6 Tips to Set Aside Some Money

There are many ways to save cash throughout a year. Saving money can be easy and painless if you maintain some discipline. The best thing to do is building it in, in your day to day routine.

Take a look at your day to day expenses. Isn’t it possible to save $10 each day? For instance you don’t buy that luxury coffee but you take a free normal cup of coffee at work or you don’t go to that new movie but wait until it can be rented on DVD.

If you cut some money spending habits you can save ten dollars each day. It doesn’t look much, but if you can keep the discipline of saving 10 dollars each day you can put aside $3650 each year!

Here are some of the things people do to get themselves to put aside a little extra:

Classic saving method

Every body knows the classic savings tip of putting your change in a jar. Why don’t you do the same with a little higher amount. Pick a dollar bill, a 20 dollar bill for instance. Every time you receive a 20 dollar bill you put it into a jar or bank account (of course you have to set a maximum that you can set aside each week. Not everybody has enough money to put aside multiple 20 dollar bills.)

Save raises

If you get a raise, you should set aside a part of the raise each month. (Do it by automated transaction if possible.) This way you have a little more to spend and you set some money aside.

Saving Reimbursements

It can take weeks or months before an employer pays back the expenses you incurred travelling or entertaining clients. By then, you may already have paid the bill. Instead of cashing the check, consider saving it instead.

Institute a family tax

Institute a family tax for each family member. For instance, let them put $1 dollar each day in a piggy bank. This money can be used by the family for the occasional movie or Christmas shopping. (The amount must be determined according to income.)

Save money from rebates

A good way to save is to use the money that you get from rebates, shopping sales or using coupons and club cards at grocery stores. For instance you have a coupon that saves you $4 on the normal price. You put that four dollars in a piggy bank or transfer that money into a savings account.

Pad your accounts

When you use personal finance software or cheque book, you can just enter a cheque to yourself for $200 or $300, or whatever you want your pad to be. The cheque doesn’t need to exist or ever be cashed, but the software will treat it as an outstanding obligation and deduct it from your balance. (With a cheque book don’t include it into the balance.) This is a way of making sure that you are covered when you write a cheque without the funds (according to the checking account balance.)These are just a few ploys to help you set aside some money. Try them or at least try one of them and you will see that they work. After a while you don’t even notice that you have a little less to spend each month.

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One Response to “6 Tips to Set Aside Some Money”

  1. Athena on May 4th, 2011 11:44

    I have been looking for ways to save on daily, weekly, and monthly bills. There is a lot out there on coupons but I think it is the big bills that get us. Is there are article with ways to save on big bills? I have been looking into switching my phone to a prepaid to save money. Has anyone used Straight Talk? I am a walmart shopper because it is the cheapest place for groceries and they price match and I saw these phones there and wondered if a lot of people used them and how the service is.