Best budgeting strategies for saving money

 

Table of Contents

• Some important simple life lessons
• Creating a reserve fund
• Easy Ways to Get Money in an Emergency 
• You can save money, even on a small budget
• Are you ready to start saving?
• Budgeting strategies that are more severe
• Find quick financial solutions (without taking out additional loans)
• Other ways to take advantage of the end-of-year bonus
• Excellent methods for obtaining free money
• Simpler money management solutions 
• More tactics to help you start saving

Some important simple life lessons: 

• You need to think far ahead when planning for unforeseen situations. It's better to start planning now rather than struggling for money when you need it most.
• Use strategic thinking.
• Reprogram your mind to become frugal.
• A simple life can easily save millions.
• Don't forget that you can do it for less.
• Make a conscious choice to live effortlessly.
• Create a budget for the whole family.
• Discuss strategies for your first budget.

Creating a reserve fund

 

   

It can be tough to save enough money for emergencies if you don't prepare ahead. Make a rainy-day reserve for both good and terrible times. You'll probably need to set aside a certain amount of money right away, and probably when you least expect it. Setting money away three to six months in advance is a solid rule of thumb. You can also use this money if you have a huge unanticipated bill, such as a broken automobile or a large school loan. 

This type of savings plan is designed to put money aside indefinitely and then spend it in the event of a true necessity. The long-term effectiveness of this type of savings strategy depends on putting money down every day and saving for true emergencies.

Lock the door and hide the key.

People on fixed incomes find it more difficult to save money for unexpected expenses. It's worth it if you can save an extra $10 or $20 every month and put it in a money market account.

Calculate how much you can sacrifice each month from your present budget and treat that amount as an account you can pay yourself if you decide you need $2,000 for an emergency fund. Set away a monthly amount and see it increase over time. Once you've reached your $2,000 target, make it a habit to save aside an additional amount every month. Every time, do the same thing.

Experts in the field of financial planning agree that an emergency fund should be regarded similarly to a checking account. Set money away every month, but don't let the last withdrawal seduce you. Unless there is an emergency, this sum should not be touched.

It's difficult to save money on your own. Retirement plans, are effective because the money is withdrawn from your paycheck before you touch it, and there are fines and penalties for early withdrawals.

Investing in an easily accessible money market account necessitates discipline. Use emergency finance sparingly. Some of the money is available right away, but not all of it. The majority of the funds should be used solely for emergencies.

Convert one month's worth of living expenditures into one month's worth of CDs, saving around two months' worth of living expenses. Pay the principle and interest on the next month's CD account when the CD account expires. Your savings will increase over time.

If you keep depositing money into your emergency savings account on a regular basis, you'll soon have an extra month to invest in a two-or three-month CD. Continue this approach until you can comfortably purchase a six-month CD if you wish to put off your expenditure for six months. Your funds will rise quickly in this manner.

Create an emergency fund.

Before you begin putting money aside for emergencies, you must first decide how much money you want to set aside. People frequently have no idea what they're spending their money on. It is much easier to establish where you can save and begin saving if you can count every dime. Because you can't always plan for emergencies, it's critical to start saving as soon as possible.

Easy Ways to Get Money in an Emergency

  

Make a strategy to refill your supplies if part of your financial plan for your next emergency is to gather coins in your pads. It's usually a good idea to keep some cash on hand in case of a financial emergency. We're getting closer to rainy days. Rainy day savings are a must! Here are a few quick and easy methods to save money right now!

