save-1720971_640There are many ways to save money, and some of them begin right from the comforts of home. One of the biggest challenges facing individuals and families is how to stretch the budget to cover expenses and provide for savings and retirement. Many of us live from one paycheck to the next, struggling to cover our living costs and financial obligations. It was recently reported that the average American does not even have $500 available in cash for a rainy day. This is a shocking statistic that drives the debate for better money management. As nerve-racking as this statistic is, it is important to remember that anyone can implement sensible change and reverse these declines. Money savings advice is a dime a dozen, and financial experts have poured over the data to provide workable solutions to the average individual struggling to cope with rising expenses.

Tip 1 – Turn off or Unplug All Your Electrical Appliances When You’re Not Using Them

Most of us leave the TV on for hours and hours on end. And most households have multiple television sets. By simply turning off the TV when it’s not in use, the electric bill will be lower and we won’t be bombarded by marketing efforts aimed at draining our resources as dry as hay. On the topic of TV, there are ways to lower monthly expenses by contacting the cable provider and reducing the number of channels, or opting for a more affordable plan. When less time is spent watching television, more time can be directed at future-oriented activities such as business plans, creating a budget, and planning for retirement. Much the same is true of other appliances that run 24/7. These include boilers, heaters, air conditioning units and so forth. It makes financial sense to limit the working hours of these appliances so that costs can be kept in check.

Tip 2 – Consider Supplementing your Electrical Power Usage with Solar Energy

The green energy evolution has been decades in the making. Solar power is nothing new, and it is widely used in agriculture, industry and for home usage. There are many benefits to adopting solar energy as part of your energy consumption plan. This is particularly useful when you are thinking of heating your pool, heating your boiler, or simply supplementing the energy to your home. Fortunately, the upfront costs associated with installing solar panels for your home are returned tenfold over the lifetime of the product. Solar energy has dramatic cost savings on your utility bill, and there are many deductions available on your tax returns as well. Analysis indicates that it is possible to increase a home’s value by as much as 20%, reduce the electric bill by 80% and enjoy greater disposable income for savings and retirement. Another benefit of solar panels is that they work just as well in overcast conditions as they do in sunny climates – the difference is negligible.

Tip 3 – Put Big Ticket Purchases on Hold for 30 Days

Everyone wants nice stuff. However, some of that stuff comes at a premium. For example, you may be thinking of purchasing a new entertainment center, new car, expensive machinery, or equipment and so forth. Instead of rushing out to make that purchase, think twice. Put your plans on hold for a period of 30 days and see if you still need or want that item. It’s always better to have cash in hand than the item or product that somebody’s trying to sell you. If you question this logic, consider the following: Everyone who is selling something wants your money. Don’t give in to temptation unless you are 100% sure about the purchase and its benefits. For example, purchasing a brand-new Mercedes may be appealing, but are you aware of the monthly maintenance costs and associated insurance costs? These are things to consider when making important spending decisions. Oftentimes, it’s not purchasing a big ticket item that is difficult – it’s maintaining it.