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Your Take: Your Best Money Saving Tip
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Near the end of last year, I put together a list of 100 money saving tips that became very popular. The post itself took quite a bit of time but in the end was worth it for me because I picked up a few ideas I hadn’t thought of beforehand or just recently hadn’t done. For example, after writing that, I looked at tip #22 and realized I hadn’t checked my car’s tire pressure lately. Almost that day, I eye-balled my tires and saw that one of them was a little low. I took it over to Costco because the tires had nitrogen (you can add regular air too, but we were going to Costco anyway) and they discovered that the valve was broken and had to be replaced (gratis of course, Costco is wonderful!). That little trip saved us a little bit of money and a lot of headache down the road.
So I’m curious, what is your best money saving tip? If your friend, as I hope I am, walked up to you and asked you for the best idea you had for saving money, what would you tell them? It’s perfectly OK if that tip is one of the ones on that list, I’d still like to hear it and how you’ve saved with it. It’s OK if it’s an “obvious” tip, because we see obvious tips every day that we never think about (like checking tire pressure!).
What is your best money saving tip? Let’s have it! 
Heck, just to juice it up a little, a $20 Starbucks gift card to the person with the best tip as chosen by me. Contest ends next Friday, January 23rd, at noon. Void where prohibited.
Congratulations to Lauren (Comment submitted at 01/16/2009 at 2:28pm), winner of the $20 Starbucks gift card! Please feel free to continue leaving tips but the contest has ended.
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Create a spending plan before each month begins, and stick to it.
If you’re shopping for a used car, see if your bank has a repo auction.
I had no idea banks did this, and maybe not all of them do, but as I’ve been shopping for a used car for the past few weeks I discovered that my bank has a website listing cars that have been repossessed. It’s a simple matter of bidding online and waiting to hear from the bank if your bid is good enough. You can also go see the cars before you bid.
I haven’t bought a car yet, I’m currently going back and forth with the bank on one (they can counter offer your bids), but it looks like I will easily get something for less than private party price and closer to wholesale. As long as you check out the cars first, this can be one of the most inexpensive ways to buy a used car.
I’ll be writing about the whole process in more detail once we finalize a deal.
I had no idea you could do this, I though banks would just sell them off to some third party, solid idea.
My best money saving tip is to get rid of cell phone plans. These are terribly expensive. We do pay as you go (combined with VoIP phone), and our total phone bill each month (cell + land) is $25. We figure we save almost $600 a year JUST on the cell phone.
I recently read a study about this very thing, pay as you go sounds more expensive but people don’t use nearly as many minutes as they have on their plan.
I think the absolute best money saving tip is to go to “cash only” especially for entertainment (eating out, movies, lattes, etc.). My wife and I sat down about a year ago and figured up how much were were spending using a debit card on entertainment. Our budget was $160 a month and we realized we were spending $250-$275. I started taking out $80 cash when I got paid (two times a month) and when its gone we are done for the month!
Saved us about $1200 a year!!!! It doesn’t hurt as much when you can swipe and go – try dropping a $5 bill for a single cup of coffee and you realize its just not that good!!
Cash only is a strategy that many have used to reduce their debt, spending money is harder than swiping plastic.
On average a person spends 12-18% MORE when using credit or debit cards! Switching to cash is an instant savings but SO hard to get into the habit of.
I’ve read this (or something similar) over and over, but it’s hard to actually find primary data that supports this argument. Most of what you can find is people repeating other people who have said it.
Agreed. This also lumps many people in, who have debt to begin with. I guarantee if I was on a cash only basis I’d actually spend more as dollars burn a hole in my wallet.
As a young professional who just graduated college i know for a fact that I save more using a credit card…have you ever walked into a bar with cash in your pocket…however much you have..gone
i never open a tab therefore i limit my spending
Thomas and Brandon,
I thought those things as well. But when you spend all that is in your pocket you are done. It causes you to really think before spending. If you know you are heading to a bar and are going to get two drinks while you are there then take the cash only needed to cover those two drinks. When you are done with cash you are done – there is not even a possibility that you could spend any more. If you are using a credit or debit card then the potential to spend more is always there.
I think each person is different, for some the cash route is better because you’re limited in how much you can spend. For others, pulling out a credit card is harder and so each swipe is harder than the next, whereas cash is “easy.” I think whatever strategy works best for you may not work for someone else.
My best money saving tip is always research purchases over $100 to find the best model, brand, etc. Research places like CNET, Consumer Reports, Amazon, and the internets in general.
Another huge money saving tip for those looking to add to their home is… DIY!! Within reason, always do it yourself. Labor rates for contractors are ridiculously high. YOU can retile your bathroom, or paint your bedroom. You might have to invest in some tools, but tools last a very long time.
