Today is a guest post by Brandon Schmid. Brandon is the president of Angulus Marketing Ltd. and has spent most of his adult life studying money and how it works. His blog will help you pay off your debts and save money at the same time! Say goodbye to your boss forever! A blog that will show you the secrets of the wealthy: http://www.howtomanagemoneytips.com
There are many simple tips to save money when it comes to personal finance basics. Some are a little more time consuming than others but in the end it is well worth the time it takes. Even if you follow one or two of these tips you could save hundreds of dollars each year.
Request free samples:
There are plenty of websites that offer free samples for every day items. Even the big stores like WalMart or Home Depot have great opportunities for you and I to get free products. These products range from skin lotions and personal hygiene products to pet food or cleaning products. Another option is to go directly to a manufacturer’s website to find those free samples on brand new products. If you need something, type ‘free sample’ into google before you go to the store to buy it.
Change credit card spendings and habits:
Credit cards are great but also dangerous. With high interest rates and monthly fees, credit cards may end up costing you more down the road than you expected.
My rules of thumb:
– always use cash unless its for a major purchase
– always make sure you can afford the item before you use a credit card
– always pay the balance of your credit card
Avoid impulse buys:
We all know what it’s like to push a shopping cart through the aisles of the grocery store and when we arrive at the check out we have twice as much as we planned to buy. Always, always, always make a shopping list, follow it and don’t buy anything that’s not on that list. This goes for any type of shopping including clothes, books or entertainment. Stores are designed specifically for impulse buys with magazine racks and gum within easy reach. Make your list, check it twice, and follow it.
Shop the sale rack:
Don’t confuse this with an impulse buy. If you made your list and know that you need a pair of pants and a shirt check the sale rack first. Chances are you will find exactly what you are looking for on sale and pay half the regular price. Grocery stores operate the same way. They often over order products and are forced to run unadvertised specials on overstock items. Just make sure the item is on your list.
Save your hard earned money:
This is sometimes the hardest thing to do when money is tight, but it is the most important of these steps. According to the book The Wealthy Barber (affiliate link) you should save 10% of your paycheck every week. That doesn’t sound like much but it will add up very fast and if properly invested it will go a long way towards your retirement down the road.
Save your change:
This may sound a little silly but this little tip is a great one. Why? Because in some way’s it’s like found money. After you come home from the store put all of your loose change into a jar. Once a month or every few months count up the change, roll it up and deposit it into your bank account or treat yourself to a well deserved evening out.
Buy in bulk:
We’ve already touched on shopping but here’s another shopping tips that mostly applies to grocery shopping. Buy in bulk. If you drink a lot of orange juice and its on sale at half price, buy 4 instead of 2 or buy the 24 pack of water instead of the 12 pack. It seems to make sense but many people don’t take advantage of bulk buys on every day items.
I know this may make you feel like your grand mother but this is another great way to save lots of money. It only takes a few minutes each week and you can end up saving hundreds of dollars every year on things you were already planning to buy. Go through your local newspaper or check online for some amazing coupons.
Recycle plastic bags:
Not only is this great for the environment but it will save you money too! Many retail outlets are now charging as much as 10 cents for plastic bags. You probably have about 1,000 hidden away in your closest already. Why not bring them to the store and re-use them? Another way to recycle and save money is to use those plastic bags from the store for the garbage under your kitchen sink or in the bathroom. Don’t spend $5 every month on a pack of kitchen garbage bags when you already have them at home. Editor’s Note: Here are my thoughts on reusing plastic bags
These simple ideas will not only save you hundreds of dollars every year but they are easy and can also be fun. It’s always rewarding to know that you are taking the right steps to becoming debt free. If you follow these tips to save money you are one your way to understanding the personal finance basics everyone should know.
Until next time,
Image by Photos8.com br>
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