This article will outline a couple of simple steps that almost anyone can use, on how to save money.  The largest portion of peoples’ income is their rent or mortgage, so it would be a good idea to look first at how much you are spending on your housing.  Housing should not take up any more than 30% of one’s budget, though for many people, this is not the case.  Take a look at where you are living—if you are within walking or biking distance to work, or school, then you are at least saving money on transportation costs, but sometimes you can save even more money if you move further away from the downtown core, as long as you still have decent public transportation available nearby.

If you are renting by yourself, consider a roommate.  Of course, one should be selective in choosing a roommate, but this step alone will cut your housing costs in half.  If you are a homeowner, consider renting out part of your home, if you have the space to do so.  This will help bring in extra income to put towards your mortgage and other bills.  Renting out your parking space on a monthly or yearly basis, if you don’t need it for yourself, can be another great way to make some extra income.  If you are a renter, sometimes subletting your place can be a good option too, if that is permitted where you live.

Another way to save money in the home would be to look at energy efficiency.  If you have an old fridge or other appliance, chances are that it is using much more energy than a newer, more efficient model.  There are many programs available for getting rid of your old appliances (often these will pay a small sum to you, as well).  This is well worth looking into, when you consider the long-term cost of running your old appliances, versus the money you will save if you have a newer, more energy-efficient model.  Other ways to save money around the home would include changing your lightbulbs to a more energy-efficient type, such as LED or compact fluorescent bulbs.

If you are able to take some, or all of these steps, you are well on your way in the quest to save money in these difficult economic times.

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