Money may not buy happiness, but financial stability certainly does give you peace of mind.
The following money savings tips can help you live your life in a more financially savvy way, so that you have a little more left over to invest or stash away for emergencies.
1. Save on gas by running all of your errands at one time instead of running to the grocery store every time you need an item. If you live within walking distance of a grocery store and other essential stores, you can save even more money on gas by walking or riding a bike instead of driving.
2. Savings tips include paying off your debts as soon as possible to avoid paying excess interest. If you have more than one loan, pay off the ones with the highest interest rates first.
3. Always comparison shop before making any purchase larger than $20. Check local retailers as well as popular online vendors. Take the cost of shipping into account when deciding whether the online retailer or brick-and-mortar store offers the better deal.
4. Always check your newspaper and mailbox for savings tips and coupons. Take a few minutes to page through them and see if there are any coupons you can use. Even if you do not need a certain item immediately, set the coupon aside if there is a chance you will use it by the time it expires.
5. Another great and easy savings tip is to eat more of your meals at home rather than in restaurants. If you eat out twice per week currently, try reducing that to once every other week. Avoid purchasing lunch at work as it is much cheaper to pack your own lunch. You can splurge for lunch out with coworkers occasionally, but keep yourself on a strict budget when you do so.
6. Leave your kids at home with your partner when you shop. Kids tend to find things that they love in stores, and it is hard to say no to them. If you leave them at home, you do not have to count on your willpower to say no, and you will find yourself leaving the store with more money in your pocket.
7. Buy as many items “used” as you can. Check thrift stores, garage sales and consignment shops for furniture, electronics, appliances and even clothes before you pay full price for new ones.
8. Never purchase a brand new car. New cars lose a substantial amount of their value as soon as they are driven off of the lot. Two-year-old cars coming off lease are often good values.
9. Turn your thermostat down 5 degrees in the winter and up 5 degrees in the summer. It only takes your body a few days to get used to the new temperature, and your energy bills will be much lower.
10. Purchase the smallest television package available, and find cheaper ways to entertain yourself than spending hours in front of the TV. As a bonus, staying active could reduce your medical costs in the future.