MONEY SAVING TIPS
57 MONEY SAVING TIPS
People are always trying to save money, especially with today’s economy. No matter
what your reason for saving, through this e-book, you will discover ways never
considered.
The price of everything has gone up, requiring people to be more conscientious
about money. The problem is that by the time the mortgage, car, utilities, and credit
cards are paid, there is little money to put aside. Saving money is not that hard,
just a matter of learning all the different options and being creative.
In addition to the obvious of putting money into a retirement fund or savings
account, there are hundreds of ways to save money. Although some ways of saving
may not seem like much, once you add them up at the end of the year, you will see
how substantial the savings really are. Keep in mind that saving is more than a
single lump sum of money put aside. Saving is something found in your everyday
life by the way you live and the choices you make.
Rome was not built in a day and neither will your bank account be. Each penny
saved is one more penny than before. If you have the ability to save big, that is
great. However, most people are not in that position, which is why this e-book will
show you how little savings can add up quickly.
Be encouraged that it is never too late to start saving, regardless of your age. Set your mind that now is the time to start building your future.
1. Holiday Gift Giving
This tip is especially helpful for large families. Although it is fun buying for and receiving from everyone, it can be very expensive. Make an agreement with your family that you will continue to buy for the children but that the adults will go with a name exchange. This way the children are not disappointed and you can spend a little more on one or two people rather than spreading your money thin. For the members that you did not pick to exchange with, bake a loaf of their favorite homemade bread or cookies.
2. Clearance
Always head straight for the clearance rack where you can find amazing bargains. Sometimes you may have to dig a little to find the right item but the savings will be well-worth your time. Most clearance racks offer variety, current trends, and great value. For example, Bed, Bath & Beyond has a clearance section where you can find all kinds of wonderful household items for a fraction of the original cost.
2011- TWO MINUTE GUIDES – ALL RIGHTS RESERVED
MONEY SAVING TIPS
3. Thrift / Surplus Stores
Unfortunately, thrift and surplus stores have been given a bad rap. Many of
these stores are filled with hundreds of top quality items. Name brand
merchandise is easy to find but just like clearance racks, it takes some time to
find. Find a thrift or surplus store close to where you live and then plan
spending some time to find those outstanding bargains. One woman in Kansas
City, Missouri located such a store about 20 minutes from her home. After
shopping through every isle over the period of two hours, she walked out of the
store with eight huge garbage bags filled to the brim with designer clothes for
her and her children, many with the original tags still attached. She even found
a couple of Liz Claiborne suits for herself at $5.99 each and a Dooney & Burke
purse normally valued at $225 for $19.95. Her children had an entire season of
school clothes and best of all, she paid less than $200.
4. Wrapping Paper and Bows
Create your own wrapping paper, which is not only unique, but also fun. Use
plain brown grocery bags and craft-like paints to make your design. After
wrapping the gift, let your creative juices flow. For example, using black and
yellow craft paint, create a miniature road. Then dipping toy truck tires into
red paint roll them along the paper making tire tracks. You can then draw free
hand a stop sign, yield sign, or stop light. Next, using a hot glue gun, glue a
couple of the miniature trucks to the paper. This is perfect for a young boy.
He will be just as thrilled with the wrapping as the actual gift. For a girl, you
can simply create miniature bows from existing fabric or lace and glue them on
brown paper then free hand draw colorful flowers. Just use your creativity and
look around for items you already have on hand to use.
5. Reuse
When you shop, look for items that can be reused. Rechargeable batteries are
a perfect example. Even though the initial purchase may be more than non-
rechargeable batteries, there is a definite savings over a long period. Another
option would be to purchase a nice artificial Christmas tree. Many of the
current artificial trees look amazingly real and with the right lights and
ornaments, you can change the look from year to year.
6. Landscaping
If you are considering creating a nice flower garden area, shopping for plants
even on sale, can be expensive. Before you go out and start spending, look
around to see if you have other plants that can be split from your existing
flowers. Additionally, if you have a good relationship with any of your
neighbors, you might ask them if they have any plants you could use as a
starter. Another great idea is the next time you are in the market to buy a
lawnmower, purchase one that mulches leaves. This way, rather than buy
mulch for your flowerbeds every year, you can simply use the mulch you make.
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7. Budget
Everyone should create a budget. If you are not sure how or just not good with
money, many businesses such as H&R Block, offer free financial consulting to
help you put a budget together. Knowing where you are spending your money
is by far the best way to save. In most cases, people have no idea where their
money is really going and once they see it on paper, not only are they surprised
but eager to change their spending habits.
8. Plan
Planning is a great way to save. Before you go to the grocery store, make a list
and stick with it. If considering a vacation, plan everything. Heading out with
no set direction will certainly lead you to impulsive spending.
9. Buy in Bulk
It is true that warehouse shopping can save a lot of money. Even if you have a
small family, you can always split large quantities. The price of items in bulk is
generally a great bargain. If you are single, you might go in with friends or
family on bulk items.
10. Allowance
Do not forget to give yourself an allowance for things you enjoy. Even if on a
tight budget, buy something that you enjoy, which could be as simple as buying
a new shirt or grabbing lunch at your favorite café. If you do not allow yourself
this small “splurge”, you could find yourself in the same position as if dieting.
Total deprivation leads to overindulgence.
