding it hard to make ends meet every month?  Are you struggling to live within your means and stick to your budget?  Maybe you would just like to put a little bit of money away for a rainy day?

These days it seems like life is getting more and more expensive and our incomes are not increasing proportionally.  The good news is there are always ways to save money and reduce our expenses without making too much of an impact on our lifestyle.  All it requires is a few small adjustments!  We have put together 10 ideas for BIG savings on your monthly expenses.

10 Ways to Save Money Every Month:

  1. Instead of purchasing items, find out if you can borrow them. This works especially well for items such as tools, DVDs and seasonal items that you will only use once or twice, or infrequently. Consider sharing these items with your neighbors/family.
  2. Never buy anything on impulse. Take some time (at least 24 hours) to think about whether you really need something before you buy it.  Chances are you will decide that you don’t really need the item.  Have you ever experienced buyers remorse or purchased something, brought it home, then never used it?  These things usually happen when you buy things on impulse!
  3. If you drink coffee, buy a thermos and take coffee with you to work instead of going through the drive through.  Not only will you save a lot of money on coffee each month, but you will also save precious time spent sitting in line, and gas used while idling in long drive through lineups.
  4. Although it’s work, plan a weekly menu, and create a grocery list from it. Try to limit your grocery shopping to once a week, and buy from your list. You will always have the ingredients you need on hand, you won’t feel the need to eat out as much, and you will likely eat much healthier too!
  5. Another great meal-planning tip is to plan your meals around your local grocery store’s flyer. Not only will you have more great meal ideas as different items go on sale, you’ll also end up spending much less than you would if you planned your meals without consulting the flyer.  You can save considerable money by purchasing the majority of your groceries when they are on sale.
  6. You can also cut down on your grocery bill by purchasing extra items that are on sale.  This may seem counter-intuitive at first, but here is an example of how it can save you money over time.  Let’s say you like a certain brand of canned soup, and you buy it every month.  If you purchase twice the amount one month because it is on sale, then the next month you won’t have to purchase any at all, and you will have 2 months worth at the sale price.
  7. Consider your monthly utility expenses, particularly your phone and cable/satellite TV. If you are hardly using your land line, maybe you could just do with your cell phone. And consider how much you could save by reducing the number of channels, or by disconnecting your cable TV altogether and switching to a service like Netflix.
  8. Try carpooling to work/school. With the price of gas, and wear and tear on your vehicle, it’s a great way to save extra money!
  9. Learn some methods of de-stressing, such as yoga or meditation, or going for a run. Often when people are stressed, they will go and buy something as a way to relieve that stress. If you can discover other ways of relieving stress you will save money and feel better too!
  10. Consider buying used items wherever possible. Whether it’s a vehicle, furniture, or clothing, you can often find great deals on second hand items that are as good as new!

These are just 10 of many, many ways to save money.  By trying out just a few of these tips you will find that you can save $100-200 every month – money that you can put to better use or even start a savings or investment account with.

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