Save Money Tips

Okay look, it’s 2010 and for anyone who has not actually make the necessary change to take advantage of this next Save Money Tip yet, I’d like to run over the reasons why you should, so that you can take a hard look at your reasons for why you have not done so. Telephone expenses are not the biggest monthly bills you have, but they are constant expenditures, and when you have monthly expenses that will be spread over the rest of your life, it really behooves you to analyze them closely and try to reduce them if you can.

My basic suggestion here would be to ask yourself if you really need that landline telephone that you’re still paying for. You know that you would save hundreds of dollars a year if you are able to live without it. Is there anything about your present home telephone that could not be accomplished just as easily with your cell phone? Of course I’m assuming that you have a cell phone, because my argument here really centers on the undesirability of paying for something like having a telephone line, twice each month. I think that for most people who still have landline telephones getting rid of them seems like a big step, but would be one of those ways of saving money where after you did it, you wish you had done it years earlier.

Some of the best ways for saving money generally are by eliminating duplicate expenses, that we have developed over time without really realizing it. Old habits die hard, as they say, and they develop a momentum over time. But it doesn’t mean that we shouldn’t change our ways when another method becomes available. Saving money by eliminating your landline is a perfect example of this. It may sound like a radical step in the name of saving money, but just look at how many times you actually use your landline phone in the course of a week, and how many times those calls could have been taken just as easily on your cell phone. I have taken this step, and frankly I’ve never spoken to anyone who has decided to save money this way, who regrets it.

So let me ask you: if taste tests reveal that the taste of a coffee brand that happens to be cheaper, and in some cases quite a lot cheaper, was enjoyed almost as much by taste-testers, would you consider switching?

Which? researchers found that there was little correlation between price (and presumed ‘quality’) and the enjoyment of a given brand. They tested the instant coffees of seven supermarkets’ own brands-Aldi, Asda, Lidl, Morrisons, Sainsbury’s, Tesco and Waitrose, against Nescafe Original, which is as much as three times as expensive as the others. Nescafe was generally preferred, but not by much, and the experimenters estimate that a couple could save as much as £54 a year by switching.

At 6 AM, do you really think that you prefer a premium brand three times as much as you would a more economical brand? At that hour I’m lucky if I can find socks that match. But that’s a different blog post altogether.

Here is a quick video offering seven tips to save money on home insurance, by a former insurance agent and financial consultant. Tips like this are especially useful, because decisions like which home insurance or mortgage insurance to buy are in effect huge financial moves that you pay into for years. Comparison shopping is indeed Read the rest of this entry »

Here is an outstanding two minute video on saving money with coupons. One point is that it’s worth it to buy/get multiple sources of coupons, because you should always save more than you pay for the newspaper. The video is absolutely worth your time.

Here is an outstanding short video on basic money saving concepts.

I think that most of the challenge of saving money is psychological, and so it’s good to be inspired by stories of people who have gotten out of debt. Not only can you glean practical methods for saving, you get in the mindset of being a saver, and this is a huge step. Here are four stories of people who were able to get out from under substantial debt. By the way, the common thread? Cut up the credit cards! But you knew that already, didn’t you?

1) Starbucks has promotions called “pairings.” You can save as much as 90 cents if you buy a snack or breakfast with a drink that they choose to combine with it.

2) If you bring your own cup you’ll get 10 cents off your beverage.

3) If you can save the receipt from a Starbucks visit in the morning until the afternoon, after 2 p.m. you can get an Grande cold beverage for 2 bucks. Even a Vivanno Smoothie.

4) For brewed coffee, try the coffee press. It costs around $3 (less than two Grandes) and you’ll get four 8-ounce cups from it.

5) Probably the best tip to save money at Starbucks: A refill on brewed coffee is 50 cents and if you have a Starbucks Card they’re free!

