Make your money saving automatic

Have your employer take out 5% of your paycheck and put it directly into a savings account. As your budget allows, gradually increase your savings to 10% of your income. Put any extra money from yard sales, hobbies, raises at work, bonuses and any other outside income in your savings account too. You didn’t have the money before, so you won’t miss it by putting it into savings.

Pay with cash, not credit

Get used to living within your means by paying for things with cash or debit. If you created a budget, your income should be able to cover the things that you plan on buying

Buy used

There are many online merchants that sell all kinds of used merchandise. They indicate the condition of their merchandise by describing it as ‘New,’ ‘Like New,’ ‘Very Good,’ ‘Good’ etc. Usually there are pictures too. Previous customers rate their satisfaction with online merchants. You can trust that a merchant with a 99% approval rating for hundreds or thousands sales.

Consignment shops are a great place to find used items. Most consignment shops won’t accept items that don’t have a brand name or are in poor condition.

Wait before buying

Don’t buy a newly released item and pay the premium price. After an item has been on the market for a while the price often drops

General spending advice

Bring a bagged lunch to work instead of going out.
Instead of purchasing Christmas and birthday gifts, prepare a special meal for your loved ones.
Use public transportation instead of a car. You will save money on gasoline and parking.
Carpool with co-workers.
Share weekend grocery shopping trips with friends and neighbors to reduce gasoline costs.
Roll down car windows rather than using the A/C whenever possible.
Wash clothes in cold water rather than hot.
Fix leaky faucets.
Purchase energy saving appliances.
Buy frequently used items in bulk when they are on sale (toilet paper, paper towels, canned goods).
If you have a lot of electronic devices, buy rechargeable batteries.
Buy compact fluorescent light bulbs. They use less energy and last longer than a regular light bulb.

Saving tips

There are plenty of reasons to save money; for emergencies, to meet financial goals, to secure your financial future. The hard part is putting money away and leaving it there to make it work for you.

What’s so difficult about saving money? Nothing really – saving money simply means not spending it.

One of the obvious ways of saving money is to pay less for things that you want and need. Try some of the following techniques to reduce spending so you can put more of your money into savings.

Create a budget and stick to it

Creating a budget is an important financial step that can help you get your finances in order and track how much money comes in and out of your bank account every month. While it may seem like a lot of work to create a budget, there are numerous online resources and apps that can help you. Plus, once you have one, the majority of the work is done, and you can tweak it as your spending habits or income change.

After you create a budget, it’s important to stick to it. Regularly check-in with your budgeting goals so you don’t spend more than you can afford to repay. And if you share expenses with someone else, make sure you both have access to the budget and hold each other accountable.

Build a good credit score

Establishing a good credit score is key to qualifying for the best financial products, like credit cards and loans. Plus, the higher your credit score, the better terms you’ll receive, which can save you thousands of dollars in interest in the long-run (we always recommend you pay your balance on time and in full each month).

One of the catches of building credit is you need to have some credit history in order to qualify for a credit card, but it’s hard to qualify for a card without any credit history. One option is to become an authorized user on a family member or friend’s credit card. You could also consider applying for a secured card, which works the same as a regular credit card, but you’re required to put down a deposit (typically $200).

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