Savings 101: How to Save Money

Savings 101: How to Save Money

Rethink your saving strategy with these five pointers so you end every month with more.


By: Anna Newell Jones

Saving money can be tough — it requires some fiscal discipline and vigilance. It’s a lot easier to spend some on an impulse buy than it is to resist. But with these tips, you can start incorporating money-saving techniques into your daily life. And once they’re all in your life, you’ll be saving without a second thought!

Downsize the Clutter
Disorganization around the home often leads to mistakes in one’s financial life. Lost bills or misplaced information can lead to late fees and penalty costs. Get yourself organized, and get rid of some of the clutter in your life in the process. Many bits of unwanted clutter in and around the home may be a treasure to another, so host a yard sale or sell your stuff online. Put all proceeds directly into a saving account earmarked for emergencies.

Find Your Own Treasures
With so many opportunities to buy quality, pre-owned items these days, it certainly makes sense to look around before buying new. Between online auctions, yard sales and local thrift shops, you have several outlets to check out before spending top dollar on items like furniture, kids’ clothing and home décor. You can also find families willing to swap clothing and toys between kids at no cost to either party.

Make Good on a Budget
The only way to know how much you can afford to save and how much you need to save is by establishing a household budget.

In essence, a budget is a tally of your monthly expenses subtracted from your monthly income. The remaining amount should theoretically be allocated to savings attached to a goal. If your expenses total more than your income, you need to find additional income or start making cuts to your monthly expenditures.

Registration

Become a member of P&G everyday and get exclusive offers!

Become a member

Don’t forget to include all spending you do in the month, accounting for impulse buys, entertainment, unexpected emergencies and groceries as part of your expenses.

Snatch a Good Deal
When you come across a great deal on items you could give as a gift, take advantage. As long as you have some extra cash to spend, you can stock up on these items for your family or friends throughout the year. Keep a space in your home where you can organize the items and know what you have when you need a quick gift for a kid’s party or other social occasion.

Learn How to Cook
Sure, the microwave is good for some things, but to really save your family money, learn how to cook more than just the basics. Cooking can be a lot of fun and will help to prevent unnecessary trips to local fast-food joints.

You can learn how to make items in bulk to freeze for later and you can incorporate healthier, more cost-effective ingredients into your meals. Find a cooking class at your local community center or peruse online how-to videos to improve your skills in the kitchen.

It may not seem like much, but all of these little savings will add up and make a big difference at the end of each year. What are your tricks for saving money?



Anna is the creator of the personal finance method Spending Fast® and the frugal living blog And Then We Saved. When not being a cheapskate, she photographs weddings and other amazing things with her husband, Aaron. Her work has appeared in Self Magazine, Psychology Today, Good Housekeeping, The Nate Berkus Show, CNN Money, The Chicago Tribune, and Yahoo Finance.

Complete your personal information

Please fill in the information marked with an asterisk to proceed; if you want to get tailored offers and content, don't forget to fill in the optional fields.

Reduce, reuse, recycle...spray paint about anything. Also repurpose old items instead of tossing. Try instructables website for ideas.

  • Report it
Top Picks Sweeps