11. What Matters to You
Make a list of the 10 most important things in your life. Next to each item, rank them
in order of importance using numbers 1 through 10. The purpose of
this exercise is to help you see the things you consider the most and least
important and to provide you with a visual of why you need to save. Some
examples of things that a person might put on their list include new home, car,
special trip, artwork, starting a business, or pay off debts.
12. Setting Goals
Break your goals into short-term, intermediate-term, and long-term. Being
able to see your accomplishments is a great motivator for you to work hard at
saving. If you set a short-term goal of saving for tickets to the symphony and
reach that goal, you will be encouraged to keep saving for the intermediate and
long-term goals.
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13. Be Realistic
When it comes to saving money, make sure the goals you set for yourself are
realistic. If you earn $50,000 a year, saving $20,000 would be nice but it is
very unrealistic. Make your goals attainable or you will never save.
14. Flexibility
Once you have set your goal for saving, realize that things can and will change.
The secret is learning ways to be flexible. If you normally save $150 a month,
when something unexpected happens, you may only be able to save $50 that
month. This is fine as long as you focus on getting back on track.
15. Insurance
Shop around for insurance and work with a good agent that can provide
information on discounts such as good student, multi-car discount, etc. Some
people think the price of insurance is the same from one company to the next.
However, prices can vary dramatically and to ensure you get the best deal, you
need to consider all your options.
16. Coupons
Okay, maybe you used to laugh as you watched people pull out their coupons
at stores but the truth is that using coupons can save you hundreds of dollars
every year. Coupons can be used at grocery stores, retail chains, any store
where the item is sold. Some stores offer double coupon days, which is an
extra bonus. On average, you could easily save from 5% to 15% on a bill for
$100 simply by presenting a coupon. Coupons are not just for food items and
by scouring your local newspaper you can find coupons for all sorts of
merchandise.
17. Credit Cards
Use credit cards only for emergency. Although convenient, credit cards are
dangerous and damaging. In addition, if you have a credit card that has a
$1,000 balance and you pay only the minimum payment each month, it will
take you between 20 and 30 years to pay off that $1,000 balance since the
majority of money is going strictly toward the interest and not the principal
amount.
18. Mortgage Payment
Paying one additional mortgage payment each year, whether in a lump sum or
monthly increments, can lower a 30-year loan down to 18 years. If you pay
more than one extra payment, the number of years will decrease even more.
Since this additional payment will be applied only to the principal and not the
interest, you end up saving thousands and thousands of dollars once the home
is paid off.
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MONEY SAVING TIPS
19. Credit Card Interest
If you have credit cards and your credit is in good standing, call your credit
card company, and ask for your interest rate to be lowered. It is truly that
simple. Unfortunately, most people do not even realize this is an option so they
never make the call. Just tell the representative that you want a better rate on
your credit card and they will take care of your request.
20. Patience
Be patient when it comes to saving. This means that you need to accept that it
will take time to save and good planning. Be patient and remember that just
because you want something, do not rush to buy just to satisfy your urge.
Instead, wait for sales in order to get the best price, which in turn will save you
money.
21. Financial Consulting
Many financial companies and even churches offer outstanding classes on how
to manage money. While some of these programs are free, others may have a
nominal fee of around $35 to attend but the money is well spent. Another
great option is consumer-counseling services. This is a great option for people
in over their head with debt. The counselors will work directly with your
creditors to lower your balances, interest rate, and establish workable
payments that you can afford.
22. Break old Habits
Take time to learn the various things that “trigger” your spending. When you
are depressed, lonely, sad, anxious, excited, whatever it may be, do you spend
more? Once you can identify these triggers then you can learn how to control
them. As an example, if you were just laid off from your job, although money
is tight, you may have an overwhelming “need” to spend money. Perhaps you
notice that when you are bored, you head for the shops. Knowing what affects
you will help you to discipline yourself to find other ways of comfort.
23. Avoid Temptations
If you have a particular weakness, stay away from it. If you love to gamble,
stay out of the casinos. If you have a weakness for shoes, drive past your
favorite shoe store. While avoiding temptation is hard, it is also necessary in
order to save money. When you want to give into your temptation, this is the
time to use your “allowance”.
24. The Right Time to Shop
Studies have proven that when shopping while hungry, depressed, tired, and
stressed, you buy more. Before you head to the grocery store, eat something.
If you are upset or feeling a little blue, calm yourself down or wait until you feel
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better before you head out to shop. As funny as it may sound, having a clear mind is important when it comes to shopping and spending money.
25. Make your Own Gifts
If you ask people if they prefer a store bought or handmade gift, the majority
would choose the latter. Handmade gifts are individualized and come from the
heart. When you have a birthday, anniversary, baby shower, wedding, or
Christmas gift to give, make the gift. For Christmas, you could make a
beautiful ornament or door wreath, for a baby shower you could purchase an
inexpensive bib pattern and make special bibs, or for a wedding, you could
create a wonderful album of photos showing the couples dating life. Other
great options include making homemade hot chocolate, soaps, candles, or
lotions and placing them in inexpensive glass containers or baskets purchased
at a thrift shop. If you use a mason jar, add foam and fabric under the lid for
added color, use a label to write the contents and a message of endearment,
and wrap a nice piece of ribbon around the ridge. The options are endless, so
get creative.
26. Barter System
Gather friends, family, neighbors, and co-workers and set up a bartering
system. Offer babysitting to one family in exchange for them mowing your
lawn or offer to clean someone’s house in exchange for a week of car-pooling
your child to school. You would be amazed at the opportunities and the money
that can be saved using a bartering system.
