Savings 101 : Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's a continuation of the savings tips:

21. Get Rid of Investment Charges and Fees
Choose lower-cost mutual funds and index funds instead. This will save you dramatically over the years.

22. Talk to your Friends about Budgeting
Let your free-spending friends know you are on a budget. This way friends won't take your "not today" to heart. Suggest another activity, like an afternoon walk or a free show.

23. Shop with Intelligence
Make a list of the items you need and search for coupons before you shop. There are many great sites to go to for deals, such as Dealhack.com and Bargainist.com.

24. Keep Credit Card "Control"
Be smart with your credit cards. Only use them for emergencies, or make sure you are paying more than the minimum payment each month. Perhaps cut up your card? Some find they spend less on impulse purchases when they use cash.

25. Record your Expenses
Costs can add up really quick. Annualize your expenses, and roughly calculate how much they're costing over a year.

Savings 101 : Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's a continuation of the savings tips:

16. Pay Bills and Send Emails Online
Set up your bills so you pay automatically every month online. You will save money on stamps, and avoid late fees. Send emails and you will save time spent at the post office.

17. Go Generic
Most brand-name products are the same as the store-brand. Save money by sticking to the store-brand.. although the label might not be as pretty.

18. Deduct Your Business Expenses
Keep personal and business expenses on separate cards. This will make it easier to be reimbursed.

19. Take Time for Big Purchases
Take time and think about what you want to buy. Research the product, read reviews, and take at least 48 hours before you make the purchase.

20. Buy Used
Don't buy new. Most things aren't worth the extra cost. Cars, books, Apple products and furniture can be bought used at a fraction of their original cost.

Check back tomorrow. We'll roll out five new savings tips each day for the remainder of the week.

Savings 101 : Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's a continuation of the savings tips:

11. Get Rid of your SUV
Consider selling your SUV for a vehicle that is less of a gas guzzler. You will save gas and also on your monthly payment by changing your auto loan.

12. Make your own Coffee
Instead of going to Starbucks after mid afternoon, make your own coffee. You could save $20 a week, a good chunk that could be put in savings. If you have to buy coffee, opt for a cheaper beverage.

13. Cut Down your Cable Bill
You can get rid of your movie channels, or even cancel your service entirely. This could save you $100 a month.

14. Bring a List to Warehouse Stores
Wal-Mart, Costco and Sam's Club are great deals, however only buy what you really need when shopping. It's easy to buy in bulk if it's really cheap, but make sure you will use it all.

15. Indulge in Free Entertainment
Check out your public library to borrow books and movies for free. Check your local listings for free shows, concerts, readings and performances.

Check back tomorrow. We'll roll out five new savings tips each day for the remainder of the week.

Savings 101 : Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's a continuation of the savings tips:

6. Re-evaluate Your Phone Plan
Maybe you are not using all of your minutes on your cell phone plan. Chop down your service plan to save a lot of money. If you have a land line and a cell phone, maybe only one is necessary.

7. Cut Your Lawn
If you have a yard, start cutting your own lawn instead of hiring someone to do so. Use a push mower for a great work out, or listen to your iPod and ride along.

8. Consolidate Your Driving
Plan out your errands into one trip. You will save gas, and time. You can also walk, bike, or rollerblade nearby.

9. Track Your Expenses
Keep an eye on all of your cash so you know where, and how much you are spending. This will help you take control of your finances.

10. You May Have Too Much Insurance
Raise your deductibles for auto and home insurance, and check your life policy if you don't have any dependents.

Click here for savings tip No. 1-5.

Savings 101: Five Ways To Save Today

Business Week quizzed financial advisors for tips on how to reduce expenses while boosting savings. Here's our take on the savings tips:

1. Cut Utility Bills
Turn off air conditioning, lower the thermostat when possible, turn off lights and buy efficient light bulbs.

2. Cut Back on Eating Out
Bring a bagged lunch to school or work. Eating out rarely costs less than eating at home.

3. Cancel your Gym Membership
The benefits of a gym membership are only worthwhile if you go often. Run outside instead, walk in the park, or play an outdoor sport with a friend.

4. Force Yourself to Save
Trick yourself into saving more. Setup automatic deposits every month from checking to savings and investment accounts. Over time, increase your automatic savings rate.

5. Take an Off-Season Vacation
Luxury Vacation condos can cost dramatically less during the off season. Go camping, stay with friends or visit a low cost location.

Check back tomorrow. We'll roll out five new savings tips each day for the remainder of the week.