You can get aggressive as far as saving goes, but the reality is that you shouldn’t limit yourself to focusing only on not spending. If you have extra time, why not convert that into cash by finding ways of helping people get things done? Here’s an outstanding post from Ron over at The Wisdom Journal– it’s a whole bunch of ways to make extra money. Breaking away from the TV for even a few hours a week will make a huge difference in your income over the course of a year, and who knows, you might make some new friends while you’re at it.

photo credit: Matt McGee

OK, here’s your money saving tip for the day. I use this myself so I know that it saves me money whenever I’m going to do my ‘big’ shopping, for groceries and household stuff. I keep my coupons near the door so that I don’t waste time looking for them before I leave. I just make it a habit when I read the paper (especially Sunday’s) to set aside noteworthy coupons but ALWAYS WALK THEM TO MY LITTLE SHELF near the door so that I don’t forget them when it’s time to go.

photo credit: clspeace
Winter is on it’s way in the Northern Hemisphere, and here’s a good little list for saving money on electricity bills, from Bukisa.

Hey have you heard of slickdeals.net? It bills itself as a ‘community driven bargain hunting’ site, where you can find discounts, promo codes, reviews and price comparisons. What I like is that there are all kinds of obscure items, as well as the usual electronics and clothes. You’ll find some very aggressive savings on the site, and I’d suggest putting it right into your feed reader for finding the latest deals quickly.

It’s a great idea: using cheap basic products, instead of paying retail for higher priced products with nice packaging. The Simple Dollar has a nice list of 12 ways that you can avoid paying that retail markup, through substitution. In some cases using just a little imagination and a bit of elbow grease can really save you some money.

photo credit: goosmurf
Hey, have you hear about Google Voice? (pardon the pun)
Imagine having one phone number that you keep forever, whether you change cell phones or move across the country. You give this number out to people and the call gets routed to any phone you want. Interesting idea, and empowering for consumers: doesn’t everyone have a story about getting gouged by a cellphone carrier?

The thing is, and the reason this saves you money, is that you can choose to have ‘extras’ like text messages and call forwarding taken care of by Google Voice, NOT your provider. Simply have people use your Google Voice number for text messages as well as calls that might go to voice mail (ie all calls!). You can turn off SMS notification to your phone in Google Voice, then text messages go to your Gmail, and that will save a lot over the course of a month. You can listen to voice messages, or they are transcribed for you, also in your Gmail box.

So just ratchet your plan down to voice calls only, and start saving money immediately by taking these expensive add-ons OFF your plan.

photo credit: Deanster1983
Here’s a money saving tip that can only help you, if you are flexible enough to be able to use it. Bing Travel basically absorbed farecaster.com in 2008, but regardless of the name, the technology lives on in its new home.

The idea is simple: enter your itinerary, then check the ‘7-day Price Predictor’ in the upper left hand corner of the page for advice on whether to buy now or to wait until you are closer to flight time. The results aren’t 100% reliable, but at least you aren’t ‘flying blind’ when it comes to having an idea if the price you have been quoted on a given route is high historically, or not.

Now, if the flight on which you are waiting for a price drop gets full while you are waiting you’d have to book at a different time, but if you have a little bit of flexibility you’ll essentially be paid for it, if the fare prediction says to wait and it’s correct. It’s an amazing piece of technology, when you think about it, and we aren’t talking about saving a couple of bucks either: with a little luck, you can save a whole lot more

Housing is one of the biggest expenses we face, so if it’s really time to look hard at expenses and saving money, maybe it’s time for renters to at least consider moving to a cheaper apartment. The savings can be considerable, and who knows, you might like the new place even better. Here’s an interesting piece from the New York Times on the subject. Interestingly, one of the women in the story even decides it’s time to move out of New York altogether. While that may seem extreme, the situations that some people find themselves in related to debt can be pretty extreme too. What’s that they say about desperate times requiring desperate measures?

Like millions of Americans, you may find it very challenging to spend less on things and save money in the bank for your future. It’s not so surprising because education, health care costs and inflation are on the rise, there are more malls than ever and cool technology is becoming more and more affordable, which means companies are manufacturing electronic products and selling them at prices that most people can’t resist paying for.

