Try keeping track of every item you purchase for say.. a week. This should help you identify where and on what, you spend your money. Once this is established, you can redirect those funds toward long-term financial goals: saving, paying off off any debts, homebuying, your retirement or college fund(s).
Don’t Pass On The Cash
In general, most people who use credit cards for everyday purchases tend to spend approximately fifteen percent more than if they were to use cash. Try giving yourself a cash allowance each pay period. After that allowance is gone, don’t go back to the bank/ATM for more cash, wait until your next pay period and watch the savings grow.
The credit crisis is everywhere. Many people are in debt with credit cards well beond their net worth. I’ve removed all but one credit card out of your purse and I use that one card mostly for gas. If you have lenders calling you, it’s time to respond and not hide. Write them a letter, negotiate… make sure you do not let credit debt ruin your score. Nowadays, even job hunting is difficult when you have a poor credit score.
Get out your digital camera (or camera phones) and take photos of whatever you would like to sell and put that stuff on Ebay or Craigslist. Purging is the new Spring cleaning and instead of having a yard sale (when many folks don’t even have a yard these days), you can sell those items while you are at work, school, or even asleep.
Check your household for find items that you haven’t worn or used in the past year or so. If that’s not your cup of tea, find a consignment store and get back a percentage of the value.
Anything that doesn’t sell, take it to a charity and then claim the donation on your taxes.
Things you can cut back on to save money:
Get rid of automatic subscriptions such as magazines or movie clubs
Downsize your enhanced cable services to basic
Walk to nearby locations rather than drive
Fill your tank completely rather than adding $10 or $15 dollars every other day
Bring your lunch to work/school instead of buying out
Join a movie rental club or watch On Demand instead of visiting the theater
And the list goes on…check out www.sensetosave.com, there are some great money saving ideas on this site.