There are lots of ways to save money. As well as putting by money in some sort of saving account or investment the best way to save money is to cut down on our expenses. We can do this without having to compromise too much or suffer too much, if we just think twice before we spend. Quite often the thing we are thinking of buying is not necessary or we can get something just as good or similar cheaper.
These are my top tips for saving money....
* When you are food shopping buy cheaper brands such as the supermarket own brands. Their products are just as good as the 'designer' brands and these often only cost more because they have spent a great deal on advertising and marketing. Buy cheaper foods such as sausages instead of steak; they are just as tasty and nutritious. Make a casserole from cheaper cuts of meat. Grow your own vegetables, fruits or salads rather than continually paying for them in a shop.
* When it comes to entertainment instead of always going out to eat in a restaurant have evenings where you invite people over to your place and cook a meal for everyone, and other evenings where you all get together at their place. That way you all get to see each other and have a good time together without continually paying out for meals and the means work out much cheaper when it is your turn. If you are too busy to cook a meal when it is your turn then just get a few pizzas and coleslaw or kentucky fried chicken on the way home. It does not have to be anything expensive, anything tasty and filling is good.
* Make sure your home is well insulated with no heat disappearing through the ceilings or roof, or through windows or under doors. Make sure you have enough insulation throughout your home so that you can cut down on your heating bills. Turn down the temperature on the central heating by just one or two degrees so that you cut down costs without noticing any difference. Turn the heating on for just half an hour at a time, then turn it off again, rather than continually pumping more and unnecessary hot air around your home. When using your oven to cook a meal turn it off about five to ten minutes before the meal is ready and keep the door closed, so that the food continues to cook for the required length of time, but without you continually paying to heat the oven.
* When using your washing machine try to make sure it is on a bright sunny warm day so that you can hang the garments out to dry rather than using a tumble dryer. When putting the clothes into the machine make sure you have a complete load and never use it for just a few items. Set the cycle so that it is on the easy quick low temperature wash. If you need to dry clothes quickly and you wish to avoid using the tumble dryer and it is impossible to hang them outside then drape them over the radiators. You can get special brackets which you fix over the radiators which then hold several items in place together if you have several items to dry , or you can just put a few things on top of the radiator. You can also put a clothes drier over the bath.
* When planning a holiday choose the later part of the year rather than summer, when it is more expensive. The same hotel a few months later will be a lot cheaper. Arrange to go for a few days less and maybe stay in a good hotel which is less expensive. Think about a self catering holiday such as an apartment rather than a hotel. Another good idea is to stay at home and use your home as a base, going out visiting places of interest and loved ones each day, returning to sleep at home. If possible go to stay with people you know at their home for a week or two and then have them come and stay with you in yours, so that that way you both get a free holiday.
* Try to desist from borrowing money, even when it is a so called interest free loan. Such loans usually mean that you are paying more for the service or product in the first place and the interest is built into the price. Aim to save a certain percentage of your income each month, no matter what, increasing it when you can. Put aside money for a rainy day and something like retirement in one account, and have another account for things like special holidays or a new car. Never mix the two together and get tempted to use one for the other because you are impatient. Do not kid yourself that if you 'borrow' money out of the retirement fund to pay for a holiday this is alright, it is not. You are really just robbing yourself.
* Get a car that is cheap to run,something that does a good mileage and is cheap to service and repair. Only use it when you must, finding ways to get from A to B without it when you can. Give friends lifts on the basis that at other times they will give you a lift.
* The less we have coming in the more we need to be careful with our spending and lifestyle. Ask yourself if you can bring in any extra money to help pay the bills. If you have a large enough home maybe you can let out a room to a tenant to help pay the rent, mortgage or utility bills.