27. Matinee
Do you love the movies but hate the prices? Switch your nighttime show to the
late afternoon or early evening matinee. The price is about 50% less and when
taking an entire family, that is a nice savings. Pop your own popcorn, put in a
plastic bag, and place in a large purse and make or buy your own candy,
leaving only drinks to buy. Food at the theater is outrageously priced. The
next time that you head to the movies, hit the matinee, stuff those jellybeans
and licorice sticks in your purse, and enjoy the savings. Also, check for movie
tickets online, which can be discounted.
28. Comparison Shop
Comparison-shopping can make a big difference in the price you pay. You
might be looking at a barbecue grill at one place for $350.00 and by making
two more stops, find the exact grill or one comparable for $300. In addition,
consider the price of items assembled versus un assembled. For example, you
might find the barbecue grill un assembled for $250. A couple of hours of “fun”
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assembling the grill is certainly worth a $100 saving.
29. Stop Competing with the Jones’
You do not have to compete with anyone. Be proud of what you have and who
you are. If you can only afford an inexpensive sofa from a thrift store, find a
nice throw, make a few pillows, and be proud and thankful. Competitiveness is
a part of nature and to a degree, healthy. However, when competition creates
a buying war to see who can have the “best” when they have no business
buying at all, then it becomes damaging. Stick to what you can afford
regardless of what anyone else has or pressure you might be feeling.
30. Sales Clerk Compliments
Sales clerks are often paid on commission. Therefore, when you walk into a
store and try on an expensive suit, you can be guaranteed you will hear several
times over how wonderful you look, how great that suit fits you, etc. Because
this is how the clerks make their money, they will say whatever it takes to
make the sale. You probably do look good but do not allow yourself to be
pressured into buying something beyond your means. Know what you want,
the price range you can work with, and stick with your own rules, not theirs.
31. Incentives – Reward Plan
To help you and your family spend more wisely, set up a system where rewards
are given when the rules set forth are followed. For example, if a family
decision was made to start making lunch and brown bagging it to work and
school instead of paying each day, the incentive might be that if this is followed
strictly for one month, the entire family can spend a Saturday at the Zoo or
favorite theme park.
32. Dollar Stores
Many years ago, dollar stores offered only off brand products or poorly made
merchandise. However, that has completely changed. Now you can walk into a
dollar store and find the same name brand laundry soap, cleaning supplies,
clothing, school supplies, everything for a fraction of the cost. Where a store
name brand bottle of laundry detergent might cost $6.50 at a grocery store,
you can find the identical product and size at the dollar store for $2.50. Check
out your local dollar store and enjoy the mountains of savings.
33. Don’t Give up the Good Stuff
A misconception is that while trying to save money you have to deal with sub-
par merchandise, which is untrue. If you love fresh breads and pastries, visit a
bakery thrift store. For your fresh fruits and vegetables, visit your local
farmer’s market. Try eBay or other auction sites to buy top quality
merchandise for a huge discount. Watch for neighborhood garage sales or
estate sales and auctions to find items you need. Just because you are looking
for bargains as a way of saving money does not mean you have to skimp on
quality.
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34. Utilities
Set up some rules in your home such as turning lights off when leaving the
room, having only a parent adjust the air or heat, leaving the doors or windows
open when letting either cold or hot air into the house. Utilities are expensive
and a great money saver is to monitor how they are used in your home.
Another great idea is the investment of buying an energy-efficient hot water
heater. If you cannot afford one, lower the setting so you are not heating
water so hot. The hotter the setting, the more energy used.
35. Check the Garbage
One woman had her teenage daughter clean her room. The daughter proudly
did just that, filling two huge trash bags of things she no longer wanted. Out of
curiosity, the mother peeked into one of the bags to see what was being thrown
away. In shock, she found a new tube of suntan lotion, two perfectly good
sweaters, makeup, lotion, a picture frame, hair curlers, all good things. The
daughter did not realize that just because the items were of no interest to her,
they might be to someone else. After talking to her daughter, the mom turned
around and listed the items on eBay, making a $35 profit on her daughter’s
“junk.”
36. Written Plan
When a person goes into business, they create a Business Plan, which becomes
the blueprint of their business. The same should apply if you are trying to save
money. Create a master plan that the entire family can get involved with and
learn their role. When you start to spend too much, go back and look at your
plan to see where you are messing up and how you can fix it.
37. Attitude
Good money management is an acquired skill. As you go forward with the
process of saving money, you need to have a good, positive attitude, which is
often what will keep you and your family heading in the right direction. If you
think you cannot save, then you probably will not. Be determined and stay
positive about saving.
38. Unsecured Creditors
Make a list of all your unsecured debts along with creditor contact information
and payoff amount so you can have an accurate record of how much you owe.
Choose one creditor, possibly a credit card, and focus on paying off that bill.
Once you have achieved that goal, choose another. Start with the debt that
has the highest interest rate since it is the one costing you the most money.
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39. Off-Season
The next time you plan a vacation, consider off-season. Generally, the prices
for airfare, hotel, and cars are substantially lower than traveling during peak
time. If you look at all your options, you will find that in many cases, you can
come close to the date you would like to travel. As an example, flying to
Hawaii through June 8 is considered off-season while June 9 is peak. One day
makes a huge difference in price.
40. Buy versus Rent or Lease
When looking at homes or automobiles check the rent and lease options.
