Become A Money Saving Expert

30 Money Saving Tips.

 

The idea of becoming an expert at anything can be intimidating, especially when it comes to money.  However, you do not need a degree in finance to become a money saving expert.  You need a little creativity and an open mind.

When you are tired of living paycheck to paycheck, you will learn to spend less and save more with these money-saving tips. However, before you can succeed, you need to:

– Have a plan

 

Your budget and savings plan needs to have clear goals for how much you will spend and also save. It is a two-way street here, and you want to set the right expectations, or you will get lost!

– Change your mindset

 

You CAN be good at saving money. Don’t let past failures keep you from succeeding now. Today is the best day to start fresh!

– Follow this simple principle:

 

Spend less than what you make. It is simple, but it comes down to this.

I did not expound on these general tips because most are self-explanatory and some are simply idea generating tips.  If you are like me, I can usually think of a few good ideas when I read a couple of tips, so if you do, be sure to share them in the comments!

30 Money Saving Expert Tips

 

Ways to Get Frugal

  1. Buy used books online
  2. Borrow DVDs and books from libraries
  3. Shop secondhand
  4. Buy generic brands
  5. Make your laundry detergent
  6. Save your spare change!
  7. Prepare double dinner portions for tomorrows lunch
  8. Ask for discounts – student, children, military, senior, church affiliation
  9. Ride a bike or walk

 

Controlling Monthly Entertainment

  1. Cut cable or trim satellite package
  2. Use Redbox instead of the movie store
  3. Use Netflix instead of cable
  4. Set specific days of the month for eating out
  5. Go to the matinee instead of the evening movie
  6. Make your coffee or set aside cash only for your mochas

 

Lowering Other Monthly Bills

  1. Contact insurance providers – increase deductibles, lowering payments
  2. Call credit card company to lower interest rates on outstanding balances
  3. Use Sunday papers to reduce grocery bill with coupons
  4. Cut unused subscriptions and memberships
  5. Lower your utility bill with an automatically adjusting thermostat
  6. Trim down your cell phone plan

 

Building Retirement Savings

  1. Take advantage of the match!
  2. Make an Ira contribution to you and your spouse
  3. Convert to Roth for future tax savings
  4. Max out retirement accounts and utilize catch up provisions

 

Growing Your Wealth

  1. Create automatic savings – pay yourself first!
  2. Build your emergency fund!
  3. Have a garage sale – bank the cash!
  4. Sell Your Stuff on eBay or Amazon!
  5. Set aside money for a car fund – pay for your next car with cash!

Michele Y. Thompson is an author, contributing writer on MyStock911 and MortgageExpertGuide , commercial mortgage broker,  entrepreneur, and finance coach.  The culmination of her work in mortgage banker finance, global investor services, real estate, and debt consulting; along with her advanced degrees has driven her to help new and existing businesses reach their goals for over 20 years.