Between Thanksgiving and Christmas, people are going to spend over some 124 billion dollars just on their credit cards. Now this may be why the average per household debt in the U.S, not including mortgage debt, is about $14,500. So if there is 300,334,644 people living in America and there are roughly 1.2 billion credit cards in use, that comes out to about 4 credit cards per person!! I think it’s safe to say that we Americans are complusive spenders. So I have gathered 50 good money tips for everyone and especially since it’s the holiday season I think we could all benefit from them. Here they are.

Budgeting:

1. Create and stick to a budget. It is important to know where and how your money is spent so you can cut unnecessary expenditure and meet your financial goals.

2. Set goals for yourself. Working toward a fixed goal makes saving money much easier.

3. Earn More, Spend Less. Ensure that your earning power is more than your spending power. It’s easy to let go and spend, spend, spend. For once, try to curtail your spending so that it stays within your income limits. You’ll be surprised at how much you can save this way.

4. Keep track of your spending. Begin with writing down your daily expenses in a journal for at least a month. At the end of this period, review your spending decisions and make necessary adjustments.

5. Pay your debts ASAP. Debt is never a good thing. If you’ve bought something on credit, try to pay off those bills ASAP. This will help you avoid late fees and prevent overspending.

6. Emergency Fund. This will come in handy when you have any immediate requirements, and will help you stay away from unnecessary loans.
Credit:

7. Ensure that your credit score is healthy. Pay your bills on time, avoid maxing your credit line and don’t collect more than a couple of credit cards.

8. Get yourself a debit card. It helps you develop the discipline of staying within your financial limits. Debit cards give you instant access to your money and limit your spending capacity. It’s a good idea to shop around before opening a checking account.

9. Get cards that offer some sort of incentives and rewards.

10. No Cash Advances: Avoid using your card to make cash advances. This will not reflect too well on your credit score and you will also have to deal with unbelievable interest rates.

11. Credit Report. You can get a free copy of your credit report once a year from Experian, TransUnion or Equifax. This will help you know where you stand and what you need to do to better your score.

12. Prevent your APR from rising. You can do this by paying your credit card balances in full every month.

Education and student loans:

13. Get professionally qualified. You cannot afford to stop studying once you are out of college. The more professional qualifications you have under your belt, higher is your value.

14. Search for public universities in your state rather than attend out of state schools or private schools. This will save you some serious money.

15. Invest in a 529-college savings account. It’s tax-free.

16. Don’t waste money buying new textbooks. It’s a phenomenal waste of good money. Buy used textbooks instead.

17.Check Scholarships and grants: There’s a lot of free money floating around in the form of scholarships/grants. You may have to be quite persistent with this but if you keep trying, you are sure to find some that will help you reduce your costs.

General Saving:

18. Avoid ATM machines that charge fees. What you could do is budget your monthly expenditure and withdraw a fixed amount each month.

19. Stop being lazy. Try to walk or ride a bike to school/ college. This way you can leave the car at home and not have to bother about insurance, maintenance and gas – things that eat right into your savings. Or better, you could go around with a friend who owns a car (let them handle the expenses).

20. Avoid eating out all the time. Eating out can be a huge drain on your resources and your health as well. Your neighborhood fast-food restaurant not only helps you bloat your belly, but also reduces your bank account considerably.

21. Get a cell. Some cell phones allow unlimited calling on nights and weekends, or a flat rate for all calls. If you are lucky enough to find a plan that fits your requirements, get yourself a cell phone and cancel your regular phone line.

22.Write letters or use e-mail instead of calling long distance.

23. Limit your consumption of liquor and cigarettes. These are expensive habits and you must indulge in them only if you have huge sums of money to shell out.

24. Stay At Home. It may not be the coolest thing to move in back with your parents. But if your intention is to save lots of money fast, then probably moving back home will be a wise decision. You could save thousands of dollars a year on rent and bills. And plus you get the added benefit of homemade food.

