Tip #1: Set up automatic withdrawal to your savings account.
Tip #2: This is the simplest and most effective technique of all. If you set up $100 per month to your savings account, you will save $100 per month.
Tip #3: I use a high-interest ING savings account to manage my savings and sub-savings accounts. It’s free to open, high-interest, and they don’t send me a bunch of crappy junk mail. It just works.
Tip #4: Bank online. Rates for online savings and checking accounts are consistently (and significantly) higher than at most brick and mortar banks.
Tip #5: Make your monthly credit card payment on time. The $30-35 you save by not being charged a late fee each month on one card would save you most of the money you need for $500 in emergency savings.
Tip #6: Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings.
Tip #7: Get in the habit of turning off all lights and appliances that are not being used. You’ll be surprised at how quickly the energy savings will add up. Replace all “non-reading” lights with lower wattage light bulbs or possibly the new “energy plus” bulbs for even more savings over time.
Tip #8: Ask for direct deposit at work if they offer it – you’re saving money, and you don’t even see it. A savings plan at work that pays you a “matching contribution” is the fastest way to save. Pay yourself first!
Tip #9: Automatically withdraw a small amount from your paycheck to a savings account. If you and your partner can each withdraw $50 a week, you will save over $5,000 a year!
Tip #10: Switch your bank accounts to a bank that respects you. You shouldn’t be spending your hard-earned money on maintenance fees – you also should be earning some serious interest on your checking and savings accounts. I use ING Direct.
Tip #11: Most people spend more than they need to when it comes to monthly cell phone bills. Consider no contract cell phones, as they usually go with prepaid minutes, preventing you from being charged for going over you minutes.
Tip #12: Tax refunds are not as great as people think. Why would you want to give the government an interest-free loan until April? Then again, it acts as a forced savings program. You choose what’s best.
Tip #13: My best tip is never to spend a $5 Bill that comes into my possession. At the end of the month I deposit at least $50 into my savings account.
Tip #14: Save thousands by pre-paying your debt. Pay off a little bit extra every month. You’ll realize huge savings long term.
Tip #15: You can be just as good an American by putting stimulus cash in one of the many high-yield savings accounts available online (easy to open) or use it to pay down your credit card debt, especially if you’re carrying a card with a high interest rate.
Tip #16: If you have Bank of America for your checking account, enroll in “Keep the Change,” it rounds up the amount you pay to the next full dollar and puts the difference in your savings account. It adds up very quick.
Tip #17: Teenagers – Teach them how to use a savings account, how to fill out a checkbook, and how to responsibly use a credit card.
Tip #18: Save all of your change – the coins that end up in the laundry, under the cushions, or languishing in the tray in your car. Once a month, deposit them into a high-yield savings account!
Tip #19: Give yourself weekly allowances. Focus on your allowance and how you can get the most out of it. Deposit the rest of the money into a savings account. It will come in handy when you’ll really need it.
Tip #20: Whenever you get any unexpected/unbudgeted income (tax refunds, sales, freelance earning, gifts, rebates), either use that money to pay down debt or put it in savings. Don’t even consider spending it.
Tip #21: 8-12 year olds – This is the perfect opportunity to help your kids write down some financial goals if they want to purchase a big-ticket item such as video equipment or designer clothes, and you can use this experience to focus on the act of saving.
Tip #22: Split your mortgage payment in half and pay that amount every two weeks, instead of once a month. You will pay the same monthly amount, but probably take between 7 and 10 years of payments off your mortgage, saving a huge amount of money.
Tip #23: Pay yourself for “impulse savings”. When you don’t buy an expensive coffee actually put $5 in your piggybank or transfer $5 to your savings account (or better yet transfer $25 at the end of the week).
Tip #24: Pay yourself first. Figure out how much “disposable income” you have (once bills & basic necessities are covered). Then commit to saving a set amount each time you get paid. Keep it in a separate bank account so you are not tempted to spend it.
Tip #25: Consider Tax Breaks/Energy Incentives: Your county or state may have an initiative that offers savings on certain energy-efficient appliances. Rebates may be available for large, expensive appliances that meet certain energy requirements.
Tip #26: Pay yourself first! Set up automatic transfers into your savings account each month (or after each paycheck).
Tip #27: Find a community of people who love to save money. Money-saving tips will fly around the community and you’ll learn how to save much, much faster!
Tip #28: A penny saved is a penny earned. And you really should save it. Let it sit in a savings account. If you’re debt-free, keep enough money in savings to live for 3-12 months. Anything above that, you can give away to effective private charities.
Tip #29: Create several savings accounts, one for each need: a long-term emergency fund, saving for a car, a down-payment, vacation, etc. You will better see your priorities and how best to allot your money.
