If you have made a commitment to personal finance and been looking at the different aspects of financial management then you likely understand the importance of regularly putting money into some type of savings account.  Saving money for future purchases, down payment for a house, emergencies and even retirement is important.  Here are some ways to save money.  Note that some are short term ideas, some take longer to achieve.  By using many of these ideas you may be able to cut back on spending and allocate the money towards savings.

Let’s start off by looking at money saving ideas around the house.  If you hardly ever watch TV then consider getting rid of it all together.  This could enable you to save on electricity and cable bills.  Always switch off or unplug electrical items when they are not in use or if you are leaving your house. As well as saving money you may eliminate potential fire hazards.  For lighting, use CFL or LED light bulbs instead of regular bulbs.  They generally last longer and use less electricity.  Around the house consider selling off items that you don’t use and that may have value attached to them.  These may include household items, musical instruments, clothing, heirlooms etc.  When you buy new appliances, consider buying energy efficient ones – they could save you a lot over the course of their lifetime.

When going grocery shopping make a point of writing up a shopping list in advance and stick to it!  This can help you avoid impulse buys.  Sign up for store rewards programs – they can be a great source of coupons.  Base your shopping list on the current week’s specials which are displayed in newspapers and in the grocery store.  Consider buying generic goods if possible as they are generally much cheaper.  The same goes for vitamins and drugs. If you see a luxury item in the store you really want, try waiting a month before buying it.  If you still want it after waiting and after careful consideration then it is more likely something to consider buying.  Before shopping for new clothes consider repairing clothing rather than always replacing with new.  It could also be a wise investment to learn how to sew.

Often a major way to save money is to eat out less often.  Cook your own meals from scratch.  To do this, invest in a cook book.  It’s healthier and usually less expensive.  Cook enough for more than one meal – put the remainder in the freezer for a later date.   Drink lots of water.  It’s good for your health and can help fill you up so that you eat less.

When it comes to credit make a point of asking your credit card company to reduce your interest rate.  If they are not interested then consider transferring to a card with a lower rate.  This could save you a lot if you are paying off a balance.  Attempt to only use credit cards in emergencies and try to pay off the balance at the end of the month.  If you are shopping around for a loan, then check out online lender reviews for feedback on different lenders.

If you are at all crafty then consider making gifts during the holiday season and for birthdays.  Many people appreciate a home made gift as opposed to another store bought item.  If you have the knack they can be easy to do and often mean more to the recipient

When entertaining, do this at home rather than going out.  You can invite some friends and cook a meal, watch a video or play some games.  If your friends agree, you can take turns at hosting an evening of fun.  Play with your children, rather than sending them to an expensive play park to get entertained.

A final money saving tip relates to your vehicle.  It may be worth it to replace your vehicle with one that gets more miles per gallon.  With the current escalating cost of gas this could add up to quite a bit of savings.  Also try to clean or replace your air filter regularly.  A clean air filter can improve your vehicle’s gas mileage.

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