Whether you’re strapped for cash or feeling comfortable, we could all stand to make a few tweaks to our personal budgets. Save more, save faster and save smarter with these money saving ideas:
1. Pay yourself first. Save
money without thinking about it. Set up direct deposit into a savings
account and watch your nest egg grow. Link: http://www.getrichslowly.org/blog/2008/06/16/personal-finance-made-easy-pay-yourself-first/
2. Brew it at home. If
you grab even the cheapest of coffee’s on the go, say a $2 cup every week day,
you’re shelling out $520 a year. Try the big tubs of coffee instead. They’ll
last and you’ll save.
3. Unplug. Lots of
gadgets, electronics and appliances draw power even when you’re not using them.
Pull the plug on items that you only use occasionally and for bonus points, unplug
your chargers (cell, PDA and the like) when not in use.
4. Stay in with friends.
This one’s easy. Going out with pals almost always costs more than staying in.
Resist the urge to splurge and invite friends over for cocktails, a potluck,
board games or a movie.
5. Buy in bulk. Sam’s
Club and Costco are your best friends.
6. Brown bag it. If you
prefer the grab and go, you could easily spend $1300 a year just on lunches
($5/lunch/week day). Pack your
lunch instead – you’ll save some dineros and the food will likely be more
nutritious anyway. Link: http://www.fiscalfizzle.com/2009/05/brown-bag-lunch/
7. Team up. A great way
to involve kids in the saving process is to pick a fun family item that you all
want – maybe a new TV, an Xbox or a trip to the amusement park – and agree to
toss your spare change in a bottle in the kitchen. It’s a good lesson in saving
for what you want and teaming up will bring the family together.
8. Cut the cable (at least a
little). There’s often lots of room in the cable bill to cut costs.
Cancel the channels you don’t watch, ask for the latest promotions and cut out
luxury features (i.e. DVR, Pay-Per-View).
9. Ditch the dry cleaner’s. There
are products widely available now that allow you to do your dry cleaning at
home and with ease.
10. Build a budget. Find
out how much is coming in and maybe more importantly, how much is going out each
month, with free online
budgeting software. Then, look at each and every bill for
opportunities to make cuts and make them.
https://www.quizzle.com/what-is-quizzle/personal-budgeting
11. Get your news online.
Instead of paying for costly subscriptions, log on and read online.
12. Turn off the tube. Click the
“off” button on your TV and not only will you save energy, you’ll also
shelter yourself from ads that may tempt you to take out your wallet. Link: http://frugaldad.com/2008/05/02/twelve-reasons-to-turn-off-the-television/
13. Quit a vice. We all
have ‘em and they’re the worst offenders in the wasteful spending department.
Consider cutting back or quitting altogether. Smokers, consider this: If you
smoke a pack a day, you could save $2,555 a year (at $7 a pop) by quitting.
14. Download coupons. Thanks
to sites like ShortCuts
[http://shortcuts.com/] and P&G eSaver, [http://pgesaver.com/] you can put the
scissors away and click your way to coupon heaven. Just select the coupons you want
download them to your grocery savings card and save money at checkout.
15. Borrow instead of buy. Remember
that place you went to as a kid? You know the one with all the books? At your
local library, you can borrow books, CDs and DVDs and it will always beat
Amazon’s best deal.
16. Create a “slush fund.” Deposit
any random checks you get – like rebate, rewards or reimbursement checks – into
this fund. You can use it for any purpose, but if you’re in a position to enjoy
some of your savings now, make the goal something fun like a vacation.
17. Opt for H2O. Swap
out the soda, wine or cocktail for water, especially when out at a restaurant.
It’s free and better for you.
18. Forget the meat. Try
veggies in place of a meat dish once a week and the dollars will add up.
19. Buy store brands. Ditch
the brand names and you could save $1,200
per year. Link: http://www.freemoneyfinance.com/2009/09/save-almost-1200-a-year-using-store-brands.html
20. Manage your credit.
A good credit score will open up doors to the best interest rates and terms on
credit cards and student, personal, auto and home loans.
21. Check coupon codes before
checking out. Before you buy anything online, make it a habit to check
for coupon codes from sites like RetailMeNot first. [http://www.retailmenot.com/].
22. Bike it. If your
destination is nearby, jump on your bike to get there instead of wasting
expensive gas. (A great workout too!)
23. Auto-pay your student
loans. Many student loan servicers offer a discounted rate if you opt to
have your monthly payment automatically withdrawn from your bank account. Stop
worrying about missing a payment and save a few bucks.
24. Carpool. Split the
driving duties and the gas costs.
25. Grow your own veggies. Produce
is expensive! Save some green by indulging your green thumb.
26. Give your windows some TLC
– Cold edition. When it’s cold out, cover your windows with plastic and
shrink-wrap them by using a hairdryer to heat the plastic at its edges.
Winterizing older or cheaper windows could save you cash on your heating bill. Link: http://www.bejane.com/BJARTICLE1009200623442
27. Give your windows some TLC
– Hot edition. When it’s hot out, skip the air conditioner. Instead,
open your windows and use a box fan to suck warm air out.
