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.
2. Brew it at home. If you grab even the cheapest of javas 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.
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.
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.
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 and P&G eSaver, 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.
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. To manage your credit, first find out what your credit situation is with a free credit report and score. Then, improve it if it’s bad and monitor it if it’s good (to make sure it stays that way).
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.
22. Bike it. If your destination is nearby, jump on your bike to get there instead of wasting expensive gas. (It’s 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.
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 so you can claim a generous deduction on your tax return next year.
29. Get the Entertainment book. These books are chock full of coupons and will pay for themselves after just a couple of uses.
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 a call to find out if you can reduce your mortgage rate and payment by refinancing. Or set up a free Rate & Payment alert that will let you know via email when a home loan program becomes available at the interest rate or payment “sweet spot” you’re interested in.
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.
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.
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.
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” 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.
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 or HGTV, 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.
50. Comparison shop [dot] com. Websites like Shopzilla 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.
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 ‘em young! If you have children, open up a savings account for each of them and have them follow this rule as well.
Did your best money saving tip make the list? If not, share with us in the comments.
[Photo credits: http://www.flickr.com/photos/tsmall/ / CC BY-SA 2.0]
Saving 10% can always help but buying in bulk really isn’t the best way to save money on groceries.
I recommend signing up for multiple discount companies and seek online coupons also for gifts try discount gift cards.
My favorite piece of advice to save money is to cook in bulk. I make dinner for the rest of the week on Sundays. It saves a lot of time and I don’t spend a lot of money on ingredients for a lot of different recipes.
Such great tips and comments. Since reading a book called, Financial Purity, by Jessica V. Psalidas, I’ve learned to use cash more, and by watching that show ’til debt do us part’ we use labelled jars and work with cash.
Obviously you will have your monthly/weekly bills that come directly out, but working with cash beyond that part you actually wouldn’t believe how much you save.
It’s all about saving those dollar bills!!
When online, don’t forget to check out discount shopping sites that offer not only coupon codes but also cash back rewards and free shipping. Some dependable sites like http://www.savingswatch.com also offer registration credits (sign up, get $5). There is a search tool for listing offers on specific products among multiple retailers so you’re bound to save more than usual. I save a lot of time by having it all on one site, from home appliances to vacation packages and groceries or flowers. Believe me, it’s so convenient.
Sam’s and Costco CAN be your friends, but you still need to be a smart shopper. Everything they sell is not always the best price. Kleenx and TP is always cheaper on sale somewhere else. Also, bulk food purchases may not be less expenisive if you end up throwing some of it away.
An easy way to save on fees and earn more money is to join a non-profit member owned credit union, and ditch your for profit bank. Most CU’s pay higher yields, charge lower loan rates and have fewer if any fees. I earn 3% APR on my checking account which is higher than any of the CD rates listed at area banks. Have you heard about any credit union failures in the news????
I like tip number 14. Coupons have always worked for me. Thanks for the great article.
yo yo i <3 these financial stuff. dont laff at the name
These tips are really great. I am a single parent of 2, who will be purchasing a home in the coming months, and I really need to tighten my budget. I would like to work on bulking up my emergency fund, once I am in my new home. I am a diehard coupon user, and a take-your-lunch to work person.
Great site; keep the great money-saving tips coming…
I like all these tips above – but I’m missing one I very often apply: hold only a very little amount of cash in your wallett and leave your plastic home..so you can spend more than planned only if you go right into the bank – as doing this is very uncomfortable and requires patience and time, you’ll do it only in real emergency.
Everything is useful. I love quitting a vice and use H2O. Hope you can help me figure out one item “attack the closet’, it’s been a long time i had this problem. Can you tell me how many clothes should i maintain using for a period of time (like in 6 months or in a year) so i can get rid of excess clothes. Thanks for the article.
I have always been told that if I have an item that has not been used regularly then either toss it, donate it, sell it in a yard sale or throw it away.
If you have summer clothes you did not wear at all last year, then get rid of it. The same goes for winter clothes, if it wasn’t used last winter then get rid of it. If you can go one whole season and not use that item then it isn’t something you adore and can’t live without.
The same rule goes for shoes, purses, coats, gloves, etc.
Good luck on your cleaning.
All of these are great tips on saving money. I have just now started saving myself. I have been starting a little at a time. First with $25 and then everytime i get paid i add to it. It’s surprising how fast it adds up. The more you see it increase the more you want to see it get bigger.It’s all very motivational.
It makes you realize too that you can save and it isn’t as impossible as you may have originally thought.
i really like the saving tip of growing ur own veggies. it really works wonders. Guys you really save!!!
love your left overs once again. You know once you preserve it well, it can be of great use. Imagine you can use it as ameal another time! It works!
