10 Money Saving Tips

1. Develop a Financial Plan – no you don’t need to pay someone to plan your financial future. Learn some steps to plan your financial future for free.

2. Adjust your income tax withholding’s – if you get a huge tax refund every year, adjust your withholding’s on a W-4 form with your employer.

3. Setup automated monthly payments – avoid frustrating late fees by setting up automatic payments where possible.

4. Clip coupons or print them online – no need to be embarrassed, printable coupons can save big money on groceries and personal items.

5. Pack your lunch – eating out for lunch everyday gets expensive. Taking leftovers or other self prepared meals can easily save an individual $100 or more per month.

6. Look for group discounts – sign-up for sites like Groupon and LivingSocial to score amazing deals on restaurants and services in your area. Use these discounts to treat yourself to a night out once a month.

7. Drink Water! Calculate how much you spend on non-alcoholic beverages in a week. All that coffee, pop and juice adds up quickly. You’ll be impressed with the savings by simply drinking water and the health benefits will follow!

8. Build a home gym – monthly fees for gym memberships can be really expensive, especially if you aren’t motivated to drive to the gym in the morning or after work. Getting some basic equipment for your home is a great way to safe money and stay in shape. Just remember you still have to be motivated to workout, but having the flexibility to exercise anytime will make things a lot easier.

9. Donate clothing and household goods to charity – donating clothing and other goods to non-profits like Goodwill and Salvation Army will not only save you money on your tax return, but will be very rewarding too! Just make sure your donations are in good condition and you get receipts to avoid issues with the IRS!

10. Make an additional mortgage payment each year – divide your monthly payment by 12 and add that amount to your monthly payment. This will ease the pain of dropping an additional payment sometime throughout the year, but you’ll be surprise how many years you can but off a 30 year mortgage by simply paying a little more each month.

Having a financial plan and budget is an essential part of saving money and being  smart with your finances. Whether you are single or married, it’s important to understand where you stand financially and where you want to be.

*Everyone’s financial situation is different. Evaluation your situation individually and decide what makes the most financial sense for you. You are the only one that can control your financial well-being.