Depending on your particular situation, renting or leasing may be a better
financial decision. Weigh all your options and see which choice makes the best
sense from a financial standpoint.
41. Buffet Meals
When taking the family out to dinner, consider restaurants that have buffets.
In many cases, the prices are outstanding and a parent can share with a small
child. In addition, many buffets are “all you can eat” and of course, there is
something for everyone.
42. Cable Networking
If you have a computer upstairs and another downstairs and you use high-
speed data, have one of the computers be the primary computer and the other
be the backup. This way, you are only charged once for Internet access and a
small fee of $10 to $15 a month for the second computer. This is a great
bargain!
43. Proper Maintenance
Purchase an annual home warranty policy. These policies can run from $350 to
$500 a year and offer extremely valuable options. The way most of these
policies work is that if you have something break, such as your garage door,
dishwasher, air conditioner, etc., for a minimal fee, usually $50 to $100, a
service person will come to your home to fix the item. Best of all, if you have
five things broken and the same service person is qualified to fix all of them,
you are still charged the $50 to $100 fee once, not five times. For your
automobile, you might look into purchasing an extended warranty. If you ever
need either one of these policies, they will save you tremendous value.
44. Company Stock / 401K
Contributing to employee stock options or a 401K plan is a wonderful
opportunity to save. Most companies will match your contribution, sometimes
dollar for dollar, up to a maximum, generally 6%. From each paycheck, you
can have a small amount of money deducted (1%) and up. Over time, that
money grows and since the business is providing a match, you get free money.
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45. Family Haircuts
Look for hair styling shops that offer family deals or learn how to cut hair
yourself. Many families take care of their own haircuts and put the money they
would have spent aside as a vacation fund. This system works out perfectly.
46. Wants versus Needs
Make sure the thing you want to spend your money on is a “need” and not a
“want.” Sometimes this can seem like a fine gray line but if you stick to the
need list, you will spend less.
47. Refinance
With interest rates being so low, consider refinancing your home and/or
securing a debt consolidation loan. You might have to come up with a new
closing cost but once paid, you will have lower payments, better terms, and
save thousands of dollars over the years.
48. Go Generic
When buying food, try some of the generic items. Unless you or your guests
are connoisseurs of fine dining, they will not know if the green beans were
generic or a top name brand. Once you add some butter, salt, and pepper, no
one will know the difference except you - $79 per can versus $33 per can!
People do not realize that many generic brands are actually manufactured by
name brand companies, just branded with a different name. In fact, companies
such as those that make snack foods will have conveyor belts that run side-by-
side –one for the name brand and one for the generic brand. This is quite
common and the only difference is the label and price.
49. Stock Up
As you shop, if you notice that a brand you and your family use on a consistent
basis is on sale for a great bargain, stock up. As an example, if you use a
particular type of shampoo costing $4.50 per bottle and you find it on sale for
$2.50, go ahead and buy two bottles. You should only do this on items you
know will be used.
50. Shopping for Clothes
There are many secrets relating to saving money on clothing. As a perfect
example, rather than buy a matched suit for $450, buy the pieces separate.
This will save you about $100 to $150. Additionally, buy several pieces that
can be mixed and matched, giving you six outfits out of four pieces.
51. Carpool
In some larger cities, carpooling is required in order to reduce smog. However,
regardless of where you live, carpooling can also be a big money saver. Check
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with co-workers and determine who lives close enough to share a ride. By the end of the year, you will have saved several hundreds of dollars.
52. Trendy Fashion
Most people love to dress in the most up-to-date fashion but for those fashions,
you pay big bucks. Consider dressing with basics and then emphasis them with
trendy accessories. This will save you money on the clothing that is less
expensive while allowing you to dress it up.
53. Free Entertainment
If you are tired of being bored, you will be pleased to learn that there are
hundreds of things to do that do not cost a dime. For example, if you want a
little Friday or Saturday night excitement, sign up at your local police
department for a “ride-a-long” where you can go on duty with an officer as they
respond to real calls. Community colleges are always offering free exercise
classes, or coffee shops have poetry readings. Entertainment and having fun
does not have to cost anything. Some cities have special areas that are
popular on the weekends where you can find free concerts. Check your local
paper and college to get a list for your area.
54. Telephone / Mobile Phone
First, shop around for the best deals. Second, stay away from all the fun bells
and whistles and just stick with the basic plan. Some people have turned to
shutting down their home telephone and are now using their mobile phones in
place. Since most wireless carriers offer free long-distance, call waiting, call
forwarding, caller ID, voice mail, and more, it can do the same as a regular
phone but for less. Why have two phones when you can have just one?
55. Home Remedies
Before rushing off to see the doctor for a sore throat, try some home remedies
or over the counter drugs instead. For a sore throat, butter mixed with ginger
and sugar makes a soothing healing pate. A hot toddy before bed is great for a
cold. Simply ask your family for their home remedies and try it. Sometimes a
simple over the counter medication or herb will do the trick without costing you
an expensive doctor’s office visit.
56. Pay on Time
For every payment you pay late, you are charged a late fee, which can range
from $25 to $50 or more depending on the company. Therefore, if you just
made a $50 payment but it was paid late, nothing was paid toward the debt.
Instead, the entire $50 went toward an unnecessary fee. To avoid spending
unnecessary money, be sure you mail your check in time to avoid these fees.
57. Insulation
Hundreds of dollars are wasted every year from the average home due to improper insulation. Make sure there are no drafts coming from your window.