I try and always start researching how to fix (or trouble shoot) common household failures BEFORE they happen. If I know I have an old dishwasher that is going to break, spend some time reading about common problems and indicators BEFORE it breaks.. If its an easy fix… Fix it. If its more complicated at least you can shave some time off the plumber/electrician/contractors bill. This has saved me 1000’s of dollars in repair bills over the years, and I in no way would consider myself “handy”.
I do the same thing, that way you know how to fix it before you feel the pressure because it’s broken.
My best tip isn’t a money saving tip but a money making tip.
Always be on the lookout!!!!!!
Money making opportunity cross my path all the time. I don’t think I am lucky, I think it is because I keep my eyes open and listen. If I hear someone complaining about mowing their lawn I offer to do it. If I hear someone griping about how their PC is running slow, I offer to look at it. If I see free books somewhere (I’m 30 and in college, text books are often left laying out with FREE signs) I run the ISBNs and sell them on Amazon if they have value. I watch the job ads and look for those jobs that are just a few hrs a week or month that I can fit into my schedule.
Whether I get 20 bucks or a free dinner it doesn’t matter, eather way saves me money.
Of course I always keep in mind the cost/benefit of each job, if it takes me 5 hrs to mow a lawn and I am only going to get 10 bucks, well its not worth it to me, the time spent away from family makes it hard to justify. I carefully weigh each opportunity against what I am going to loose but more often than not I can squeeze these odd jobs in during down time.
All of this extra cash I put towards something useful, which in my case is debt.
To end with my best money SAVING tip. Brown bag it EVERYWHERE. I also only visit the produce and meat depts (meat sparingly). Occasionally I hit dry goods and a few canned items. Convenience of prepackaged foods is not worth the price tags ($$ and health).
If buying a new car, instead of driving from dealership to dealership, know exactly what you want and negotiate with multiple dealerships over the phone. You can then play one off the other. It will save you a lot of time and can save you hundreds of dollars.
You can do all of it on the phone and save yourself the gas.
I love selling my textbooks back on amazon. Even if they don’t sell the first time I wait a few months and try again. I just posted 9 books last Tuesday and sold 6. I undercut whatever the lowest price -sure I don’t make a lot but I usually sell my books within days. I rather have some money back then a dusty book on my shelf. I am no longer a student now and I am a teacher so when I want to buy a book, I search on Amazon for books that look good and then search the library www to see if they can get it on interlibrary loan.
I used to list textbooks about a week before the final. By the time someone bought it, I’d be done.
I have found many ways to save a few pennies here and there each month, but by far, my best money saving tip is the simplest, yet most powerful piece of advice I can give: pay yourself first. It works. We spend less when we have less available to spend. May be tough in the beginning, but stick with it. Good luck!
This seems trite but unless it’s under $20, I won’t buy an item the first time I see it. I go home and if I find myself thinking constantly about the product, I’ll go back and get it two or three weeks later.
Most of the time, I realize how silly or unnecessary the purchase is or I don’t feel like dealing with traffic/crowds to go back and get that item. It really takes emotional or “impulse buying” out of my shopping equation.
That doesn’t seem trite in the least!
Give yourself an allowance that you don’t have to account for and then ax all the extras from your spending plan. My wife and I include things like haircuts, cosmetics, coffee, lunch when we choose not to pack, clothes and the like. Remember that equal does not always mean fair. Her haircuts cost more, I don’t wear lipstick so she gets a bigger allowance.
Sounds like you need to find some new hobbies.
That’s tip #2: find hobbies that don’t cost money.
My wife and I love to go on walks when the weather is a little more accommodating, the best part about walks are that they’re free!
My wife and I do the allowance system too. Amazing how much you can save. Just define what is considered to be household expenses (utilities, groceries, gas, clothing, one night a week at a restaraunt, etc.) and then set your weekly allowance amount for the “extras”.
A major upside of the allowance for my wife and me was to minimize the relationship power issues that a budget can stir up. Many times it is one person who controls the disbursal of funds and the other feels they don’t have any freedom. I wanted my wife to have the freedom to buy a pack of gum if she wanted to. So on top of getting our “incidentals” under control, it freed us up and empowered us in our personal spending choices.
I just read over my comments and I feel the need to defend myself from myself. That last post sounded like I was saying something like, “here you go honey, go buy yourself something nice, like a pack of gum.”
I have a wife who is very disciplined and meticulous. She literally would not buy a pack of gum because it wasn’t in the budget, never mind that blouse she really liked. So, I’m not a control freak, really I’m not. Please believe me. I command you.
