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Posted in Frugal Living

8 Most Effective Ways to Save Money

8 Most Effective Ways to Save Money

Regardless if you are rich or poor in today’s society, you more than likely enjoy saving money whenever and wherever you can.  Saving money means that you will be able to actually cut your overall costs. Finding effective ways to save money should be a top priority for people of all ages and tax brackets. Here are 8 most effective ways to save money.

1. Keep the Change

Effective ways to save money

Just because you may prefer the type of money that folds does not mean that you should be so quick to part with the type of money that jingles. Those cents that you have spread throughout your home and in the pockets of your pants and coats can add up quicker than you think. You would be surprised at how much money you would be able to save by making sure that you keep the change and accumulate these coins over time.

2. Buy Used instead of New

Effective Ways to Save Money

Even though it may seem more advantageous to buy something that is new instead of used, there are actually many more benefits that can be enjoyed through buying used products instead. You will be able to experience the same quality and benefits without having to pay as much for them.

3. Use Prepaid Cell Phones

Effective Ways to Save Money

Cell phones that are on a multi-year contract may seem to be the most cost-effective option, especially since you get a major discount on the retail price of the phone.  However, you can save a lot of money in the long run by using a prepaid cell phone that offers an affordable service plan without all of the extra fees and expenses.

4. Cook In, Don’t Dine Out

Effective Ways to Save Money

The average consumer spends hundreds and even thousands of dollars each year on restaurant meals. By deciding to focus more on cooking your own food instead of buying someone else’s you can save a lot of money.

5. Become an Avid Online Shopper

ways to save money

The odds of you finding a specific product priced better in a traditional store than an online store are slim to none.  Since online businesses do not have as much of a financial burden of overhead expenses and other associated costs, they can sell their products for much lower than traditional stores can afford while still making a good profit.

6. Don’t Hire Someone, Do It Yourself

Ways to save money

When it comes to projects around your home or even with your automobile, do not rush to hire someone else to take care of these problems for you.  You can actually save a lot of money simply by doing the work yourself.  Even though it may be tedious work and very time-consuming, it will pay off in the end by allowing you to save a lot of money.

7. Avoid ATM Machines with Surcharges

ways to save money

Even though it may seem like a more convenient option, ATM machines can sap you of your money quicker than you think.  The $2-$3 surcharge fines that you have to pay by using many of the ATM machines that may be conveniently located throughout your local area can quickly add up.  By searching for ATM machines that do not have surcharges, or just by withdrawing your money from the bank directly, you will be able to save a lot of money over time.

8. The 50-Week Challenge

ways to save money

Participating in a money-saving challenge (such as the 50-Week Challenge) can save you a lot of money over time. How does this money saving challenge work? You assign each week a consecutive number from 1 to 50.  On each specific week, the amount of money that you save will match the number of that particular week. For example, you will save $1 on Week 1, $2 on Week 2, $20 on Week 20, $35 on Week 35 and so on. If you stick to this money saving system, you will be able to save over $1,200 within a 50-week period.

This is just the tip of the iceberg. There are many more ways to save money in big and small amounts. Make sure that you keep your options open and search for any available opportunities because you are never quite sure just how much you can save (or even make) by capitalizing on those opportunities when they present themselves.

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