28. Attack your closet. Put
aside all the clothes you don’t wear and give them to charity. Make sure to
document everything and consult this handy online valuation
guide [http://www.goodwill.org/page/guest/about/howweoperate/donations/claimingtaxdeductions]
so you can claim
a generous deduction on your tax return next year. [http://www.charityguide.org/volunteer/fifteen/clothesshoes.htm]
29. Get the Entertainment book.
These
books are chock full of coupons and will pay for themselves after just a
couple of uses. [http://www.entertainment.com/discount/home.shtml]
30. Refinance your home loan.
You may be shelling out extra dollars for your monthly home loan payment when
you don’t have to. Give your trusted
mortgage banker [https://www.quickenloans.com/about/why-quicken-loans/7-simple-steps]
a call to find out if you can reduce your mortgage rate and payment by
refinancing.
31. Follow up on rebates. They
can be a pain, but the return on your effort is worth it. Fill out the forms
and snail mail them in.
32. Opt out of escrow. It
may be a smart choice to opt out of having an escrow account on your home loan
because it’s non-interest-bearing. Instead, make the same payment via payroll
deductions into a money market or high-yield savings account. In this market,
your money may not earn much, but even 1% is better than 0%.
33. Reduce your rate. It
never hurts to ask. Call up your credit card company and ask
for a lower interest rate on your card. If you carry balances, an interest
rate reduction can save you big time. [http://www.wisebread.com/lower-your-credit-card-interest-rate-and-reduce-your-phone-bill-immediately-and-easily]
34. Buy food for multiple
meals. Maybe the veggies you’re adding to your pasta sauce could also be
served up in a veggie pita. Buying flexible menu items will ensure you get the
most bang for your buck by getting multiple uses out of your food.
35. Never grocery shop hungry. Growling
stomach = Stop sign.
36. Take advantage of points. Do
some research and find out if you can earn points with your debit card or
credit card. Then, use those
points to buy things you’d have to
buy anyway, like gifts for teachers, new electronics or school shopping. [http://www.consumerreports.org/cro/money/credit-loan/rewards-cards/maximizing-your-rewards-points/rewards-cards-maximizing-your-rewards-points.htm]
37. Love your leftovers.
Food in a doggy bag is like a free meal ticket. Suck it up and take advantage.
38. Pass on the ply. If
your bum can handle it, go for single ply toilet paper. We’re talking cents
here in terms of savings, but if you really need to tighten the budget, you
need to consider everything.
39. Print online. Things
like business cards are a fraction of the cost online compared to the local
printer.
40. Be prepared for a rainy
day. Set your sights on saving 4 to 6 months’ worth of expenses in case
of emergency. If a little rain falls in your life, like losing your job, having
a money cushion could help you stay out of debt and avoid high interest rates.
Keep tabs on your progress with free online savings tools.
41. Make gifts with your own
two hands. Homemade gifts are the most thoughtful gifts one can give.
Use sentimental items like pictures and souvenirs to put together a memorable
present for a friend or family member. [http://familycrafts.about.com/cs/giftgiving/a/120400a.htm]
42. Go grocery store, not
corner store. If you’re buying basics like milk and toilet paper at the
pharmacy, corner store or gas station, you’re probably paying more for each
item than you would at the grocery store or supercenter.
43. Split the babysitting
duties. Ask your neighbors and close friends if they’d be willing to
babysit your kids sometime and in return, you’ll look after theirs another
time.
44. Split the babysitting
costs. Coordinate nights out with your neighbors and close friends and
go halfsies on the babysitter bill.
45. Bar hop with a brain. If
you frequent the bar already, opt for happy hour or eat before you go.
46. Nix the car lease. Buy used or
“new used” [http://biz.yahoo.com/pfg/e16buylease/]
and drive the car as long as you can. If you’ve picked wisely, you can save big
over the long-term.
47. Wait for the deal. Particularly
on big ticket items, monitor sites like Slick
Deals, Deal News and Fat Wallet, for the best
deals. Then take advantage. [http://slickdeals.net/ - http://dealnews.com/ - http://www.fatwallet.com/].
48. Do your own simple home
repairs. With all the home improvement shows out there, the “I don’t
know how” excuse no longer works. Google it, look it up on DIY
[http://www.diynetwork.com/] or HGTV, [http://www.hgtv.com/] or ask the folks at the
hardware or home improvement store, and get to work.
49. Help yourself to the
highest yield savings. Move your money from your checking account to a high-yield
savings account. Even a percentage point difference in interest rate can
make your savings grow faster. [http://www.bargaineering.com/articles/high-yield-savings-accounts-rates.html/].
50. Comparison shop [dot] com. Websites
like Shopzilla [http://www.shopzilla.com/] do the work for
you. Just type in what you’re looking for, press the button and voila! A list
of prices and stores that carry your item so you can easily find the best deal
in town.
51. Host a clothes swap. You
know what they say, one man’s trash is another man’s treasure. Get a bunch of
friends together, have everyone bring clothes that no longer fit or they’re not
interested in, and go to town!
52. Reel in a roommate. Splitting
housing costs could save you hundreds, even thousands of dollars a month. It’s
a different lifestyle, but if you need to make big changes in your budget
(ahem, spend less), this tip will get you there quicker than most.
53. Buy used. Whether
it’s clothing, books or iPods, buying used and
refurbished items can save you a pretty penny off the sticker price. [http://www.half.ebay.com/]
54. Plan before you shop. Wandering
around a grocery store often leads to overspending. Plan your meal(s) before
you shop and stick with your list.
55. Stick to the 10% rule. Follow
the age-old rule of saving 10% of everything you make or are gifted. And start them
young! If you have children, open up a savings account for each of them and
have them follow this rule as well. – Bird
