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Top 10 Ways to Save Your Money

16 October 2013 No Comment

canstockphoto11348652Saving your money has plenty of obvious benefits. It can help you in case an emergency comes up, is there for when you need a relaxing vacation or can help you afford your dream house. Here are the top 10 ways to save your money so you make sure you know you have enough on hand when you need it.

1. Keep track of your goals. Keep a journal of your financial goals. This makes them appear more real than just keeping them in your head. Also, it’s a great way to keep your goals in focus, as you can take a look at your goals at any time and write down your achievements toward them and when they have been completed.

2. Don’t abuse credit cards. Credit cards are great for improving your credit, but they can also cost you a ton of money if you don’t pay them off each month. Make sure you aren’t charging more to your credit cards than you can pay off within a month and aren’t charging items unnecessarily.

3. Set up a savings account. Setting up a savings account is probably a pretty obvious way to save your money, but many people actually overlook it. A savings account is a great way to start getting your savings in order and to add to them consistently. Check out Newcastle Permanent to find out more about how you can set up a savings account.

4. Save as much as you can. Make sure you are saving as much money as you possibly can, not spending money frivolously or spending more than you need to. Put as much money as you can into your savings account or pension account. The more you have saved, the better off you will be.

5. Save your spare change. One of the easiest ways to save your money is to set aside your spare change each day. If you save your spare change consistently, you may find out that you have several hundred dollars extra on hand at the end of each year – even more if you get your whole family saving their spare change.

6. Be energy efficient. Make sure that you are not using more energy than you have to. For example, don’t keep lights on when you don’t need to, run water unnecessarily or keep appliances plugged in when you don’t have to, as these can make your energy bills significantly higher than they need to be.

7. Don’t eat out too much. Eating out can be very expensive, especially when you’re doing it excessively. So, have a coffeemaker in your home, pack your lunch to work and make dinner at home, with enough leftovers. That way you won’t have to cook every night or spend extra money eating out.

8. Start small. You don’t have to save up a ton of money right away. Your savings will add up, even if you start off small. So, save a few bucks here and there and watch your savings grow. You can always save more in the future when it’s more affordable for you.

9. Protect your health. This might be one of the most interesting ways to save your money. By making sure you protect your health as best as you can, you reduce your chance of health issues that can be pretty costly to treat. So, make sure you keep a healthy diet, keep active and stay as stress-free as you can. This can greatly help you to save more money, as you’re less likely to have to worry about expensive healthcare fees in the future.

10. Start saving now. There’s no need to wait to start saving your money. You don’t have to hold off until you’re planning on buying a home or want to go on a vacation. You can begin saving right away, so you have that money there for you whenever you want to use it.

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