Also reconsider canning, especially if your going to garden. Create a weekly grocery shopping list based on sale ciculars that week and what’s fresh and in season. If you also buy in bulk when items are on sale and use the coupons at the same time your saving again.
I’ve recently revived a way to minimize spending on eating out – to pay your bills online. In reality, this is only an added bonus because the main point is you aren’t queuing up anymore. I discovered this when I was placed on bed rest during my 2nd pregnancy and my husband was working in another country. Now, it saves us not only gas and time but also money eating out.
One way I have saved money is ditching the ATM and debit cards. Of course they are convenient, but that was the problem. Money was readily available. So i cut them up. I pay my bills online and carry very little cash on me. If I need money I go to the bank. If it is closed then it will have to wait, and usually by the time it opens I have changed my mind anyways.
Pay your bills online. Its free and you save money on stamps.
I just switched from a bank back to a credit union that I was a previous member over 25 years ago. It took a lot of time getting my payroll and accounts switched over. However I feel it was worth it because now I am getting 3.5% interest on my money in my checking account. Also I am angry at all these big banks taking tax payer bail out money and still paying themselves big bonuses. What a way to pay that back by having everyone switch to a credit union. I agree 100% with Richard, when was the last time you heard of a credit union failing? They are non profit and work for their members.
What works for me is knowing the difference between my own money and someone else’s money. I try and avoid Credit Cards and Personal and Auto Loans and save a lot on interest. I completely agree with buying a used or a almost new car compared to a new car. Saves a lot on depreciation.
My best advice which I did not see is to grow your own food. It is not difficult. I am lucky to have a large growing space. We grow tomatoes, sugar snap peas, snow peas, lettuce, spinach, carrots, squash etc. etc. There are so many varities of plants that can be grown in containers for those that have little space to grow. And also you can dry your food, purchase it fresh in season and preserve it for the winter. And then there is the oldest way, learn and start canning. You will not believe the money you will save. And fresh home canned food is so much bettter than what you will get out of a can. It may take some time and effort but the reward is beyond imagination.
I know in this recessionary period we must be save,save,save. And cut your credit cards, only debit cards should be used. The interest will kill you.
Cheers,
Richard A. Weisberg
Costco and other clubs are not a good deal for most people. Costco makes more than half its money selling memberships, very few people make up the cost of membership in savings.
Houses are energy hogs. Insulate, especially the attic and plant trees, shrubs or vines on the south and west sides to shade the home in the summer. Evergreens on the north and west sides to provide a windbreak in the winter in the northern climates. Many states and communities don’t have energy building codes and as a result, we’re paying more for energy use than we should. There are tax credits for energy efficiency improvements through 2010; see http://www.doe.gov
This is gonna sound funny, but it’s a big help. Save your coin change and $1 bills. Put them away for something you really want. When you go to the store and spend $20′s you feel guilty, but $1′s that you’ve saved over time isn’t so bad. And the coins you saved can be used for the over time home improvements, like new flooring.
Well when u have to shop or want to buy bigger items ive same alot with qvc, amazon.overstock.com hsn with alot of these u can make 4 payments on things that u have to replace such as vacums and such.Ive save alot with these sites
If you want to save more money in the home, here’s what we did:
1. Put a brick in the toilet tank, so that when you flush, you don’t use as much water, and we don’t flush every single time.
2. Installed a programmable thermostat, set it to 65 during the day instead of 68, and 62 when we are sleeping, and we have saved about $240/yr.
3. Changed all the bulbs in the house to energy saving bulbs, and we save about 100/yr.
4. Get groceries at discount stores (aldi’s/ Save a Lot), rather than the big name places, and you can get about 40% more groceries for the same price.
We save our change throughout the year, and that is what we buy x-mas presents with. Even our 7 and 2 yr old throw money in there to help out.
For a special family treat purchase a bucket of ice cream and cones. You can have many snacks as compared to one trip to an ice cream shop.
Great tips! I’d like to add, re-evaluate your list of expenses. Know the difference between wants and needs. I for instance, nixed my gym membership of $45/month b/c truthfully I haven’t been to the gym in over 6 months (at least) though I really, really want to go. Also, I saved by swiching my cell phone carrier to prepaid after reviewing my bills and found that I use about 100 or so min. per month so I’m better off with pay as you go service – I now have Net10 and my cell phone bill is an affordable $15/month (as oppose to $50). Oh and I also got my “international” part of the family to use Skype :) I’m off to a very good start this year :)
I absolutely agree with #1. Best way to ensure you’re taken care of. Also I’ve noticed that many people do this last so it’s definately not the easiest to follow as oddly as that may sound. gluck!
