by Rhea Wood

Created on: February 15, 2009

In today's economic climate, knowing how to save money is more important than ever. These seven tips will tell you everything you need to know about all the easy ways you can double, even triple your savings in just a year.

1. Open a high-interest savings account.

This is by far the easiest way to watch your savings grow without lifting a finger. A high-interest savings account, such as many of the savings banks available online, will offer an interest rate of between 2.0%-4.5%, substantially larger than those of brick-and-mortar banks who like being stingy with the interest they give on their savings accounts. Many accounts will let you begin with just a $100 deposit, and most will let you start with even less. The important thing is to keep the account active, by depositing an amount of money every month. It doesn't have to be a large amount; as long as you're putting something in regularly, your savings will have a chance to take advantage of exponential growth- one of best, and most underrated ways to develop wealth.

2. Cut back on non-essential spending, such as shopping splurges and expensive foods.

This is the tip many people seem to have a bit of trouble with. When someone's become accustomed to buying everything new and wanting only the nicest things, the habit becomes dangerously expensive. But as this piece explains, cutting back on spending and putting more into savings does not mean you have to live a miserly existence. Oftentimes, the most savings and the best ways to save money come from the smallest and most convenient sources. For example:

3. Buy storebrand foods.

Storebrand foods are often significantly cheaper than their namebrand counterparts, but that doesn't make them lower in quality. Most of the time, storebrands are made in the exact same factories as namebrands, which makes them excellent places to start saving your money. Simply buying storebrand foods instead of namebrands can shave tens and hundreds of dollars off your monthly grocery bill.

4. Only buy on sale or with a coupon.

My mother always told me that there was no reason to buy anything if it wasn't on sale, and I've found that she's right. Whether it's clothes, shoes, furniture, school supplies, or anything else you can think of, 99% of the time it will go on sale or has been on sale in the past. There is no real reason to ever have to pay full price for something, as long as you look for the sales and clip coupons when they become available. There are many websites that compile

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