Friday, November 18, 2011

How to Increase Your Savings - 3 Top Money Saving Tips

As mentioned in a previous post about the Golden Rule - Pay Yourself First, it is vital to your financial health that you spend less than you bring home as income. This is by far the easiest and most controllable way to start increasing your wealth.

You are the one who has control over your spending habits. There are many ways that you may be able to reduce your spending without giving up anything. The following are easily the top three.

The first thing you should try to do is shop around before you buy anything. Yes, this includes everything especially consumables such as food etc. Most people could save twenty percent or more on their food budget if they just shopped around. Check the local papers etc for ads from local grocery stores. They generally compete for your business and quite often offer big discounts to get you in their stores. Get to know the prices on everything you consume. You should know if you're getting a good deal or not.

Another important thing to do is avoid impulse buying. Be organized and make a list of all that you need and stick to it. Know what you want to buy before entering the store. Do not let a pushy commissioned sales person add extras to your bill. Normally what they try to push is very profitable for them.

Whenever possible use coupons. Companies issue coupons to try and introduce new products as well as boost consumption of existing products. Take advantage of these situations whenever possible.

By utilizing just these three simple tips you could save a substantial amount of money every month. Remember, anything you can save without sacrificing anything is free money. This free money can be added to your savings without even feeling it.Give it a try and see how it feels.

There are other ways to save money of course, especially on the bigger ticket items such as cars and real estate etc. , however, even these three tips can be used for big ticket items as well ( well maybe not coupons for real estate ).

The biggest thing I want you to take from this posting is " Take Control of your Spending Habits"  Don't let advertising, convenience, or the pushy sales person tell you how to spend your money. Remember, you have 100% control of your money until you sign the check or swipe the card. Be careful or you could be in the "I owe, I owe, off to work I go", crowd.

As always, I welcome your comments and any suggestions for future topics.

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