Every time you go to a store those bags add up. Stop bring your own even if it is the ones from the last time you shopped, or bring your own canvas bag/mini cart to bring items home. Or just ask to have some of boxes to use instead of them breaking them down.
I love the idea of reusing everything-pass it on before you decide to landfill it.
As a single mother of four, I’ve had to find creative ways to cut backthat don’t involve a lot of extra time or work. Here are some of my favorites: I make my own detergent (one bar finely grated Fels-Naptha soap, one cup soda ash, and one cup borax; use 1/4 or 1/3 cup per load); I buy a lot of my groceries from a couple of salvage stores snd get AMAZING deals on delicious food; I buy vitamins, supplements, and some toileties from Vitacost.com or Swanson.com,;I go to a couple of annual community garage sales in parts of town where I can’t afford to live and get better clothes used than I can afford to buy new for little to nothing; and (my favorite!) I buy restaurant coupons for 70% off (really–SEVENTY PERCENT OFF!) at Restaurant.com. I hope this helps! Many blessings in the Lord Jesus!!!
Lots of great ideas to pick from. To follow up on the used books suggestion…frequent and get to know the guys at your local used book store. Typically half of the cover price, not to mention you can trade in books for (usually) a credit of 25%. Then, if I am buying presents for friends on the other side of the country, I go to Amazon Marketplace where you can sometimes find books for as little as a penny (shipping is less than $5 usually), that way they are doing the work for you! :)
This is a great article, had a lot of helpful tips in it. I am so syked at the fact that some much information is accessible to all of us. Even some of things that our parents might have left out!
One of my favorites is the slush fund, although you have to be very disciplined to save 100% of it.
These are great tips! What Melanie mentioned is very important too — differentiate your wants and needs. With all the new gadgets coming out, it’s so tempting to buy the latest models! But it’s best to ask yourself, “Do I REALLY REALLY need this right now?” Most likely, in a few months, the item will be cheaper. Also, with everything on the net now, I actually no longer need to watch TV anymore, so that’s something big I’ve saved on. =)
To encourage my teenage son to understand the value of the dollar, I put him in charge of couponing. Whatever he clips and saves on our grocery bill, he earns. The money goes into a “sharebuilder” account at INGdirect.com for him. As the account grows, he can buy individual stocks and learn how the stockmarket works on a small scale (or large scale later). Savings and investing all-in-one!
American Eagle is my son’s favorite store, and they have a program where he earns points each time he makes a purchase. Quarterly the store issues %-off coupons based on his purchases – he waits for the online sales and gets the additional percentage off the sale prices (keep an eye out for the sales as the seasons change to get the best selection/sizes). All his friends say they’re jealous because he’s rich – he just smiles and is proud to tell them how they can be too if they’d just stop paying full retail!
I have built a slush fund over the years by simply rounding up to the nearest dollar when entering items my checkbook. I simply “save my change” in that account. I have about $800 saved for emergencies. I occasionally shift some of that money to my savings account @ INGdirect.com
What’s #32. I did not get it.
to Alex: re: #32: Some people pay their escrow money (for property taxes and/or insurance) to their bank – it’s included with the monthly mortgage payment. Then the bank pays those bills on your behalf. If your bank doesn’t require you to do that, you can take that money and instead pay it into your own savings account until those bills are actually due – that way you’ll earn a little interest on your money throughout the year. You would then pay the those bills yourself when they come due.
Ben,
Your best bet when ‘buying in bulk’ is to go in with a friend or two for things like huge packages of toilet paper, paper towels, vegetables and anything else that one might find in the common household and then splitting the bill by the number of participants. I do this with all of my family members and we save a huge amount of money. Best of all, if I don’t save at least the cost of my Costco membership, they mail me a check for whatever amount it cost me above my savings for that year. So if, in total, I paid $50 for my membership during the year but I only saved $35, Costco, at the end of the year cuts me a check for the additional $15 that I didn’t save by shopping at Costco. It works out to be a great deal for everyone, provided they can all agree on which products they like best or are willing to use.
I like to read articles about money saving tips. These post is very useful and I will share it to my friends.
My hubby & I are both now disability retired, with a few medical expenses, and we have to have a maid come once every 2 wks for the housecleaning, and a handyman for the yard & misc repairs around the house….That runs around $300 a month, sometimes a little more depending on the weather, etc, out of our pensions, but don’t know any other way to cut that expense down??? We pretty much do the rest of the things already submitted by others….any ideas???