View Full Version : Money Saving Tips
sgtdraino
11-25-08, 03:00 AM
In these times of increasing economic hardship, I was thinking we could all pool our knowledge in order to save money in ways we individually hadn't thought of. This thread is a repository for that knowledge.
I'll start:
1. Buy used whenever possible. This especially goes for clothes, and vehicle-related expenses. Become familiar with your local thrift-stores, Good Will, and Salvation Army. You can find some amazingly good deals there, as well as some real hard-to-find items. A new tire will routinely run you about $100. A decent used tire will only run you $25-$30. Same goes for other car parts, check your local junk yards first.
2. Buy generics whenever possible. This especially goes for food and drug items. Generics will routinely cost you 25%-75% of the name brand, and are either just as good (drugs), or almost as good (foods). Either way, it is well worth the savings.
3. If you have more than one car, sell the others and get a used name-brand 50cc scooter for your backup transportation. A 50cc scooter costs $0 to insure, $0 to tag, $0 in taxes, and gets about 100mpg. It is fun to ride, and perfect for tooling around town. Buy used, but stick with a name brand like Honda, Yamaha, Kymco, or (if you can afford it) Vespa. The cheap Chinese ones are unreliable and very hard to get parts and service for.
4. Cancel your landline, and only use your cellular phone. Hard to get by these days without a cell phone, but landlines are fast becoming superfluous. What do you really need it for? Nothing. An added bonus: Telemarketers aren't allowed to bother you on your cell phone.
jamiept
11-25-08, 05:27 PM
Here's a list I found..
Combine your cable, internet and telephone service. Companies now offer combined services that not only cost less, but offer the convenience of a single bill.
Slow down your internet service. I went to the slower internet service option with my cable company and saved $15 per month. And I haven’t noticed a difference when surfing the Net.
Send away for and follow up on rebates. After you buy a product with a rebate, send in the form that day. Then mark your calendar to remind yourself to follow up with the rebate company if the check hasn’t show up.
Buy a refurbished Mac: I’ve written about this before because it is a great way to buy not only computers, but iPods and iPhones as well. You can check out the details on how to buy a refurbished iPhone (http://www.doughroller.net/2007/09/08/how-to-buy-a-refurbished-iphone/) here.
Convert to a gas water heater. They are more efficient and will save you money in the long run.
Request a reduction in the interest rate for your home equity line of credit. I did and my mortgage company agreed to reduce the rate by more than 0.50%. And if you are looking for a home equity loan, LendingTree Home Equity Loans (javascript:submitCJ10430156X843('CJ10430156X843', null);) is a great place to check out available options.
Request a reduction in the interest rate on your credit cards. As with home equity loans, credit card companies sometimes are willing to reduce the interest rate. It can’t hurt to ask.
Refinance you mortgage. If you can reduce your interest rate by one percent or more, it is often beneficial to refinance. This is particularly true for those with high rates due to less than stellar credit scores. If your score has improved, you may qualify for a better rate. I would start by asking your current mortgage lender about lower rates. Here’s a refinance calculator (http://www.bankrate.com/brm/calc_vml/refi/refi.asp) to help you determine if refinancing is right for you.
Get rid of Private Mortgage Insurance. If your down payment was less than 20%, you are probably paying PMI. Once you have a 20% cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI.
Get your books from the library. I love books and read every day. While I buy some of the books I read, most come from the library. Simply put, it’s hard to beat free.
Get DVDs from the library. Many libraries now have movies on DVD that can be checked out. If your library offers this service, it sure beats paying Blockbuster or Netflix.
Get DVDs from Red Box. If your library doesn’t offer DVDs, get your moves from Red Box. It costs just one dollar per night. You find Red Box locations here (http://www.redbox.com/).
Read magazines at the library or online. Too many magazines can cost a fortune. And how many times have you bought a magazine based on the cover and been disappointed by the lack of substance. At the library you can read magazines for free. And many magazines now offer their content for free online.
Subscribe to magazines that are must reads. If you must have a certain magazine each month, subscribe. Subscriptions offer substantial savings over the cost at the newsstand. Update: Amazon offers some great deals on personal finance magazines (http://www.amazon.com/gp/search?ie=UTF8&keywords=personal%20finance&tag=twow-20&index=magazines&linkCode=ur2&camp=1789&creative=9325)http://www.assoc-amazon.com/e/ir?t=twow-20&l=ur2&o=1.
Buy your car over the internet: Search the internet for information on the car you want and then send e-mail requests to dealers for the best price. Even if the dealer is located in another state, the cost to have the car delivered may still be worth it. I paid $500 to have a Honda Odyssey shipped 500 miles and still saved $1,000 over the best local price available.
