Frugal Living Expenses

What if I Want to Save My Money?

We live in a time when people want to save money but often barely make ends meet, and they are certainly more reluctant to spend. Small businesses are hurting, restaurants and various types of entertainment industries are complaining of less income. Many people are laid off. We are being told we need $250,000 when we retire just to cover medical expenses and bad news seems to crop up daily that makes you think twice about how you manage your money. So, what are some good saving money tips?

Money Clip

source duluthpack.com
source duluthpack.com

Money tips

There are many saving money ideas that you can utilize. First, I would recommend a software program like Quicken or Money to keep track of your expenditures, plus you can keep track of several accounts. I keep the checking, savings and retirement accounts in Quicken. Reconcile you accounts monthly. Try to save a little money monthly, even if it is only 5% in your 401K or savings account.

I also play a few little tricks since we are on a fixed income to make life run a little smoother. For instance, you can set up any deposit or bill to be automatically deposited or deducted on any account at a date of your choosing. I have all my regular monthly deposits set up, and my bills that are the same amount each month are entered automatically.

I transfer to my money market account $100 each mouth for car insurance. We pay car insurance semi-annually when the insurance is it due, I write the check after transferring the money back into my checking. I also deposit money for house taxes and insurance into savings each month, so we have enough to pay at the end of the year.

Buy a Little Red Car

source picasaweb.google
source picasaweb.google

Buy a Car Online

Another thing I have read more about lately is to buying a car on line. I despise walking into car dealerships as you know you are there for hours, playing games, talking to the salesman’s’ boss and so forth. Many dealerships have 2 sales teams, the ones in the showrooms and ones that negotiate over the internet. Since the traditional sales staff is paid mostly by commission they have an incentive to get as much money as possible out of your wallet. Internet salespeople get paid by salary, plus a bonus for the number of cars they sell which motivates them to move more cars quickly. They will send you quotes, help with financing if necessary and will set up a test drive. You are not feeling that pressure that happens in the showrooms.

Best Banking is Free Checking

source flickr
source flickr

Best Banking

Some bank and credit unions still have free checking. Many banks are tacking on fees to make up for lost revenue after a rule that went into effect July 1st requiring banks to have customers opt in to get overdraft protection. That doesn’t always take away your free checking but you need to watch carefully that you are not paying extra fees. Find a free checking account at community banks or credit unions. Some even pay 3% - 4% interest as long as you make 10-15 debit card purchases.

Formal Dress

source promgowndresses
source promgowndresses

Need to Rent a Formal Dress?

How about a formal or prom dress? You can easily spend hundreds of dollars for bridesmaid dresses or prom dresses. Try Rent the Runaway, a web site started by two Harvard grads that rents designer dresses from more than 40 big name designers. For instance, a $1250 Herve Leger rents for $125, and a $440 Badgley Mischka rents for $50. They ship two sized automatically and they tack on a $5 insurance fee. They clean them after each wearing and retire them after they are worn 10-15 times. The site just added 5000 items to satisfy demand.

Frugal Decisions

  • Decline collision insurance for cars more than 10 years old.
  • Purchase a policy with a higher deductible (e. g. $500-$1000)
  • Eliminate rental reimbursement and towing coverage if you already have roadside assistance through AAA or another company.
  • Lower the payment for the uninsured/underinsured motorist bodily injury coverage
  • Eliminate medical payments coverage if you are covered under personal health care insurance and PIP if you don't live in one of the 12 states requiring that coverage
  • Keep you driving record spotless if possible. Safe drivers pay less for insurance.

Insurance - Life, Auto, Home

Paying insurance premiums annually saves money. Monthly payments usually have some fee tacked on. Paying monthly, quarterly or semiannually results is what is called “fractional premiums.” The annual interest charge maybe 9.5% to 29.7% according to insurance broker AccuQuote (which is a life insruance company), but the fractional premiums apply to all types of insurance. Typically insurances don’t disclose these fractional payments but you can figure in out yourself with a calculator like the one at Http://accuquote.com/modal.cfm.

There are some generally promoted discounts by most auto insurance companies particularly for safety features. Ask your agent about:

  • New cars less than 3 years old
  • Cars with low theft statistics
  • Cars with safety features such as airbags, anti-theft devices and anti-lock breaks
  • Covering the care under the same insurance homeowners or other insurance from the same company


Doctor Visit - How to Bargain

Medical Cost

Frequently health care is a problem financially, and we sure have to no way to know where we are headed with Obamacare. Your doctor is aware that your current insurance won’t pay for some services or portions of services. You have nothing to lose by asking your doctor for a discount on those services. You can offer to pay for some services up front or maybe set up a payment plan. You can always talk with the office manager instead of the doctor if that makes you uncomfortable. You have nothing to lose by asking.

How To Save Money By Eliminating 10 Things You Don't Need

Man and Dog

source transitioning
source transitioning

More Ways to Save Money

We all love to go on vacations and sometimes you can work out a swap of homes with someone at a destination you would like to visit. You might have an old college friend, an army buddy or a family member that would swap houses briefly, so you each could visit anther city at a more affordable price.

