- Personal Finance»
- Frugal Living
Increase Cash Flow by Saving Money
Cut Your Taxes Today
50 Ways to...
Those who are old enough may remember the song, "50 Ways To Leave Your Lover" sung by Paul Simon. If you remember the tone there were not great revelations in it only a bunch of tidbits, quips, and ways to "make a new plan, Stan."
Anyway, while I am not going to list 50 ways I will list several little strategies on how to make sure you are not wasting money. Things that can save a few bucks here and there that in the long haul may add up to some real savings. Since it seems that many households are being conservative these days when it comes to their money some of the tips may come in handy. So let's have a some and see what we can come up with.
Other Hubs I Wrote
- Surviving A Foreclosure
Is it possible to survive a foreclosure? By that I mean, is it possible to maneuver your way through a foreclosure where you can save your home and afford to make the payments. No one really knows the...
1. Don't Waste Your Groceries
This is one of my pet peeves. I am not the grocery purchaser in our home, nor am I the cook, however I do enjoy eating and so i always know what it in the refrigerator. Sometimes I will go in a peruse the goods just after the groceries have been purchased and I walk away with a, "what were they thinking" head rub.
I am sure that every household has their normal foods that they eat. Whether it is cereal in the morning or eggs, beef for dinner or tofu. Whatever your thing is you know about how much food that you consume and you know what is perishable and what is not. Apples will only remain eatable for so long, so if you only eat on average 3 apples a week don't buy 7 even if they are on sale.
Managing your grocery bill works on both sides of the grocery store. While in the store don't be a sucker for all the impulse items, but on the back side of the grocery store don't end up having to throw stuff away. Wasted vegetables, meats, and dairy products can really add up. Cut down on the waste and save a few bucks.
2. Take Advantage of the Banks Free Services
Most banks offer free online banking (if yours doesn't change banks!). This is a very valuable service from several standpoints. First of all you don't have to buy stamps. If you have ten bills a month that you send that is over $4.00 in savings a month, which adds up to almost $50.00 a year. Over a 5 year period that is a savings of $250.00. Why pay the postage if you don't have too? In addition, you will also use less checks, which you are probably buying also. This too adds us over time.
More so than the savings you will realize from not purchasing checks or stamps is the fact that by setting up your bills to be paid automatically you won't forget to send your payment, send it late, or risk your check being lost or misdirected in the mail. When your check doesn't arrive on time you are subject to late charges and unnecessary interest charges being added to your account.
Most banks guarantee that your payment will arrive by the date that you specify. This is a great benefit because if for some reason your payment doesn't the bank will reimburse you the late charge billed to your account. Take advantage of this free service.
3. Defer Your Soda for an Hour
What in the world does that mean. Did you that you can save roughly $20.00 per month by waiting an hour or so to drink your soda of preference?
Restaurants now charge up to $2.50 for a soda. If you and your spouse eat out once a week you are easily paying up to $5.00 of your meal ticket for a Coke or Pepsi product. In all likelihood you will end your meal and be home within an hour or so where you can grab a can of soda that cost you a few cents from the grocery store.
Do you really have to have one of these high priced treats? Eating out once a week for two people can easily rack up $20.00 a month in extra expenditures, that's $240.00 per year to have a Coke...to me that takes away from life!
4. Buy Media Products Smarter
I can't tell you how many people I've talked to where husband and wife have their own cell phone plans. Most cell phone companies base price includes two numbers or in a worst case scenario you can add a line for only $9.99. Don't waste money utilizing services like this separately. Most companies will give you a discount when you combine their products.
What about Cable TV, Internet, and telephones. Bundled services can save you money compared to buying the services separately. If you have a home phone, cable TV, and internet check with your local providers who offer all three service and then get one of their special pricing bundles. In the long run you will save a lot of money.
One of My Favorites
- Silver: A Unique Opportunity
It seems that everyone is talking about gold these days. The current price of gold is just over $1,100 per ounce at the of this writing, but the price of silver is just over $18.00 an ounce. Before we...
5. Play Credit Card Roulette
Credit card companies are really taking advantage of their clients these days. If you have card or company loyalty you are a fool. Why fight with the big banks when there is another one out there that will pay you to come try them out.
If you don't have the ability to pay off your credit cards each month then like most Americans you are probably paying a lot of interest. Go online and find some balance transfer options. There are many credit cards out their that will give you 6 months of zero interest if you will transfer your balance to them. Transfer, transfer, then transfer again until you can get your debt paid off.
6. Membership Has It's Priviledges
What do you belong to? There are many organizations that people belong to including Credit Unions, AAA, AARP, and so forth that offer their members purchasing discounts. Are you using yours?
I was a AAA member at one time and virtually every hotel I stayed at gave me a better rate just because I had their card in my pocket. If you are not utilizing the purchasing discounts given by organization you currently belong to then you are paying more money then you really need to. Take advantage of your membership.
7. Make the Hard Decision
Some things come easy that are not worth the easy. Items such as Pay Day Loans, Rapid Refund Loans on your tax refund, lottery tickets, Rent-to-Own stores, etc will charge you an arm and a leg plus your shoulder for their convenience. These type of companies/items prey upon fools.
If you are getting a tax refund and you need it now, make the hard decision and just wait a couple of weeks and save yourself a bundle. If it's Tuesday and your broke, just go ahead and be broke till Friday instead of transferring your wealth for a five day loan. Make the hard decisions and save.
Tax Authority Sandy Botkin Wealth Strategies
8. No Thank You!
See it wasn't that hard. Saying, "No Thank You" can save you a lot of money. Did you know that extended warranties rarely pay off? I know that I have purchased five laptops and have never once purchased an extended warranty and have also never needed one.
At over $300 on each purchase I have saved over $1,500.00 enough to purchase another laptop. It really doesn't matter what you are buying you need to compare the cost of repair/replacement with the cost of the warranty. In fact, on many items it is cheaper to just go ahead and buy a new unit. Assuming that insurance is a good deal can waste a lot of money, so just say no when the numbers don't add up.
9. Love Can Be Very Expensive
Especially when we are talking about the love off a pet. While I am not advocating getting rid of your beloved pet (my dog is laying by me as I type this) maybe it's not the time to add to the litter.
Did you know that according to studies a dog can cost you an average of more than $1,500 a year - or
$15,000 over 10 years? Cats (of which I can't stand) cost a pretty penny also at just under
$1,000 a year or approximately $9,000 for 10 years. Sometimes it's better to be petless, especially when money is tight.
Pay Attention to Your Life
My list is not all inclusive, what I have tried to do here is stimulate your thought. You can cut waste out of your life. If money is tight then it is not the time to waste money. These and other tips can help you get control of your finances.