Request a discount on trash service. For some reason this is a highly competitive business. If you get a better offer in the mail for trash service, call your current trash company and ask them to beat the offer. My trash service has reduced its rates twice in six months to match competing offers.
Never pay checking account fees. I hate bank fees. With so many free checking account plans available, there’s no reason to pay a fee. And if the bank happens to charge you one, ask them to reverse the fee or take your business to another bank.
Get a rewards card. There are many reward cards that pay out in cash (http://www.doughroller.net/credit-cards/cash-back-credit-card-offers/) or points that can be redeemed for travel or products. Many of these cards don’t have an annual fee. I recently traveled to my college reunion for free using points earned from a credit card. My favorite rewards card is American Express Gold Card. It does have an annual fee, although follow this link (American Express (http://www.doughroller.net/cards.php?id=Preferred_Rewards_Gold_Amex)) to apply and the first year fee is waived. You can also check out my review of several travel reward credit cards (http://www.doughroller.net/credit-cards/5-great-travel-reward-credit-cards/).
Don’t pay interest on credit cards. This is obvious, but I soon as you fail to pay off the credit card in full, the high interest payments start to eat away at your monthly budget. If the temptation to spend more than you can pay on a credit card is to great, get rid of the credit card (and ignore the previous tip!).
Take advantage of 0% credit card offers. I’ve saved thousands of dollars using 0% balance transfer credit cards (http://www.doughroller.net/balance-transfer-credit-cards/). Again, as long as the cards won’t cause you to spend more, they can offer substantial savings. Make sure, however, that you keep an eye on the balance transfer fee, which can wipe out your savings.
Replace incandescent bulbs with compact fluorescent light (CFLs) bulbs. These bulbs use 75% less energy and last 10 times longer. They do take some getting used to, and they won’t work in every light fixture. But use them where it makes sense and save energy and money.
Drive your car longer. The buy new versus used debate often overlooks the most important factor–how long you own your car. Drive it as long as you safely can for substantial savings.
Pay your life insurance annually. Insurance companies charge you more if you pay monthly, quarterly or semi-annually. Pay once a year and you’ll pay less.
Pay car insurance semi-annually. At least with my car insurance, they offer quarterly and semi-annual payment options. It costs more to pay quarterly, and twice a year is more convenient anyway.
Increase insurance deductibles. Most of us don’t need to be insured for all losses over $100 on our car, for example. Although we wouldn’t want to pay a $250 or even $500 deductible, we could. If that’s you, find out how much you’d save from raising your deductible. I’ve raised my deductibles on my auto insurance and home owner’s insurance and saved a considerable amount.
Think before submitting an insurance claim. My rule of thumb is that I won’t submit a claim on a loss that is less than twice my deductible. So for a $250 deductible on an auto loss, I’ll pay out of pocket any loss up to $500. Why? The $250 I’d receive from my insurance company is not worth the increased premiums I’m likely to pay. You may want to call your insurance agent to find out how a claim will impact your premiums before filing the claim.
Get rid of your home telephone. This is a great way to save money. Many don’t do it because of the 911 service, and that’s understandable. But if you’re comfortable relying on a cell phone, there’s no reason to keep a land line. If you do, consider reducing your service to the minimum and only use the phone in an emergency.
Consider VOiP telephone service. We use Internet phone service and have saved substantial money over Verizon service. The phone service has been very reliable, and you’d never even know the signal was being carried over the Internet. Lingo (http://www.doughroller.net/go/Lingo.php) is a great option for VOip telephone service, which costs just $21.95 a month for unlimited local and long distance calling in the U.S. and over 20 countries, and even gives you the first month of service for free (check out my Lingo Review (http://www.doughroller.net/reviews/lingo-internet-phone-service/)).
Shut vents in unused rooms. This isn’t advisable if you have forced air heating, but shutting vents in unused rooms can save on your heating and cooling bill.
Eliminate some cable service. Note that I’m not recommending getting rid of cable completely, although that’s certainly a way to save money. If you must have cable, take a look at all the charges on your cable bill and consider getting rid of some of the service. Try it for a month and see if you really miss those last 500 channels.
Agree to limit gift giving. At Christmas our extended family and we go overboard when it comes to gift giving. Agree in advance to limit the gifts and save everybody some money.
Get healthy. Your health will directly impact the cost of life insurance and, in some cases, can reduce the cost of your health insurance.
Cancel the health club membership. Seems to contradict the previous tip, but evaluate how much you really use your health club. Less expensive options may include a gym at your work or a gym at your local parks and recreation center. Some offer pay as you go options rather than monthly fees, which can be great for those of us who aren’t as consistent in our routines as we’d like to be.