• Set aside a large envelope, cookie tin, coffee can, or similar. Set aside a few dollars at the end of each week. You should have more money at the end of the first month to get your emergency fund off to a good start. It's not about counting it or spending it. Stash it somewhere hidden. Put it somewhere where you won't be tempted to look for it. That amount of money really adds up!
• The next time you go out to dinner with your family, tip! Just as you tip the waitress 15-20%, tip yourself. When you get home, hide it in the cookie jar. Every time you pass a fast food restaurant, put a dollar in that jar!
• The next time you get a nice raise, put it in the bank instead of putting it towards your living expenses! That way, you can always live on a higher salary, and your bank account will grow by about 3%.
• Take advantage of this money-back deal! Request a little reward the next time you use your debit card to make a transaction. Put it in the cookie jar instead of squandering it! You may even discover that you don't require the extra $1, $2, or $5 note, only to discover that it has been added when the necessity arises.
• The next time you're paying a big bill, such as a new car or tuition, pay yourself! Open a savings account and transfer a shadow payment into it each month. See how it adds up.
• If you find that you have a better long-distance rate and want to switch, transfer the savings into your savings account. You may not lose any extra money and you may get a better phone tariff.
• Consider joining the Christmas Club. You'll save a lot of money. Set aside some money each year and put it in a basket. When Christmas approaches, you won't have to look around to share the holiday cheer with your family. Your basket will contain the seasonal goodies you paid for last year. So you can easily set aside $50 each year for your emergency fund and you and your family will enjoy a worry-free Christmas.
• Order a membership card from your grocery store. Print the bottom of your receipt to see the amount you save each week. This is a very large amount. You can easily save an average of $15 a week on groceries. Each week, deposit that amount into your savings account.
• If you are a responsible consumer, buy a credit card that rewards your loyalty. If you pay your bills every month, use a card that promises rewards, and put the money away in a savings account. If you use credit card rewards wisely, you can build up a sizable amount for your emergency fund.
• Set aside a small amount of money in your large-mouthed jar in the kitchen. Your parents and grandparents probably did the same thing. Empty your pockets or wallet at the end of each workday. Any remaining money goes into a jar. Who wants to carry all that extra weight? Change adds up faster than you think. At the end of each week, put at least one bill in the change jar. Try to reach $20!
• Isn't it time to quit that nasty smoking habit? Imagine how much money you'll save! If you're not ready to quit smoking, cut it down by at least half. Put the money you save in a jar of change each day and see how it goes!
• Go to the laundry room. Put the jar next to the washer and dryer and drop in a coin or two every time you do laundry. This will increase each month.
• The next time you return your movie rental on time, you will not have to pay a late fee. You can save the late fees, and this money will add up soon.
• If you are trying to lose weight, try paying the price of a product you give up each day. Put the money in a change jar. You'll look good and save money for a rainy day!

 Emergencies happen all the time. They are always guaranteed, unlike money, to deal with them, be prepared and plan ahead!

You can save money, even on a small budget

Whether you believe it or not, your savings have very little to do with how much money you make-and research backs this up! Here's a step-by-step plan to find the money you didn't know you had.

It's a simple word: save.

Do you feel terribly regretful when you hear this simple word? We all do, of course. That's because, like the majority of Americans, 75% of respondents believe their retirement funds are insufficient.

This may be worrisome, but it's not as important as the fact that current savings levels have very little relationship to current wealth. In fact, in the same survey, middle-income earners managed to save less than low-income earners. This is significant if you think about it. Those who have less are more likely to save! What's their strategy for saving so much money?

For those of us who save consistently and make less, these statistics are scary! It also means you have no excuse if you haven't saved enough. You need to save anyway! This means that for every $10 you earn, at least $1 should go into savings. If you don't have a solid savings plan, you won't save any money! Your goal and plan will fail!

Are you ready to start saving?

     

 You're prepared, but you don't know how to obtain additional funds. You have enough money to get by. You can make it if you learn to think in new ways. This is the first step in putting together a strong strategy. You must consider your options carefully. You won't be able to handle your money if you don't think about it.

Step 1: Change your perspective on money.

Saving is a calming mental state. Before you begin, say "no" to any spending and stop believing that you require all of the items for which you have paid good money. They won't be of any help to you.

That is all there is to it! Say no to all of the justifications for spending money. Take $50 or $100 from your wallet the next time you want to buy something and save it. Saving money is what it's called. After all, you are receiving your hard-earned cash, not a commodity.

