tips on saving money

[heyjude]

What is an easy way to save money? Do you have some tips about saving money?

[invest]

It depends on the amount of money you want to save. It depends on your monthly expenses and your income. You can stop using credit cards for a start and you will see how much money you will save in not paying interest for example. And even if you pay your credit cards in full you will spend less, believe me. Use you debit card for every purchase and you will save money by not buying unnecessary stuff.

[trent]

I always try to increase my earnings, without over-budgeting and trying to cut my costs. I've foiund that this works better for me most of the time .

[Canadian]

Originally Posted by trent

I always try to increase my earnings, without over-budgeting and trying to cut my costs. I've foiund that this works better for me most of the time .

Unfortunately not everybody can increase their earnings - for example people on fixed income, retirees, students, etc.

To answer the original question, you should learn to live below your means if you want to be able to save. This means that if you earn $3,000 per month after taxes you have to live on $2,500 for example. Obviously in the current inflationary environment this is not easy for the majority of Canadians.

Even if you are able to save every month, you are still silently tax by inflation, so you will be forced to invest your savings in order to at least preserve your purchasing power.

[heyjude]

Thanks Canadian!
I think to start saving money one should spend only for necessities - I don't need another pair of sneakers - I already have 10! Spend for what you really need and you will save money.

[bullish]

I invest almost everything I'm able to save. This will make me rich in the long run.

[Canadian]

Originally Posted by bullish

I invest almost everything I'm able to save. This will make me rich in the long run.

...and bankrupt in the short run

[Steven]

I've stopped spending on anything but essentials, and I plan to keep it that way, until I see a decent economic recovery.

[invest]

The easiest way to save money is to stop spending them Spend only on the essentials like food, housing, transportation (by transportation I mean if you drive don't lease expensive vehicle - buy/finance reliable car that won't need too much repairs), clothing and no luxury items. Don't renovate your home if you don't really need to, don't buy new TV if your old one still works and so on. Trust me, you will save money if you do this

[Canadian]

Originally Posted by invest

The easiest way to save money is to stop spending them Spend only on the essentials like food, housing, transportation (by transportation I mean if you drive don't lease expensive vehicle - buy/finance reliable car that won't need too much repairs), clothing and no luxury items. Don't renovate your home if you don't really need to, don't buy new TV if your old one still works and so on. Trust me, you will save money if you do this

Yes, lots of people fail to realize that they can save money if the get rid of unnecessary spending habits.