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8 ways to Save money - Penny saved is Penny earned

Submitted by admin on Sat, 10/20/2007 - 09:43.

There are a few simple practices that you can do and you will discover you are saving lots of money, by cutting the costs that really does not matter a lot to you. Remember a penny saved is a penny earned.
1. Quit smoking or reduce the number of time you smoke. If you can quit smoking, you will realize you save a very small amount of money in a day but when you calculate it for next 360 days, it will come up as a lot of money. If you cannot quit, at least try to smoke as less as you can and this will help you to quit as well.
2. Pay your bills, and any EMI on time to avoid paying extra money in terms of interest for delayed payment. Your bill includes each and every bill from credit cards, to electric bills to telephone bills.
3. Monitor your bills and try to find out where you are paying extra. At times there are several expenses that we can avoid, but we pay less attention to those extra expenses and make them a recurring expenses on a long run.
4. Save on your electric bills by using the CFL bulbs. Avoid using lights during day, if you can and switch off the light, fans when its not in use, in a couple of months you will realize you are saving lots of money.
5. Instead of buying each and every book that excites you, try to get membership of a library. So many times we read a book and never read again so there is no point buying each and every book. Also if possible buy used books to save money on your books.
6. Reduce your recurring costs before it becomes a burden for you. Some of the recurring costs include, fare that you have to pay to reach office and for your kids car pool to school, bills you have to pay every month like mobile, telephone, electric charges etc.
7. Open a recurring savings bank account for a long period of time like 5 years or above. This way you will be able to save small amount of money every month and when matured, you will have lots of money.
8. Avoid frequent visits at restaurants and bars. Take your dinners and drinks at home. Carry your lunch box to office from home if possible. We spent lots of money on our foods that we buy from the restaurant. The drink that you order in a bar is almost 3 times costly than what you can buy from a wine shop.

You may like to Financing Small Business for more info.