Saving Money Tips : Start Saving Money

Actually, saving money is easier said than done. With the global economic crisis looming over our heads, the call for money saving is louder than ever but can we actually do this?

Of course we can, especially when the need arises. People save for varying reasons which include payment for utility bills, health insurance, lost of job and education among others things. When planning to save money, it is good to know where exactly the money should go and what are you saving for. It will help you focus your resources to this project thus avoiding unnecessary expenditures not related to the goal set.

Speaking of goal, after carefully determining the amount of money you need to save, please do set some realistic goal that you can actually achieve. Whether it is a short term one like buying a car or long term goals like retirement plans, realistic goals will help you in organizing how much money you will set aside for it but still provide you with daily sustenance you, as a living person needs.

Before thinking of saving for rainy days, it is best to pay your debts first. Bear in mind that your debts, especially with credit card companies, has interests that piles up overtime so don’t make them wait or they will charge you big time!

Be organized as much as possible. If you work more efficiently with paper trails such as worksheets and receipts then do so. You need to have visual materials that you can consult about your progress from time to time.

This should include time frame for your project, jotting down how much money you saved during the week and record of your expenses. This could be done in the computer as well, if you don’t like too much clutter.

Try to cut back on your expenses by eliminating inessential spending. Your priorities should come first so there is no need to cut back on that venue. Find ways to at least reduce your daily expenses like gas, bills and food.

You will have to start small, but when you finally see how much you are saving, you will be motivated even further to reach your goal.

  • actually it is better to invest your extra money but if you don’t have extra money, saving money is a good start.

  • Thany you for this post, I am trying to cut costs in this period of time and I have been searching on the internet. Your post is one of the most interesting one I have found! Olivia

  • totally agree with your comments about the importance of paying off debts first before saving money. Usually debt is worth getting rid of as quickly as possible and my general rule is that if the interest rate i am paying on my debts is higher than the saving based interest rate then i’ll pay off debts.

  • You’ve provided some great tips on saving money. With the present economy, saving is very important. Thanks for sharing.

  • So true. There is no point saving money while you have debt. The interest credit cards and other lenders charge will far outweigh any earnings you can make from savings accounts or even sharemarket investing (unless you’re a super investor!)

    Always pay down debt, and when you are debt free then look to put money aside for saving.