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57 MONEY SAVING TIPS
People are always trying to save money, especially with today’s economy. No matter
what your reason for saving, through this e-book, you will discover ways never
considered.
The price of everything has gone up, requiring people to be more conscientious
about money. The problem is that by the time the mortgage, car, utilities, and credit
cards are paid, there is little money to put aside. Saving money is not that hard,
just a matter of learning all the different options and being creative.
In addition to the obvious of putting money into a retirement fund or savings
account, there are hundreds of ways to save money. Although some ways of saving
may not seem like much, once you add them up at the end of the year, you will see
how substantial the savings really are. Keep in mind that saving is more than a
single lump sum of money put aside. Saving is something found in your everyday
life by the way you live and the choices you make.
Rome was not built in a day and neither will your bank account be. Each penny
saved is one more penny than before. If you have the ability to save big, that is
great. However, most people are not in that position, which is why this e-book will
show you how little savings can add up quickly.
Be encouraged that it is never too late to start saving, regardless of your age. Set your mind that now is the time to start building your future.
1. Holiday Gift Giving
This tip is especially helpful for large families. Although it is fun buying for and receiving from everyone, it can be very expensive. Make an agreement with your family that you will continue to buy for the children but that the adults will go with a name exchange. This way the children are not disappointed and you can spend a little more on one or two people rather than spreading your money thin. For the members that you did not pick to exchange with, bake a loaf of their favorite homemade bread or cookies.
2. Clearance
Always head straight for the clearance rack where you can find amazing bargains. Sometimes you may have to dig a little to find the right item but the savings will be well-worth your time. Most clearance racks offer variety, current trends, and great value. For example, Bed, Bath & Beyond has a clearance section where you can find all kinds of wonderful household items for a fraction of the original cost.
2011- TWO MINUTE GUIDES – ALL RIGHTS RESERVED
MONEY SAVING TIPS
3. Thrift / Surplus Stores
Unfortunately, thrift and surplus stores have been given a bad rap. Many of
these stores are filled with hundreds of top quality items. Name brand
merchandise is easy to find but just like clearance racks, it takes some time to
find. Find a thrift or surplus store close to where you live and then plan
spending some time to find those outstanding bargains. One woman in Kansas
City, Missouri located such a store about 20 minutes from her home. After
shopping through every isle over the period of two hours, she walked out of the
store with eight huge garbage bags filled to the brim with designer clothes for
her and her children, many with the original tags still attached. She even found
a couple of Liz Claiborne suits for herself at $5.99 each and a Dooney & Burke
purse normally valued at $225 for $19.95. Her children had an entire season of
school clothes and best of all, she paid less than $200.
4. Wrapping Paper and Bows
Create your own wrapping paper, which is not only unique, but also fun. Use
plain brown grocery bags and craft-like paints to make your design. After
wrapping the gift, let your creative juices flow. For example, using black and
yellow craft paint, create a miniature road. Then dipping toy truck tires into
red paint roll them along the paper making tire tracks. You can then draw free
hand a stop sign, yield sign, or stop light. Next, using a hot glue gun, glue a
couple of the miniature trucks to the paper. This is perfect for a young boy.
He will be just as thrilled with the wrapping as the actual gift. For a girl, you
can simply create miniature bows from existing fabric or lace and glue them on
brown paper then free hand draw colorful flowers. Just use your creativity and
look around for items you already have on hand to use.
5. Reuse
When you shop, look for items that can be reused. Rechargeable batteries are
a perfect example. Even though the initial purchase may be more than non-
rechargeable batteries, there is a definite savings over a long period. Another
option would be to purchase a nice artificial Christmas tree. Many of the
current artificial trees look amazingly real and with the right lights and
ornaments, you can change the look from year to year.
6. Landscaping
If you are considering creating a nice flower garden area, shopping for plants
even on sale, can be expensive. Before you go out and start spending, look
around to see if you have other plants that can be split from your existing
flowers. Additionally, if you have a good relationship with any of your
neighbors, you might ask them if they have any plants you could use as a
starter. Another great idea is the next time you are in the market to buy a
lawnmower, purchase one that mulches leaves. This way, rather than buy
mulch for your flowerbeds every year, you can simply use the mulch you make.
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7. Budget
Everyone should create a budget. If you are not sure how or just not good with
money, many businesses such as H&R Block, offer free financial consulting to
help you put a budget together. Knowing where you are spending your money
is by far the best way to save. In most cases, people have no idea where their
money is really going and once they see it on paper, not only are they surprised
but eager to change their spending habits.
8. Plan
Planning is a great way to save. Before you go to the grocery store, make a list
and stick with it. If considering a vacation, plan everything. Heading out with
no set direction will certainly lead you to impulsive spending.
9. Buy in Bulk
It is true that warehouse shopping can save a lot of money. Even if you have a
small family, you can always split large quantities. The price of items in bulk is
generally a great bargain. If you are single, you might go in with friends or
family on bulk items.
10. Allowance
Do not forget to give yourself an allowance for things you enjoy. Even if on a
tight budget, buy something that you enjoy, which could be as simple as buying
a new shirt or grabbing lunch at your favorite café. If you do not allow yourself
this small “splurge”, you could find yourself in the same position as if dieting.
Total deprivation leads to overindulgence.
