Tips for How and Where to Save Money

Tips for How and Where to Save Money
Recession, recession, recession! That is the only word anyone seems to say anymore. Money may be tight, but that does not mean you cannot splurge every now and then. You just need to know where to spend you money and where to save it. The following tips will help you know the difference when it comes to investing, spending or saving.

1) Experience vs. Material

Many people spend way to much money on their material things. Cut back on buying tons of things you do not need. Instead, put that money towards a fun experience, vacation or hobby. You will remember memories much longer than the dorky table that you just had to have. You have always wanted to go to Brazil, and now you have a reason to start saving. For everything that you do not buy, put the money that you would have spent into a rainy day fund. Eventually, your fund will be big enough to buy you those plane tickets to South America.

2) Clothes

You should never ever skimp on the quality of your clothes. People who matter will notice. You can buy high quality things without the price tag if you know where to look. A woman should always have well polished shoes and purses. Put your most money into your accessories and basics. Do not buy crap from fast fashion stores that will fall apart after one washing. Trendy items are ok to buy cheap. However, do not buy a little black dress from one of these places. You need to get your money’s worth for the item you buy. You should also pretty much be in love at first sight with any item you buy.

3) Food

This can be a give or take. Foodies will want to spend money on good food. People who do not care are happy eating a cheap bag of pasta each night. One thing is for sure- buying groceries saves tons of money. If you eat out or order in each night, you are consuming empty calories and spending more than you need. Try to have a happy medium. Limit your eating out to weekend only to see how that helps.

4) Transportation

If you can save money by taking public transportation, then do it! Not only will you be helping the environment, but you will be saving money as well. We all love our cars, but they can become expensive. Try to take public transportation at least twice a week. Before you know it, you will prefer the time you have metro to read a good book than get hyped up over traffic!

In conclusion, you need to have an understanding of how far each dollar you own will stretch. You should also have an understanding of what you want to spend your money on. This will help you budget and save. Things will get easier the more you use a budget. It will become as natural as breathing before you know it. Good luck!

Myra Thomas writes about happiness, personal finance & boat insurance.
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