Money Saving Tips
Here we are in late 2009 and the recession is lingering on. While the stock market numbers aren’t quite as dismal as they were a year ago (when people lost everything), employers are continuing to shed jobs by the thousands. Despite the perpetual gloom that hangs over the news headlines, many people are taking this time to discover new money saving tips that will help them in good times as well as bad.
“Getting organized” tops the list of money saving tips because, without organization, you can’t get anywhere. Many consumers end up paying late fees, reactivation charges, interest and penalties all because they missed a due date when their papers got shuffled into a pile. Not surprisingly, “Getting Organized” was right up there with “Losing Weight” for Top New Year’s Resolutions in 2009. A quick stop at Office Depot to buy a $30 filing cabinet is a great way to get started. You might want to have hanging files of different bills (credit card, car loan, taxes, utilities, mortgage, etc) and you might want to demarcate a section for “unpaid bills.” Next, invest in accounting software like Myelopes, Quicken or Microsoft Money. Why test out your amateur mathematician skills when you can use a computer’s expert accuracy every time to ensure no mistakes are made on your annual budget? You’ll find all your financial information is neatly filed and printable for your convenience. These programs can even remind you to pay bills, allow you to check your finances online, track your purchases and lets you know how much you have left to spend in each category based on the initial budget you set up!
The next aspect of money saving tips is comparing your expenses to the norm. You may want to do a little online research to see what the average household spends in certain areas. For instance, the average American household spends about 33 to 38% of their income on housing, 15 to 19% on transportation, 13 to 14% on food, 9% on personal insurance, 5% on entertainment, 4 to 5% on clothes, 4.5 to 6% on out-of-pocket healthcare, 4% on credit card or consumer debt, 2.5% on charity, 2% on reading and educational materials, 2% on miscellaneous items, 1% on personal care products and 0-3% on alcohol/tobacco/caffeine. Come up with a realistic budget for your household and see where you can save some money.
Some of the best money saving tips come from notoriously frugal families. The Economides Family consists of seven individuals who have somehow managed to live off just $35,000 per year! To save money on food, they meticulously plan out their food menus each week and adhere to the plan. They also cook just a few days a month and freeze everything else for a quick reheat, which costs them $350/month. They believe in hunting down bargains at the store, coupon clipping and negotiating prices, whenever possible. They get their clothes from consignment shops and thrift stores, buy used furniture, cut their own hair and rent free movies from the library. Anything they earn beyond their monthly budget gets divvied up into a house fund (to cover repairs), a fun account (for vacations) and a charity account. The Economides also never use credit cards! While this lifestyle may sound extreme, you may want to check out some of their money tips at www.homeeconomiser.com.
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