Money Saving Tip: 15 Simple Ways to Squeeze Your Budget

If you've been reading Free Money Finance for any time now, you know how I love to save money. As such, I love this article from Yahoo titled 15 Simple Ways to Squeeze Your Budget. It starts out with the simple, practical approach I love:

Building and maintaining a savings cushion is vital for your financial health. Most financial experts recommend having a minimum of three months' worth of living expenses set aside in case of an emergency.

Then they go on to share 15 different tips to help you save. Here are some of my favorites:

Treat saving like a bill. Consider your monthly savings amount as a bill that has to be paid. Consider having the amount transferred automatically from your checking account or paycheck. Pay your account every month or every two weeks.

Think small. Many people don't think their budget allows room to save, but even a small amount adds up over time.Depending on the size of your family, skipping a meal out each week could result in a $160 per month savings deposit. That's $1,920 a year after taxes! Take a good look at your spending habits, and you probably can find $150 or so each month in extras that you could do without to build up savings.

Save your raise. The next time you get a raise at work or a tax refund, consider directing half to savings. If you're not used to the money, you won't miss it.

Continue paying. When you pay off a car or other loan, consider making half of the payment to yourself and put it into your emergency savings account. You will not miss the money if it is put into savings, but you will find a way to spend it if it remains in your checking account.

Read not, waste not. Don't renew subscriptions to magazines or newspapers you're not reading.

Java-jolt savings. If you stop at Starbucks or another coffee shop each morning, make coffee at home.

Participate in a 401(k) or 403(b) plan. If your employer doesn't offer these plans, then you could start saving in a tax-advantaged IRA or Roth IRA account.

Consider these (as well as the others in the article) and determine which ones will help you save.