Tip No. 1: Hide it before you can spend it.Out of sight is out of mind. When it comes to money, out of sight means in the bank; in sight generally means in your wallet. Sign up for an automatic savings plan so that your money is automatically moved from your paycheck to a savings account.
Tip No. 2: Entertain yourself on a frugal budget
Remember that having a good time doesn’t mean spending a lot of money. Go to restaurants that offer buffets or try a BYOB (bring your own bottle) where entrees are usually less. Ethnic dining also tends to offer better bargains. And if you are going to the movies, skip the concession stand.
Tip No. 3: Pay debts forever but become the payee.Many of us have monthly loan payments, whether for a car loan, credit card debt, a mortgage, or all of the above. When you’ve finally paid off a debt, try to keep it up. But instead of sending a check to the lender, deposit the money into a savings account. You've increased your net worth by paying off the debt; now keep up the good work by building up your assets.
Tip No. 4: Use your credit card wisely.
Are you reaching for your credit card for every purchase you make? Try using cash or a debit card for everyday items, and limiting credit card usage for large ticket items only. Using the money available in your checking account will help you learn to live within your means.
Tip No. 5: Pay your bills as soon as they come.
Don’t cast your bills to the side. Pay off bills as soon as you get them, and if you can't pay the entire balance, pay more than the minimum amount due when possible.
Tip No. 6: Sign up for frequent-shopper club cards.
If you shop at a store frequently, why not sign up for its frequent shopper club cards? Many entitle cardholders to special discounts and offers.
Tip No. 7: Keep track of all your spendingTry writing down all your purchases for a week and see where you’re putting your money. Note every dollar you spend – whether it’s a candy bar or a new purse – and see if there are areas where you can spend less and save more.
Tip No. 8: Use public transportationIf you have access to public transportation, try using it. It’s less expensive and usually less stressful than driving. Check local bus and train routes and compare the costs with driving a car.
Tip No. 9: Do your homework when you travel You might save some coins if you're flexible about dates and destinations. Do your research and look for off-peak travel dates and destinations. Take advantage of weekend or mid-week deals.
Tip No. 10: Watch out for impulse shopping
Sometimes it’s hard to say “no” to that great new outfit or music CD. But if you want to save, you probably are better off without it. Many times, we purchase items because they “catch our eye" - this can lead to wasteful spending. The next time you see something that you want but didn’t plan on purchasing, ask yourself if you really need it and stick to your savings goals.