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Beginner Money Saving Tips

New to money-saving? You may just be moving out on your own, getting your first job, or starting your family, but there’s no time to save like the present. If you want to be frugal and live a money-saving life, here are lots of GREAT saving tips for beginners:

  1. Switch bank accounts. NEVER pay maintenance fees for your savings and checking accounts, but look for a bank that will pay you for keeping your money in their bank.
  2. Be critical of hobbies.   Do you really need to collect coins, baseball cards, garden trolls, etc.? Can you sell some of the duplicate items in your collection to fund further collecting?
  3. Watch less TV.  Not only will you spend far less each month on your cable bill, but you can save time as well as money. If you must watch TV, why not sign up for Netflix or Hulu?
  4. DIY whenever possible. Instead of buying gifts and prizes at the supermarket, try making them yourself. You’ll improve your DIY skills while giving someone a thoughtful gift.
  5. Give it 30 days. When you think you want to buy something that could be considered “unnecessary”, wait 30 days before buying it. You may find you no longer want it as badly as you thought you did.
  6. Bring friends over instead of eating out. You can drastically cut costs by throwing your party at home instead of at a restaurant or bar. Plus, you can get all the food and drinks YOU want.
  7. Stick with the shopping list. Make a list of what you want before you go out, and ONLY buy the items on that list. Talk about trimming the fat!
  8. Entertain kids cheaply. Look for fun activities you can do that DON’T cost any money, such as visiting national parks, checking out museums, or hiking on a nearby mountain.
  9. Repair damaged clothes. Just because your clothing is damaged, that doesn’t mean you need to throw it out. Old clothes can be used as work clothes, and you can easily re-sew buttons and zippers.
  10. Clean your closet. Get rid of old stuff that you NEVER use any more. You can sell the stuff at a garage sale, donate it to charity for a tax deduction, or give it away, but get it out of your house!
  11. Buy the right video games. Don’t buy the games that you play once, finish, and never use again. Buy games that you can keep playing over and over with your family and friends–games like Madden, Mario Kart, WoW, and Elder Scrolls.
  12. Ditch convenience meals.  Sure, it’s quicker and easier to throw your food into the microwave, but it’s certainly not cheaper or healthier! Invest time in making meals that are healthy, and they will be cheaper.
  13. Drink water. Water is probably the cheapest beverage around, so drink it instead of juice, soda, and alcohol. Don’t waste your money on bottled water, but invest in a home water purifier if you’re worried about the quality of your water.
  14. Kick costly habits.  Party animals, chain smokers, drug users, and heavy drinkers all have one thing in common: they spend WAY more on their vice than they should. Kick that costly habit and save yourself a fortune!
  15. Cut home energy and water use. One great way to save big is to cut back on your light, power, and water usage. Your utility bills will go way down, and you’ll have the added benefit of doing your part to improve the planet.

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