Pet bills can be another problem as they tend to be very expensive. As a responsible pet owner check your pet for lumps each week as it only takes a few minutes. If you do this regularly you will immediately notice something out of the ordinary. You may pick up small growths, tumors, lumps or bumps that are easily treated when found early. Check you pet’s teeth periodically as well.

Do you want to start a college fund while your child is young? Check out upromise.com and sign up for rebates on everyday purchases. The money will accumulate in an account until you invest it in a 529 college savings plan or high-yield savings account. It will accumulate through the years without a lot of financial sacrifice on your part.

Save Money On Groceries

Save More Money

There are ways to save money on groceries. Try to go to the grocery store no more than once a week to avoid buying those extras that you may not need. Don’t go to the store when you are hungry. If you don’t mind cutting out coupons and checking ads, stock up when things are on sales, and use those coupons. You can save a lot of money monthly even though this takes a little effort. It is worth it as maybe that saving will buy you a night out on the town.

Saving money makes you feel more secure in a world that feels anything but secure at this time. You can build a little nest egg in case you get laid off. You can also plan for big purchases by managing your money more carefully. If you have any unexpected repair it feels good to know the money is in the bank. If you are able to save, the peace of mind is worth the effort.

How have you tried to save money?

What changes have you made this year to save money?

  • Buying a car oline?
  • Using store sales and coupons for groceries?
  • Re-evaluating and making changes for your insurance needs?
  • Changing your bank to one with cheaper costs?
  • Opting for a cheaper vacation or no vacation?
See results without voting

© 2010 Pamela Oglesby

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Comments 40 comments

RevLady profile image

RevLady 6 years ago from Lantana, Florida

Great article for those that have money to save lol.

Forever His,


Pamela99 profile image

Pamela99 6 years ago from United States Author

Rev Lady I didn't expect a comment this early in the morning but it is much appreciated. Thank you.


Tom Whitworth profile image

Tom Whitworth 6 years ago from Moundsville, WV

Pamela,

I have finally found out I'm doing something right for a change. I follow most of the things you recommended. I shopped for my last car online and had the dealer bring them to my home for a test drive befor buying. I think I got a better deal that way. I also combined my State Farm homeownwers insurance with car insurance the rate monthly is deducted monthly automatically at the same rate as annual payment with a one dollar extra charge.


Pamela99 profile image

Pamela99 6 years ago from United States Author

Tom, Good for you. I appreciate your comment.


breakfastpop profile image

breakfastpop 6 years ago

I actually do save money, but not when it comes to shopping. if I like something I buy it. I do use coupons when I shop, but half the time they are expired!


Pamela99 profile image

Pamela99 6 years ago from United States Author

Pop, Sometimes I go in the store with the coupons, buy the product and forget to cash in the coupons! If I like a particular brand name I stick with it as I don't always like the store brands, so I just do the best I can.


katiem2 profile image

katiem2 6 years ago from I'm outta here

Pam, Great advice and Thanks for the collection of great and helpful thoughts. Peace :)


Pamela99 profile image

Pamela99 6 years ago from United States Author

Katiem, I appreciate your stopping by and making a comment.


partisan patriot 6 years ago

Pamela

Great hub with some very good ideas as to how to save money on everyday transactions. But yopu failed to mention the greatest hedge against rising cost.......................

Elect Republicans!


Pamela99 profile image

Pamela99 6 years ago from United States Author

Patriot, That is because I knew you would come along and do that for me! Just kidding. I agree that we need a new crop of congressmen and women and that includes a few Republicans that need to go. Thanks.


Partisan Patriot 6 years ago

pamela

Repeat after me

There are no good Democrats

There are no Bad Republicans

There are no Good Democrats

There are no Bad Republicans......

Now go froth and sin no more!


Sage Williams profile image

Sage Williams 6 years ago

Pam, I really enjoyed this hub. You came up with some really great ideas and offer some great cost reducing tips. I find myself being more conscious of spending all the time.

Although, I must say there is always one exception to every rule. The sky seems to be the limit for my children and grand children and I hope thisn never has to change.

Great Job,

Sage


Pamela99 profile image

Pamela99 6 years ago from United States Author

Patriot, I stand corrected! But, what about Olympia Snow?

Sage, I am a softy when it comes to my children and grandchildren also. Thanks so much for your comment.


sheila b. profile image

sheila b. 6 years ago

I went on line to check car insurance rates when I moved to a different state, and saved hundreds. I'm also a believer in AAA. For such a small yearly cost, I've saved money when I've had to call because of a flat tire, etc. Also, hotels have told me AAA is the best discount. I like to advise peoople to check out what they offer, I'm really pleased with them.


Partisan Patriot 6 years ago

pamela

You got me there; thanks for not also pointing out Susan Collins but they did finally do the right thing on Obama Care. But; 1 vote out of 10,000 does not make for a good Republican!


Darlene Sabella profile image

Darlene Sabella 6 years ago from Hello, my name is Toast and Jam, I live in the forest with my dog named Sam ...

Great Hub Pamela, thank you for all your great advise, thumbs up.


