Some money savings tips

[stella7]

1. Get a financial record started; any sized notebook will do. Set up the book so that you have a space to write down what you spend and when you spent it.

2. Credit cards are convenient but they can also work against you. Try to use cash when making purchases and save credit cards for emergencies. Track all of your transactions in your financial book.

3. Keep track of all your receipts

4.Only buy what you absolutely need.

5. Pay your bills in full as they come in.

[nangel78]

Another good way is to carpool if you can to save on gas or utilize the public transportation system.

[gblued]

It is also a good idea not to have more than one credit card. It can be really tempting to use a card when you have a whole slew of them in your wallet! Also, it is harder to keep track of how much you owe unless it is all in one place.

[PiscesGirl]

I have put everything through my credit card for the past 7 years, which I get Hilton Honor Points for those charges. I pay if off monthly on time. I write each charge down on an envelope and put the receipt in it, categorzing by month. I also check it online a few times a week. You can have credit cards if you understand how to manage them. It's still leveraging. The problem is there is a lack of discipline with people in general and that is why they get into trouble with credit cards. I have 2 cards, that are connected to Hilton Rewards. I recently stayed in Germany for 3 weeks and didn't pay anything for the hotel. I think if one has discipline, they can take advantage of things like this.

[SageMother]

Do not allow any company the luxury of automatic payments out of your bank accounts. The day will come when the money isn't there and you can't stop them from trying to run a charge through. Banks are starting to assess penalties for those as if you bounced a check.

When you give permission for a payment to be made automatically, you can't be sure if the company will actually wait for a particular date or if they will try to rum the charge before the date arriives. I have had 2 compnaies try that with me. I was wise wnough to keep money in my savings account and only transfer it to the checking account the night before the payments should have been run. I was amazed to get notices complaining thae money wasn't available when they had tried to get it a full 5 days before they should have.

[nangel78]

I would only use a credit card for emergencies only and keep it in a safe place so you're not tempted to use it.

[SageMother]

When you start to purchase something either through mail order on line, double check those shipping costs. Many times I have found it less expensive to find the same item in a local store and save on the shipping.

Also, look at coupons carefully and then the price of the item they are for. Many times the house brand at the grocery store is still cheaper than your using a coupon on a more expensive item!

[katharina]

Quote:

Originally Posted by stella7

1. Get a financial record started; any sized notebook will do. Set up the book so that you have a space to write down what you spend and when you spent it.

2. Credit cards are convenient but they can also work against you. Try to use cash when making purchases and save credit cards for emergencies. Track all of your transactions in your financial book.

3. Keep track of all your receipts

4.Only buy what you absolutely need.

5. Pay your bills in full as they come in.

Good advice here.... I do #1 and that little ledger has come in very handy over the years. I do #2 now also and only use a credit card occasionally and I pay the bills as they come in, too... guess I'm doing alright. I didn't mention #4 because that's the one I have a big problem with.

[nangel78]

I agree about the shipping costs Sage. I have noticed sometimes it is cheaper to make the purchase at the store.