No Nonsense Saving Tips

No Nonsense Money Saving Tips

With many people struggling in the current economic environment, people are looking for ways to save money everywhere they can. Even people on budgets are trying to save more money.

Although saving money seems like a difficult concept to grasp when money is tight, it certainly isn't an impossible task. Consumers can save a considerable amount of money if they take a fine tooth comb approach to assessing what they're spending money on and start making changes in an effort to start saving more.

The first step to saving more money is spending less of it, overall. Cut back on non-essential spending and carefully plan the spending that you need to do.

Here are some "no nonsense" tips to help you save money.

Use cash as often as possible. Avoid using your credit card if you don't have to. Although credit cards might offer convenience, they come with the high costs of interest rates and APR's. Even people that have good credit are wasting hard earned cash when they are in the habit of using a credit card for purchases. If you have to use a credit card, be sure to pay it off at the end of month to avoid the costly interest charges.

If you have a higher interest credit card,consider transferring the balance to a lower interest credit card. If you feel you have to use credit cards, look for one that doesn't charge an annual fee.

Take your lunch to work. Packing your own lunch can save you a significant amount of money and extra calories. If you figure an average lunch out costs around $5 a day and you work 22 days a month, this represents a savings of at least $110 and even more if your average lunch tab is over $5.00.

Make your own coffee. Instead of stopping by your favorite coffeehouse for a $4.00 coffee before heading to your job, invest in a coffee maker. Many of today's coffeemakers are programmable so you can have a steaming hot coffee to greet you in the morning. You can make your own specialty coffee drinks with an array of flavored creamers and coffee beans.

Use coupons at the grocery store. Believe it or not, .50 and .30 cent coupons can add up. Many grocers offer double or triple coupons up to a face value of $1.00 which can boost grocery savings even more. This means that a coupon with a face value of .75 cents could be worth $1.50 or $2.25. The internet is a great place to find coupons for the items you use frequently. Consider joining a coupon savings group that emails you coupons weekly or daily.Coupons savings can help add to your monthly savings goal.

Combine your insurance policies. Many insurance companies offer a savings to their customers when they combine home and auto insurance policies. If you have more than one vehicle the savings is even greater.

Refinance your mortgage to obtain a lower interest rates. A refinance on your home can lower your payments on a monthly mortgage and can lower your interest rates for the duration of the loan. Extra savings derived from a home refinance can be added to your monthly savings deposit.

Review and revise your phone bills. Make your calling plan work for you. Instead of paying extra money for long distance or making chargeable prime time cell phone calls, make calls when the premium is lower. Choose a calling plan that is affordable, but still covers your calling needs. Depending on your carrier and calling plan, avoid or limit services that can increase your bill like text messaging, ringtones, applications and other fee based services. Take advantage of free nights and weekend calling. In a bid to save money, many people have moved away from having both a LAND line and just use a cell phone or vice versa. Many people that don't want a monthly cellular bill opt for a prepaid cell phone plan that caps the expense of using a mobile phone.

Taking time to assess how and where you spend money will help you find little ways to stretch your dollar further. Remember what they say - "A penny saved is a penny earned!"