Saving as a saviour is another new way of thinking. Become thrifty and follow in the footsteps of your frugal pals. Pay special attention to your thrifty pals who choose to mend their shower curtains rather than purchase new ones. Inquire about your relatives' survival strategies throughout the recession.

Inspiration is the next phase in the invention process. Spend all of your free time on the Internet looking for these cost-effective websites. Use the terms "cheap living," "frugal living," and "voluntary simplicity" in your search. There are a lot of wonderful websites dedicated to economical living.

Learn how to transform your shopping time into productive time. Take a bike ride, go for a walk in the park with the kids; anything to keep you from shopping and spending money. It's effective!

 

Step 2: It's time to put your money away!

 There are a plethora of inventive methods to make do with less. You don't want your life to be a misery, though. Here are some excellent methods to save money without sacrificing your lifestyle:

• Don't think twice about it; just do it! Your new best buddy is direct deposit! You don't have to do anything to put your money into an IRA, 401(k), or money market account. Simply fill out the paperwork at your payroll office and/or bank. Do it right now.
• Sometimes, go vegetarian. Begin to consume veggies. You may save $25 per week, $100 per month, or $1,200 per year if you go vegetarian three days a week (without substituting it with costly seafood). You'll grow to appreciate them.
• Take a chance. Put a $5 note away every time you get one. This may be done with quarters, nickels, or even all coins. Without losing a dime, you may increase your retirement savings.
• Never go overboard with your spending. Keep all of your tax refunds, Christmas money, the $20.38 phone bill, and everything else you get, and save every penny.
•  Negotiate again and again. Airlines, hotels, credit card firms, and even computer, appliance, and medicine stores are among those who will reduce prices, taxes, and interest rates. Before you decide to pay full price, shop around.
• Assess the worth of your money before you spend it. Determine the value of your money so you don't have to give it away so soon.
• Don't overpay your taxes. Yes, getting a hefty tax refund from the IRS every spring will be fantastic. But you're essentially taking out a zero-interest loan from the government. Check your tax return to determine whether you're eligible for a $150 refund before the end of the year. You may then spend the money RIGHT NOW if you have an emergency, and delay repayment if you get it back later.
• Decide whether or not to raise your deductible. Check each form of insurance's deductible amount. Your premiums will decrease if you can boost them.
• Reduce the amount you owe on your mortgage. Examine your interest rate to discover whether it's too high. If this is the case, you might consider refinancing to save money. Consider the private mortgage insurance (PMI) you had to pay since you couldn't afford a 20% down payment. This criterion can be waived if your home equity is more than 22%. This is the rule of law. Last but not least, you must pay off your mortgage. You will save hundreds of dollars in interest if you can pay an extra $100 every month.
• Toss off those unsightly glossy letters. The catalog is the most common type of grooming for both men and women. Sure, they look and feel good, but is the danger of overpaying really worth it? Immediately toss them in the trash.
• Don't waste money on things you don't need. For example, instead of going two blocks to a bank that charges you nothing every time you withdraw money from your card, you now pay $2.50 to use an ATM. What are the penalties for video complaints? They're really high. Don't forget about the high costs that banks charge for writing a check, as well as the fees that apply if the check bounces.
• You'll have to clean it yourself. Wash clothing that states "Dry clean only" on the label. A little mustard stain, on the other hand, maybe removed using an old-fashioned cleaning instrument—a sponge.
• You don't need to hire an expert. Make a bid and save money if you can fix your neighbor's garage door and he can paint your kitchen.
• After your salary has increased, put some of your money in the bank. Since your salary will have increased by 3-5%, put your new raise into savings and continue living on your old salary.
• Always think about the money and consider your salary in the long term. See if it is worth keeping some of your subscriptions. As you speak, keep track of every penny you spend. Some cheaper phone numbers or phone cards may offer you better deals if you can't make an expensive call.
• Decide never to pay full price for anything again. Next time you want to buy, order everything online. Auctions, Half.com, and Craigslist are excellent sources for finding "used" things like books, jewellery, office furniture, etc.

Money matters more to you when you focus on saving money. It won't take long to see the savings.

