subject: 9 Tips To Save Money - Personal Finance Basics [print this page] There are many simple tips to save money when dealing with personal finance basics. Some are slightly more time consuming than others but in the end it's well worth what time it takes. Even if you follow 1 or 2 of the following tips you could save hundreds of dollars every year.
REQUEST FREE SAMPLES:
There are lots of websites that offer free samples for every day products. Even the huge companies like Wal Mart or Petsmart have excellent opportunities for everyday people to get free items. These items range from skin moisturizers and shampoos to frozen food or cleaning products. One other option is to visit a manufacturer's website to find those free samples on newly released products. If you need something, type the words 'free sample' into google before you visit the store to purchase it. This is the beginning of mastering personal finance basics.
CHANGE CREDIT CARD SPENDING AND HABITS:
Credit cards can be great but can be hazardous. With those high interest rates and monthly fees, credit cards may wind up costing you a lot more down the road than you may have planned.
My rules of thumb:
- never use credit cards unless its for a major purchase
- be certain you can afford the item before you use a credit card
- be sure you can pay the balance of your credit card
AVOID IMPULSE BUYS:
Everyone has had to push a shopping cart through the grocery store and when we arrive at the check out we 've picked up double the amount we planned to buy. Always, always, always create a shopping list, follow that list and never buy anything that isn't on that list. This goes for any type of shopping like wardrobe, food or entertainment. Stores are designed specifically for impulse buys with magazine racks and gum within easy reach. Make your list, check it twice, and follow it.
SHOP THE SALE RACK:
This is another personal finance basics rule but don't confuse this with an impulse buy. You have your list and know that you need a pair of pants and a shirt check the sale display first. Chances are you might find exactly what you are looking for on sale and pay half the regular price. Food stores operate the same way. They often over order items and sometimes run unadvertised specials on overstock items. Just be certain the item is on your list.
SAVE YOUR HARD EARNED MONEY:
This is sometimes the most difficult thing you have to do when money is tight, but it is the most important of these steps. According to the book 'The Wealthy Barber' you must save ten per cent of the money you make each week. That may not sound like a lot but it does add up rather quickly and if wisely invested it will assist your retirement plans in the future.
SAVE YOUR CHANGE:
This might sound a little strange but this simple tip is a great one. How? Because it's just like found money. Every time you come home from any store put all of your loose change into a jar. Once a month or every few months count up the change, roll it up and deposit it into your bank account or treat yourself to a well deserved night out. These are the personal finance basics you learned when you were very young.
BUY IN BULK:
We've already talked a lot about shopping but here's another shopping tip that usually just applies to buying grocery's. Buy in bulk. If you mostly drink fruit juice and you see that it is on sale at 50% off, buy four instead of 2 or purchase the 24 pack of water instead of the smaller 12 pack. This may seem easy but many people don't take advantage of bulk buys on every day items.
CLIP COUPONS:
I know this might make you feel like your grand parent but this is a simple way to save plenty of money. It takes just a couple minutes each week and you will probably save hundreds of dollars every year on items you were already planning to buy. Go through the local newspaper or check the Internet for some amazing coupons.
RECYCLE PLASTIC BAGS:
Not only is this great for the environment but it will save you money too! Lots of stores are now charging around ten cents for plastic bags. You probably have about a million of them hidden away in your closest already. Why not bring them when you go shopping and use them again? Another way to recycle and save money is to use those plastic bags from the store in your garbage in your kitchen or in your bathroom. Don't spend $5 each month on a pack of kitchen garbage bags when you already have them at home.
These simple tips will save you lots of money and they are simple and can also be fun. It's always rewarding to know that you have started to take the first steps to becoming debt free. By carefully following these tips to save money you are one your way to understanding the personal finance basics all of us should know.
by: Brandon Schmid
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