You don’t have to look super hard on the internet to find money saving tips, and the things you do find are not earth shattering news. That’s a good thing though. This means that they are all tried and true. Some of these and the many others out there may not work for your situation right at this moment. So you take the ones that do and neatly file away the ones that don’t, for now.
Here are a few ways of saving some cash to fix that budget of yours, and mine..
- Plan out and cook your own meals. Dining out often is a huge money drain.
- Clean out your fridge and pantry. You’ll find good food you didn’t know you had, and bad food that you shouldn’t be keeping.
- Buy in bulk the things you would normally buy. You’ll get more for your buck. However, just because mayonnaise comes in a 5 gallon pail, doesn’t mean that buying it that way is a good idea.
- Opt for non-canned goods. Fresh produce and dried beans are typically cheaper and healthier than canned items. I’m going to add in “frozen foods”. Who still buys canned foods anyway?
- Try the grocery store brand. If you like the taste, stick with it, and you’ll save money.
- Stop buying microwave dinners. The mark-ups are crazy. You could make better, healthier meals for less. Just not as quickly…..
- Don’t buy more groceries than you actually need or can keep. Throwing away food is the same as throwing away money. Back to that 5 gallon pail of mayonnaise…..
- Use a slow cooker. Throw in some veggies, beans, and meat, and you’ll have lunches and dinners for the whole week.
- Make your own coffee. Those $2 to $4 coffees add up. This is a big one for me. The people at the local Dunkin Donuts not only know my name and what I order, but they walk it out to the curb so that I don’t have to get out of my truck or go through the drive-thru. I have issues….
- Bring your lunch to work. You’ll cut your lunch tab in half or more by making it yourself.
- Stop buying bottled water. Use a glass or refill a bottle with tap water for free.
- Don’t go out to drink. Drinks with dinner can add $10 or more a person, and a night at the bar can easily cost $40. This is a big one too. I stopped buying drinks at restaurants when my kids stopped ordering off the children’s menu.
- Track your expenses for a month. Using a tool like Mint.com or simply keeping a running log will help you see how much of your income is spent frivolously. I use a budget templet that has this built right on to it.
- Set goals. If you have a plan to stock money away in an emergency fund, for example, you’ll think twice about spending on superfluous things.
- Buy quality items. If you skimp on the important things, you may spend more in the long run. For instance, spending $30 on shoes every six months costs more than spending $60 on a pair that lasts years. I buy quality Flip-Flops.
- Think of your spending in hours instead of dollars. If you make $10 an hour, then that $2 cup of coffee is 12 minutes of your life. You may decide it’s not worth it. Oh boy, have I got a future blog post about this one.
- Before you buy something, ask yourself: What impact is this purchase going to have on my life? That can put an end to impulse spending. Or not…
- Change how often you spend on indulgences. Rather than give them up entirely, limit the frequency. For example, if you go to Starbucks daily, try going weekly, and if you go the movies weekly, try once a month. I’ll be having the Dunkin Donuts peeps calling hospitals to try to find me.
- Put half of your paycheck into savings. It forces you to figure out how to live on less. Half!! Half??
- Always pay off your credit card at the end of every month. You avoid paying interest and get in the habit of living within your means. Agreed, but it is SUPER EASY for this to get out of control.
- Set up auto transfers on your bills so you’re never late. Late fees are a waste.
- Get checking account alerts on your phone or opt out of overdraft protection. Otherwise, you’ll pay steep fees for overdrafting your account.
- Spend your money where you spend your time, and cut the rest. If you’re a runner, you need good shoes, and if you spend a lot of time in the car, you should invest there. This kind of thinking helps you trim the superficial stuff that does not add value to your life. Sooo….does this mean that Dunkin Donuts is OK now?
- Wait at least two days before buying anything over $50. You may no longer want it or forget it altogether. I agree with this as well.
- Trade cable for Netflix. You’ll have access to more TV shows and movies than you can watch for just $7.99 a month. If you like to watch sports, go to the bar or a friend’s house.
- Ask your Internet provider if it has any promotional rates. You could see your rate drop by as much as $20.
- Cancel magazine and newspaper subscriptions you don’t read. Many people will let them stack up instead of picking up the phone to cancel. I did this, after I let them stack up for a while….
- Compare rates of local electric companies. You may no longer be getting the best deal available.
- Wear a sweater in the house, and turn down the heat a couple of degrees. Over time, you’ll save on electricity. If it was good enough for Mr. Rogers…..
- Rethink your cell phone plan. Are you paying for more than you use? Switching to Straight Talk or a similar plan could significantly drop your bill.
- Get car insurance quotes. Companies competing for your business may quote you a lower rate. This is good to do every few years anyway, it keeps your car insurance company in check.
- Look into refinancing your car or home. You could see your payment immediately drop.
- Frequent the library. Get books, movies, and music for free.
- Buy your clothes from the thrift store. Chances are, no one will be able to tell the difference. Except the person that turned them in…..
- Ride your bike to work. Not only will you save on car or public transportation costs, you’ll be healthier.
- Stop unnecessary shopping. I’m not talking about purposeful shopping for necessary items. I mean strolling through the mall, window shopping, or surfing online stores with nothing particular in mind.
- Pay With Cash Only. Statistics prove that you will spend at least 30 percent more if you are in a store with a credit card, debit card, or checkbook than you would with “cold hard cash.”
- Keep a Daily and Weekly Spending Record. Seeing where your money goes keeps you from lapsing into a spending coma. A spending record makes you really think about your spending habits. It will provide proof of your challenges and progress. I picked a budget template that had a spending record built right into it. For the record, although I know it’s good for me, it certainly isn’t making my financially ugly budget any prettier. Baby steps.
- Find and Buy the Cheapest Gas. It takes only a few seconds to log on to GasBuddy.com to find the cheapest gas in your neighborhood the day you need to fill up.
- Keep your car’s tires aired up. This goes along with buying cheaper gas. Keeping your tires aired up saves gas, pure and simple.
- Get you spouse and kids involved in your budget. This is my next blog post but the meat and potatoes is that without the whole family on board, you are basically wasting your time.
This wee little list should at least get you going, and most importantly, thinking along the lines of saving money. Getting in the proper mindset is a big deal with saving money and having a successful budget. And it’s really not that bad, it can be kind of fun actually.
Dave
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