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Thinking about cutting costs or saving money may seem easy, but its quite challenging. With patience, motivation and some helpful tips, you will start feeding the piggy bank instead of breaking it.

When saving money there are some things you are going to need to understand. First, it takes time, effort and motivation to get out of debt. Second, you have to be realistic about your goals and how much you can save.

Here are some easy ways to help cut back costs and save your hard earned money.

Make a budget: Write down everything you spend your money on. By keeping track of items being purchased you will be surprised how much money you are wasting.
Get out of debt: Try chipping away at your debt first before you set up a savings account. If you have credit card debt, you can call the credit card company and ask them to lower your interest rates.
Buy used: If you’re thinking about buying a new car look for a used one instead. One thing to note, when you drive off the lot, the car loses up to 20% of its value. You can also, search on Craigslist for items such as furniture, tools, bikes, you name it. You’ll be amazed how much you can save buying used.
Lower your car payments: If you have a car loan try paying an extra payment every couple of months in order to shrink the premium and lower the interest rate.
Shop wisely: Search online for deals on EBAY or Amazon. Don’t always think sale items are saving you money. Most of the time you really don’t need it.
Pack your lunch or make your cup of coffee at home: If you make your coffee at home you’ll save $20.00 a week. Times that by 52 weeks and in a year, that’s a total savings of $1,040.
Use less or cut back: When you’re going to make a purchase, ask yourself; “Will this make me money, happy or improve my life?” If not, you may want to reconsider. Also, try cutting back on your cell phone plan, cable bill and dining out. Always remember, every bit counts.
Set up a savings account: Try online banking like ING Direct. Most online banks have higher interest rates. So, make a habit of putting away a certain amount each month. Have a goal in mind, but be rational. If you want to buy a house, car, go on that special getaway, plan it out and see how much you can save to obtain your goal!

I hope these tips help. In a tough economy, we all have to be resourceful. Please share your thoughts with us on how you save money.