Based on statistics, people are making more withdrawals a month from from their savings accounts. This means that more and more people end up with little or no money to spend before their next salary. In spite of the rising cost of commodities and rising inflation, people are spending more than ever instead of saving.

Whether you’re making enough money to meet your and your family’s needs and financial obligations or you’re on a meager income, it’s never too late to start saving money. Here are a few tips to help you get started:

Save Money Tips #1 Tip: The Big One-Curb Your Buying Impulse

Seven out of 10 people end up buying something they like on impulse or at first glance. A simulated sociological study found that people who bring cash or credit cards with them while they are window shopping are more likely to end up buying things on impulse than if they had little cash or didn’t bring their cards with them.

You can save money by exerting a conscious effort not to give in to your buying impulse. If you see something you really like, save for it instead of buying it the first time you see it. When you’re shopping, shop for things that are necessary or  that you need immediately. If something isn’t crucial or immediately needed, don’t buy it right away. Wait a while and see if you still want it the next time you see it.

Save Money Tips #2 Tip: Learn to Budget

Creating a budget is a great way you can manage your money. A budget can help you identify and spend on things that you really need. If an item is not specifically in your budget, you simply do not spend on it. Thus, a budget eliminates unnecessary purchases. Any money that doesn’t get spent can go to a savings budget, which you can later on decide to spend on something you want.
Save Money Tips #3 Tip: Compare Prices

Whether you’re buying clothes, food, gas or any other commodity, it’s a good idea to compare prices. Thanks to the Internet, you can compare prices of various goods and services online without having to drive around or spend too much time doing it. You’ll be able to find the best deals and save money by doing price comparisons before shelling out any money.

Likewise, take advantage of warehouse type stores where you can buy many items in bulk much more cheaply than if you were to buy them in retail stores.

Save Money Tips #4 Tip: Eat In, or Prepare Food Ahead of Time

You can save money by preparing your meals ahead of time and bringing them with you to work or wherever you go. You won’t find yourself going through the drive-thru or sitting in a restaurant and spending more money on food you could have prepared yourself. You can make a big batch of food at the beginning of the week, put them in small containers and freeze them. Take one with you when you go to work and simply microwave them when you’re ready to eat. Likewise, you can save money by drinking water instead of soda. Have a bottle of water with you and drink that instead of soda. You’ll be amazed at how much money you’ll save by avoiding the soda machine. Water is much healthier too.

Who doesn’t want extra money? With the rising costs of just about everything today — food, housing, education, health care, cars — extra money is always a welcome addition to the budget. More money means the ability to save more for the future, whether it’s towards retirement or for your children’s education. When you have more money in your bank account, you’re more liquid, and you know you have enough to spend should an emergency crop up.

So how exactly can you make extra money? Start by looking at how much time during the day you basically aren’t doing anything. Identify your idle or free times. These times are those times you’re resting, napping, reading, watching television or doing your hobby. These times are the perfect time for you to get into activities or projects that can earn you money on the side, in addition to your regular income. If you have huge blocks of free time on some days, why not consider getting a part-time job? Instead of simply doing nothing during your free time, you can engage in something that you like and help you make extra money too.

There are several reasons it’s a good idea to get a part-time job. For one, it’s an additional source of income. You can save the money you earn from a part-time job for a vacation you’ve been wanting to take for a long time. Another option is to buy stock with the money, and invest in your future. Or you can perhaps put the money towards your children’s college funds or save it for a new car or house payments. With a part-time job, you wouldn’t be sitting idly and wasting your time. You can be much more productive of your time.

If you’re a student, a part-time job can be a valuable experience and introduce you to the real world. You can learn new skills and know your way in and out of a particular job. And if you’re lucky enough to find a part-time job that’s in line with your career goals, you get to already have one foot in the door so to speak. When you graduate, you already have a place to apply for a full time job and climb up the company ladder.

Are you a social person? Do you love meeting new people and networking? A part-time job can provide you with this kind of opportunity. The part-time job you find may not be a job you envision yourself doing in the long-term, but you are likely to meet people who can give you leads to other jobs or to people who may be working in the type of job you want.

