Steps to Finacial Stability in 2010: Start Saving Money

We all say it from time to time, "I wish I could save more money."  It's a hard task and something you really have to put your mind to.  It is possible, no matter what your budget looks like. 

Here's the scenario: You're budget is already tight and it is very difficult to let go of any of your hard earned money and let it sit in the savings.  Here are some of my personal tips to saving extra money!

• Groceries- Shop in bulk and go less often.  It is important to plan meals for at least two weeks at a time.   If you can do a month at a time, that is even better.  Of course, you may need to go buy milk and bread once a week, but if that is all you need, that is all you go for.  This will help to reduce compulsive buying.  Also, leave the kids at home.  We all know the kids ask for every little snack they see when at the grocery store.  Sometimes it is just best to leave them at home and do the shopping on your own.  This will help you to stick to your list and not buy all those extra items that you really don't need. 
• Cut back on the things you don't need. 
• Lunch- Are we really that much more satisfied by eating out at lunch everyday or would leftovers or a sack lunch suit us just as well?  Most of the time, we'd be just as full and happy by eating food from home at lunch.  Try taking your lunch instead of eating out or from your cafeteria. 
• Cell Phone- It is very likely that most of us have the best cell phone plan out there.  We have unlimited texting, Internet and minutes.  Are you actually using all your minutes or could you cut your plan back?  Maybe you can live without texting and the Internet for a few years.  Most likely we can all get use to not having these extra things. 
• TV- Television is something we all depend on for entertainment.  Though, it is something we could easily cut back on.  We might not be able to watch our favorite shows anymore, but I bet we'd all find new favorite shows if we cut back on our cable/satellite plan.
• Drink Water- A soft drink or tea can cost you over $2 at a restraunt.  Try drinking water and see how much you can cut back on your bill.
• Shop with cash! If you have trouble staying true to your budget, shop with cash. Once you hit your budget, there’s no more spending! When it’s gone, it’s gone!

Now that you've saved some money, how do you make sure that money gets to the savings each month before you spend it?  Pay yourself first! This is the only way to save. Set up a payroll deduction, automatic transfer or direct deposit into your savings account. When building your budget, don’t even depend on this money. It should come directly out of the paycheck and go straight into the savings! Leave it there and don’t touch it unless you have an emergency! Talk to a Member Service Representative for help in establishing payroll deduction, direct deposit or an automatic transfer.

Those are only a few of many tips to saving money.  We'd love to hear about your own tips.  For 101 other savings tips, click here.