Budgeting strategies that are more severe

·         You must change your spending habits if you are serious about creating a solid emergency fund. This entails putting money aside rather than squandering it. Of course, the ideal method to save is to have a percentage of your weekly paycheck automatically sent to a savings account. If you enjoy the concept of saving a certain amount of money each week, seek professional guidance and make adjustments. That's OK if the end result is better and you save more money in the process.

·         Do your homework and conduct a physical inventory of your home. Return to each cabinet and assess whether or not you need to remove everything that hasn't been used in more than six months. Most people have goods from flea markets worth at least $1,000 in their houses. This is really gold for many.

·         How much money is required for smoking on a daily basis? Let us assume it costs $5 per day in Washington State, which equates to roughly $1,800 per year in savings. do not include health insurance and savings.

·         Use public transportation. You'll save money on gas, insurance, and maintenance, not to mention hassles. If you use the IRS's 2002 rate of 36.5 cents per mile to determine your commuting expenditures, you might save $1,141 a year over 50 weeks by driving half as often (25 miles per trip). If you're more serious, if you live in a city, consider giving up your automobile. Some towns offer innovative programmes that enable you to use an automobile even if you don't own one (such as Flexcar in Seattle, Portland and Washington DC).

·         Purchasing used items. The typical consumer spends roughly $1,750 per year on clothes and grooming, according to a recent consumer study performed by the United States Bureau of Labor Statistics. Buying at flea markets and auctions may easily cut that cost in half, but the products may not last as long as new. When all is said and done, the annual savings may be as high as 25%, or $437.

·         Make a living as a landlord. Maintenance expenditures, which average more than $1,800 per year, may derail even the most meticulously prepared budget. Consider a collection of books, music, and films. I consume fewer restaurant meals. The typical person spends $2,276 on dining out each year. You could save almost $1,900 a year if you cut your expenditures in these two categories in half.

·         Reduce the cost of housing. While relocating to a different place might help you save money, it is not without expense. Renting a room in your house is an option. In 2004, the average cost of housing per person was little over $13,200. Rooms in major cities such as Seattle may be had for as little as $400 per month. Even if you deduct $20 for increased electricity bills, you're still saving more than $4,000 a year before taxes.

·         All credit cards should be cancelled. First and foremost, create an emergency fund. You may become your own credit manager this way. Credit cards might help you manage your financial flow, but just paying the minimum sum will keep you in debt for years.

·         According to the research team at CardWeb.com, the average American with at least one credit card owes approximately $8,523. Interest alone may cost you up to $1,100 per year with an average yearly interest rate of 14.4 percent. You can avoid paying interest if you wait until you have enough money to buy.

·         You might save approximately $12,000 a year if you are really ambitious and follow the recommendations above. Your money will increase significantly and fast if you figure that you can invest this amount at a historical rate of return of 10%. Put the money into an emergency fund and start saving.

 

Find quick financial solutions (without taking out additional loans)

Budgeting tip 1: You need to get your priorities in order first so you can get back on track quickly. If that means waiting some time to pay off a credit card, so be it. If you realise you need money fast, contact your credit card provider and ask them to lower your interest rate and monthly payments. Not one, but both!

Budgeting tip 2:  Contact your bank and request a deferment of your monthly payments. Deferment may not seem attractive to you, as you will have to pay it back at the end of the contract anyway. In this case, the use of deferred payments could be useful to relieve financial pressure and help you get back on your feet. Don't be surprised if you are asked to pay about 25-33% of your monthly payments as a deposit to extend the duration of your lease. There is only one goal: to get money today.

Budgeting tip 3: Find out if your mortgage company will allow you to extend your loan at a minimal cost.

Budgeting tip 4: Another quick solution is to organise a garage sale locally. You don't have a lot of time to plan, so take a quick look through your belongings. Look for clothes that no longer fit, but are in good condition, small items, dishes, books, and things you bought but no longer use. Get rid of it quickly. Post a notice in the grocery shop and hang a one-day announcement where the Laundromats can be found. You can quickly make $300 this way with very little time and effort.