11. What Matters to You
Make a list of the 10 most important things in your life. Next to each item, rank them
in order of importance using numbers 1 through 10. The purpose of
this exercise is to help you see the things you consider the most and least
important and to provide you with a visual of why you need to save. Some
examples of things that a person might put on their list include new home, car,
special trip, artwork, starting a business, or pay off debts.
12. Setting Goals
Break your goals into short-term, intermediate-term, and long-term. Being
able to see your accomplishments is a great motivator for you to work hard at
saving. If you set a short-term goal of saving for tickets to the symphony and
reach that goal, you will be encouraged to keep saving for the intermediate and
long-term goals.
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13. Be Realistic
When it comes to saving money, make sure the goals you set for yourself are
realistic. If you earn $50,000 a year, saving $20,000 would be nice but it is
very unrealistic. Make your goals attainable or you will never save.
14. Flexibility
Once you have set your goal for saving, realize that things can and will change.
The secret is learning ways to be flexible. If you normally save $150 a month,
when something unexpected happens, you may only be able to save $50 that
month. This is fine as long as you focus on getting back on track.
15. Insurance
Shop around for insurance and work with a good agent that can provide
information on discounts such as good student, multi-car discount, etc. Some
people think the price of insurance is the same from one company to the next.
However, prices can vary dramatically and to ensure you get the best deal, you
need to consider all your options.
16. Coupons
Okay, maybe you used to laugh as you watched people pull out their coupons
at stores but the truth is that using coupons can save you hundreds of dollars
every year. Coupons can be used at grocery stores, retail chains, any store
where the item is sold. Some stores offer double coupon days, which is an
extra bonus. On average, you could easily save from 5% to 15% on a bill for
$100 simply by presenting a coupon. Coupons are not just for food items and
by scouring your local newspaper you can find coupons for all sorts of
merchandise.
17. Credit Cards
Use credit cards only for emergency. Although convenient, credit cards are
dangerous and damaging. In addition, if you have a credit card that has a
$1,000 balance and you pay only the minimum payment each month, it will
take you between 20 and 30 years to pay off that $1,000 balance since the
majority of money is going strictly toward the interest and not the principal
amount.
18. Mortgage Payment
Paying one additional mortgage payment each year, whether in a lump sum or
monthly increments, can lower a 30-year loan down to 18 years. If you pay
more than one extra payment, the number of years will decrease even more.
Since this additional payment will be applied only to the principal and not the
interest, you end up saving thousands and thousands of dollars once the home
is paid off.
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19. Credit Card Interest
If you have credit cards and your credit is in good standing, call your credit
card company, and ask for your interest rate to be lowered. It is truly that
simple. Unfortunately, most people do not even realize this is an option so they
never make the call. Just tell the representative that you want a better rate on
your credit card and they will take care of your request.
20. Patience
Be patient when it comes to saving. This means that you need to accept that it
will take time to save and good planning. Be patient and remember that just
because you want something, do not rush to buy just to satisfy your urge.
Instead, wait for sales in order to get the best price, which in turn will save you
money.
21. Financial Consulting
Many financial companies and even churches offer outstanding classes on how
to manage money. While some of these programs are free, others may have a
nominal fee of around $35 to attend but the money is well spent. Another
great option is consumer-counseling services. This is a great option for people
in over their head with debt. The counselors will work directly with your
creditors to lower your balances, interest rate, and establish workable
payments that you can afford.
22. Break old Habits
Take time to learn the various things that “trigger” your spending. When you
are depressed, lonely, sad, anxious, excited, whatever it may be, do you spend
more? Once you can identify these triggers then you can learn how to control
them. As an example, if you were just laid off from your job, although money
is tight, you may have an overwhelming “need” to spend money. Perhaps you
notice that when you are bored, you head for the shops. Knowing what affects
you will help you to discipline yourself to find other ways of comfort.
23. Avoid Temptations
If you have a particular weakness, stay away from it. If you love to gamble,
stay out of the casinos. If you have a weakness for shoes, drive past your
favorite shoe store. While avoiding temptation is hard, it is also necessary in
order to save money. When you want to give into your temptation, this is the
time to use your “allowance”.
24. The Right Time to Shop
Studies have proven that when shopping while hungry, depressed, tired, and
stressed, you buy more. Before you head to the grocery store, eat something.
If you are upset or feeling a little blue, calm yourself down or wait until you feel
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better before you head out to shop. As funny as it may sound, having a clear mind is important when it comes to shopping and spending money.
25. Make your Own Gifts
If you ask people if they prefer a store bought or handmade gift, the majority
would choose the latter. Handmade gifts are individualized and come from the
heart. When you have a birthday, anniversary, baby shower, wedding, or
Christmas gift to give, make the gift. For Christmas, you could make a
beautiful ornament or door wreath, for a baby shower you could purchase an
inexpensive bib pattern and make special bibs, or for a wedding, you could
create a wonderful album of photos showing the couples dating life. Other
great options include making homemade hot chocolate, soaps, candles, or
lotions and placing them in inexpensive glass containers or baskets purchased
at a thrift shop. If you use a mason jar, add foam and fabric under the lid for
added color, use a label to write the contents and a message of endearment,
and wrap a nice piece of ribbon around the ridge. The options are endless, so
get creative.
26. Barter System
Gather friends, family, neighbors, and co-workers and set up a bartering
system. Offer babysitting to one family in exchange for them mowing your
lawn or offer to clean someone’s house in exchange for a week of car-pooling
your child to school. You would be amazed at the opportunities and the money
that can be saved using a bartering system.
