Here are 10 easy ways to save at least $500.
1. Drive less. Yes, gas prices have come down. But, who knows when they will skyrocket again. Find ways to reduce your transportation costs. Does your area have a transportation system? Could you carpool with a friend or neighbor? Cut your transportation costs and put that money into savings.
2. Cut back on the drinks. You don't have to have a Starbucks coffee every morning. Have you ever stopped to think about how expensive those gourmet drinks are? How much do you spend every day? Multiply that by 1 week? Now, multiply that by 52 weeks in a year. That is how much money you could have in savings if you brought your own drinks from home or went without entirely.
3. Conserve that precious energy. Turn off the light when you leave the room. Turn off the TV when you leave the room as well. Find ways to reduce your heating and air conditioning bill. The biggest home-energy expenses are heating and air conditioning. According to the U.S. Department of Energy, "During every 24-hour period, you will save about 3 percent on your energy bill for every 1 degree you lower the thermostat setting (or, conversely, raise it when air conditioning is the big cost).
4. Take up gardening. Gardening has many benefits. You will burn calories. A nice garden will make for a nice yard, which will add value to your home. Mowing your own grass will save you $300 per summer. Apply your own weed killer and fertilizer to save another $200. That's $500 right there!
5. Choose small pets, or go pet-free. Large pets are a large expense. Here are some approximate annual costs of pet ownership: small dog, $780; cat, $640; a medium dog, $1,115; a large dog, $1,500. When it comes to pet ownership, smaller is better and cheaper. Less really is more (more in your savings account).
6. Don't flush money down the toilet. Do you have to buy brand-name toilet paper, tissues, paper towels, plastic-wrap, etc. Consider buying these products in bulk. You'll pay half the price as you would normally. Instead of buying these items at your local grocery store, try buying them at Costco, Sam's Club, Kmart or Wal-Mart.
7. Go easy on the media. Media and entertainment expenses has become a huge expense for many people. Take a look at how much you spend on cable, satellite television, Internet, etc. See what you can do to cut this major expense down.
8. Use the tax-advantaged plans at work. You can use your company's cafeteria plan, health savings account, flexible spending accounts, etc. You can easily put $500 into savings by using these plans once you spend $2,000 in pretax-ed dollars. Most employers can offer some sort of these plans. Use those pretax-ed dollars before you spend your own dollars.
9. Don't go out to eat. Eating in can obviously save you a lot of money. Instead of going to a restaurant and spending at least $25, go get a $7-$10 pizza at a pizza joint. Or better yet, cook yourself.
10. Get out of debt. Avoid credit card debt at all costs. NEVER pay interest on an instant approval credit card and pay off your balance in full every month. Getting out of debt quickly can save you a bundle in the long-run.
As you can see, it doesn't have to be difficult to start a savings account. Take a close look at your spending tendencies and make necessary changes to get your savings account up and going.
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