Money Saving Ideas

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Money Saving Ideas Posted: 06 Oct 2010 04:15 AM PDT These are truly difficult financial times for consumers. If you haven’t been personally affected yourself, then you probably know someone who has. Here are some ideas that can make the money you have go further and help keep consumers from experiencing unnecessary financial difficulties: Photo: Alamosbasement Always live below your means This may seem like a basic concept, but the truth is that too many of us either live at or beyond our means and wind up in excessive credit card debt. Only charge on your credit cards what you know for certain you’ll be able to pay in full at the end of the billing cycle. Set aside an emergency fund, accumulate some savings and be sure to put money into a retirement account. If being able to do these things means that you may have to eat out less often, live in a more modest home or apartment and take modest vacations, then take those steps. Buy a 2 or 3-year-old car instead of a new one and perform regular maintenance The urge to purchase a brand new car can be a strong one, especially when you’re surrounded by friends and co-workers who may have already done so themselves. In reality, you can save a lot of money by not paying for the steep depreciation that takes place when a new car is driven off the lot and during its first 2 or 3 years of ownership. The difference between a new car payment and a used car payment can add up to a lot of money in savings. Find yourself a decent used car that’s already taken the big reduction in price. There are many different cars available these days that should be able to exceed the 200,000 mile mark if they are properly maintained. Do your homework, have the car checked out by a mechanic before you buy it and then perform the recommended maintenance. Plan your necessary purchases and become a smart shopper Another effective way to save money is to avoid making purchases on an impulse. Instead, make a list of the things that you’d like to buy at some point in the future and be patient in finding the right buying opportunity. Once you decide exactly what it is that you need to buy, set about doing some comparison shopping for the item. There are many price comparison websites available, and the small investment in time can pay big rewards in the long run. Also consider buying a well-cared-for used item and checking out such bargain opportunities as thrift stores, garage sales and craigslist. High-ticket items such as furniture, art work and electronics can be found in excellent condition for literally pennies on the dollar. Use the public library for books, CD’s and DVD’s Instead of buying books and DVD’s that you may only use once, go to your public library and find out exactly what is available to you for free. In addition to books, many of them offer free CD and DVD rentals. Take advantage of the money that you’re paying in taxes to support your public library by becoming a frequent, knowledgeable and grateful customer. Alan Winkler is the primary author of the blog at RightStartllc.com. Right Start provides credit card debt relief services, such as consumer credit counseling, to help indebted consumers become debt free. On their blog, Alan provides helpful tips on getting out of debt and offers insight on the most effective approaches. He writes regularly on the debt relief industry, comparing the different debt solutions available and examining the companies involved.

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