Use Amazon’s subscribe and save when possible. Get free S&H plus a 15% discount. Cancel the subscription thereafter to take advantage of the discounts, but aren’t interested in receiving future shipments of the product.
Using Google Reader, subscribe to RSS feeds from deal sites and group them into a single group(tag). techbargains, fatwallet, woot.. etc
Star deals that you like. With in google reader you can search by tag for a certain item to see how much it was sold in the past.
Subscribe to blueprint, consumerist, and other sites that deal with money and star items that you think you will need in the future.
Anytime you need to go find these tips just search for them in Google reader.
Stay away from stores and shop less often. We cut back on grocery shopping cause we always bought more than we needed. Going less often saves time, gas, and money, since you can’t buy what you never see.
get great money saving ideas that you can compile into a post where you will make tons of money off of ad revenue by giving away a starbucks gift card that you received for xmas
That’s awfully cynical don’t you say? I already compiled a list, so maybe I’m just doing it backwards.
Ask a lot of questions (applies to everything).
Be honest with yourself and reasonable. Sometimes settling for something less than what you wanted you not make you happy. Being happy will actually have an impact on your spending habits.
Devil is in the details, and that’s usually how he makes his money. Read the fine print, always, even if you don’t fully comprehend it (and if you don’t, see the my first suggestion).
Understand how credit works and understand what’s hurting/helping you.
Create spending accounts for frivolous items (coffee, trickets, etc). They will help you save money while at the same time give you some leeway when you want to buy something fun.
This way it is seperated from a utilities/bills account.
Don’t buy into the holiday buying frenzy/hype. Do your holiday shopping year round using deal sites such as Gottadeal, fatwallet, etc.
When purchasing from online retailers read all of the negative reviews about said retailer and the product you’re buying before purchase. Not all complaints are true, but by reading a number of them, you will see a trend in what people tend to complain about.
Invest in Consumer Reports. they will help you see “beyond” the specs. For instance, knowing the difference between what is better for your vs what is technically a better product. Picking a very good product that is right for you will make a huge difference.
Always get a second opinion. There’s always more than one slice of perspective to our pizza reality, but don’t take my word for it.
{= )
Watch videos on Hulu, MySpaceTV, Comedy Central, CNN, ESPN, ABC, NBC, FOX, CBS and MTV and cancel cable. Get Boxee if you want to integrate all those online streams to one source.
As a recent graduate at an entry level job I find that structuring my spending is still something I have yet to figure out. If I have money in my account its always easily spent.
However, my trick for saving is placing a small amount of my paycheck immediately into my savings. If its not in my checking account, I will not spend it.
I find that ‘hiding’ the money immediately stops from spending it on unnecessary items.
Split your direct deposit if your employer will let you (most will, you just have to ask). Put only as much as you need to pay the bills into your checking account, and then sock the rest of it into a savings account — preferrably one that’s hard to get to! That way, it’s out of the way and can’t be used immediately.
(Of course, to do this, you need to know how much money you need to pay the bills, so having a budget helps, or at least an idea of your monthly expenses.)
This is one of the tricks David Bach recommends in Automatic Millionaire, set it and forget it.
This is commonly called a Personal Escrow Account. I’ve setup one and it has /revolutionized/ my finances. Before we would spend our middle of the month paychecks on junk and then spend 99% of our end of the month paychecks on bills/rent. It was really hard to make ends meet and we often over drafted our bank accounts paying thousands in fees over the last few years. We setup another checking account at Wachovia and have a portion of our paychecks deposited into it. I setup a website that lets me enter my bill amounts and dates and it calculates how much I need to have in my account so it doesn’t go negative. It’s worked wonderfully.
Not sure if you accept multiple entries, but here’s another–it’s a bit tongue-in-cheek, so use my other suggestion as the “real” entry.
And the tip is: Win a $20 Starbucks card in a personal finance blog contest for best money saving tip, and use it as a gift for someone instead of buying a gift yourself.
Haha, you can leave as many comments as you’d like but you can only get one entry.
My favorite tip is to consistently empty your change into a container at the end of each day. It adds up so quickly, and then you can make a deposit into your savings account once a month… or use it to buy a special treat!
The snowball method (small deposits add up into big amounts) is always popular…
Do favors for your friends. How does this help you save money? They will offer to do favors for you in return like take you to the airport so you don’t have to pay for parking, dog sit when you go out of town and babysit when you want a date night with your husband. I obviously don’t mean that you should do favors for others with the expectation that they have to do favors for you in return, that’d be selfish. I’m just saying that if you make a habit of offering a little bit of your time to help out your friends, they’ll do the same for you and often times it has significant financial benefits as well.