27. Matinee
Do you love the movies but hate the prices? Switch your nighttime show to the
late afternoon or early evening matinee. The price is about 50% less and when
taking an entire family, that is a nice savings. Pop your own popcorn, put in a
plastic bag, and place in a large purse and make or buy your own candy,
leaving only drinks to buy. Food at the theater is outrageously priced. The
next time that you head to the movies, hit the matinee, stuff those jellybeans
and licorice sticks in your purse, and enjoy the savings. Also, check for movie
tickets online, which can be discounted.
28. Comparison Shop
Comparison-shopping can make a big difference in the price you pay. You
might be looking at a barbecue grill at one place for $350.00 and by making
two more stops, find the exact grill or one comparable for $300. In addition,
consider the price of items assembled versus un assembled. For example, you
might find the barbecue grill un assembled for $250. A couple of hours of “fun”
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assembling the grill is certainly worth a $100 saving.
29. Stop Competing with the Jones’
You do not have to compete with anyone. Be proud of what you have and who
you are. If you can only afford an inexpensive sofa from a thrift store, find a
nice throw, make a few pillows, and be proud and thankful. Competitiveness is
a part of nature and to a degree, healthy. However, when competition creates
a buying war to see who can have the “best” when they have no business
buying at all, then it becomes damaging. Stick to what you can afford
regardless of what anyone else has or pressure you might be feeling.
30. Sales Clerk Compliments
Sales clerks are often paid on commission. Therefore, when you walk into a
store and try on an expensive suit, you can be guaranteed you will hear several
times over how wonderful you look, how great that suit fits you, etc. Because
this is how the clerks make their money, they will say whatever it takes to
make the sale. You probably do look good but do not allow yourself to be
pressured into buying something beyond your means. Know what you want,
the price range you can work with, and stick with your own rules, not theirs.
31. Incentives – Reward Plan
To help you and your family spend more wisely, set up a system where rewards
are given when the rules set forth are followed. For example, if a family
decision was made to start making lunch and brown bagging it to work and
school instead of paying each day, the incentive might be that if this is followed
strictly for one month, the entire family can spend a Saturday at the Zoo or
favorite theme park.
32. Dollar Stores
Many years ago, dollar stores offered only off brand products or poorly made
merchandise. However, that has completely changed. Now you can walk into a
dollar store and find the same name brand laundry soap, cleaning supplies,
clothing, school supplies, everything for a fraction of the cost. Where a store
name brand bottle of laundry detergent might cost $6.50 at a grocery store,
you can find the identical product and size at the dollar store for $2.50. Check
out your local dollar store and enjoy the mountains of savings.
33. Don’t Give up the Good Stuff
A misconception is that while trying to save money you have to deal with sub-
par merchandise, which is untrue. If you love fresh breads and pastries, visit a
bakery thrift store. For your fresh fruits and vegetables, visit your local
farmer’s market. Try eBay or other auction sites to buy top quality
merchandise for a huge discount. Watch for neighborhood garage sales or
estate sales and auctions to find items you need. Just because you are looking
for bargains as a way of saving money does not mean you have to skimp on
quality.
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34. Utilities
Set up some rules in your home such as turning lights off when leaving the
room, having only a parent adjust the air or heat, leaving the doors or windows
open when letting either cold or hot air into the house. Utilities are expensive
and a great money saver is to monitor how they are used in your home.
Another great idea is the investment of buying an energy-efficient hot water
heater. If you cannot afford one, lower the setting so you are not heating
water so hot. The hotter the setting, the more energy used.
35. Check the Garbage
One woman had her teenage daughter clean her room. The daughter proudly
did just that, filling two huge trash bags of things she no longer wanted. Out of
curiosity, the mother peeked into one of the bags to see what was being thrown
away. In shock, she found a new tube of suntan lotion, two perfectly good
sweaters, makeup, lotion, a picture frame, hair curlers, all good things. The
daughter did not realize that just because the items were of no interest to her,
they might be to someone else. After talking to her daughter, the mom turned
around and listed the items on eBay, making a $35 profit on her daughter’s
“junk.”
36. Written Plan
When a person goes into business, they create a Business Plan, which becomes
the blueprint of their business. The same should apply if you are trying to save
money. Create a master plan that the entire family can get involved with and
learn their role. When you start to spend too much, go back and look at your
plan to see where you are messing up and how you can fix it.
37. Attitude
Good money management is an acquired skill. As you go forward with the
process of saving money, you need to have a good, positive attitude, which is
often what will keep you and your family heading in the right direction. If you
think you cannot save, then you probably will not. Be determined and stay
positive about saving.
38. Unsecured Creditors
Make a list of all your unsecured debts along with creditor contact information
and payoff amount so you can have an accurate record of how much you owe.
Choose one creditor, possibly a credit card, and focus on paying off that bill.
Once you have achieved that goal, choose another. Start with the debt that
has the highest interest rate since it is the one costing you the most money.
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39. Off-Season
The next time you plan a vacation, consider off-season. Generally, the prices
for airfare, hotel, and cars are substantially lower than traveling during peak
time. If you look at all your options, you will find that in many cases, you can
come close to the date you would like to travel. As an example, flying to
Hawaii through June 8 is considered off-season while June 9 is peak. One day
makes a huge difference in price.
40. Buy versus Rent or Lease
When looking at homes or automobiles check the rent and lease options.
