How to Save Money - 7 Ways to Pinch Pennies in This Economy

At a time when saving money may seem an impossibility, there are seven smart, savvy steps you can take to pinch pennies for your savings without feeling the hurt in your checking account. Steps one and two involve direct ways of setting money aside for your savings. Steps three through seven provide the means for making that happen by cutting your costs at home, on the road, and out and about on the town.

1) Set up an auto deposit to your savings account. It need not be a big chunk. Anywhere from 1 to 10 percent will make a difference. And making it automatic ensures you'll follow through. Some employers offer the option of having your paycheck split and deposited into two separate accounts, in this case a checking and a savings. Otherwise, you can set up through your bank an automatic transfer that moves money from your checking into your savings on a specified date each month.

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2) When recording debit card purchases, round up to the next whole dollar. For instance, if you put .25 on your debit card, round it up to $10 when recording it in your register. Over the course of a month, with transactions ranging from groceries, to gas, to coffees, to eating out, you should have quite a chunk of change saved up.

3) Clip coupons. It's old-school for a reason - clipping coupons is a tried-and-true method of saving money, especially when you shop at grocery stores that double them. Of course, the key is only using coupons to buy items you really do need. Otherwise you'll end up spending more than you save.

4) Channel any shopping compulsions into garage sales, thrift stores and flea markets. When you get the urge to shop and spend - on clothes, furniture, or anything that catches your eye - think second-hand. You can find fabulous, gently used items that curb your craving for shopping, on a budget.

5) Find free entertainment. Every community has fairs, libraries, parks, and other events and attractions that won't cost you a dime. All it takes is a little research and planning ahead to ensure that you know what's going on when so that you don't miss out on a good deal and, most importantly, a good time!

6) Save on gas. Drive less; walk more. Carpool and use public transportation when you can. When you must drive, make the most of it. Obviously, get the best deal on gas you can find, but also maximize your mileage. Make sure your tires are properly inflated, change your oil and air filters as recommended, use your air conditioner as little as possible and slow down.

7) Save on energy bills. Close all cracks in windows and doors, keep your thermostat just a couple of degrees cooler or warmer than you normally would, and turn down the thermostat on your hot water heater. Wash your clothes in cold water, and only run the washer and dishwasher when you have full loads. Instead of running the dryer, hand dry what you can, especially bedding. Unplug appliances and cell phone chargers, and turn off your computer when not in use. And, of course, turn off lights every time you leave the room.

You may not get rich from pinching pennies like this, but you will save money. You'll create an invaluable habit of building up bucks in the bank while also boosting confidence in your ability to set cash aside and always pay yourself first!

How to Save Money - 7 Ways to Pinch Pennies in This Economy

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