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Money Management: 5 Tips For Getting The Most From Your Money

Money Management Most people know that they need to save money and budget better, and many feel the pressure to make ends meet. However, taking the time to budget can give you more control of your finances. This in turn brings you peace of mind like nothing else will and allows you to more easily make ends meet. If you’d like to start saving a bit more money this year, why not start by implementing these five things?

Just Wait

One rule of personal finance that might serve you well is the 30-day rule. Basically, this personal rule asks you to wait 30 days before you buy. Chances are if you stick out the 30 days, the urge to buy will no longer be with you. This habit alone could save you thousands  in impulse purchases over the course of a year.

Change Your Own Oil

If you’re handy under the hood, you can save some serious cash by servicing and fixing your car yourself. A typical full-service oil change costs between $25 and $50, according to Angie’s List. If you consider that the average man drives over 16,000 miles a year and that a car’s oil should be changed every 3,000 miles, then this task alone could save you around $275 a year. Changing the oil and filter is really a relatively simple job and you can easily find instructions on how to change your own oil for your particular car on youtube.

Fix Your Car Yourself

And while we’re on the subject, if you can do any kind of serious auto work, this can also save you money, especially if you get the needed parts second-hand. Places like U Pull & Pay in Phoenix allow customers to take the parts they need from their junkyard of old cars. Many such establishments exist around the country, allowing DIYers like you to get your hands dirty and save hundreds of dollars on auto repairs each year by going second-hand. For example, a second-hand alternator may cost you around $25 and some change, whereas getting it new can cost as much as $500.

Sign Up for Customer Rewards

If you’re going to be shopping for groceries, anyway, why not shop and save? That’s what The Simple Dollar recommends. Usually these types of rewards are attached to a plastic rewards card that you carry on your key chain or like a credit card in your wallet. Each time you shop, the store’s computer system makes a note of your shopping habits. You’ll then get rewards after a certain dollar amount is spent or even updates when your favorite items go on sale.

Find Alternatives

Sometimes we do things a certain way because that’s the way we’ve always done them. That doesn’t make them prudent, however. Forbes suggests taking steps that trim the expenses from your daily life. For example, you do have to live someplace, but if you’re single, do you really need a 2500 square foot home when 900 feet will do? Can you walk or ride your bike instead of driving your car or even instead of taking public transit? How about this? Invite friends over for a potluck instead of going out to eat. These simple steps will save you plenty of money on stuff you already do.

Saving money doesn’t have to be complicated as this list shows you. It’s a matter of being systematic about it. If you are able to do even a few things on this list, you’re sure to save more money in the long run.

About the Author: 

Kara Masterson is a freelance writer from Utah. She enjoys Tennis and spending time with her family.

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