25. Resist peer pressure. Whether in high school, college or at work, you’ll always find some people who like to live the high life. And if you tag along with them you’ll be pressured into spending money you don’t have. Learn to say no.

26. Make your home more energy-efficient. This way you’ll be able to reduce your heating and cooling costs.

27. Get back shape. It’s very easy for us to get so involved in our daily activities that we tend to forget ourselves. Daily life becomes a routine and getting to work becomes more important than reducing that flab. But don’t forget, a healthy body costs far less to maintain than an unhealthy body. So, keeping yourself healthy can improve your financial health too.

28. Enjoyment need not come from spending bucket loads of money and getting the latest gadgets, clothes, etc. There are other ways to find fulfillment. You could try joining various clubs, or write articles, compose music – in short, do anything that interests you.

29. Love Your Job. Being good at what you do and enjoying it will help boost your career beyond your wildest dreams. 
Saving while shopping:

30. Try to buy things at a sale. Sometimes, shops are ready to offer goods at a lower price – you only need to ask if the item you require is on sale or if you could get it at a sale price.

31. Diversify your stores. When your out shopping, you will be able to save more if you don’t limit yourself to one store.

32. Use coupons, cut expenses. You could look up your local newspapers for coupons.

33. Shop smart. Grocery shopping can be quite a drain if you are not careful. Don’t go in for fancy brands, use generic or shop brands, cook simple meals from scratch and eat homemade food more often.

34. Be patient. When you want to buy something, ask yourself if you really need that thing. You should never buy on impulse.

35. Do You ‘Need’ Or ‘Want’. It’s okay to get something for your self every now and then but make sure you don’t get in the habbit of it.

Saving on transportation/traveling:

36. If you haven’t got a car already, dont bother getting one unless there are no other means of transportation. Use the metro. I have a friend, who has a friend who hasn’t had a car for the past 3 years and he’s savings tons of money.

37. If car is needed, compare prices. Before settling for a car, try to compare insurance, maintenance, and repair costs for different models. A model with low operating costs can save you thousands of dollars. Also you should get used cars, it will save you tons of money and is cheaper to maintain.

38. Drive safely. Not only does it help save your neck, it keeps your insurance down as well. Insurance companies charge less for drivers who have no violations or accidents.

39. Combine errands and reduce travel. This way, you’ll only have to take your car out once or twice instead of all day long and for those taking the bus, it will have you couple of bucks.

40. Carpool. This is energy saving, environment friendly, and a great money saver.

41. Save over $100 a year on gas by keeping your engine tuned and tires inflated to their proper pressure.

42. Save on Gasoline: You can save a few hundred dollars a year on gasoline if you compare  prices at different stations. Pumping gas yourself, and use the lowest-octane called for in your owner’s manual to reduce prices further.

43. Buy airplane tickets in advance to take optimum advantage of low rates.

44. When traveling on vacation, get an idea of how much you’ll be required to spend, create a budget and try to stick to it.

Investing
45. Begin investing as soon as you begin to earn. You could invest in index funds, and other investments or contribute to a 401k.

46. Research Before You Buy. A golden rule of investment is that you should know what you are putting your money into. If you don’t understand how the investment works, take the time to learn.

47. Use Your Employment Benefits. At work you can avail of numerous employment benefits like a 401(k) plan, flexible-spending accounts, medical and dental insurance, etc. All this adds up to a lot of money, so remember to make full use of these benefits and reduce your expenses and taxes.

48. Increase and optimize your 401k or IRA contributions. If your employer offers employer match, try to set your 401k contribution to that amount. This will help save taxes and is beneficial in the future as well. 

49. Invest your spare cash instead of letting it lie in a savings account. If you are young, you could think of investing in stocks, which are a good long-term investment strategy. As you grow older, you could consider less risky options like bonds.

50. Never put all your eggs in one basket. You must diversify your portfolio so that not more than 10 percent of your portfolio lies with any one company.

And thats it. I want to thank bankruptcy reader for the inspiration on their 101 financial tips. Cheers!