As the year comes to an end, many families are in search of a working solution to reducing their means of living for 2009. Always remember that saving money doesn’t come easy, at least not without the dedication and willingness to try it out. Below are some of the best money savings tips you’d find out there.
Saving on Daily Living
Create a Budget
The beginning of a New Year is probably the best time to create and implement a budget. Doing it now will give you ample time to go over it, make changes here and there, and most importantly announce it to the kids. If necessary, use a software accounting package to aid you, else the good old pen and paper is just right. Itemize all your expenses according to their level of importance, from your groceries (yeah, you must eat) to taxes, to the mortgage, any other credit facilities. If you owe sizeable amounts of debt, consider creating a debt recovery strategy and incorporating it into your budget. Dish out a sizeable amount of your paycheck to debt servicing and bill payments.
The reason why now’s the best time for you to start living on a budget is cause the psychological fact you’re entering into a full 12 months of prudent spending could provide the motivation to keep you going and stay at it. So get on and start working on it.
Coupons are an effective way to cut down your grocery expenses. Collect as many coupons as necessary, and visit as many discount shops as possible. Tiny savings here and there usually amount to something worthy over a period of weeks.
Credit cards with a reward program may also provide discounts when purchasing from participating merchants and retailers. Check the card envelope or web page to be sure you aren’t missing out on any goodies.
Impromptu purchases are often the expensive purchases one finds it difficult to refrain from. But with some room left for unexpected spending, impromptu purchases will not hurt as before.
Avoid Compiling Debt
This is probably where a budget, and wise spending become important. A tussle with your credit card company isn’t at all the best picture you have of yourself going into the 2010, so now is the time for you to plan ahead and avoid any future confrontations with bankruptcy. All credit cards must be paid on time. If necessary, consider getting a new credit card offering an improved deal over the one you already use. Utilities now charge a late fee and these fees added up on 3 or more services could have you kicking a chair in regret.
In avoiding debts, your New Year’s resolution should be “Pay up every outstanding bill as soon as I can afford it”. You might never be able to afford it at a precise time, but that’s where a budget, and debt recovery strategy will come in handy.
Saving on Travel
Shop for Discounts
Again, credit cards may be a great way for individuals and businesses to cut down on travel related expenses throughout the New Year. With enough points gathered, miles and reward points could be redeemed for a free or discounted travel experience. Some cards also provide discounts when visiting select hotels and restaurants. This is where precise information on what your credit card offers and doesn’t come in handy.
Without a credit card to discount travel experiences, you could search for the latest travel deals online or in newspapers.
Get a Hybrid Car
If you plan to purchase a vehicle anytime soon, a hybrid car should be tops on the agenda. These cars save fuel costs and provide more mileage per gallon. You might also get a tax break for purchasing a hybrid vehicle. Already have a gas guzzler? You might want to plan any long distance travel before hand so you don’t waste gas even as there were a cheaper alternative. Travel as light as possible and avoid doing too many stopovers within short distances. Rather, take a bus or use your legs.
These money saving tips do not apply to all individual circumstances and should be used only after careful consideration of the consequences.