Budgeting tip 5: If you want to get your products into people's hands, contact the local radio stations to see if they have spaces available for the weekend. This is a very popular technique for using what was previously considered waste and quickly putting it back into circulation as money.

Budgeting tip 6: Another simple method is to use telephone bills. You can request a budget plan depending on your monthly expenses (and debts). Plan a down payment (usually ¼ of the amount) and pay all the installments in the future (if you already have a budget plan to cover the arrears). You have one month to relax and not pay interest. You still have to do your normal expenses and plan the budget installments for the next month.

Budgeting tip 7: To be able to get some emergency aid, ask your relatives about churches in the area. One of the greatest ways to identify people in your neighborhood who are able to assist in a time of need is to find out who goes to the church near you. The first step is to get in touch with your local church.

Get money fast

If you are desperate for money and have exhausted all the options listed above, consider taking out a loan. Ask your family first and then your local bank. As a last resort, you could consider buying on hire purchase. This method of loan modification can be useful if all else fails.

Other ways to take advantage of the end-of-year bonus 

 

If you have a nice amount of extra cash each year, you should start thinking about how to best use it.

Maybe you'll get lucky this year. You've applied for a fantastic promotion with a higher salary that will increase your monthly earnings by $500. You want to make sure that money goes to a better future, instead of spending it on things you don't need.

The beauty of a raise or bonus at the end of the year is that it's one of the few ways to make a significant change in your finances without sacrificing anything. You're already living without money, so you can take the financial medicine you need without changing your current lifestyle.

Financial triage

First, consider using the extra money to strengthen your foundation. Then pay off all your credit card debt.

This can have a big impact on the rest of your finances. When you no longer have to pay high interest rates every month, you'll have more money to spend on other things.

If you don't already have an emergency fund, set aside three to six months' worth of current expenses in a safe, liquid account. That way, you don't have to go into debt or use long-term savings to pay unexpected bills in the event of a serious emergency.

Join a 401(k) plan if you haven't already taken advantage of it. That way, you won't have to pay taxes on the extra money and you'll earn free money if your employer gives it to you.

Take a look at long-term debt

Now that it has strengthened its financial base, it has more flexibility. Watson is in a good position: he's exhausted his 401(k) and Roth IRA contributions, but still has about $17,000 in student loan debt. These loans have low interest rates (3.5 percent).So you have to choose between adding $500 a month to the loan or investing the extra money.

Because interest rates are so low, paying back the loans is not a priority. "If the market can make at least 3.5 percent, which I think it can, then it's better to invest," says Brian Jones, a certified financial planner in Fairfax, Washington. Investing is even more important if you're saving for short-term goals, such as buying a home.

But there's nothing wrong with paying off student loans instead of getting out. "From a psychological standpoint, it's important to put debt behind you before moving forward," says Marie Adam, a certified financial planner in Boca Raton, Florida. "I know people in their 30s who still have a lot of debt, and debt is like a ball and chain around their legs."

The same is true if you want to use some of your raise to pay for additional mortgage payments. Chris Crockett, a physician in Tupelo, Mississippi, will get a big bonus this year that could be enough to pay off his 10-year mortgage at 4.75% interest. As long as you meet your other obligations, you're guaranteed a 4.75% yield on your mortgage.

Paying off your mortgage can also be helpful if you're preparing for retirement or worried about losing your job, says Evelyn D'Amico, a financial planner in Paoli, Paoli. But you don't want to put too much money into one investment. For better diversification, you can set aside part of your paycheck or bonus for a mortgage and invest the rest.

Don't forget to treat yourself.

It's time to have fun, and you deserve it! You've worked hard for your bonus or promotion, so go out and enjoy it.

You can build up a holiday fund. Spend some of the money you have today on the trip  you've always wanted.

 Spend the money on your home.

Renovating your home can pay off in the long run. This includes storm-proof windows and shutters, both of which are more resistant to storm damage. A few thousand invested today will keep your home safe, increase its value and reduce your insurance costs. It's a brilliant move!

