People who keep on making the most effort in cutting on spending their money and looking at cheap products penny-pinchers. Penny-pinchers who save all the money that happen to fall onto their hands are called coin hoggers. These people are conscious of their money--literally, every cent of it! The loose change they acquire on the course of the day get dropped into special coin containers that they look forward to filling. There are people who save as much as they can, but can't be bothered with having to worry about some insignificant coins. Coin hoggers are different from people who leave coins as extra in their tips, give their coins to a homeless person they encounter or leave them lying around the house and forget about them.
For some people, loose change seem insufficient to buy things with and sometimes make their pockets heavier than usual, showing a lack of perspective when it comes to some part of money management. Become a conscientious saver and get rid of the mentality that loose coins are a nuisance. Coins are testament to the idea on starting to save no matter what amount. There is an underlying meaning about it that reflect who you are, your values and your saving habits.
Saving coins are not just for kids and their piggy banks anymore, it's an additional tidbit on saving and a new tip on how to keep going in saving money!
The 'envelope system' is currently popularized by well-known financial gurus as another saving habit that people should develop. The idea behind the envelope system is to cash in your paycheck (excluding your savings goal for the month), plan and budget home and auto loan payments, debt, food shopping, insurance, personal itemsand other essential things you shell money out monthly. Carefully equate the money that goes into each category, drop the amount in an envelope, label it and keep it safe until you deliver the money to appropriate offices or until you get to use them. The envelope system is great if you're the person who literally wants to see where all your money goes. Keeping each money packet helps you in managing money when you live paycheck to paycheck. There are people who can vouch on how it helps them to stick to the fixed budget and discipline them not to get tempted with spending the money because each has been carefully budgeted and labeled.
Entertainment budget cuts
Pre economic crash, we seem to have a huge budget for leisure and entertainment. Nowadays people are tightening belts and adjusting budgets to fit on essentials, they are cutting back on entertainment budgets or eliminating them entirely.
Entertainment is a luxury nowadays. Times have changed drastically that even our definition of luxury has changed as well. A good example would be Cable TV and how people are canceling subscriptions or at least trimming down the channels that they pay for. For some it is quite an expenditure but is worth keeping, and for some it is a luxury that they can't afford.
Going out to have fun and be merry for no good reason than to unwind is unthinkable for the newly-frugal families. Eating out is almost paramount to wasting money away when there's a perfectly cheap home cooked dinner at home. Even our standards for partying have gone lower and lower, as no one wants to go extravagant and face the crunch later. Simple pleasures like going to the movies every week is now replaced with a much cheaper alternative of home popcorn and movies night.
Think of ways that you can be picky about when it comes to paying for entertainment. Surely no more of those much-coveted Broadway events, ring-side tickets or expensive premiere nights until the financial horizons are clear once again.
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