Your most effective money saving tips?

Question

For those of you who have been successful in saving money over a short term period (1 to 5 years) - how did you do it? I am looking to save up as much as possible over the next year and want to know your suggestions.

Answer 1

A few tips that helped me a lot :

- no more coffee at work. I bring mine.
200 work days X 2$ = 400$

- I change my cable TV package.
Save 12$/month, 144$/year.

- I change my cell phone package.
+12$/month for more minutes, -50$/month in surprise "over minutes".
One year save : 38$X12= 456$

- I take my car 2 times a week to go to work. 3 days of bus.
3 X 12$ savings = 36$/week
One year = 1500$

- I cut newspapers on weekdays.
52 X 3$ = 156 $

- I cut restaurants.
3 (days/w) X 7$ (savings/day) X 48 weeks = 1008$

- Home foods : I try to prepare my own meals. I do not buy prepared food anymore (soups,

ready-to-serve meals, frozen meals, soft drinks, cookies, sauces, even bread crumbs). The truth is

that you pay and incredibly high price for these. You pay a restaurant price to eat at home. You

can do cookies, soups, creams, sauces, even bread if you are motivated. And it's better for your

health. I save a lot that way and it gives my family good reasons to hang together in the kitchen

cooking food for everybody.
30$/week X 52 weeks = 1560$

Total :
400
144
456
1500
156
1008
1560
____

5068$ in savings due to my lifestyle change

Move on. Do your list and save.

Answer 2

I keep a large monthly planner in my room which I mark with my daily credits and debts. At the end of the week, I calculate how much I have spent in a ratio to how much I have earned. I try not to spend more than 15% of weekly earnings. I put 75% of my remaining money into checking, and 25% into high yield savings. It is important to put money away as soon as you get it, that way you don't always have it lying around or becoming a temptation. When savings become large enough ($500 or more) you can move them into a CD where they will acrue a much larger interest rate than in a normal savings account. Also, by putting it into a CD, you agree to a period of time that your money must rest until you can withdraw (usually from 91 days, up).

It's also very important to differentiate between what you want and what you need. I keep a list on my planner of wants and needs. Wants are usually cosmetic and beauty products that I can live without. Needs are things like work clothing, haircuts, repairs etc. When you do have a little extra to spend, spend wisely. Buy things that will last you a while, and that are reasonably priced. It's important to be able to reason with yourself at the store. I usually keep a calculator with me so that I can calculate my bill, and then I walk around the store a little longer so that I can mull over things, and decide what I need and what I want. It's not stingy, it's sensible!

Answer 3

saving money is a rough thing to do but you have to go about it with NOT kiling yourself over it. FIrst and foremost, you need to figure out ALL your expenses including gas, food, and small necessities that you do daily. Find out what is more important to you, for example do you eat out a lot? Start to bring food and drinks to work and instead of having dinner all week cut it down to 1 night a week. I cut out eating fast food and restuarants (yes...even the dollar menus :)...) and I saved over $100 a week doing it. Take you paychecks and try to save at least 10-15% and act like it was never there. Another thing you can do is open a seperate bank account and everytime you get paid take an percentage of your check and deposit it into that. Don't get an ATM for it or anything just save it. This way you are not tempted to spend it, and live off of the remainder. If there is any leftover money just save it. Also, as your doing that put all your change in a piggy bank or something like it. You won't believe how pennies add up. :) That is what I did and it worked for me A LOT... :) Best of luck to you saving money can be a drag sometimes!

Answer 4

Only buy what you need.
Cut Coupons. Only go to the grocery store once a week. And buy what you need for meals (no extra snacks) Shop the ads for the best price, and me personally I price match everything I can at Walmart so I only have to go to one store.
Pay your self first!
Take short showers, and make sure your lights are off as much as possible.
Instead of putting money in the bank where it is accessible to us, we put it where it is not accessible, so what you save stays saved! Good Luck! You can do it!~

Answer 5

Only buy things you absolutely need--shop for best prices--remember which stores have good prices--check your Sunday newspaper for sales. I did this all my life and retired at the age of 52.