Part-time jobs are everywhere. Start by looking at the classifieds section of your newspaper. If you’re a student, there’s probably a bulletin board in your campus where part-time jobs are posted all the time. If you want to work for a specific company in your area (e.g., fast food, department store or office), call them up or go to their place of business and ask if they have part-time positions available. Ask your family, relatives, friends, friends of friends or anyone you know if they know of a company that’s looking to hire someone part-time. If you’re the entrepreneurial type, you can start making extra money by offering your services while you’re at home. Some part-time jobs you can operate right from your own home include tutorial, writing, web design, home repairs, party planning and such. If you’re Internet savvy and willing to learn new skills, there’s a lot of people who run online businesses who may be needing a virtual assistant — someone who can respond to their e-mails, do minor updates on their sites, post online ads, etc.
How many hours you devote on the part-time job depends on the job you take as well as how much hours you’re willing to put in. You can work only a few days per week, in the mornings or afternoons, or even during the weekends. Of course, if you already have a regular job, you will have to do some balancing to make sure that your part-time job doesn’t take away from the hours you devote to your full-time job. The key is efficient management of your time and energy. Once you get the hang of managing your time wisely, you’ll see that getting that part-time job is paying off big-time.

Even if you’re living on a modest income, the opportunity to save money or cut costs on many areas is always a welcome thing. In spite of the rising costs of health care, education, basic goods and other commodities, spending is still at an upward trend. If you’ve been wanting to save money but have no idea where or how to start, here are five simple but effective money saving tips.

Tip #1: Stop the Magazine Subscriptions

The typical American family subscribes to an average of four magazines each year. The average yearly subscription to these magazines is $20. If your family subscribes to five magazines, you’re spending $100 each year on subscription alone. You can save money by reducing the number of magazine subscriptions you have or stopping all of them altogether. Most magazines nowadays have online versions, many of them offering free information. Likewise, libraries would have these magazines so you’ll save on subscription costs if you simply visit your library to read these.

Tip #2: Buy Your Non-Perishables in Bulk

Many items would save you money if you buy them in bulk at warehouse stores like Costco. Non-perishable consumables like toilet paper, paper towels, detergents, canned goods, cleaning supplies come out much cheaper if you buy them in bulk. There are occasions when buying perishable goods in bulk can save you money, such as when you have an upcoming party or gatherings. You’ll find you can save money by buying fruits and food items in bulk for these occasions instead of buying them at your local grocery stores.
Tip #3: Cut Back on Eating Out

Dining out has become an American way of life. It is now usual for families to eat out instead of sit down around the kitchen table and enjoy home cooked meals. Is eating out a habit that you and your family have? If so, consider cutting back on that and see how much money you save by doing so. You’ll discover that by limiting the times you eat out you can cut down your food budget by 40% or so.

Tip #4: Follow a Weekly Meal Plan

If lack of time is your primary reason for not cooking your meals at home, consider making a weekly meal plan and then cooking meals in big batches once a week, freeze them and then simply heat up the portions you’ll eat each meal. Another way you can cook your meals is to prepare all ingredients the night before so that they’re ready the next day after you get home from work. Save those times for eating out for special occasions.

Tip #5: Create Your Own Skin Care Products

You can keep your skin healthy and you looking beautiful while saving money. Visits to a dermatologist and buying all those expensive skin care products can seriously put a dent on your budget. The thing is, skin care doesn’t have to be expensive. There are items in your pantry that you can use to create simple homemade skin care products. For instance, you can replace that expensive exfoliating product with  honey and oatmeal mix. And if you seep ginger in a bath, it can help soften your skin. And if your tired skin needs softening, cucumber and milk will do the job.

Don’t expect the price of gasoline to go down anytime soon. If you live on a low income or you have a small budget, you need to be especially concerned about your gasoline consumption. There are ways you can save money on gas. In this article, we show you 7 ways you can do that.

