How money smart are you? There are always ways to save money no matter how savvy you are with your cash. The last couple of years have been economically challenging for a lot of people and almost everyone now lives on a budget. Even if you still have gainful employment, it is important to start managing finances differently. Here are a few helpful tips on how to be more money smart.

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1. Lifestyle changes

No matter where you are financially, this is the time to step back and take a close look at your current lifestyle. If you typically go out to eat four to five times a week, perhaps now is the time to cut down to just one or two. If you always buy brand name groceries, check out store brands. All of these changes are relatively minor so you are not giving up things you enjoy, you are just being smarter with the way you spend your money.

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Points: 16

2. Consider ALL expenses

Most people never track all expenses and if they did, even once, they would likely be shocked. To get an idea of precisely what you spend, write down the cost of every item you buy: paper towels, light bulbs, a new hammer, pet collar, etc. With this exercise, you would quickly realize how fast the small expenses add up and how money smart you really are.

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Points: 14

3. Downsize

If you own 100 pairs of shoes, ask yourself if you really need that many. Or perhaps you are leasing a gas guzzling luxury car and while you love it, by buying or leasing a smaller car you can get a lot better gas mileage. That does not mean you have to sacrifice on quality - just try to downsize to something more reasonably priced.

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Points: 12

4. Competition and reward system

If married, set up a competition with your spouse to see who can go the longest without buying something new and/or who can save a certain amount of money first. The winner would get some kind of reward, which does not automatically have to be monetary.

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Points: 11

5. Shopping habits

You would be amazed how much money can be saved by shopping at different stores. Instead of buying your groceries at the higher-end store near your house, consider purchasing items at Wal-Mart. Rather than buying shoes at Nordstrom’s, money smart shoppers look locally and online for companies that offer huge savings.

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Points: 9

6. Coupon clipping

Most stores still accept coupons and many offer double discount pricing. If you get the Sunday newspaper, take time to clip coupons you would use while avoiding those that just look good. You can also find coupons online that could be printed and used.

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Points: 5

7. Discount codes

Another way to be smarter with your money is to use discount codes when shopping online. Check out one of the many coupon sites on the web that list codes for discounts at numerous online retailers. Just search for 'discount codes' in your browser.

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Points: 3

8. Banking

You should even compare rates and services of your current bank with other banks and credit unions. You may just find one that has better programs, interest rates, and features. In addition to saving money, you might find a financial institution that provides a variety of educational services.

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9. Savings

Make sure you put money aside each month for your savings account. Even if your income is limited, putting $10 to $20 in savings each month is better than zero. The goal is to move in the right direction, making every dollar count.

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10. Financial advice

You can also hook up with companies that offer financial advice or training so you can learn how to be money smart and save. While you might be good with your money, this option would teach you how to be great with handling your finances.

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