Depending on your particular situation, renting or leasing may be a better
financial decision. Weigh all your options and see which choice makes the best
sense from a financial standpoint.
41. Buffet Meals
When taking the family out to dinner, consider restaurants that have buffets.
In many cases, the prices are outstanding and a parent can share with a small
child. In addition, many buffets are “all you can eat” and of course, there is
something for everyone.
42. Cable Networking
If you have a computer upstairs and another downstairs and you use high-
speed data, have one of the computers be the primary computer and the other
be the backup. This way, you are only charged once for Internet access and a
small fee of $10 to $15 a month for the second computer. This is a great
bargain!
43. Proper Maintenance
Purchase an annual home warranty policy. These policies can run from $350 to
$500 a year and offer extremely valuable options. The way most of these
policies work is that if you have something break, such as your garage door,
dishwasher, air conditioner, etc., for a minimal fee, usually $50 to $100, a
service person will come to your home to fix the item. Best of all, if you have
five things broken and the same service person is qualified to fix all of them,
you are still charged the $50 to $100 fee once, not five times. For your
automobile, you might look into purchasing an extended warranty. If you ever
need either one of these policies, they will save you tremendous value.
44. Company Stock / 401K
Contributing to employee stock options or a 401K plan is a wonderful
opportunity to save. Most companies will match your contribution, sometimes
dollar for dollar, up to a maximum, generally 6%. From each paycheck, you
can have a small amount of money deducted (1%) and up. Over time, that
money grows and since the business is providing a match, you get free money.
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45. Family Haircuts
Look for hair styling shops that offer family deals or learn how to cut hair
yourself. Many families take care of their own haircuts and put the money they
would have spent aside as a vacation fund. This system works out perfectly.
46. Wants versus Needs
Make sure the thing you want to spend your money on is a “need” and not a
“want.” Sometimes this can seem like a fine gray line but if you stick to the
need list, you will spend less.
47. Refinance
With interest rates being so low, consider refinancing your home and/or
securing a debt consolidation loan. You might have to come up with a new
closing cost but once paid, you will have lower payments, better terms, and
save thousands of dollars over the years.
48. Go Generic
When buying food, try some of the generic items. Unless you or your guests
are connoisseurs of fine dining, they will not know if the green beans were
generic or a top name brand. Once you add some butter, salt, and pepper, no
one will know the difference except you - $79 per can versus $33 per can!
People do not realize that many generic brands are actually manufactured by
name brand companies, just branded with a different name. In fact, companies
such as those that make snack foods will have conveyor belts that run side-by-
side –one for the name brand and one for the generic brand. This is quite
common and the only difference is the label and price.
49. Stock Up
As you shop, if you notice that a brand you and your family use on a consistent
basis is on sale for a great bargain, stock up. As an example, if you use a
particular type of shampoo costing $4.50 per bottle and you find it on sale for
$2.50, go ahead and buy two bottles. You should only do this on items you
know will be used.
50. Shopping for Clothes
There are many secrets relating to saving money on clothing. As a perfect
example, rather than buy a matched suit for $450, buy the pieces separate.
This will save you about $100 to $150. Additionally, buy several pieces that
can be mixed and matched, giving you six outfits out of four pieces.
51. Carpool
In some larger cities, carpooling is required in order to reduce smog. However,
regardless of where you live, carpooling can also be a big money saver. Check
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with co-workers and determine who lives close enough to share a ride. By the end of the year, you will have saved several hundreds of dollars.
52. Trendy Fashion
Most people love to dress in the most up-to-date fashion but for those fashions,
you pay big bucks. Consider dressing with basics and then emphasis them with
trendy accessories. This will save you money on the clothing that is less
expensive while allowing you to dress it up.
53. Free Entertainment
If you are tired of being bored, you will be pleased to learn that there are
hundreds of things to do that do not cost a dime. For example, if you want a
little Friday or Saturday night excitement, sign up at your local police
department for a “ride-a-long” where you can go on duty with an officer as they
respond to real calls. Community colleges are always offering free exercise
classes, or coffee shops have poetry readings. Entertainment and having fun
does not have to cost anything. Some cities have special areas that are
popular on the weekends where you can find free concerts. Check your local
paper and college to get a list for your area.
54. Telephone / Mobile Phone
First, shop around for the best deals. Second, stay away from all the fun bells
and whistles and just stick with the basic plan. Some people have turned to
shutting down their home telephone and are now using their mobile phones in
place. Since most wireless carriers offer free long-distance, call waiting, call
forwarding, caller ID, voice mail, and more, it can do the same as a regular
phone but for less. Why have two phones when you can have just one?
55. Home Remedies
Before rushing off to see the doctor for a sore throat, try some home remedies
or over the counter drugs instead. For a sore throat, butter mixed with ginger
and sugar makes a soothing healing pate. A hot toddy before bed is great for a
cold. Simply ask your family for their home remedies and try it. Sometimes a
simple over the counter medication or herb will do the trick without costing you
an expensive doctor’s office visit.
56. Pay on Time
For every payment you pay late, you are charged a late fee, which can range
from $25 to $50 or more depending on the company. Therefore, if you just
made a $50 payment but it was paid late, nothing was paid toward the debt.
Instead, the entire $50 went toward an unnecessary fee. To avoid spending
unnecessary money, be sure you mail your check in time to avoid these fees.
57. Insulation
Hundreds of dollars are wasted every year from the average home due to improper insulation. Make sure there are no drafts coming from your window.
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