Finally, we can set up a charitable fund. There are several mutual funds and brokerage firms that allow you to create a $10,000 charitable trust. You can deduct your donations on your tax return and then choose which charity to donate to.

Some useful savings strategies

1. Don't pay a penny for something you can do or fix yourself.

2. Extend the life of all your possessions.

3. Spend less on what you need.

4. Think creatively. The answer is not necessarily "buy new".

5. Don't throw anything away if it can be reused or recycled in some way.

 

Excellent methods for obtaining free money

 If you're tired of trying to fit your lifestyle into a savings plan, read on. These ideas will help you find the best places to look for the money you already have. Some people don't see the point in changing their lifestyle to save $5 or $10. These same people find it hard to believe that such small amounts can have a big impact on their income. They prefer to indulge in a small daily luxury, such as a cup of espresso, rather than tighten their belts to save what they consider a paltry sum. For those who like to spend money, here are some concrete ways to save money on the things you already pay for. You don't have to change your lifestyle or habits. Think of it as money you are already paying too much to others.

Do something and get free money!

Talking on the phone: You thought you needed 2,000 minutes a month, but it turns out that 300 or even 200 minutes is enough. If your contract is about to expire or if your provider is willing to waive the early termination fee, ask for a replacement as soon as possible.

Local and long-distance: If you don't use all of your mobile phone minutes each month on a plan that doesn't allow you to simply bring them back, you can at least offset the cost of your landline with the wasted minutes. Already have a connection? If you regularly spend more than $50 a month, try bundling local and long-distance subscriptions. Many packages start at just $50 before taxes and surcharges, and you can make as many calls as you want without a big bill. But you need to calculate this carefully. If your usage is fixed, you'll pay the same price every month, which means you won't be able to take a break on weekends, when usage usually drops.

Current bill: When was the last time you checked the monthly charges on your bank account? By switching to a non-interest-bearing account, you can pay much less and avoid higher fees.

Your insurance: There are many ways to save on insurance. There are many ways to save money. Increase your deductible for older cars or waive your collision coverage if your car is worth less than $1,000. According to Insure.com, you can reduce your premium by up to 30% by increasing your deductible from $200 to $500.

Never overpay your credit cards. Do you think it's worth fighting for 2% or 3% annual interest on your credit card? According to CardData from CardWeb.com, the average American owes $8,940 on their home credit cards. With an average APR of 16.44%, you're paying $1,470 a year in interest alone.

For every 1% reduction, you save $89. Over the life of the debt, however, the difference is much larger. Assuming you can pay off 5% of the debt each month at a higher interest rate, you will pay a total of $3,334. If, on the other hand, the effective annual interest rate is 13.44%, you will have to pay $2,551, or 23% less.

In addition, many cards offer additional benefits such as airline points or-even better-cash back. The American Express Blue Cash card offers up to 5% cashback; the GM card offers 5% cashback when you buy or lease a new GM vehicle. For an average credit card balance of $8,940, that's $447. Use MSN Money's credit card analyzer to find other cards with low-interest rates and cashback. You can also find a list of monthly credit card rewards on CardWeb.

Home loans: The biggest potential savings is the elimination of private mortgage insurance (PMI). PMI protects the lender in the event of a loan default. You have to pay the premium as long as your principal is less than 20%, but once you exceed this magic limit, you have to ask your lender to waive the premium.

Under the law, a lender can waive the premium if your equity is more than 22%, provided you have a conventional loan originated or refinanced after July 29, 1999, and you have a good payment history. However, if your loan is older, you could be paying these costs unnecessarily. Depending on the size of the mortgage, this can increase the mortgage payment by several hundred dollars per year.

Make the most of the resources available: Start with what you have. Do you already pay for internet access? Email can be a great way to reduce long distance costs. It can't replace weekly phone calls to Dad, but it can replace asking "When will I see you again?". Why spend money on voicemail?

