Penny Pinchers

@ashiflett (1045)
United States
January 12, 2007 7:33am CST
It is very important to know and understand the total concept of saving money. It can be a difficult task as it takes discipline and the ability to spend responsibly. Once you are able to properly evaluate where all of your money is going, you will be able to determine ways to save more. Many of us spend on spur of the moment impulses and are not very creative when it comes to shopping. If we are able to outline the things that are truly necessary before shopping, we could save a lot of money. If we find ways to be more creative with your shopping, we could save money as well. In this article, I will review various ways that you can pinch your pennies in the New Year that is upon us. The first thing that you should do when you want to establish a budget for spending is to evaluate your income. You should compare your income to your expenses on a monthly basis. This will allow you to determine how much money that you have available to spend or save. It is ideal to save at least 10% of what you earn. You may put back more or less depending on your financial situation. It is important to evaluate each purchase that you make. You may find that some of your purchases are not necessary and are just a waste of money. If you feel that you do not need the item, or it serves no purpose in your life, you should not continue with the purchase. If you find that the purchase would be beneficial, you should try to find a cheaper version of what you want to buy. Generic brands are just as good as name brands in many items. You should keep an expense tracker so that you can see where you spent all your money throughout the month. You may find areas where you can save money if you do this. If you spend a lot of clothing, you may want to shop at cheaper stores. If you spend a lot on fuel for your car, you may want to get a tune up. It is important to see exactly where the majority of your money is going so that you can save it. You should avoid dining out at all costs. Dining out can take a large chunk of money from your wallet and savings. It is better to buy carefully and prepare for meals than to eat out. It is also important to not do a lot of shopping at convenience stores and when you are hungry. This can result in spending too much. You should evaluate your fueling costs. There are numerous ways that you can save money on gasoline for your automobiles. Make sure that you keep steady speeds, you abide by all speed limits, you keep your car tuned, and that you limit the amount of weight in your vehicle. You should look to your bills and see where you can save money. Be sure to keep all lights and appliances off when you are not using them. This will help to reduce your electrical charges each month. Make sure that you use bulbs that are low in watts, or are marked as energy efficient. This article lists just a few of the ways that you can pinch your pennies. There are numerous other ways, like limiting the amount of travel and online spending that you do. This is simply a guide to help you get started. Nav Bar Spacer
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