A Review On How To Save Money
Wouldn’t you just hate it when your parents are right? They go out of their method to tell you about how to save money so that you will aren’t a slave to your bills yet you keep making mistakes that eat away at any hope of savings. In the current economy there are many discussions about how to scale back expenses and save money. During a recent dinner conversation my friends and I also started discussing some of our biggest money blunders. I was surprised to find the similarity within the top 4 mistakes.
Over reaching on your own car purchase was one of the number 1 mistakes. Cars could be a big section of your budget like a younger person and the icing on the cake is when you determine to lease a car that in the “real world” you would not be able to buy. Don’t assume all leases are similar but you may need to look out for mileage clauses that can take what you thought was a fixed expense and blow you out of the water with payments for mileage overages. Yes my parents buy their cars outright and hold onto them for at least 10 years. It may not be the fashionable choice but it will certainly save you money.
One more common money waster was expensive home gym machines or gym memberships that have been never used. Don’t get me wrong exercise is not necessarily a bad thing. Everyone ought to have some form of exercise plan to enable them to stay in shape.If you would like at an infomercial late into the evening while munching on chips and decide that $2500 home gym is your solution to all of your life’s problems odds are you should not buy it. If you really need to lose weight and workout there are many more low cost solutions to do it including the tried and true walking or running that costs you nothing. Many of us around the table had at least one item of home exercise equipment that they had bought and it is now being used for at best hanging clothes. You may also go with a low end basic level treadmill or elliptical at the local department store to test whether you have the discipline to utilize it before paying out major cash.
Clothes also were a bigger chuck of some of my friend’s budgets than I thought. I am not a clothes horse however I am partial to shoes. There were plenty of takers when it came to wasted money on clothes and shoes that have been rarely used. Shopping for the latest brands and trends in clothes can break your account. How to save money on clothes really comes down to treating it a lot more like groceries. You’re making a list and also you buy what exactly you need. Don’t allow yourself a lot of impulse buys.
A couple of our friends discussed the expense of their dog. Though they will never give them up for the world they remarked that in hindsight they might not have made the commitment of buying a pet. Pets can be expensive. They require food and vet care. With regards to the size they can easily cost you in excess of $1000 a year. If you are contemplating how to save money leave the pet at the store before you can really afford it. Money saving tips may seem like a lot of work but many times it depends on making the right choices when you decide what and what not to buy. In order to save money for a new home or a car or for school think about these simple tips on how to save money and will also be enjoying many more deposits into your bank account.
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