Get rid of unused items: If you don't use it, you won't miss it when it's gone. Put unwanted items on your tax write-off, hold a garage sale or sell them on eBay. If you have to save to find storage space for a lot of things, it's time to get rid of it.

Check your potential income: Maybe you've had a hobby for years but never thought you could make money from it. Take a good look. If you like scrapbooking, put an ad in the paper and teach others to do it. At the same time, you can set up a website where others can apply to learn your craft online.

Do you have old money waiting to be used? Maybe you've moved house and forgotten your old bank details. Many free websites have lists of people who are owed money by insurance companies, banks and service companies. Try MissingMoney and CashUnclaimed.

Request an appointment: There will come a time when you need to buy an expensive item. You already know you need to find the best price, but are you ready to ask for a quote? Next time you decide to buy a ruby ring and you're prepared to pay £3,000, ask yourself if you shouldn't fight the price a little. Don't assume that the price is fixed just because it's in a fancy jewellery shop. Ask questions. It never hurts to ask.

Simpler money management solutions

   

 Let's be honest, if you want to find smart and simple ways to save money, you need to be a little more resourceful. Use some of these shortcuts to manage your finances. You'll save time and money.

Be sensible.

Can't always keep track of where your money is going? The solution is simple: spend less and save more.

If you're up for the challenge, set yourself a certain amount per week. Put a certain amount in an envelope and decide that's all you can spend in a week. Then divide it up so that it covers your expenses. If you have $20 leftover, set it aside in an emergency fund. When the money runs out, it's gone until the following week.

At the end of each pay period, you can save a certain amount in a hidden savings account, where it can only be used in emergencies. When things go wrong, you may have to rely on financial security.

Build a box to store the money. Then you have two options if the pizza delivery comes where your payments are different, as you can have cash on hand in case you need to make a significant payment. It's not easy to be aware of your finances, but it helps you to be more confident about your future. You can only use single banknotes. It's a success!

Buy just one credit card and pay it off each month to get your credit card debt under control. You can place your credit card in a safe deposit box to prevent overspending, which can happen if you don't maintain a separate emergency fund. Even if you get into trouble, you'll always have a credit card you can use.

You should record your spending in a notebook each week so you can see if you've spent more or less than expected at the end of the week. To make sure you always have a source of money, make sure you have extra savings once you have covered your necessary expenses.

Keeping your expenditures in check requires a little effort, but keeping an accurate record will show you places where you could be becoming low on funds. To save money, set aside at least $20 every week. Each year, you can add $1,000 more to your emergency fund each year.

 

More tactics to help you start saving:

• Make sure your salary is automatically deposited into your savings account, not your checking account. Transfer money to pay bills, but think twice before taking out extra cash.
• Once a week, take out cash from an ATM.
• Withdraw credit card funds for purchases from your current account right away so you're not surprised when you have to pay.
• When you pay off your credit, add that amount to the payments you've already made to the next creditor on your list. You can also put money aside in a savings or investment account to buy a house, holiday, or new car, and it will be there when you need it soon.
• Pay your bills online and save money.
• According to Judy Weeks of CheckFree, a leading provider of electronic billing and payment services, nearly one-third of US consumers pay their bills online.
• By far the easiest way to pay bills online is by using secure, encrypted services offered by banks, credit unions, brokerage firms and companies like AOL, MSN, Quicken and Yahoo! Don't forget that you'll receive a reminder email when your bills are due.
• The service can process payments completely electronically or, if necessary, generate paper checks, such as from a lawnmower. If your payment is late, many payment services will refund a certain amount (sometimes up to $50) if you pay according to their instructions.
• If you want to avoid additional paperwork, you can also receive invoices and statements electronically. You can order an electronic invoice from a number of services or at MyCheckFree.com.
• Paying your bills online can help you manage your finances. All your information-debt and previous payments-is in one place.
• Of course, you can also track your spending with Quicken. With Quicken 2006, you no longer have to print and send invoices after you've paid them. Instead, you can electronically link the invoice to the account you're paying from, so you always have it on hand.