Money-saving Tips

To cut back expenses, start by thinking about how you distinguish between needs and wants. A need is essential for survival, such as food and shelter. A want is something you could live without, like fast-food meals or gourmet coffee.

• Create a budget and stick to it.
• Set short-term and long-term goals. Short-term goals could include saving to buy a new outfit or computer. Long-term goals could include saving to buy a car or paying off your student loans early.
• Use coupons and buy generic brands or items in bulk to save money on food, laundry detergent and household cleaning items.
• Stick to a basic cell phone plan rather than adding costly features like mobile Internet.
• Compare costs before purchasing items, products and services. Steer clear of impulse buys or decisions.
• Keep your money in the bank rather than in your wallet. You will be more tempted to spend it when you have it handy.
• Get a roommate.
• Lower your monthly Internet and cable/satellite television bills by terminating service or switching to a cheaper subscription.
• Sell possessions you don’t need, such as clothing, CDs, books or household items.
• Get more tips on how to increase your income.