Money Saving Tips

In tough economic times, saving money is a must. Regardless of the current economic climate, however, you should always make saving a top financial priority. Whether it's curbing your spending habits, learning how to make a budget or getting yourself out of debt, this page offers links and information about valuable money saving tips.

According to a 2008 survey, approximately 42 million Americans live paycheck to paycheck.Los Angeles Times: It's Time for an Emergency Fund This means if one paycheck is delayed, millions of people may be forced to cut back on at least one major household expense, including paying utility bills, car payments, groceries or even mortgage payments. Establishing an emergency fund will allow you to draw funds in the event your paycheck is delayed or if you become unemployed.

How much do you need in your emergency fund? Most experts recommend at least three to six months of living expenses—more if you can afford to save it. During times of economic crisis and high unemployment, however, some experts are recommending that you amass up to one year's worth of living expenses in your savings account.American Public Media: How much in emergency savings? (February 23, 2009)

How do you fund an emergency fund? If you don't have one started, the best way is to start small. Take as much money as you can afford out of a paycheck and put it in a savings account. Even if that amount is only $10 or $20 a paycheck, it will start you on the road to an emergency fund.

Other ways to start:

1. Sell items on craigslist or ebay that you no longer need and put all the money into the emergency fund.
2. Have a garage sale and put the money away.
3. Get a second job, if you have the time, for a short period. Take all of the money and put it in the fund.

Saving money is more about learning and less about doing. The way one looks at money and understand how it works, as well as understanding how credit and equity play such a huge part in saving, the better off they will be.

Some of the wealthiest middle class people are teachers, cops, and firemen, even though their salaries may pale in comparison to their fellow wealthy Americans. Why? Because they managed their money right, made sure their Credit Score and Credit reports were on the up and up, and invested their money wisely.

Investing Saved Money There are people who save $10,000 a year from their salary who are millionaires within just 2 decades. These are people who do not put their money in the bank. They invest their money in stocks, bonds, and ETFs. Take the time to learn the market and you will likely double or triple the return you'd make keeping your money in a certificate of deposit at the bank. I recommend reading the various money management forums out there such as Money Making Online and others. Just search Google.

We all need to buy things at the store once in a while, whether it's clothes, food or other necessities. There are ways to save at different stores.

1. Learn to Haggle - Many Americans are uncomfortable haggling because it isn't a practice we do every day, like people in some other countries. There are ways that you can save some money, just by asking. The worst that can happen is that you are told no. You can ask for discounts on floor models or ask the manager to throw in other items for you. Sometimes when you buy multiple items, you can get a multiple item discount depending on how quickly the seller wants the items gone. If you learn how to haggle, then you can save yourself some money every time you shop.
2. Shop at discount stores for groceries, such as Aldi's, buy generic store brands, or learn to clip coupons. Not all generic brands taste as good as the name brands, but often you can't tell the difference. If you have kids that insist on a particular cereal, then buy it once and replace the cereal with the same offbrand cereal. Most likely, your kids won't know the difference either. Coupons are good if you were planning on buying the items in the first place. If not, and you are buying the item just because you have a coupon, then you will actually spend more money. So don't fall for the coupon trap.