Saving Money 101

Times are tough, the economic recovery is slow, and unemployment rates are still on the rise. Desperate times call for desperate measures.

If you want to save money it is time to use psychology as your secret weapon. Here are some tips to trick yourself into saving money and avoid splurging.

1. Use Cash: When people use cash they are able to see the money physically leaving them. When using a credit card, most people do not realize how much money they are actually spending. Switching to cash can save you money in the long run and show you just how much you are spending.

2. Think First: The best way to save money is to stop and think about the item you are wishing to purchase. Instead of buying it immediately, think about it for a week. Most of the time you will realize after a while how you really do not need that new pair of shoes.

3. Buy Generic: Yes, generic brands truly can save you a great deal of money. Whether you are buying generic painkiller, vitamins, or fabric softener, 95% of the time you are getting the same quality for half the cost.

So in a nut shell, if you want to save money use cash, prolong your purchases, and buy generic.