How to be Frugal- Saving Money Advice

Frugal Living Tips- Ways to Save Money & Adopt Frugality

By : © Lena Gott

Amy Dunn, owner of the Our Frugal Journey website (formerly the Free to be Frugal blog), shared her advice on how to be thrifty with Suite101 Personal Budgeting & Finance Feature Writer, Lena Gott. Read below for her best penny-pinching tips and sound advice for saving money on purchases.

How to Be Frugal- Saving Money Way of Life

When asked what it means to be conservative with money, Amy said, “To me, being frugal means using our family's resources prudently. And by resources, I don't just mean money, though saving money is a big part of it. In our family, my husband makes the money and my job is to stretch that money as far as it will go. I do that in a lot of the usual ways: coupons for groceries, toiletries, cleaning supplies and other household items, and discount codes for any online purchases we make.”

Frugal Living Tips- Embrace Frugality with Money Saving Ideas

Here are some other thrifty tips from Amy:

• Before running out and purchasing something, ask yourself if you really need it or do you just want it.
• If it is a true need, then see if there is any alternative to buying the item. Alternatives: make it, borrow it, substitute something for it, barter for it.
• If the purchase must be made, make sure to purchase it at the least expensive place.
• Be patient and creative. Don’t make any purchase simply for instant gratification.
• Live within your means. If you don’t have the cash to pay for it, don’t buy it. Save up for the purchase.

Notice that the frugal tips above are all basic money saving ideas. That’s part of what being careful with money is all about.

How to Become Frugal- Delay Gratification to Save Money

According to Amy, frugal people do not just run to the mall and make a purchase. Their purchasing process is much more thoughtful than that. They check thrift shops, consignment stores and garage sales first. Then they try discount stores and online stores before heading to the mall. If at all possible, they try to wait for a sale and use a coupon (if available) along with the sale price to get the best discount.

Learn Ways to Save Money- Amy Dunn’s Blog, Articles on Frugality

Amy believes being frugal is a mind-set. As her family has become more and more thrifty, they changed their way of thinking. They stopped worrying so much about all the “things” in life and concentrated more on doing things as a family, building relationships, and finding happiness without spending a lot of money.

Amy provided a nice overview of what it means to be frugal in this article. Anyone who truly wants to become conservative with money may visit Amy Dunn’s website, Our Frugal Journey, for inspiration and helpful frugal tips.

Learn how to become more frugal with these articles:

Frugal Shopper Spending Habits - Learn three important money-saving tips before making another purchase. Also learn how to save money by truly evaluating the necessity of each purchase.

How to Save Money by Cutting Back on Spending - Learn how to make intelligent buying decisions instead of relying on emotion. Saving money is a skill that can be learned. This article covers ways to save money on everyday purchases.

The copyright of the article How to be Frugal- Saving Money Advice in Personal Budgeting/Finance is owned by Lena Gott. Permission to republish How to be Frugal- Saving Money Advice in print or online must be granted by the author in writing.

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Save Money on Groceries

Planning for Weekly Shopping Adds up to Big Savings

By : © Christin Aitchison

With an uncertain economy, times are changing. People are looking for ways to cut back. A simple solution to economize is to get back to basics. Take some time to plan and you will see how quickly you can save hundreds of dollars a month.
Save Money Through Simple Planning

Plan your menu based on weekly sales at the grocery store. Local markets mail their weekly circulars several days before the sale date begins. Take advantage of these circulars. Set a time each week to review the sale items in each, and to compare which market has the best deals for you. Plan meals around lost leaders and sale items. (For example, if sauce and cheese are on sale at half price, plan to make a baked ziti.)

Pay attention to weekly manufacturer’s coupons as well. It is common for grocery stores to run sales on products that have featured coupons in the weekend papers. You can also find coupons online through a variety of websites. Be sure to clip coupons for products that you would ordinarily buy. Many markets double coupons so savings can add up quickly.

Once you have identified the sale items, create a meal plan for the entire week. Take into consideration your calendar and plan leftovers for nights when cooking is not an option. This will help to eliminate costly takeout. Write a shopping list and stick to it.
Save Money by Avoiding Convenience Foods

Do not purchase convenience foods. Convenience foods have become so prominent that they are taken for granted. They are everywhere and often cost twice as much. In order to break out of the habit, you will have to get back to basics and prepare and package your own food.

