• Frugal practices help save money.icon,dollar, $, currency, us dollar image by creative from Fotolia.com
  
  Saving money is critical to any long-term personal financial plan. Money can be saved to make larger purchases like a car, fund a college savings plan, prepare for a comfortable retirement or save for a rainy day fund. Strategies to save money can come in the form of reducing expenses, economizing on purchases and employing savvy lifestyle methods that encourage routine savings. Successful savers learn to think frugally, practice routine money saving habits and make wise investment choices.
  
  

Research Purchases

• Product reviews, price comparison tools and increased merchant competition has turned the Internet into a treasure trove for bargain shoppers. For large purchases, find products and offers that are the best value in terms of product reliability and savings. Evaluate prices through search tools and online ads for local retailers. Additionally, research alternative purchase options for routine, nonperishable goods. Consider purchasing in bulk from an online retailer who provides a significant discount.
  
  

Price Match

• Many retail chains have a price matching policy that provides consumers the same price on goods advertised at their competitors. For routine grocery or personal item purchases, select a primary store for your purchases, then scour the ads from all similar stores for items on your shopping list. On your shopping trip, compare prices and present competitor's ads for any good listed at a lower price to reap the savings. This one-stop method saves time and gas money.
  
  

Increase Insurance Deductibles

• Higher deductibles on home owner's policies and car insurance equates to lower premium rates. Ensure your savings are adequate to cover the new deductible, then bank the savings. Routinely request new quotes from various insurance companies to make sure you receive the best rates and coverage based on your higher deductible preference.
  
  

Direct Deposit Savings

• Authorize a systematic deposit into a money market account, college savings plan or retirement savings from your paycheck or checking account. This simple process decreases the time involved in processing savings, allows your money to start earning interest quickly and decreases the chances of spending the money on unnecessary items.
  
  

Purchase Second Hand

• Purchasing toys, sports equipment and clothing second hand can save money. Look for items online, in consignment shops and at stores associated with nonprofit organizations. You can often find gently used merchandise at a significant discount, which can allow you to save more money.