31 ways to save more money

[dan Profile]

Here is a post I wrote earlier this year for my blog: http://slowwealth.blogspot.com

31 Ways to Save More Money

It’s been said that a penny saved is a penny earned. Thanks to income taxes, a penny saved is actually worth about 1.3 pennies earned.

Here are 31 ways to save a few pennies (and dollars):

1. Decorate your home with pictures you have taken. Why pay big money for framed “stock” pictures. Sort through your personal collection and hang them around your house. If you’re not a photographer, there are plenty of professional looking photos on online picture sites that are high-resolution for printing and royalty free for personal use.

2. Get a library card…and use it. Why spend money on books? Some libraries now have online interfaces that make it a cinch to request a book. They will sometimes even request a book from another library in their network if they don’t have it.

3. Get a “lite” internet package. I’m too internet dependent to advocate getting rid of your home internet connection all together, but most people don’t use the bandwidth they are paying for. Call your provider and ask for their “lite” plan. Often they will have a lower-bandwidth option that is unadvertised.

4. Get a deep freezer. This is one of my personal favorites. Inevitably, my local grocery stores will have a fantastic deal on one or two items each week. With a deep freezer in my garage, I’m free to buy 10 pounds of meat, or a cart full of frozen veggies. Not only do I get at least ½ off retail, but I have them when I need them.

5. Don’t be an early adopter. Being an early adopter of technology is expensive. Its no secret that a new gadget is more expensive when it first hits the market, but some folks just HAVE to have it. You’ve gone this long without it. Save yourself some serious dough, and wait a few more months.

6. Join a credit union. Credit Unions, unlike regular banks, are not trying to make a profit. Their goal is to make money for their shareholders, which conveniently enough are the members. That means they are almost always a better deal than a normal bank. If you are eligible for a credit union, it’s a good idea to join. They often offer the same features as a bank, but with better rates and fewer fees.

7. Purchase the loss leaders. Most grocery stores put out a weekly flyer with their specials. Usually on the first page, they list what are known as loss leaders. These are items the stores sell for less than they paid for them. It sounds crazy, but realize that they are willing to take a few dollar loss to get you inside the store where you will buy a cart full of groceries. Maximize your buying power by buying the loss leaders and stopping there. When used in conjunction with the deep freezer, you can stock up on meats and frozen items on the cheap.

8. Opt for generic prescriptions and over-the-counter medications. Prescriptions and medications are one area where the “store-brand” is absolutely as good as the branded product. Both products contain exactly the same medicinal ingredients, but one is a fraction of the cost.

9. Never pay retail. When shopping online, it is easy to find exactly the same products sold for different prices at different stores. Spending a few minutes searching almost always pays for itself. And with Google, online e-coupons are just a click away.

10. Grow your own herbs. A pack of 99 cent seeds will provide enough basil, rosemary, sage, and others to keep your food seasoned all year long. Put extras in a freezer bag for use during the winter.

11. Get a high-yield savings account. If you have money sitting in a savings account, there is no reason why you shouldn’t be earning as much interest as possible. Several online banks (and perhaps credit unions) pay over 5% (at the time of this writing) on savings accounts, and your money is insured by the government, just like if it were at the bank down the street.

12. Get rid of cable or satellite. You can likely get most of the networks in pure HD over the air.

13. Lower your credit card interest rate. If you are carrying credit card balances at a high (more than 6%) interest rate, consolidate them to a lower interest card. There are plenty of 0% cards for consolidating balances. If you can’t pay it off by the time the promotional period ends, roll the balance to another 0% card.

14. Make coffee at home. Why spend $3 for coffee when you can make it at home for 5 cents. Even if you buy the good coffee, it is still no more than 20 cents a cup.

15. Cook at home. Restaurants can be fun and a great place to socialize with friends, but the bills add up. A home made meal usually only costs $1-$3. Try finding that deal at a restaurant. When you do go out, use restaurant coupons and take ½ of your entree home for lunch the next day.

16. Pack your lunch. Going out for lunch, even at $5-$7 a pop, adds up over the month or year. Packing a lunch and bringing it to work usually costs only a dollar or two.

17. Never buy a brand new car. Most cars depreciate 30% of their value in the first 2 years. Buying a good pre-owned car with a few miles will save you thousands over buying a brand new one.

18. Use index funds. With all of the money you are saving, it is a good idea to begin investing. But too often, new investors get sucked in by “advisers” who put them in funds with outrageous fees. Sometimes as high as 5% of the amount invested. On the contrary, index funds and ETFs usually charge only a fraction of 1% and over the long-haul have beaten most managed funds.