Meats- Prepackaged meats can cost upwards of one dollar more per pound than bulk meats. Examples of these are pre-formed hamburger patties and individually packaged chicken breasts. Chicken is also considerably less expensive if it is purchased on the bone with the skin on. It is even less expensive to purchase a whole chicken. It only takes a few minutes to de-bone, remove skin or cut up a chicken. The long term cost savings add up quickly.

Snacks - Brown bagging lunches is certainly more economical then buying lunch everyday. However, it is easy to get caught up in purchasing prepackaged snacks to conveniently grab and pack. Buying snack sized portions can cost two to three times as much as buying the larger size.

A simple way to create convenience is to package your own snack sized portions. Purchase large servings, at a lesser price, and portion the food into snack sized baggies. You can do this with just about anything. Set aside a few minutes each week to create a week’s worth of on the go snacks and enjoy the convenience and cost savings as well.

Drinks- Bottled water, juice boxes, sports drinks and the like are quick and easy, which of course, comes at a price. Make an investment in reusable drink containers and simply fill and store in your refrigerator. This eco-friendly choice not only saves money but the environment.

Planning is the key to super savings at the grocery store. By setting aside a little time each week to review market circulars and manufacturer’s coupons, you can plan your week’s menu to maximize sale items. The little time that it will take you will add up to big savings!

The copyright of the article Save Money on Groceries in Family Finances is owned by Christin Aitchison. Permission to republish Save Money on Groceries in print or online must be granted by the author in writing.

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Mortgage Brokers - Pros and Cons

Mortgage Brokers - Pros and Cons
Does Mortgage Advice Save Money?

A mortgage broker is a qualified professional advisor who trawls the entire market in order to identify the best mortgage deal for their client. A mortgage fee of about 1% of the loan amount is charged for their services, but this expert is better placed to help a homeowner reduce monthly repayments and save money due to their knowledge, understanding and useful industry connections.

Advantages of Mortgage Brokers

• Knowledge. A broker will be able to provide mortgage advice on the full range of products, including fixed-rate, discounted, current account, tracker and variable rate mortgages. This knowledge is particularly helpful for first-time buyers.
• Useful contacts. Intermediaries develop useful industry contacts over the years. This means that they are better placed to gain access to the best mortgage deals, reduce monthly repayments and help the client to save money.
• Difficult cases. The majority of homeowners lack the professional expertise to deal with more difficult adverse credit cases. The mortgage broker will be able to pinpoint the right loans from the outset which means that unnecessary credit searches aren't made.
• Paperwork. An intermediary will be there to answer all questions and help with any paperwork. This is particularly helpful for first-timer buyers and busy professionals.

Disadvantages of Mortgage Brokers

• Mortgage fees. Mortgage advice will generally add 1% to the cost of a loan. Mortgage fees can normally be added to the amount borrowed so there is no need to pay this in advance. However, this additional cost does need to be factored in to determine the real amount saved on monthly mortgage repayments.
• Tied agents. Not all mortgage brokers are independent. Although the client will be advised, some are tied agents which means that they are only able to advise on a limited panel of products.
• Bad advice. Whilst the majority of advice will help homeowners to save money, some will offer advice that turns out to be poor. However, it is possible to take a case to the Financial Ombudsman and they will decide whether compensation is payable.
• Scandals. Mis-selling and corruption has given mortgage brokers a bad name. There have been instances of bad credit mortgages being sold to homeowners with an impeccable history of monthly repayments. This has taken place because it is possible to make higher commission on the sale of adverse credit products.
  

A mortgage broker is better placed to identify the best mortgage deal, but the service isn't free. Homeowners could consider using a mortgage comparison service as this performs a similar function, although not quite as comprehensive. An intermediary is most beneficial to first-time buyers and those who have a history of adverse credit.

"Homeowners often turn to mortgage brokers to identify the best mortgage deal, reduce monthly repayments and save money. Is the cost of mortgage advice worth the price?"

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