by Peggy Tee

Created on: February 10, 2010   Last Updated: June 08, 2010

 With the popularity of credit in today’s economy, many consumers fail to realise the importance of spending within their means, and of saving money for emergencies or long term retirement. Whether you are saving money for a specific goal or if you are simply trying to build up a nest egg, there are effortless and easy ways to save money.

 End of week change

 The spare change taking up space and weight in your wallet or purse is a literal goldmine to tap for savings. Make it a habit to empty your coins into a jar at the end of each week. Chances are you won’t even miss your spare change and eventually this can build to a considerable sum. Count your change once every three months, and deposit the lot into a savings account.

 Start small

 Will you miss a dollar from your day? How about five dollars? Decide on how much you can afford to spare from each day – it can be anything from fifty cents to fifty dollars, but once you have an idea of how much you can save, make an effort to put this money away into a physical piggy bank or a separate bank account. The dollars will add up over the months and before you know it, you’ll have built up some substantial savings.

 Switch off

 Vampire appliances that are connected to power without being used account for almost 8% of your yearly electric bills. An easy and effortless way of saving money is to turn everything off at the power source if you are not using them. This applies to things like battery chargers, digital radios and televisions with standby functions.

 Use a shopping list  

 The grocery store is often the main culprit when it comes to food waste and excess expenditure. An easy way of making sure you stick to your budget is to list down quickly what you need to buy on a shopping trip. Stick to this list and refrain from superfluous purchases.

 Reduce and reuse

 The little things can make a difference. To reduce heating bills, turn down your thermostat by a few degrees – the human body only starts to feel the difference when temperatures drop 8 degrees Celsius or more. Turning down the heat by 1 or 2 degrees won’t make your home uncomfortable, but it will make a dent in your bills. Likewise,  use less of products such as tissue paper, hand wash and toothpaste. Stretching out household supplies for as long as possible means a reduction in grocery bills.

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