Most
important steps and before you know it, your financial life is getting better
and better. What follow is top most great steps to take. Each of these
tactics is simple little moves you can make to improve your financial
situation. Some of them take just a few minutes, others might take an hour or
two, some of them require a bit of regular effort, but they’re all incredibly
simple – anyone can do them. Each of them also save significant money,
especially over the long haul, and when combined together these tips can save
you a lot of money now.
Obviously, not all of
these tips will apply to everyone. Just go through the list and
find ten or fifteen that do apply to you and use them in your life – you’ll
quickly find yourself saving some serious scratch.
31. Do a “maintenance run” on your appliances.
Check them to
make sure there isn’t any dust clogging them and that they’re fairly clean.
Look behind the appliances, and use your vacuum to gently clear away dust.
Check all of the vents, especially on refrigerators, dryers, and heating and
cooling units. The less dust you have blocking the mechanics of these devices,
the more efficiently they’ll run (saving you on your energy bill) and the
longer they’ll last (saving you on replacement costs).
32. Cancel unused club memberships.
Are you
paying dues at a club that you never use? Like, for instance, a gym membership
or a country club membership? Cancel these club memberships, even if you think
you might
use them again someday – you can always renew the membership at a later date if
it turns out that you actually do miss it.
33. When shopping for standard items (clothes, sports equipment, older games, etc.), start by shopping used.
Quite often,
you can find the exact item you want with a bit of clever shopping at used
equipment stores, used game stores, consignment shops, and so on. Just make
these shops a part of your normal routine – go there first when looking for
potential items and you will save money.
34. Keep your hands clean.
This one’s
simple – just wash your hands thoroughly each time you use the bathroom or
handle raw foods. You’ll keep yourself from acquiring all kinds of viruses and
bacteria, saving you on medical bills and medicine costs and lost productivity.
That’s not to say you shouldn’t explore the world and get your hands dirty
sometimes – that’s good for you, too – but basic sanitation does help keep the
medical bills away.
35. Remove your credit card numbers from your online accounts.
It’s easy to
spend online when you have your card information stored in an account – just
click and buy. The best way to break this habit is to simply delete your card
from the account. That way, when you’re tempted to spend, you’ll be forced to
spend the time to dig out your card – and really think about why you’re
spending this money.
36. Give a gift of a service instead of an item.
For new
parents, give an evening of babysitting as a gift. If you know pet owners,
offer to take care of their pets when they travel. Offer up some lawn care as a
gift to a new homeowner. These are always spectacular gifts for anyone – I know
that, as a parent of a toddler and an infant, I love receiving a
babysitting gift, probably more than any “stuff” I might receive.
37. Do holiday shopping right after the holidays.
Most people use
this technique for Christmas, but it works for every holiday. Wait until about
two days after a holiday, then go out shopping for items you need that are
themed for that day. Get a Mother’s Day card for next year the day after
Mother’s Day. Get Easter egg decorating kits the day after Easter. Get wrapping
paper and cards and such the day after Christmas. The discounts are tremendous,
and you can just put this stuff in the closet until next year, saving you a bundle.
38. Join up with a volunteer program.
It’s a great
way to meet new people, get some exercise, and involve yourself in a positive
project that can lift your spirit. It also comes without a cost to you and can
provide a lot of entertainment and a fulfilling day when you’re in the right
mindset. I’ve come to spend more and more of my time volunteering, serving on
various committees and groups in the community – and it’s the best thing I’ve
ever done.
39. Reevaluate the stuff in the rooms in your house.
Go into a
room and go through every single item in it. Do you really need that item? Are
you happy that it’s there, or would you be just fine if it were not? If you can
find stuff to get rid of, get rid of it – it just creates clutter and it might
have some value to others. You also improve the perceived value of your house –
and you’re likely to get a lot of cleaning done in the process. It’s a frugal
win-win-win.
40. Try generic brands of items you buy regularly.
Instead of
just picking up the ordinary brand of an item you buy, try out the store brand
or generic version of the item. Likely, you’ll save a few cents now, but you’ll
also likely discover that the store brand is just as good as the name brand –
the only difference between the two, often, is the marketing. Once you’re on
board the generic train, you’ll find your regular grocery bill getting smaller
and smaller.
41. Prepare some meals at home.
Get an
accessible and easy-to-use cookbook (my favorite “beginner” cookbook is Mark
Bittman’s excellent How to Cook everything)
and try making some of the dishes inside. You’ll find that cooking at home is
much easier than you think – and way cheaper and healthier than take-out or dining out.
Even better, you can easily prepare meals in advance – even handy fast food
type meals.
42. Switch to term life insurance.
Repeat after
me: insurance
is not an investment. Switch to cheap term insurance instead and
use that difference in cost to get yourself out of debt and start building some
wealth. Universal and whole policies are much more expensive and offer a sub
par investment opportunity – you’re much better off getting yourself free of a
debt burden than spending extra on such things.
43. Go for reliability and fuel efficiency when buying a car.
A reliable
and fuel efficient car will save you thousands over the long haul. Let’s say
you drive a vehicle for 80,000 miles. If you choose a 25 miles per gallon car
over a 15 miles per gallon car, you save 2,133 gallons of gas. At $3 a gallon, that’s $6,400 in
savings right there. Reliability can pay the same dividends. Do the research –
it will pay off for you.