This is a great tip, there’s no sense paying someone else when you can swap favors with a friend… that’s what friends are for!
Break out all your monthly bills (tv, internet, cell phone, etc.), and your insurance policies. Look for anything that you are paying for that you’re not actually using. Then, eliminate those items.
I’ve found that it’s easy to save money when you take the time to see exactly where it’s all going.
This is why budgeting is such a powerful experience for people, great tips PT.
Best money saving tip….
Automatic Withdraw works wonders although only if you have created a budget or at the very least have a solid understanding of your cash flow.
Leverage your employers retirement programs and have the money automatically removed from your paycheck prior to receiving it! That way you CAN’T spend it.
Also, set up monthly reoccuring checking transfers to a savings account like Smarty Pig or even better, into a Roth IRA. Again, it’s automatic and happens without any action on your part.
It adds up fast!
When I first read this post, my mind did a fast flash over numerous friends. What I found was, I would tell each one something different.
1 – no bank fees or overdraft charges
2 – cut down eating out to 1-2 times a week
3 – make your car run another year or two before you trade again.
You get the idea? No one idea will be ‘the’ idea for all.
I think we know the same friends.
This week I just actually saved myself $30+ a month on internet. Use your cell phone as a modem for you laptop or PC. When I bought my Sprint Centro Smartphone a year ago the sales guy also sold me a Sprint Wireless Card for $100 and a $60 a month plan. Since then I’ve canceled that service, however I’ve recently needed to set up internet service again. I didn’t want to go back to paying $60 a month so I was referred to AT&T by a friend where I would have been paying $40+ a month. Not sure how it happened but the day I ordered the AT&T service I found out I could use my cell phone as a modem for my laptop and connect to the internet. The cost… $15 a month. So far the service has been great! And I can still get phone calls!
I’m using my cell phone right now as a wireless card because my Verizon service is ridiculously slow. If it weren’t for my gaming habits, I’d use my phone exclusively.
If you must eat out, eat at a place where you don’t have to tip.
Keep all short term savings in an online savings account.
Get groceries at Wal-Mart.
Do all shopping online, use coupon codes (25% off Crocs!).
Curbside is the best. We save a ton of money at Outback this way. We both order a steak but no appetizer or drinks saves a ton! We tip the person a couple of bucks for getting it all together!
Figure out your true “take home” pay per hour, and use that to decide whether or not to spend money on a discretionary item. Most people don’t stop to think that, because of taxes, they have to work 90 minutes or longer to have enough take home pay equal to one hour of their wage rate. If you realize you will have to work an extra two hours in order to afford that book, restaurant meal, or video game, you might decide to make do with the library, the kitchen, or a game you already have. The best savings come from money you never spend.
I learned this concept from the book Your Money or Your Life by Joe Dominguez and Vicki Robin. In it, they talked about calculating how much you have to work to earn enough take home pay to buy something. A great lesson for all of us.
Another favorite tip, for the finance section, is to recognize the true cost of buying something “on sale” particularly if a credit card is involved. If you buy something that is 10% off, but finance it on a 18% credit card, you are really paying 8% more.
If you can’t pay your credit card balance in full every month, then stop using them for anything, and spread out your credit card payments into smaller, more frequent payments. For example, if you plan to pay $200 for the month, pay $50 each week electronically. The faster payments lower your average balance and therefore your interest costs. And, most people are more likely to pay the full $200 if it is split up, rather than diverting it to something else because $200 is “too big”.
Finally, if you find a coupon for an item you buy frequently, and can get more than one coupon, use it on a small package of the item. It has a much greater percentage discount than one coupon on a big package.
Live in a small town that is far away from shopping, you don’t go nearly as often as when you live(d) in the big city.
That is not true if you live in a part of the city that doesn’t have a lot of clothing or other stores outside of necessities. The area where I live in Brooklyn is heavy on dollar stores, so even if I am tempted, the damage will be pretty minimal.
You are still probably closer than 90s mins to decent shopping.
It wasn’t until I started setting financial goals that I began watching what I spent. Before then I’d spend money just because I had it. But by setting long term goals it gives me a reason to keep that money in the bank where it can work for me.
My best money saving tip: Don’t throw food away! This is so easy anyone can do it and saves a lot of money. We have pork roast one night, leftovers make tacos, enchiladas, and sandwiches. The same with beef roast. Leftover chicken is used in soup or chicken pot pie. Stale bread becomes bread pudding or is used in an egg and sausage casserole. Rice is used in fried rice, Spanish rice, rice pudding, or soup. By using a little imagination, it really doesn’t seem like you’re having leftovers.
