11 Creative Ways to Save Money

butterfly1 If you find yourself running out of money before you run out of month, you have a few choices. You can take out a payday loan, but the high interest charges and fees might make it hard to pay back. You can borrow money from family and friends, but that well will eventually run dry. Or you can look for creative ways to save money every day.

Saving just a few dollars each day can give you the cash cushion you need to make your money last and finally start getting ahead.

If you need to squeeze more out of every dollar you earn, consider making these money-saving tips part of your everyday life.

  1. Raise your insurance deductible — Raising your deductible just a few hundred dollars can save you a lot of money on premiums.
  2. Delay gratification — The next time you want to buy something, wait a week and see if you still want it. Avoiding impulse purchases is one of the best ways to save money.
  3. Learn how to sew — Mending your clothes instead of buying new ones can save you hundreds of dollars a year. You can also make extra money mending clothes for other people.
  4. Say no to bank fees — Paying the bank to hold your money is just plain stupid. If your bank charges a monthly fee, move your cash to one that truly values your business.
  5. Turn off the TV — Shutting off the TV will save electricity, but the money-saving benefits do not end there. Less TV watching means fewer commercials, and less temptation to buy things you do not need.
  6. Give homemade gifts — A jar of homemade jam or a homegrown plant makes a wonderful gift. Homemade gifts are more personal, and less costly, than store-bought junk.
  7. Sign up for every reward program you can find — From grocery stores to specialty retailers, loyalty reward programs can save you a lot of money. Sign up for every one you can and track your reward dollars carefully.
  8. Take advantage of senior discounts — If you are old enough, senior discounts can save you a lot of money. From free coffee to discount meals, many places offer significant discounts to their senior customers.
  9. Fund your 401(k) — You might think that funding your 401(k) would cost you money, but the tax savings can tip the odds in your favor. Contributing to a retirement plan lowers your tax liability, and the long-term benefits are hard to beat.
  10. Invite friends to dinner instead of going out — The next time your friends suggest a fancy dinner, suggest a night in at your place instead. You can stock the grill with great steaks for less than the cost of a single meal, and add a bottle of wine for less than a couple of glasses.
  11. Stick to your grocery list — Grocery shopping without a list can be hazardous to your wallet. Go through the circulars, check out the specials and use them to build your list, then stick to it when you get to the store.

Saving money every day is one of the best ways to accumulate a substantial nest egg over time.

You do not have to slash your existing lifestyle or go without to save money. Tips like the ones above can help you put money aside for tomorrow and still enjoy today.

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