Tip #30: Bounce one fewer check each month. The $20-30 you save by not bouncing one check a month would save you enough money to nearly fully fund a $500 emergency savings account.
Tip #31: Automatically split your paycheck into needs, wants and savings. Savings could also be split into emergency fund and retirement.
Tip #32: After getting your paycheck, payoff your monthly bills and your rent/mortgage. See how much you have left, and transfer a fair chunk immediately to savings. You save by actively saving, not seeing what’s left at the end of the month.
Tip #33: Lock 10% of your salary automatically in a fixed deposit savings plan on the day you receive your salary. After a few months you will not even notice
Tip #34: Build a basic emergency fund before paying off credit card debt. Pay the minimum on your credit card balances while saving. Pay more than the minimum on your cards after your emergency fund reaches 2 months of essential expenses.
Tip #35: Open your checking and savings accounts at credit unions. You will pay half the fees, and earn twice the interest on all your accounts.
Tip #36: No one enjoys paying health insurance. So if you’re generally health-conscious, use a High Deductible Health Plan, with a tax-saving Health Savings Account. Sites like eHealthInsurance provide a quick way of getting quotes without sales folks.
Tip #37: Split your direct deposit between your savings and checking accounts. By directing money straight to your savings account, you will be less likely to transfer the money to checking for “emergencies” than if you had automatic withdrawals set up.
Tip #38: Open account at banks that pay you interest over checking and savings account, and has less strings attached. I use HSBC Direct (no minimums, no strings), but they are some other options as well. Very quickly you can add up some money as interest.
Tip #39: Have the habit of writing down the daily expenses with your family members and children. This will make them think about cutting down unnecessary expenses and saving money.
Tip #40: Every time you cut out something in your monthly budget add that same amount to an automatic deduction from your paycheck to some sort of savings account. I automatically save $140.00 per month to a separate online Money Market Account.
Tip #41: Teenagers – Considering rewarding your children for their savings efforts by providing some kind of incentive program. You can match all or part of your kids’ savings.
Tip #42: Keep three types of accounts – credit card for all expenses, everyday for income and savings for interest, on pay day, transfer a major part to the savings, to take back only when needed. Pay up credit card regularly every month and avoid any interests.
Tip #43: Separate your checking and saving account. That way you will not take a false comfort of how much money you have saved. There is always room to save more.
Tip #44: Create an automatic savings plan. If you set up a systematic deposit into your savings account that coincides with your pay check you’re far more likely to save money. After just a few weeks you won’t even realize the money is gone.
Tip #45: Make a list of all non-monthly bills: insurance fees, car registration, property taxes, etc. and add them up. Divide the total amount by 12 and move that amount every month to a savings account, to avoid nasty surprises when the bill comes in.
Tip #46: Organize separate savings accounts to reflect your savings goals (i.e. emergency fund, travel fund, car fund, computer fund, wedding fund or any other savings goal.) This motivates you to save for a certain goal. Remember to automatically deduct.
Tip #47: To better use your $400 tax credit this year, open a high yield checking account and start your family emergency fund if you do not have one already. Then continue saving for this fund even if President Obama and Congress do not extend this credit.
Tip #48: Don’t keep taking money in and out of savings… throw it in there and let it marinate.
Tip #49: Don’t buy insurance on small amounts (such as trip cancellation, extended warranties, bicycle theft riders). “Self-insure” by keeping a savings account for those occasional losses.
Tip #50: Treat your savings account like a bill, and make it the first one you pay every month. Make the amount something manageable, so that you wont even notice it. And Watch it grow. It will make you feel better about bill time.
Tip #51: Set up automatic deductions from your paycheck (or direct deposit account) to savings and retirement plans. This means you don’t have to worry about not having enough to save!
Tip #52: Direct deposit to high interest ING savings – 12 months fund, down payment, remodeling, etc. Divide direct deposit by sub-accts and distribute funds across them. Direct deposit to ING checking for mad money. Use old checking for bills, day-to-day living.
Tip #53: When using your debit card for purchases, the bank rounds to the nearest dollar amount and transfers the difference from your checking account to savings account. It may not seem like much, but it helps you save in times when you think you can’t.
Tip #54: Automate all of your savings and investing — you’ll never have to worry about putting money aside for an emergency or retirement. It’ll happen automatically.
Tip #55: If you don’t use your health insurance benefits much, check into a HDHP with a Health Savings Account. You can save money for little things, which if you don’t use, you get to keep.
Tip #56: Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you’ve purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account.
Tip #57: Don’t let a lot of money lie in your savings account. Invest all the money beyond what you need in fixed term deposits. Every little counts!