We use a leftover calendar to help remind us what we should eat. Sometimes you see the containers and just forget when you made it, the leftover calendar fixes that (and costs nothing!).
this is our biggest money loss – feeding the garbage gods!
If you have your own house then plant fruit trees along the walls in your backyard. Once they are established they need very little care. I have more than 20 fruit trees of different kinds and I get plenty of fruits. Some trees like apple, citrus, persimmon and figs are heavy bearers. If your backyard is small then get the dwarf types.
 Cut the cable. Go to the library for the CD and books
 Combine family phone with T-mobile @home service. You save on the land line as well as use WiFi instead of air time minutes while at home or other T-Mobile hotspots.
 Do laundry every other week. Try to line dry them. (if possible) I line dry jeans, towels and bed sheets etc (ticker ones)
 Use plastic grocery bags as trash bags (you may have to buy a small trash can that can use the grocery bag)
 Try to recycle milk cans, junk mail other recyclable trash as much as possible instead stuffing up the trash bags. You can save the environment as well as trash bags.
 Use hand napkins to wipe your hands instead of paper napkins. Use one member per family for the hygiene.
 I use discover and order gift cards with my rewards (Typically get $25 one with $20 rewards) use that gift card for birthday gifts.
 If you own a home: Opt out (if possible) of escrow. But do religiously month escrow your self into ING so that you can keep the money and earn interest on it. Down side: You have to really be disciplined and do not forget the taxes.
 Apply discover 5% cash back card on Gas. If you already have a regular discover card call them and ask them if they can add 5% gas benefit to your account. They did for me. But there is monthly limit of $100. Other wise try to apply Visa from PenFed. They give 5% on all gas no monthly limit also 1.25% on all purchases. They credit the monthly statement. No rewards to accumulate.
 Try to turn off the lights in the rooms that you are in there. Do you really need a light in the bath room except while shaving or doing make up?
 Teach your children to turn off the lights after they are done with the bath room or get out of their bed rooms etc.
 If you have a small family and you all sleep on one room then turn the thermostat down couple degrees and use portable heater. But be careful if you have infants or toddlers in the house.
 Pay bills online so that you save on checks and stamps. I never receive a single bill on the mail except my property tax.
Wait, you’re giving away a Starbucks gift card for the best money saving tip? I sure hope you can see the irony in that
You’re the first to mention it.
I bought a bunch from Costco to give away to readers, so far everyone has said thanks but you’re the first to mention the irony. Thankfully you can buy coffee beans there so it’s not all for naught!
And if you register your Starbucks gift card at Starbucks.com, when you buy that bag of coffee beans, you get a free tall coffee, too!
Save money when baking by using powdered milk – not fresh milk!!
Save money when drinking by mixing half powdered milk with half fresh milk!
Need an oil change? Can’t do it yourself? That’s ok because this tip can still save you money! You can purchase your own oil and oil filters while on sale and take them to the shop of your choice to do the work. This will ensure your vehicle is getting quality products & you only have to pay for the labor. And decline the air filter. You can do this one yourself for half the cost.
I suggest that you keep a great relationship with your folks so you can move back in with them and rent our your house/condo and payoff your mortgage. I recently gave myself a raise of $1,900/month by moving in with my folks so I can payoff my mortgage. Parents may be a little squimish about lending you money to pay down debt, but they will be more happy to give you their space. I figure I will pay off my $420,000 Mortgage in 7 years (instead of 30).
Good plan especially in a bad economy.
1) Never use fresh milk products in casseroles, cooked dishes. Evaporated milk exchanges: full strength=heavy cream;
add 50% water=half½
add equal part water=skim milk.
2) ALWAYS save the max in an employer-matched program. That’s an immediate 100% return on investment
3) Use a payroll savings plan, so you never see the money
4) For women, skip manicures, pedicures and hair color. Keep nails clean & use clear polish. BUT spend for the best haircut you can afford. This saves money & time, at the beauty shop & at home, as a really good haircut won’t need gels, sprays or fussing.
Yes, always get the max in employer-matched retirement programs… there is no such thing as a free lunch, except that.
This month I would go to Circuit City to get in on the liquidation sale and sell some items on ebay!
Buy used whenever it makes sense!
When I really think about it my best money saving strategy and time saving strategy as a stay at home mom is to use the library. Really, it’s interlibrary loan that makes my day. It’s free and I can order online up to 15 requests at one time. They get them from at least 10 other libraries around the state (MN).
