Since I am on vacation this week, I have asked a few people to help me out by guest blogging. I was fortunate to receive this article from Owen Smith, a personal finance writer with over 15 years experience.

We all know a few money-saving tips, like budgeting and using discount vouchers to get money off shopping – but these are the obvious ones.

How many of us are actually aware of the ‘other’ money-saving tips that people put in place? I know I wasn’t until I discovered them, so here is a list of 5 money-saving tips you never thought of.

1. Stop Smoking

It’s a known fact that millions of people smoke. Not just in America, but in all countries around the world. It is believed smoking ‘started’ around 1000 BC, when people started using tobacco leaves to smoke and chew. Not many Americans know this, but it was brought into the States by native Americans centuries before records were kept, and has continued to grow in popularity ever since.

As well as not being aware of the history of tobacco, many of us fail to realize the cost of it too. The average cost of a pack of cigarettes now stands at around $7.00, so if you smoke, you could be spending as much as $2,555 a year on your cigarettes (based on 1 pack a day).

So, if you quit smoking, you could save over $2,500 a year – that’s a saving of more than $25,000 over 10 years!

2. Cut your family’s hair at home

Ever wondered how much it costs each year to have your family’s hair cut at a professional salon? Let’s assume you have a family of four – and let’s say the average cost of a cut is around $12, so that’s $48 a month (assuming their hair is cut once a month) – which adds up to $576 a year.

If you were to cut everyone’s hair at home, you would save yourself that $576 – which could either be used for something else (put towards your groceries, for example), or used to pay off debts, or put away in a savings account.

The only investment you will need to make is buying a hair-cutting set – which should set you back just $40 (maybe $90 for a ‘professional’ one).

3. Do It Yourself (DIY)

Say the average American spends around $25 a month on hiring people to do handy work (repairs, instalment fees, small home renovations, etc.). This adds up to $300 a year – an amount you could save if you ‘do it yourself’.

The internet is scattered with ‘how-to guides’ that will help you learn the ‘tricks of the trade’ to do everything yourself. That extra $300 could come in handy, and could be put towards other expenses.

However, you can’t always repair everything yourself – so for things like your gas, boiler, air con and electricity, you should always hire a professional worker.

4. Don’t buy things you can make yourself

Ever bought your own ice cubes? Or bought a pre-prepared cake? Just think about how much money you could save by making these things yourself.

For example, for ice cubes, simply freeze some water in a rubber mould, and for cakes, just search the internet for recipes.

There is no need to waste your money on things you can make at home, so become more creative and save more money.

5. Borrow from your friends

If you regularly rent DVDs, or regularly go out to the theater to watch the latest box-office hit, you could be wasting a lot of money.

Instead, the next time you invite your friends round, why not ask them to bring a DVD you’ve never seen before? It will save you money in gas driving to the rental store/theater, save you the cost of renting and save you the cost of movie snacks like popcorn.

If you want to have a movie snack, you can make your own for a fraction of the price charged in rental stores and cinemas.

There are many more things you can do to reduce your spending and stay away from debt, it just takes a little imagination! (for more information about debt, click here)