Tip #1: Carpool

You can carpool with your co-workers or neighbors and save money on gas. Carpooling works best if you live close to each other or it’s convenient for you and the others to pick  up and drop off each other when it’s your turn to drive. For instance, you’ll save money on gas if you and a few of your co-workers carpool and go to work and back home in one car. You can alternate the cars you take to work. If you drive your children to school or go to school events, you can offer to carpool with other parents.

Tip #2: Commute

If carpooling isn’t an option, try taking public transportation so you don’t have to drive your car and spend money making sure the gas tank is full. You may find that commuting to and from work is quite pleasant and relaxing. You can read a book or catch up on your small to-do tasks while you’re commuting. You can even sleep during the commute, but only if it’s safe to do so.

Tip #3: Canvass Gas Stations

How many gas stations are there near where you live? You may be surprised that a little canvassing of gas prices in the gas stations near you would save you some money on gas. Take the time to scout the cheaper gas stations and filling your tank there. Remember that the few cents difference can add up over time if you drive every day and tend to re-fill your tank in the same gas station.

Tip #4: Walk or Ride a Bike

When you’re doing errands, consider if you could do it by riding a bike or walking. For instance, if you’re only a mile or so from a grocery store, why not take your bike instead of the car? Or why not walk there for that matter? Not only will it save you gas, but it’s a great way to keep in shape and get healthy to.

Tip #5: Maintain Your Car

When you maintain your car properly, it will burn fuel more efficiently. Make sure that you take your car for regular car maintenance check ups. Get the oil changed as scheduled and make sure the tires and other parts are in good working condition.

Tip #6: Plan Your Errands

If you have several errands to do in a day, map out your route so you don’t waste time and gas going back and forth. And if it isn’t too hot outside, turn off the AC and drive with the windows down. The car’s AC can actually increase fuel consumption.

Tip #7: Check the Tire Pressure

The pressure on the tires can affect your car’s fuel consumption. Make it a habit to check your car’s tire pressure then. Also, remember that accelerating too quickly does burn more gas.

Look at your household bills. How much are you paying for your utilities? Chances are that a big portion of your monthly income is spent on paying your household bills, with a good chunk of it going to utilities. There are a few things you can do to lower your utility bills so you can save more money.

1. Which of your appliances are electricity hogs? These are the ones that use up too much power and jack up the cost of your electric bill. Consider registering for a home management load program. This kind of program typically will save you about $100 on your electricity bill, as well as teach you how to practice home energy conservation.

2. Check to make sure that your appliances are energy efficient. Keep in mind that appliances that make up your home’s heating system tend to consume a lot of power, so do your refrigerator and water heating system. It pays to spend some money ensuring to that these appliances are working properly and efficiency. You’ll save more money when your appliances are well maintained and running efficiently.

3. Make sure to tune up your furnace at least two times a year. Insulate your water heater and clean the refrigerator coils two times a year. Set the heater’s timer so that electricity flows regularly each time you’re using the heater. Save money by calling your utility service and inquiring if they are offering any low rate during a specific time each day.

4. You can lower your heating bills and save more money. For instance, you can lower your heating bill by 3% if you set your thermostat 3 degrees lower. Turn your thermostat off when no one is in the house or when it is cool enough outside. You can further save money by turning down your thermostat at night.

5. Do you often make long distance phone calls? If so, consider switching to a phone company that offers unlimited long distance calls for a fixed monthly fee. This will help you save more money. If switching isn’t possible, you can limit your long distance calls. Place your calls on weekends or off peak hours to avail of lower rates. You can also explore other ways of communicating with friends and family and reserving the long distance calls for the really urgent calls. For instance, you can communicate as often and as much as you want over the Internet through e-mail, chat and instant messaging.

6. You can lower your monthly water bill by making sure there are no pipes leaking. Check for leakages in the pipes regularly and fix the ones you find immediately. Consider installing a water saving shower head so that you can control how much water you use when the shower is in use. If you really want to further save water, stock water in a large container and use that for bathing instead of using the shower.