Always looking for ways to save money? Do you ever wonder where all the money goes? Here are some simple money saving tips to get you started.

1. Evaluate all income and expenses. Identify sources and amounts of income and list all expenses (weekly, monthly, quarterly, and annually) that you incur. Jot this information down. Having a good understanding of your financial status will allow you to know financially where you are in relation to your goals.

2. Establish a reasonable monthly budget. Now that you know the status of your finances, now it is time to develop your plan moving forward by establishing a reasonable budget. If you have debts, this is where you should develop a plan as to when and how to pay them off. Remember this budget needs to be within the means of the income coming in. Contact companies to work out payment arrangements or request rate reductions, if needed.

3. Update and review expenses and budget weekly. To best manage your budget, initially track all income and expenses on a monthly basis. Gather receipts or note transactions to ensure everything is accounted for. With a weekly update, you continuously know where you stand in relation to the budget for the month.

4. Cook meals at home. This can result in big savings. The key here is planning ahead. Establish a meal plan for the week or month and then coordinate your shopping and watch for sales. If time is your biggest challenge, try preparing meals in advance and with the ability to freeze additional servings for a future meals. Cooking with a Crockpot is another great option, allowing you to turn less expensive or tougher cuts of meat into great meals.

5. Do shopping once or twice a week. Throughout the week, make a list of needed items and stick to it. Not only do you save money by buying only what you need, but you will save yourself time, gas and money. Make sure you monitor sales and when you can, use coupon’s or discounts. Do not buy something that is not on your list. Buying something just because you have a coupon or a discount, when it is not something you need, is just throwing your money away.

6. Grow some fruits, herbs or veggies. No matter where you live, if you have a small balcony, deck, small yard, or acreage of land, you can grow your own food. Many fruits and veggies can be grown in pots, city rooftops, raised beds, etc. It is a wonderful way to learn how to grow different crops, but it is also a great skill for adults and children to have and to know how to do. Anything that you can grow on your own, is one less thing you have to buy.

7. Pay bills on time and if you use credit cards, pay off charges monthly. When bills are not paid on-time, late charges incur and can add up quickly. Establish a plan or a goal to set two days during the month where you pay bills. An example would be to pay bills on the 1st and 15th of each month. If you use credit cards, pay off charges made in full, so as to not incur any interest charges.

8. Reduce the clutter. Clutter is everywhere. When clutter (physical and emotional) exists, there is a lack of balance in life, health, home environment and finances. When the clutter is cleared, there is organization and clear decision making related to wants and needs, resulting in less spending.

9. Use your local library. Most libraries today provide so many ways to access books (and e-books), audiobooks, movies, music, video games, and magazines at no charge. Not only can you utilize their services at your local facility, but now they offer access online right at your fingertips.

10. Make your own cleaning products and skin products. Making your own cleaning, laundry and skin products not only saves you money, but it also allows you to manage what goes into those products. My experience making laundry soap results in once a year or so I make up a batch of laundry soap (@ $12 in supplies) that lasts us at least 12 months. Compared that to 4 or 5 times a year purchasing a jug for $13-19 each, results in considerable savings.

Remember that like everything else, it is a process. Continue working on ways to save money and you will reap the rewards. For some, this process may take longer based on personal circumstances. Future posts will include more in-depth budgeting and financial articles related to the above tips and beyond. If you have any financial topics you that are of interest, please let us know.

Theresa