Tip #58: If you use Wachovia, sign up for the “Way to Save” savings account. Every time you use your check card, one dollar gets deposited into a high yield savings account that earns five percent for the first year if I am not mistaken.
Tip #59: Use cash as much as possible. This way the spending is less and savings are huge.
Tip #60: Water is extremely healthy, and free! Switch from soda to water and you will save money and reap the health benefits. Before you know if, you will be losing weight and saving cash.
Tip #61: It pays to shop around for saving accounts. Some online banks pay interest that’s 3-5x higher than brick & mortar establishments. Try E*Trade, Capital One, ING Direct, or HSBC Direct.
Tip #62: Pay your mortgage now instead of at the end of the month. You will save a few weeks interest (more than you will make in savings).
Tip #63: Build a rainy-day fund and use it to borrow from yourself to save on credit card interest or payday loan fees. To accomplish this, put money into an emergency savings account, ideally equal to 3-6 months of living expenses.
Tip #64: If you’re married and both working, try living off the salary of just one of you. Put the other’s salary straight into savings accounts that contribute to retirement or some other goal such as home or car ownership.
Tip #65: Build an emergency fund. First build up enough savings to cover 2 months of your essential expenses. Then, work towards saving 6-9 months of essential expenses. You never know when you’ll need the money.
Tip #66: Programmable thermostats are easy to install and will shave about 10 percent off of your heating and cooling bills. The average annual savings is about $100. Programmable thermostats often pay for themselves in two years or less.
Tip #67: Consolidate your insurance bills to one provider. Most insurance companies give significant discounts if you have home and car insurance with them. Also consider umbrella insurance – sometimes the savings outweigh the cost of the umbrella insurance.
Tip #68: I find, as a college student, I’m always strapped for cash. But automatically depositing $2.00/week into my savings account yields me $104.00 in savings at the end of the year!
Tip #69: If you get a raise, pretend you didn’t. You know you can live on your current budget. Don’t spend it – use it to pay down debt or put it into retirement or savings accounts!
Tip #70: “A penny saved is a penny earned” – but that penny saved under your mattress won’t do anything but lose value! Make sure you find a high interest savings account to keep your hard earned money from getting eaten away by inflation.
Tip #71: Learn about scams and scamming. Scams can be very subtle. Scammers can be so persusive and charming that even the sensible can lose their savings. Split your savings in to many accounts/pots. Just two hedge funds is asking to be a victim.
Tip #72: Use a zero-based budget so that all of your dollars each month are accounted for. Include the money you’ll be putting into savings and consider it an expense (even though you get to keep it).
Tip #73: Look at buying a monthly bus or train pass to get the savings on buying single or 10 trip tickets. The sheer convenience is also an advantage.
Tip #74: Want to save hundreds of dollars per year on gas? Read the free e-book, Gas Saving Tips. Even if you think you know how to save gas, you’ll learn new ways in this book. Download it from www.second-opinion-doc.com/gasbookcheck.php
Tip #75: When approaching stopping points such as red lights or traffic, stop accelerating and coast to the stop. Many times the light will turn green or traffic will start moving once you get there, saving you gas and brake pads.
Tip #76: Remove all your lightbulbs in your home and replace all of them with energy saving bulbs you can buy at Walmart. They do cost more in the beginning but they will pay for themselves after 3-4 months. You will notice a change in your electric bill.
Tip #77: Use the free www.gethuman.com website to learn how to bypass automated phone systems and get directly to a human, saving you many minutes you might otherwise be on hold.
Tip #78: Always have a goal when saving. If you save just because you think you should, it will be easy for you to steal from your savings. Save for big purchases, save for emergencies, save for retirement. But don’t “just save”.
Tip #79: If you need to access your savings in the next 5 years, make sure none of the money is in risky investments like the stock market. Keep it in an FDIC insured bank account or CD.
Tip #80: If you go out to eat, get something from the dollar/value menu. That way you eat a smaller portion, saving you calories and money.
Tip #81: Install Solar Hot Air Panels which are the cheapest solar technology and provide the quickest savings payback period (2-4 years). While manufactured units range from $1,200 – $3,000 per panel, there are designs that can be built for around $500.
Tip #82: If you want a guaranteed 15% return on investment, pay off your credit cards. No reason to have money sitting in a savings account when you can pay off your credit cards which have a higher interest rate than a bank will pay you or the stock market.
Tip #83: Set up an ING account with sub accounts for different savings goals (things like property tax, new furniture, new car, etc.) and then put money in those accounts every month. Save up for the things you need, before you need them!
Tip #84: Save money on your insurance by increasing your deductible. If you are scared about having a higher deductible, put the savings in a savings account and after two to three years you should have the difference saved.