44. Don’t go to stores or shopping centers for entertainment.
Doing so is
just an encouragement to spend money you don’t really have on stuff you don’t
really need. Instead, find other places to entertain yourself – the park, the
basketball court, a museum, a friend’s house, or even in your own home. Don’t
substitute shopping for entertainment and you’ll be way better off.
45. Master the ten second rule.
Whenever you
pick up an item in order to add it to your cart or to take it to the checkout,
stop for ten seconds and ask yourself why you’re buying it and whether you actually need
it or not. If you can’t find a good answer, put the item back. This keeps me
from making impulse buys on a regular basis.
46. Rent out unused space in your home.
Do you have
an extra bedroom that’s not being used? Rent it out. In our home, we could, if
times were tough, rent out our entire basement – it has a “living room,” a
bedroom, and a bathroom and has a stairwell right by the kitchen. If we found
the right person, this would bring in a lot of extra money.
47. Create a visual reminder of your debt.
Basically,
just make a giant progress bar that starts with the amount of debt you have and
ends with zero. Each time you pay down a little bit, fill in a little more of
that progress bar. Keep this reminder in a place where you’ll see it often, and
keep filling it in regularly. It keeps your eyes on the prize and leads you
straight to debt freedom.
48. Get rid of unread magazine subscriptions.
Do you have a
pile of unread magazines sitting around your house? Likely, it’s the result of
a subscription that you’re not reading. Not only should you not renew that
magazine, you should give their subscription department a call and try to
cancel for a refund – sometimes, they’ll give you the prorated amount back.
I’ve had to cull my subscriptions in the past, but I’ve never regretted it.
49. Eat breakfast.
Eating a
healthy breakfast fills you up with energy for the day and also decreases your
desire to eat a big lunch in the middle of the day. Not only that, breakfast
can be very healthy, quick, and inexpensive. A bowl of oatmeal in the morning
is often the one thing that keeps me from running out to eat an expensive lunch
later in the day – and it keeps me peppy and full of energy for the entire
morning instead of in a coffee-laced daze.
50. Swap babysitting with neighbors.
We live in a
neighborhood with an army of young children out and about. Because of that,
there are a lot of parents out there who are quite willing to swap babysitting
nights with us, saving you the money of hiring one for an evening out. A few
families even take this to incredible extremes. Try to find another set of
parents or two that you trust, and swap nights of babysitting with them. That
way, you’ll get occasional evenings free without the cost of a babysitter,
saving you some scratch.
51. Don’t fear leftovers – instead, jazz them up.
Many people
dread eating leftovers – they’re just inferior rehashes of regular meals, not
exactly enjoyable to the discerning palate. However, there’s nothing cheaper
than eating leftovers and with a few great techniques for making leftovers
tasty, you can often end up with something surprising and quite delicious on
the other end. My favorite technique? Chaining – using the leftovers as a basis for an
all-new dish.
52. Go through your clothes – all of them.
If you have a
regular urge to buy clothes, go through everything that you have and see what you might find.
Take the clothes at the back of the closet and bring them to the front and
suddenly your wardrobe will feel completely different. Take the clothes buried
in your dresser and pull them to the top. You’ll feel like a brand new person
who doesn’t need to spend money on clothes right now.
53. Brown bag your lunch.
Instead of
going out to eat at work, take your own lunch. Lots of people think that this
means “nasty lunch,” but it doesn’t. With some thoughtful preparation and just
a few minutes of time, you can create something quite enjoyable for your brown
bag lunch – and save a fistful of cash each day, too.
54. Learn how to dress minimally.
Buy clothes
that mix and match well and you’ll not need nearly as many clothes. If you have
five pants, seven shirts, and seven ties that all go together, you have almost
an endless wardrobe right there just by mixing and matching. This is exactly
what I do in order to minimize clothes buying and still look professional – I
just mix and remix what I wear by using utilitarian clothes options to begin
with.
55. Ask for help and encouragement from your inner circle.
Sit down and
talk to the people you love and care about the most and ask them for help. Tell
them that you’re trying to trim your spending and you’d love it if they offered
any suggestions and support they might have – and pay attention to what
they tell you. They might have some personal insights for your situation that
will really help.
56. If something’s broken, give a fair shot at repairing it yourself before replacing it or calling a repairman.
Get a
handyman’s book or advice from the internet and give it a shot yourself. I’ve
fixed clocks, air conditioners, and VCRs by doing this before, saving
significant cash by saving on a replacement or on a repair person.
57. Keep an idea notebook in your pocket.
I’ve wasted
countless amounts of time and money simply because I’ve forgotten things in my
head. Instead of relying on my memory, I keep a small notebook with me to jot
down ideas and things I need to remember, then I check it regularly throughout
the day. This keeps me from forgetting to pick up milk and having to backtrack
ten miles, for starters.
58. Invest in a deep freezer.
A deep
freezer, after the initial investment, is a great bargain. You can use it to
store all sorts of bulk foods, which enables you to pay less per pound of it at
the market. Even better, you can store lots of meals prepared in advance,
enabling you to just go home and pop something homemade (and cheap) in the
oven.
59. Look for a cheaper place to live.
The cost of
living in Iowa is surprisingly low, enough so that I’m quite happy to give up
the cultural opportunities of other places to enjoy Iowa all year around. When
I want to enjoy the cultural opportunities of another place, I’ll travel there
– after all, I can afford it. Take a serious look about moving to a less
expensive area – if you can find work there, then a move can definitely put you
in better financial shape.
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