DynamicS profile image

DynamicS 6 years ago from Toronto, Canada

Pamela, thanks for those great tips. In this economy we all sure need to utilize some of your great advise. When I was in college, many moons ago, I would do exactly what you suggested about swapping homes for vacation. That was how my daughter and I visited about 10 states in America & London, England. We would visit friends and relatives abroad and offer our home to them when they visit Canada.

I also like your idea of shopping online for a car - that's how I bought a car that I've long admired and wanted to own. I researched it online for about 6 months and walla!...

Re health care, you can move to Canada if you want to save on medical cost. Lol! You might have to wait a while for some services, but it doesn't cost you anything at point of service.

Thanks for a great hub. Rated UP.


blackmarx profile image

blackmarx 6 years ago from Rice Lake, WI

we can all do a bit of money saving these days. you always write great hubs. good work.

I just started a new gardening community site, for info see my profile.


Pamela99 profile image

Pamela99 6 years ago from United States Author

Thanks for all the great comments. Sheila I have AAA also and it has helped with hotel cost, not be mention good road side service.

Patriot, Yes they did finally do the right thing but she was annoying to listen to so I figured Maine could do better.

Darlene, Thanks for stopping by.

DynamicS, that is great that you used the swapping idea. I haven't bought a car online yet but we probably will try that for the next one. It sounded like a great idea. I would love Canada except for the cold.

Blackmax, Thanks for stopping by and I'll check out your profile.


prettydarkhorse profile image

prettydarkhorse 6 years ago from US

upromise.com, ok, I will check that out, good tips, Thank you, Maita


prasetio30 profile image

prasetio30 6 years ago from malang-indonesia

I am concern about saving money. Because this is good for our future. We have to read this hub. I believe this work for us. And for appreciation to this hub, I rate this Up! Thank you very much, Pamela.


Hello, hello, profile image

Hello, hello, 6 years ago from London, UK

Thank you, Pamela, for a very informative hub.


carolina muscle profile image

carolina muscle 6 years ago from Charlotte, North Carolina

Some great ideas here !!!!!


habee profile image

habee 6 years ago from Georgia

Great tips! I'm not very good at saving. lol


AARON99 6 years ago

A well written hub on savings money, especially for very important for our future, and the tips are so helpful too. Well done. Enjoy.


Pamela99 profile image

Pamela99 6 years ago from United States Author

I want to thank all of your for your wonderful comments. I know we are focused on saving money more now than ever partially because of high medical bills, but I think it is a good idea for all. I would definitely rather spend but I have a practical side, so I thought this would be a good topic.


JannyC profile image

JannyC 6 years ago

Great hub Pamela wow. I learned some saving tips I did not know before horray! Single mom Im all for saving money!


Pamela99 profile image

Pamela99 6 years ago from United States Author

Janny, I am so glad you enjoyed the hub. Thanks for the comment.


nancy_30 profile image

nancy_30 6 years ago from Georgia

Thank you for all these wonderful tips on ways to save money. I've been trying to save money recently so these tips are very useful for me.


Pamela99 profile image

Pamela99 6 years ago from United States Author

Nancy, I am glad my hub was helpful to you. Thanks for your comment.


mwatkins profile image

mwatkins 6 years ago from Portland, Oregon & Vancouver BC

These are well thought out money saving tips - I got stung twice in my life by buying a brand new car - never again! That was about $45,000. extra that I could have flushed down the toilet all by myself! Thanks for looking out for people trying to save money and cut corners! ;-)


Pamela99 profile image

Pamela99 6 years ago from United States Author

Mwatkins, Thank you for your comment. Knowing I could buy a car online was exciting as I've burned too and hate to go to car lots. Thanks so much for your comment.


Support Med. profile image

Support Med. 6 years ago from Michigan

Your hub is educational and gives good guidance.


Pamela99 profile image

Pamela99 6 years ago from United States Author

Support Med, Thank you for your comment.


Ben Zoltak profile image

Ben Zoltak 6 years ago from Lake Mills, Jefferson County, Wisconsin USA

Lots of great points here Pamela, great work.


Pamela99 profile image

Pamela99 6 years ago from United States Author

Ben, Thank you for the comment.


TnFlash profile image

TnFlash 6 years ago from Tampa, Florida

Great Hub! Everyone needs to save money in this economy. This has been really tough times but I'm learning a lot. My wife and I have found buying in bulk is our best way to save on groceries. We buy vegies by the bushel when they are in season and cheap. Then can or freeze them for later. Can you believe I have actually learned to can stuff? Again great hub! Voted up and useful!


Pamela99 profile image

Pamela99 6 years ago from United States Author

Jack, Glad to hear you have learned to can things as it may be a skill that will get you employed at some point. he-he We have changed the way we shop also and we do a lot of little things to save money because we are so uncertain about the future. Thanks so much for your comments.


stars439 profile image

stars439 5 years ago from Louisiana, The Magnolia and Pelican State.

Very Nice Hub. God Bless You.


Pamela99 profile image

Pamela99 5 years ago from United States Author

stars, Thank you so much and God Bless you also.

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