Pass on extended warranties. A $129 two year extension on a $300 product is just not worth it. Warranties are insurance, and we rarely need to insure such a small amount.
Take your lunch to work one more day a week than you do now. Eating out at lunch is fun, so I wouldn’t eliminate it completely. But taking lunch just one more day a week will keep money in your pocket.
Buy low cost mutual funds. This is easy to miss because the money doesn’t come out of your pocket each month. But keep an eye on the cost of the mutual funds in your 401(k) and other investments. My rule of thumb is that no fund should cost more than 1% and the combined cost for all your funds should be less than 0.50%. If you don’t believe that even a half percent can make a big difference, read this.
Take advantage of employer 401(k) matches. If your employer matches 401(k) contributions, do everything you can to take full advantage of that match.
Use flexible spending accounts. FSAs allow you to pay certain medical, dental and child care expenses using pre-tax dollars. If your not taking advantage of these accounts, you’re wasting money. Enrollment at many companies is occurring now, so check with your HR department if you have any questions about FSAs.
Get tires from Costco or other wholesale clubs. Simply put, they cost a lot less than buying them at the dealer or even a chain tire store.
Keep tires properly inflated. It keeps you safe and costs less on gas.
Stop smoking. Need I say more?
Drink less alcohol. It costs money and ads calories.
Buy term life insurance. Any other life insurance product is just not worth the extra cost.
Buy generic over-the-counter medicines. They are exactly the same as their branded counterparts and cost less.
Get organized and avoid missed payments. I’ve missed a payment or two because the bill got buried beneath a stack of papers. Get organized and avoid those late payment penalties. If you do miss a payment, call your creditor and ask to have the penalty removed. They’ll usually accommodate the request, at least the first time.
Buy online when it saves you money. I’ve used Amazon to buy more than just books. It sells just about anything and sometimes at substantial savings.
Consider MythTV PVR in replace of TiVo type services. I just ran across MythTV and am still investigating it. I pay $15 a month to my cable company for a DVR box and would love to save the money. If you’ve used MythTV, let us know how well it works. You can get more information about MythTV here.
Use Open Source software when possible. I use GIMP instead of Photoshop. GIMP is free; Photoshop ain’t.
Check the insulation in your home. Extra insulation can easily pay for itself in one or two years, and it helps save the environment, too.
Buy energy efficient appliances. Look for the Energy Star on appliances and consider the annual energy cost before buying. More efficient appliances cost more, but you make up the extra cost and then some over the life of the product.
Stay married. Yes, I did say 51 “painless” money-saving tips. Yes, I know that some marriages end because of abuse and other extreme circumstances. “Isn’t marriage about love”, you ask. Sometimes. “You don’t know my situation”, you say. True. But I lived through the emotional and financial pain of two divorces as a child, and I’ve been married to the same women for more than 19 years, so I know plenty. Am I telling you not to get a divorce? Of course not. I am telling you that divorce will wreck your finances and your spouse’s finances.
Was that from Clark Howard (http://clarkhoward.com/)? I was going to post a link to his site b/c he's full of useful tips. A bit goofy, but full of information.
Oh - And don't buy perishable food unless you plan on eating it. I cringe at the the thought of how much we throw out.
jamiept
11-25-08, 06:02 PM
No, www.doughroller.net
melostmo
11-25-08, 06:32 PM
get up & out really early - this Friday morning
& take full advantage of after-Thanksday sales
this will save u $$$
& give Chinese our economy a boost
if enough folks buy & spend ..
Stock Market will respond favorably
& my global shares will get a good jump :bump:
this is a WIN, WIN, WIN, pls doo this
LostVoyeur
11-25-08, 06:32 PM
COUPONS COUPONS COUPONS
Recently Kmart and a few other places have been doubling coupons. The last time they did that I purchased $80 worth of stuff for less than $10. Ok granted I didn't need 4 things of the same cleaner, but in the long run I will have it and it cost me next to nothing.
I am also lucky enough to have all the major chain grocery stores all within 5 miles so I used coupons everywhere and shop around for the best deals. My daughter and I make a game of it now. Every Sunday we get the paper and map out what we need and where is the cheapest place to go. I have been averaging $200 a month for our groceries for a family of 3. Meat is still the majority of the bill, but once a week we have a veggie meal and that cuts costs too. BULK UP on non perishables, if it is on sale buy it up.
If at all possible turn off your heat/ac. Last month my electric bill was $26. I have not used the AC in 2 months and have nothing but CFL's in my house. I have changed no other habit including leaving the TV on 24/7.
