Goal to Save Money in 2010
If you want to save money in 2010, there are many changes one can make within a household, that will return big dollars by the end of the year. If you are looking for a long holiday, a better car, or a new home, saving money is the key to help you reach your goal. The best way to start saving money, is to plan a budget for needs, wants, debts and savings. Your needs shouldn't be more than 50 or 60 percent of your income, if you want to save money. Saving a percentage of everything you make, is a good way to stay motivated. If you want to raise the percentage of money saved, you need to look at your needs and wants to cut costs, all while still paying off debts.
Household Expenses
The easiest home expenses or needs to cut will be electricity, heating and the phone bill. Electricity is easy to control, a lower wattage of light bulb should be placed in the majority of rooms, and lights should only be one when someone is occupying the room. To save money on heating, you should turn the heater off, when not in the home. When in the home, the heat should stay on the same comfortable setting, and be turned down 5 degrees when everyone is asleep. I heavy comforter to keep each bed warm, or an electric blanket is a great investment. The telephone bill, or mobile phone bill should be cut of any useless features. If you don't need voicemail or call waiting, have them removed from your services. Quit texting, and sending emails when you use your cell phone service, have people call you to talk, and it will save you money.
Personal Expenses
Personal expenses, such as food, clothing, and entertainment are all easy to save money on. All of your personal expenses are optional except for food. When you purchase food, only purchase it at the grocery store. If you are used to eating at restaurants, eliminate this habit, or only eat small quantities. Food at the grocery store, should be purchased in bulk and unprepared, and any extra should be frozen for a future meal. A small budget for clothing is usually necessary, while purchasing new items is not. Used clothes can be found on auction sites, in classified adds and at thrift stores. Even if you are picky about having brand name items, these can be found used as well. Entertainment expenses are necessary, if you are going to be realistic, so choose things to do that are fun and cheap. Take a picnic, instead of an expensive restaurant. Only purchase drinks at movie theaters, instead of drinks and a snack.
Debts
Paying off debts, will save you money in the future and help build credit. Just as one needs a percentage of monthly earnings to be dedicated to savings, you should also dedicate a percentage to debt. If your debts are too high, call all of your companies and ask them about lowering interest rates, or your monthly payment. You will be surprised at how many companies will do this, just because you ask them.
Insurance
If you have health, auto, life and home insurance, get a quote from a company to combine them. Many companies will offer all or most of these insurances, and give a customer a discount, if they have more than one policy. Raising deductibles, is another way to save money on necessary insurances. Figure out what the minimum insurance you and your household members need, and purchase the lowest amounts to save money. Once you've reached your goal for 2010, you should raise your insurances back up, to make sure you are properly covered.
It is great to have a goal to save money, regardless of what it is for. This teaches a person how to be responsible, and live a lifestyle that isn't wasteful. A budget should take into consideration needs, wants, savings and debts to be a realistic model. Percentages will help you save more, than a flat monthly rate will. If you need to save even more money than your budget allows, getting additional hours at work, or a second job will be necessary to reach your goal. Staying motivated is the key, if you believe that you can save enough for a new home, car, or luxury vacation, then you will do what it takes to save the money.
