So You Want to Save Money?

Happy holidays everyone! Here are some quick tips on saving money:

(1) Eat in more and out less – On average Americans eat four meals each week outside of their home. Here is another shocker; in 2007 an American household’s annual average spending on food at home was $3,465 and $2,668 outside the home according to data provided by the US Census Bureau (2008). That is far too much money spent on dining out. For the average American household these food expenses (inside and outside the home) consume 13% of the annual household income.

(2) Make and take – While you are eating in more, prepare lunch for work before you leave the home. Some doctors have said preparing lunch at home can be beneficial to our health. This is a great way to save money and be healthy with one swift change, awesome!

(3) Shop in order to drop – Some of the services we are accustomed to now have lower priced alternatives. Here is a look at some alternatives: traditional land lines could be replaced with VoIP (Voice Over IP), cell phone rate plans have changed and car insurance is becoming more competitive. Therefore, shop around for some of the essential services. There maybe a better price out there for you without losing the quality of service you are looking for.

(4) Adopt a new policy – When spending money we need to think strategy over impulse and need over desire. In the New Year, you should adapt a new policy. If it doesn’t assist you in generating revenue it is a liability. Place more focus on income producing and family centered activity than desire.

(5) Increase in knowledge - Above all else we each need to increase our financial literacy. The old statement is true – “what you don’t know will harm you”. Read books, financial magazines, listen to financial networks or speak with experts in the financial industry who can assist you with increasing your financial literacy. Financial literacy is more than knowing how to generate revenue!

I hope that these five tips assist you!