Just because gas prices are going down, keep your driving habits the same as if it were $4 a gallon. This also saves the environment.
sgtdraino
11-26-08, 02:33 AM
Was that from Clark Howard (http://clarkhoward.com/)? I was going to post a link to his site b/c he's full of useful tips. A bit goofy, but full of information.
Clark Howard is awesome! And I love that he sounds like Fred Rogers, from Mr. Rogers' Neighborhood!
1. Buy used whenever possible. This especially goes for clothes, and vehicle-related expenses. Become familiar with your local thrift-stores, Good Will, and Salvation Army. You can find some amazingly good deals there, as well as some real hard-to-find items. A new tire will routinely run you about $100. A decent used tire will only run you $25-$30. Same goes for other car parts, check your local junk yards first.
I love spending my money at Goodwill stores and the like. It's always a wonderful thing to do instead of shopping at a WalMart or something. I love browsing the dishes. :)
2. Buy generics whenever possible. This especially goes for food and drug items. Generics will routinely cost you 25%-75% of the name brand, and are either just as good (drugs), or almost as good (foods). Either way, it is well worth the savings.
I agree, but I'd take it a step further. Don't buy (or at least cut down on buying) pre-packaged meals or quick- fix stuff. It's really expensive despite the fact that most people think it will end up being cheaper to serve dinner. If most of the stuff you put in your cart is vegetables and grains then not only are you eating better but you will throw away far less garbage.
4. Cancel your landline, and only use your cellular phone. Hard to get by these days without a cell phone, but landlines are fast becoming superfluous. What do you really need it for? Nothing. An added bonus: Telemarketers aren't allowed to bother you on your cell phone.
Done and done. I don't have a landline. I did last year just for the fax machine but now I do that online. I never ever used it and I think only three people knew the number.
RoseArienh
11-26-08, 08:25 PM
Stop tailgating (driving too close to the car in front of you) and save tons of money on your brakes. Seriously. Your brakes will last twice as long if you don't have to ride them constantly. :)
melostmo
11-26-08, 09:13 PM
when traveling abroad ..
use your Sat. phone
it's actually cheaper than
Marine telephone
or foreign Cell links
or calling land-line from foreign countries
scotpgot
11-26-08, 11:22 PM
Moving to General Living. I think it's a better fit there...
I've read all these tips before and business is slow for me. People are holding back.
But I just can't get into paying attention to all these things. I get depressed imagining watching the thermostat, turning off unneeded lights....it's not me.
I've put off bigger expenditures for sure but I really can't bring the details of everyday life to the front of my mind and be comfortable with it....I just don't care....I know I'm wasting money, I know I could be in better shape financially if I heeded such advice, not just now, but for many years past.
I admire anyone's ability to do that.....
Sals
I agree with your thinking. (not the depressed sad <snip> but you know) ;)
And I do the same thing. It's the big stuff that matters. Turning off the lights, clipping coupons, filling the tank when you know you're at the cheap station... all those things seen trivial when your year just isn't working out like you planed. But the way I look at it has to do with waste. If I spend less I waste less. If I waste less I'll have less need to spend.
Things will change. They always do. That's the way life is. Ya gotta go with the flow.
:)
I agree with your thinking. (not the depressed sad <snip> but you know) ;)
And I do the same thing. It's the big stuff that matters. Turning off the lights, clipping coupons, filling the tank when you know you're at the cheap station... all those things seen trivial when your year just isn't working out like you planed. But the way I look at it has to do with waste. If I spend less I waste less. If I waste less I'll have less need to spend.
Things will change. They always do. That's the way life is. Ya gotta go with the flow.
:)
Ahhh, I needed that :) thanks, honey.
I know all too well about the ups and downs....flush with money one quarter, tapping the equity line the next, paying it back during 6 good weeks....you know the drill just like I do.
It's the same roller coaster ride, even during good times, waiting for that end of the job check, starting the next job, getting a deposit check there, spending the second check you didn't get yet before you get it.
It's actually very invigorating:D
Sals
For those of us living on a fixed income and unable to work outside the home, it is necessary to clip coupons, close vents in rooms you aren't using, turn down the thermostat and put on a sweater. Dang I even pull out plugs for appliances/electronics I am not using. Yeah I am one of those who power down the PC every night and unplug the surge strip and disconnect the phone line. :sadwalk:
I remember before I retired doing some of the aforementioned things. I never thought I would be in a position to have to pinch pennies. I use to pay other folk's bills or buy their kids what they couldn't give them. All you have to do is get sick or lose your job and it is bye bye lifestyle.
