12 Easy Money Saving Tips For The New Year

new_year

As we ring in the New Year many of us start thinking about our finances and how we can do better in 2011. If your resolution for 2011 is to find new ways to manage and save your money here are 12 easy tips to get you on your way.

  1. Set up a budget. The number one thing you can do to save money is to set up a monthly budget and live by it.

  2. Switch to cash. Cut up your credit cards and switch to cash spending. This is a sure way to curb your spending habits and help you save money.

  3. Stop eating out and start meal planning. The savings of eating in can be significant and if you learn how to meal plan and grocery shop frugally you can save even more.

  4. Turn down your thermostat. Keep your thermostat a few degrees cooler when you are home and turn it way down when you are away. Then wait for your next utilities bill and see your savings.

  5. Brew your own coffee and invest in a carry mug. Stop spending your hard earned cash on coffee fill ups. Instead, brew your own and piggy bank the savings.

  6. Brown paper bag  lunches. If you are in the habit of buying your lunch regularly switch to taking your lunch from home. Not only can this save you money but is also healthier too.

  7. Understand the difference between wants and needs. You need to put gas in your car to get to work but you want things like new Wii or Xbox games. Forgo purchasing all of your wants and save the money instead.

  8. Carpool to work. Do you have someone you can share rides with to and from work? If you do you could not only save on gas money but also in car maintenance.

  9. Utilize your local library. Instead of buying books at the book store or paying for expensive magazine subscriptions, visit your local library and borrow them instead.

  10. Buy generic brands and start cutting and using coupons.

  11. Rent movies instead of making a trip to the theatre. Look for a local Red Box or even a monthly subscription to a place like Netflix can save you money over going to the theatre. You may even be able to borrow movies from your local library for free.

  12. Slash unnecessary bills. Cutting back on cable and your cell phone services can add up to significant savings.