Then when they come in they put them on hold for me to just come in and pick up, so so nice when I have a squirrely young child with me. I can also get children’s videos for free- love the signing time videos! If there is a book I really really like I can then buy it for cheap on half.com or amazon.com used books.
1. If you have 2 cats buy 1 larger dose of Frontline for dogs and split it. You will save considerably.
2. If you are buying new furniture, visit showrooms around you, note the make and model of the items you like and then find a place in North Carolina that will provide you with a serious discount. You can save 1000’s this way. If you find someone who tells you “this is the price, but you have to buy right now” keep moving along. You will find it cheaper out there and the good companies do not pressure you.
3. Same for Appliances, there are these no showroom/direct buy places all over. I saved 700 dollars on a new washer/dryer. If you gawk at the first price they give you, “ahhhh, that is expensive”, you have a good chance of getting more knocked off your bill.
4. Use Google to fix your home appliances. By typing in any error code the machine displays – you will find a site that discusses how to fix it. My washing machine had a clogged filter and the error code brought me to fixya.com. The discussion there convinced me that all I had to do was remove 3 screws and I could easily unclog the filter – saved at least $150 on a service call.
This may not be the best money saving tip but one that I use at least weekly.
Buying an entertainment book for your area only cost me $15 and this had already been paid back to me within the use of 2 coupons. Any special occasion where you take someone out to eat there is always a buy one get one free coupon. This can save you anywhere from $5 to $20/piece. As well as car services, retail coupons and so on…
for $15 you cannot beat the savings. Its almost a game to me anymore seeing how much I can save by using this for things that I’d normally do.
The number one way I save money is to drive a beater. I’ve got a 1999 Subaru that I bought newly used in 2000. I’ve dropped collision and comprehensive and just do the minimum maintenance to keep it running and roadworthy. If you live in a state that taxes your car value (like VA), then you save money there as well. Who are you trying to impress anyway?
I am not sure if anyone has posted this one already but my husband recently read about someone who cut their cable bill by signing up for netflix online and then hooking up the xbox 360 or your computer to the tv to watch the movies. A lot of tv shows are online now too.
A lot of my friends are starting to do that, they realized how little TV they watch and it makes sense for them.
I do 2 savings accts – 1 is for things I know I will need ot pay for this year like car ins, homeowners ins, hair cuts, a vacation I am planning, car registration, anything I know that will be spent this year for sure. I break the costs up over the year and have it automatially transferred from checking to savings each paycheck. As I need to pay for the item I just take it out. The other savings account is the one that I cannot touch! Having 2 way when the little savings acct goes up and down, I am OK with it but as I see the other savings acct get bigger, I do not want to see it go down so I do not touch it.
This has probably been mentioned, but good, old fashioned coupons. Using couponmom.com, which is free, I am able to see all the weekly grocery and drug store flyers in one place (and save $2 but not having to buy our Sunday paper unless there are coupons for products I use that will save me more than $2) then make my shopping lists and go from there. I had to visit 2 grocery stores and 1 drug store in one week, but saved almost $40 off a $90 grocery + household items bill. Stocked on toilet paper and staples for less than Costco or Sams without the annual fees.
Occasional promotions with restaurant.com are posted too. Purchased $70 worth of restaurant gift certificates for places we patronize for $6.60 before Christmas. Even with restrictions and minimum purchases some restaurants apply, we save at least 50% on total bills when we eat out with these certificates. They also make decent gifts!
Cancel cable- or never subscribe to it in the first place. I grew up without it, and since I got my own place after college, haven’t gotten cable or satellite TV.
I was at my parent’s this weekend, and found that there just wasn’t much on, even with digital cable. I mostly sat around watching reruns of Anthony Bourdain!
I find that for the few shows that I do enjoy that are on cable- Battlestar Galactica, Project Runway, Weeds, etc.- I will either watch them online or wait for the series DVD and get it through Netflix.
As for the lack of a DVR/TiVo- this is tough, because I travel and have two jobs, so I miss many episodes. But every network show I watch, save one, has free episodes online. I can catch up that way- pretty much free, as I need an internet connection for my job anyway.
Except for ditching cable I do almost all of the things already mentioned. Allowances, pay ourselves first, Rewards credit cards, coupons, DIY oil changes, household repairs, buy online (with promotional codes), contribute max for company match in 401k, etc.
So my contribution will be to teach your children financial responsibility. This has the potential to save you thousands in future “bailouts”. You’ll also have peace of mind knowing that when they go out into the world they will have the tools to take care of themselves financially.
Our kids get an allowance and they are responsible for all of their “extras”. This includes buying lunches at school, movies, school dances, etc. We have defined budgeted amounts for clothing. If they want expensive clothes or shoes they are responsible for the difference in the cost and our defined budget amount that we pay for.