Healthy Thanksgiving, Thursday, Wednesday, Friday or whatever day it is to everyone. I cannot keep up with the timezone differences. :)
:Cheers:
I know, Dew. Please don't let any of that come off as disrespectful of anyone on a budget.
I understand financial straits, dire ones. I was just expressing how I currently live.
I also know it could all come crashing down at any time. I'm like the plate spinner on the Ed Sullivan Show, keeping them all in the air and not a single spare plate to fall back on.
You have a great Thanksgiving too :Hugglepounce:
Sals
Oh no sals I didn't take it as anything disrespectful. Sorry if it came across that way. I once was in the your current situation. I know that some folks just may not relate to that. I have seen both sides of the coin. I just thought I would post the other side. http://i303.photobucket.com/albums/nn137/Dew2008/Smilies/blowkiss3.gif
Healthy Thanksgiving to you too. :)
:Cheers::Cheers::Cheers:
Sals
melostmo
11-27-08, 06:01 AM
try to never waste anything
as karma has it
you will one day be in want
for that wasted item
it will cost you
Here's a saving money tip a friend gave me - I was trying on a shirt that was on sale and I couldn't remember what the price was. Before I looked she said, "How much would you pay for it? Decide that first." I decided on the price and sure enough, it wasn't what they were asking so the shirt went back on the rack. Think before you buy. What is your money worth to you?
melostmo
11-29-08, 06:40 PM
buy your 'seasonal' clothes & other items
@ season's end
i always do that
clothes are usually 1/2 price or less :)
melostmo
12-03-08, 07:36 PM
if you have any old money ..
like, I had some Confederate [Jefferson Davis] paper Money
Save it someplace where kids can't get @ it
& show it to their friends :mad:
melostmo
12-18-08, 12:02 AM
If you use Credit Cards
@ least be aware that some lenders
are giving very good paybacks
as long as you pay your statements on time
I've already received several hundred DOLLARS BACK this year :)
simply by using the right card
so, pay attention to some of the info 'junk'
they stuff in your envelope..
or emails they send :bump:
Please PM me the name of your lender cause I could use that. I thought I was ok getting one of my cards to give me 5% interest for 7 months.
sgtdraino
12-19-08, 03:51 AM
If you use Credit Cards
@ least be aware that some lenders
are giving very good paybacks
as long as you pay your statements on time
I've already received several hundred DOLLARS BACK this year :)
simply by using the right card
Please PM me the name of your lender cause I could use that. I thought I was ok getting one of my cards to give me 5% interest for 7 months.
Well, the key Dew is paying your statement off each month, not carrying a balance. My favorite credit card right now is the Chase Freedom Visa Signature card. It gives me 1% cash back on all of my purchases, and 3% back on whatever my top 5 spending categories are for that month. Things like gas, groceries, drugs, etc. I routinely get several hundred dollars back a year. Think about it, even with gas around $2 per gallon, with a 3% discount you'd be paying 6 cents less per gallon than everyone else. That can really add up! :)
Don't you dare lecture me. No fooling the key is paying off and not carrying a balance. Always personal with you. http://i303.photobucket.com/albums/nn137/Dew2008/Smilies/pbsuperangry.gif
sgtdraino
12-19-08, 06:19 AM
Don't you dare lecture me. No fooling the key is paying off and not carrying a balance. Always personal with you. http://i303.photobucket.com/albums/nn137/Dew2008/Smilies/pbsuperangry.gif
Heh. I just thought you might be confusing Mo's statement about cash back, with the completely separate issue of interest rates. If you can pay off the card each month, these cashback cards are great. If you can't, a different card would probably be a better fit for you.
Well, the key Dew is paying your statement off each month, not carrying a balance. My favorite credit card right now is the Chase Freedom Visa Signature card. It gives me 1% cash back on all of my purchases, and 3% back on whatever my top 5 spending categories are for that month. Things like gas, groceries, drugs, etc. I routinely get several hundred dollars back a year. Think about it, even with gas around $2 per gallon, with a 3% discount you'd be paying 6 cents less per gallon than everyone else. That can really add up! :)
Y'know, I had an ATT Universal card that gave me up to $300 cash back a year on grocery and gas purchases which I used exclusively for those things. Guess what the lovely credit card company did?? They CANCELLED the card on me! I guess they didn't like that I carried zero balance and that they were paying *me*. Credit card companies - leeches! :mad:
(But I do have an REI card that gives me 1% cash back which is better than nothing!)
vBulletin® v3.8.3, Copyright ©2000-2010, Jelsoft Enterprises Ltd.