19. Install energy saving CF bulbs. Now that the price of compact fluorescent bulbs have come down to about $2-$3 per bulb (if you buy a 5 pack at a chain hardware store) it is definitely worth your money to install them. They last for several years and typically use 1/3 of the energy of a normal bulb. In a house with 40 bulbs, that’s about $300 in savings per year. (40 75-watt bulbs replaced with 23-watt bulbs, average use 5 hrs per day at $0.09 /kWh.)

20. Install a programmable thermostat. Programmable thermostats only cost about $30 at a hardware store and can save you hundreds of dollars per year. During the summer, program the thermostat to allow the temp to rise a few degrees while you are at work, and begin cooling before you return. In the winter, do the opposite. Most of these thermostats even have weekday and weekend settings.

21. Make purchases with a credit card with cash rewards. (Steer away from ambiguous “points” systems.) Many credit cards offer rewards, but most these days have moved to ambiguous points systems where it is nearly impossible to ever cash in on your rewards. However, there are cards out there that pay cash rewards every month. Getting 1% back on all your purchases should be your minimum goal. (Of course, always pay off your purchases at the end of the month.)

22. Don’t purchase alcohol at a restaurant or a bar. I love a good beer as much as the next guy, but paying $6 for a beer that I can buy at the grocery store for $6 for a 6-pack just doesn’t make sense.
23. Sell some unneeded clutter on ebay. Everyone has books, CDs, clothing, and whatnot that are just taking up space. Cash in on those things by selling them on ebay. You’ll likely get more than you think (and the buyer pays shipping).

24. Clip coupons and use them wisely. Coupons can save a ton of money on groceries and other items (and many grocery stores double or triple face values). But don’t purchase something just because you have a coupon, and make sure that the final price after coupon is worth paying. Sometimes its not a good deal even with a discount.

25. Try store-branded items. Many store-brands are just as good as their branded counterparts. The only difference is advertising. Companies have to pay for the advertising overhead by charging more for their product. At least try the store brand. If you don’t like it, don’t buy it again.

26. Resist the urge to spend on impulse, no matter how small the cost. Get out of the habit of purchasing on impulse. A newspaper here, a pack of gum there, a magazine – they add up to big numbers by the end of the month. If you don’t believe me, keep a log of all of your purchases for a few weeks. Another way to avoid buying on impulse is to always go to the store with a shopping list, and only get those items.

27. Use the lowest octane gasoline recommended for your car. There is usually absolutely no benefit to buying the “premium” gasoline for your car. If you don’t believe me, read your owners manual.

28. Get a space heater. If you are a single person or couple living in a house, don’t waste money heating the entire house all night. Place a safe, thermostat-controlled space heater in your bedroom to keep you warm and save on energy bills. Also, buy an extra blanket or two.

29. Don’t burn the pilot light in a gas fireplace during warm months. If you read the small print on your gas log fireplace, it will tell you how many therms of energy it uses while it is not being used. It can add up to $5-$10 per month depending on gas prices.

30. Reduce your text messaging. Most text messaging is unneeded, and at $0.25 a message, text message conversations can add up to many dollars at the end of the month.

31. Drink tap or filtered water instead of sodas. Most bottled water is no better than tap water, and sometimes even worse because of the lack of fluoride. Get used to drinking water instead of sodas. It’s better for you and will save a bundle. If you are uncomfortable with tap, get a filtered pitcher.


Please keep the list growing by adding ideas.

[frugalhsmom Profile]

Dan's list is great. Here are a few I could think of...

1. Make your own detergent.

2. Read "The Tightwad Gazette"

3 Utilize Freecycle for getting rid of things you don't need and acquiring things you do.

4 Use cloth napkins

5 Cut face cloths and other convenience-type wipes in half, making two for the price of one

6 Reuse/Recycle: Rather than throw something away, see if you can use it in a new way. Make torn jeans into shorts, Ragged towels into handtowels, onion bags into pot scrubbers, paper cups and 2 liter bottles make great seedling starters in the spring, the newspapers you get can make great mulch or weed/grass preventers, etc.

that's all I can think of right now...I have triple-itis and can't concentrate

[m0mwabudget Profile]

1) When ordering on the net, always search for promo codes.. i.e. I am buying paper from staples.... google staples promo codes.
2) Make your own wipes for kids faces, cleaning (i.e. clorox wipes), etc.
Baby Wipes
10 cup container (ex: rubbermaid, w/lid)
1/2 roll of Bounty paper towels (remove the tube)
2 tbls of baby oil
2 tbls of baby bath
2 cups of water ( I boiled mine to get rid of any germs etc in the water)

Cleaning wipes
Cut a roll of Bounty paper towels in half, and remove cardboard tube. In an airtight container add 1 1/2 cups water and 1/2 cup of cleaner. I use an old 5-quart ice cream bucket and whatever cleaner just happens to be on sale. Place roll of paper towels in and seal with lid. Turn upside down until all liquid is absorbed in paper towels. Pull the towels from the center out to clean.