It’s amazing how thrifty they become when it’s their money! At first they had no interest in finding coupons, online promotional codes or packing their lunches. Their allowances disappeared fast and they did not save for unexpected wants/needs.
Now they comparison shop, look for 10% off and free shipping and save for the unexpected. Or they buy less expensive shoes so they can afford that new game or skateboard.
They have even found deals for me!
Give up a vice. Smoking may be fun, but is expensive and unhealthy (obviously). I hope to quit soon.
Jon
Hello Jim!
I happened to stumble upon your blog when researching for a NEW bank. I’m tired of WAMU now CHASE, who have now closed secured credit card accts. (which I happened to find out about 1/2 hour ago~)
Anyhow I have a few tips..
1. If your employer is linked with any type of bank, have a small portion deducted from your pay check and deposited into a fund. You will never miss this money at all~ I have $25 deducted bi-weekly, use this money for fun or emergencies, examples:
I have used this money for 3 major car repairs,(yikes)a vet bill and a trip to Europe to see Paul McCartney live in concert. YES!
I swear, it ads up fast I’m talkin $1000’s of $$! and I still have money saved. just deposit and forget get it. I have been grateful in recent years for this fund, as I do not use it daily-
2. have a small percentage dect. from your paychecks into a 401k this also ads up and you’ll never miss it!
3. don’t use ATM’s for cash!! I have learned the hard way and the fees ad up $2 a pop!
4. Get rid of your land line at home and use a cell phone.
Wow, I am a great saver lol..
Jim, I like your webby/blog so much I think I’ll ad you to my own blog..ps If chosen, can I have Jamba Juice instead of Starbucks? I really don’t care for their coffee~
Thanx and have a brilliant day!
hb~
1. Don’t get married.
2. Realize that not everyone needs to have kids. Nothing wrong with being one of those people.
saladdin
My wife would not like your tip to never get married.
My big three money saving tips are:
1. Eat your meals at home before going to the movie theater, sporting events, etc.
2. Wash delicate clothes (i.e. office wear, dressy shirts, etc) either by hand or with cold water, using the delicate cycle, and then hang dry. This decreases your dry cleaning bills significantly.
3. Leave the credit cards at home and use only whatever cash you’ve allocated for that day. If you don’t have it in cash, you won’t spend it!
4. If you must eat outside your home, consider a supermarket deli or salad bar. If you’re at a restaurant, consider splitting your dish with your significant other or friend. Most times those portions feed two people anyway!
Get rid of the television part of your cable/internet provider. Most shows are available online and if you really want to watch that sports game, find a sports bar. Heck, even after canceling it, you can by one of those fancy Apple TV devices and still save the monthly service fees.
My best tip is to make the move to online bill payment.
There’s the obvious benefits, like saving money on stamps, checkbooks, and general time and hassle of opening all those bills, writing checks, mailing them, etc.
Then the slightly less obvious. Like avoiding late fees, since you can set up recurring payments to happen on whatever schedule you wish.
And, the subtle. Since you have all of your bill payment information in one place, you might start to notice things you didn’t before. With all the information easily downloadable to spreadsheets, you now have a budget with no extra effort.
I was really surprised, for example, how much I was spending just on lunch in the cafeteria at work. Now I take my lunch most days, and bank the savings.
You also have the opportunity to see all your debt in one place, and do smart things, like put larger payments on those debts with the least favorable terms.
Online billpay has saved my rear many a time… I also like how you can schedule payments in advance so you can maximize interest savings while not risking that you’ll forget to pay.
Buy the most reliable car you can afford (not necessarily brand-new!) and drive it until it falls apart.
Don’t buy pre-prepared food, and save eating out for special occasions.
I know it’s a well-worn tip but by learning to cook I can feed four people with fresh ingredients for the price of one pre-packed meal, let alone a restaurant bill (could probably feed 10 people for that!)
Plus dinner guests are much more appreciative than checkout staff.
My favorite money saving tip is to go to your local library! Libraries can provide you hours of entertainment for free. You can check out movies (sometimes even new releases), CDs, and of course books. Also when we didn’t have access to the internet at home I would walk to the library and use the internet connection there for free. Plus, with being able to watch a movie in your PJs at home, who would ever want to go to the theatre??
Quit smoking- 1 carton 20-30.00, 3 times a month- savings 60-90. month.
Eating out- 4 times a month- 40.change to
2 times a month. savings 80. a month.
Lottery tickets- 20/week- dont buy, you won’t win- 80 a month.
just changing these 3 things can save 250.00 a month!!!! Put that in your IRA and watch it grow!!!
