Los Angeles Investment Club, Real Estate Blog

Ways to Save Money

Posted by Sharon Lane

May 14, 2014 1:01:00 PM

how to save money

One of the biggest challenges most people face today is getting in the habit of saving money.  The more a person earns, the more their wants grow and the more they begin to spend. Following these tips can enable you to not only cut down unnecessary spending but also save money towards that retirement plan or college fund for your children.

Watch out for marketing strategies

Save by running away from the marketing tactics which get you to buy things you don’t need. Do you often get intrigued by those "buy 3 shampoo bottles and get 1 free" offers or maybe ‘buy 2 juicers and save $30’? Well don’t. Because the reality is you don’t need 4 shampoo bottles. You only need one. You don’t need 2 juicers because you already have one that works just fine. Whenever you encounter such deals, ask yourself  “Do you actually need it?” If you do, go ahead. But if you don’t, run away immediately. You’re smarter than getting laughed at by those sales quirks watching you ripping off your monthly budget through the aisle cameras. Statistics shows stores earn more money when they offer bundle deals on items.  

Save on your Monthly Subscriptions

If you leave for work in the morning and return in the evening, chances are you don’t use your landline or internet much. We all love speed and no one would blame you if you’d want to choose a 50mbps broadband package, but having these services at home when you hardly ever there to use it, is a waste of money. It would help you cut down that huge pile of bills at the end of the month.

If however, you do need a landline, look for the bundle deals. Purchase a package that suits your exact requirements. This method can be used for your cell phone bill as well. You don’t need an unlimited 3g package, if you use less than 2GB bandwidth monthly. Choose your subscription plans carefully.

Save on Insurances

Compare different companies prices when you're looking for insurance such as health, car, house etc. Look up the ratings as well as read the latest user reviews. Find a company who's service is in your budget while offering a excellent service.

If you buy a used car instead of a new one, you can save about 20% off your insurance premium. Maintaining a good driving record with no accidents or tickets makes a noticeable difference in your insurance premium. Also, if you have two or more cars sitting in the garage, why pay insurance for them all when you use only one? 

Save on transportation

Get a monthly pass for public transport such as the subway or the bus. Parking and fuel can be expensive using these resources can help you save a tremendous amount of money every month.

Always get a second opinion

This rule is a real money saver. It applies everywhere. Whether you’re getting insurance, satellite TV, or a cell phone or any other service for that matter. Be sure to check with multiple companies offering the same service. Some companies just have a higher price tag to their services. Doing a thorough research may reveal another company that is just as good and charges a lot lower for their services.

Look out for sales

Always be on the lookout for sales. They usually start before the holiday season. Often products are priced half of the original price, subscribing to Facebook pages of different stores. 

Save on Energy

A good and efficient way of saving on your energy spending is by using energy efficient appliances. For example, a single compact fluorescent light bulb can save  you up to $40 per year depending on where you live and your energy tariff. Replace the lights at your home or office with thee bulbs and think of how much you save per year! Likewise, always research and find the most energy efficient products when buying electrical appliances. When you get a chance switch to solar energy. You’ll be saving your electricity bill for the rest of your life as well as protecting the environment.

Following these tips, can help you save a lot of money every month adding up to a huge sum annually. Save the precious money you spend needlessly over useless things and instead, put it to some good use by investing it or putting it to a savings fund.


Topics: Saving Money

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