Tip #85: Apart from necessities, shop only if you can afford it. You can afford it only if you have no debt and have savings in the bank.
Tip #86: Some banks and credit unions offer special holiday savings accounts that don’t allow withdrawals before the holiday season.
Tip #87: My grandmother Eleanore and perhaps rest of our grandmothers said waste not want not that means usually turn off devices you’re not using and even those cell phone chargers that still draw electricity. If you unplug them you will see the savings.
Tip #88: Smoking – right now add up how much you spend on cigarettes per year – that’s how much you could save.
Tip #89: Alcohol – there is no such thing as free beer. You might be surprised if you added up the costs of all your drinks for a year. The same goes for nights out, gambling, fast food, vacation clubs, country clubs, and laziness.
Tip #90: Save, don’t spend, a financial “windfall.” If you receive a large sum — perhaps from an inheritance, an insurance payment, a tax refund or a bonus at work — deposit that money into a savings or investment account before you’re tempted to spend it.
Tip #91: Plan menus a week in advance for big savings. Buy & prep everything on the weekend. Heat-n-eat the rest of the week. Saves time and money.
Tip #92: Going out to buy groceries/vegetables/shopping or a park make sure your hand bag as an apple, fruit bar, water, napkin. And if you have kids coming with you have crackers, Honey Nut Cheerios in Ziplocs. I found very great savings with my kid.
Tip #93: Get the highest interest rates on your checking and savings accounts. RateCatcher.com has a chart updated daily which lists the top 100 online savings account rates. These are FDIC insured banks only.
Tip #94: Your local gas company may be able to help you save money. I had more insulation put in the attic and then I received a rebate of nearly $500 from the gas company for doing it. I have been able to tell a great difference in the heating of my house this winter.
Tip #95: Book your air and car together through a variety of online travel sites. You generally receive a discount for both by booking together. Also, sign up for top deals lists which have limited time savings.
Tip #96: When buying insurance seriously consider a comprehensive health care plan as opposed to the new high deductible with savings plan required. A comprehensive health care plan with no deductible is cheaper.
Tip #97: Never spend your change. Only use paper bills. Put the change you get each day in a jar. Before long, you’ll be rolling your saved change and depositing it in your savings account (or your kid’s saving account)!
Tip #98: Look into high yield online savings accounts.
Tip #99: Start saving for Christmas or other holidays far in advance. Figure out how much you’ll need and determine how much you’ll need to save every month. Start saving on December 26th for the following year. Buy Christmas decorations at clearance sales!
Tip #100: Book a spa appointment in your bathroom and indulge in all the free samples you’ve been saving over the years. Carve out the time just at you would if you were going to a spa. Do not buy anything new and justify that it is cheaper than going out.
Tip #101: Write down every dollar you spend in a week. Awareness to money saving is like a fish is to water.
Tip #102: Think about using reusable diapers. The cost savings are great, especially if you use then from the beginning and even more so if you are thinking of having more than one child.
Tip #103: Saving money can be easy when you make small, simple changes in daily habits or banking practices. For example, have your paycheck directly deposited into your checking account with a portion automatically transferred into a savings account.
Tip #104: Most companies can direct deposit into multiple accounts. Set up a percentage of every paycheck to deposit into your savings account. Then forget you did it.
Tip #105: Turn a debt payment into a deposit. If you pay off a debt, such as the outstanding balance on a credit card, or if you make the last loan payment on your car, keep making the monthly payment—not to your lender, but rather into your savings account.
Tip #106: Always use cash discount if possible, 1% or 2% in 30 days makes a big deal of savings if you calculate it up to a year.
Tip #107: Dilute your juice with a little bit of water. Juice is full of sugar and artificial flavorings. Your kids will never notice if you dilute it with water. Simply add 20% of water to your juice for instant savings.
Tip #108: When you get your paycheck, pay yourself first. Set aside at least 10% for savings, and aim for 25%.
Tip #109: Wash only full loads of dishes and clothes. Reducing the amount of laundry and dishes you wash from six to three times per week could save you 40 kWh per month.
Tip #110: Smoking, drinking, drugs, junk food and rock-n-roll. They all cost. Reduce all but rock for massive health & $ savings.
Tip #111: Yodlee is a great online tool to keep track of your expenses, to check all your savings, credit card, mortgage and other loan accounts. The Financial Calendar is a great way to foresee how the year would look like money-wise.
Tip #112: When eating out, go to restaurants for dinner where lunch and dinner are the same price. Eat at restaurants for lunch where the price for lunch and dinner are different. Same goes for movie theaters. Go to the matinee to save a few dollars. Indulging in these unnecessary luxuries at off peak times can really save you money.