Take care of and maintain all of your possessions from your shoes to your car. When things are cared for they do not need to be replaced as often, thereby saving you money.
You should always think twice before buying anything. Here are the questions you should ask:
1) Do I really need it? 99 % of the time, this will deter you from buying it.
2) Do I have the money for it? You don’t want to put it on your credit card.
3) Find alternatives for things: Rent a DVD for FREE from the library rather than paying $5+ at blockbuster
Ever try the 30 day rule? or even the 5 day rule? Don’t buy something until you’ve waited 30 or 5 days, if you still want/need it, get it.
Always know how much money you are spending.
When ever filling your shopping cart keep a running total of approximately how much you have spent. When shopping for clothes or anything keep that running total going. That way there are no surprises at the check out and if there is a surprise you can check to see why your total was different.
1. Rent movies from Red Box inside grocery stores and Wal-Marts for $1.00 a night
2. Shop at the dollar store
3. sign up for an interest gaining savings account at ingdirect.com
My best money saving tip is- Only use cash. Make a budget before you get paid, stick to it-get someone to hold you accountable if necessary and use cash for purchases. This never fails. Having cash on hand has so many benefits and having a budget also keeps your goals in check. Keeps you sane.
I’m discovering that this is a very popular tip, I like how you point out that having cash on hand is also beneficial for other reasons too.
Yup, this is my tip, too. I “pay myself first,” and that is my cash for purchases til the next paycheck. Everything else is used for bills and savings. If I run out of cash, then I over-splurged and didn’t pay attention to the budget. If I have money left over, it goes into the savings account for a “rainy day.” Paying attention to what I’m buying, and only paying cash has really helped rein in my over-spending.
1. Pay yourself first. Take at least 20% off the top of a paycheck or money you receive and put it into savings.
2. Shop grocery stores (triple coupon events) and CVS/Walgreens/Rite Aid and get all the grocery items you can for free. Only buy what you need to fill in. Live off freebies as much as possible.
3. Use the drug stores listed above to get free medicine and toiletries. Don’t be afraid to use a different shampoo every month. It won’t kill you.
Don’t let other people make decisions about how your money will be spent. I’m not talking about your life partner, your creditors or your landlord — I’m talking about peer groups and advertising. Question ALL such influences, and be realistic in assessing the benefits and drawbacks of expenditures. You’ll keep a lot more of your money that way.
My favorite tip is to attack your debt with each paycheck.
First of all, you’ll see effects more immediately. This is better for your overall attitude and will keep you from feeling overwhelmed.
More importantly, for those carrying balances on credit cards, it will have an impact on the interest you pay.
Most credit cards are on a double-billing cycle. As you probably know, this means that you are charged interest based on your average daily balance over the last two months. This means that higher balances continue to effect your finance charges, even as you pay them down.
If you pay more often, it means a lower balance, sooner, which decreases the total interest charged.
Still, the biggest impact is in your outlook. You see more immediate results, which keeps you feeling in control and effective. This lessens the chances for frugal burnout.
I ditched my cable and my gym membership, and bought a GPS off eBay for $50 (works like a dream!). I now go out geocaching and hiking with my GPS. Keeps me busy, and I get my exercise, too!
Learn to cook well and from scratch. Yes, eating out is nice, but when you can cook great meals at home, you won’t have the desire to go out. Fresh ingredients are way cheaper than pre-prepared dinners!
Check retailmenot.com before I make any online order. 90% of the time I can find a great coupon that gives me a discount!
I suspect that the best “tip” for most of us (myself included) is to get serious about this process. I am getting much better, but it is an ongoing struggle to not buy something I don’t need! Following that “tip” would likely be the most cost effective thing most of us could do.
In fact, the same advice would be good for my other challenge now – food! Only eat when hungry. I just need to say that enough that I believe and act on it and things will work!
Brad
The best money saving tip is to live alone and be a home-body. I never go out and do things, ever. I mean I go grocery shopping and go to work, but after that all my entertainment needs are met at home. The internet is a wonderful thing and that is such an understatement. Bittorrent is a great way to save money instead of spending hundreds or thousands of dollars a year on movies and computer programs you just torrent them and save the $20 you would have spent. Sure, some people have a moral aversion to this, but if you really want to save money it gets the job done.
I own my own house, but I don’t decorate it and I only buy necessities. I really don’t have a problem with not spending money. I’d rather have a big pile of money than have a big pile of toys that are going to be obsolete or broken in a few years. Some people get endorphins off of buying new things, I get endorphins from seeing how much I can save and how big my stack of money grows. Also, I believe that being a cynical person is tied to saving money.