Antibacterial wipes I am still working on. Let me know if you have a recipe.

3) Also to cut down on electric costs, cook in the crock pot or microwave more. They both cost much less than the oven or stove to run. I love crock pot meals the best. Yum.

This is all that is coming to me for now but I will think on it more after our fieldtrip.

[jendon Profile]

I've become a bit obsessed with recycling water in my house to help with the drought, but it also helps with my water bill! I keep several containers (vases, buckets, wine carafes) in my bathroom and near the sinks. I put a few under the shower spray in the morning while the water is heating up for my entry into the shower, and I get SO much water each morning! And when I heat up the water in the sinks to wash my hands, I stick a container under the water flow and watch it fill up!

I water my outdoor plants with it, flush the toilets with it and I've even started using it in my washing machine (I was excited to hear this tip from a friend)!

I saw that someone mentioned Netflix (which I adore), but I've also been recording movies off AMC, TCM, Encore (Channel 310...which is free with standard digital cable from Time Warner in the Raleigh/Cary) and several other stations while TV shows have been on hiatus because of the writer's strike. My DVR is about to explode!

And thanks for all the tips people are giving! I love to find easy new ways to save money!

Jen

[Divine_DIVA_in_NC Profile]

Do a weekly/monthly menu plan.

It saves unnecessary grocery and fast food trips when you have a plan in place and food on hand (hopefully cooking in the crockpot). Then if you are a working person after a long days work, you don't have to worry what is for dinner.

I have several different sizes of crockpots, according to what I will be cooking.

Also http://www.orgjunkie.com is a great resource. Check out the Menu Plan Monday, and see what lots of folks menus for the week is (many times recipes are included or linked to).

[Heracane Profile]

I was just exploring this site and found this tip about Encore Channel 310 on Time Warner Cable! I didn't even realize I got this channel - great tip! Thanks

[mom2kevinandalex Profile]

Ok, I actually have one to add.......it's silly but I have never written a return address or bought labels.

As I'm sorting through my daily mail, I cut out my address and save it in a container. Whenever I need an address label, I go to the container, take one out and scotch tape it to the envelope

Saves me also from shredding my mail. Once my name is off it, I just toss it.

[jenn_k Profile]

Thanks for sharing this useful tips.

And one from me:

Quit smoking !

[agrantha Profile]

Buy your food at Angel Food ministries.

[ruz12 Profile]

It looks like I am good in saving money because I do most of the tips in your list. I always go for cheap things with good quality. I mean, why would you spend so much on something when it functions just the same as the other? A library card is also a great investment for students like me. I don't have to spend to much on a book yet I get the same information as the others and often times even better.

[Gatlee Profile]

I love the Library tip. I have always been an avid library supporter! I can get the same books for free that one would buy at a book store.....for $20!! If they dont have it you can request it via email and they let you know when it comes in!

[prendermac Profile]

The library also has dvd's and cd's, magazines, newspapers -no q's though:(

[hunter Profile]

Get the brand new Target Debit card! Every time you use it you 5% on your purchases (no limit). This works in stores and online, too. This isn't a credit card. They just deduct the funds straight from your checking account. Based on prior patterns, I estimate that I will save over $300 a year just by switching to the new payment method! Probably more because I'll know that the money is coming straight from my checking account so I'll probably buy less silly stuff.

Just take your photo ID and a blank check to Guest Services and they'll get you set up!

No- I do not work for Target!

[SingleDadof3 Profile]

I work with a lady who has a family of 6 with 4 kids, and she spends $120/wk at the grocery store. I couldn't image because our family of 5 spend almost 200. However, she utilizes coupons and buys several newspapers each week to stock up. Coupons really do save money!

___________________
coupons

[clippyclippy Profile]

I work with a lady who has a family of 6 with 4 kids, and she spends $120/wk at the grocery store. I couldn't image because our family of 5 spend almost 200. However, she utilizes coupons and buys several newspapers each week to stock up. Coupons really do save money!

Yes they do, Single Dad! Hang around here more often and you might be amazed at how much lower you can go.
With my family of 5, which is includes 3 teenagers, plus 3 cats, 2 mice and a leopard gecko, I budget 350.00 per month, and that also includes household paper/cleaning and personal care items. But I couldn't do it with all the help I get here and a few other places.
Welcome to Savvy Dollar!