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.
1. Switch your bank accounts to a bank that respects you.
You shouldn’t
be spending your hard-earned money on maintenance fees – you also should be
earning some serious interest on your checking and savings accounts. Interest
rates are not what they once were, but some of the best free checking accounts
and best savings accounts can be found online. Here’s a guide on how to make
that switch.
2. Turn off the television.
One big way
to save money is to watch less television. There are a lot of financial
benefits to this: less exposure to guilt-inducing ads, more time to focus on
other things in life, less electrical use, and so on. It’s great to unwind in
the evening, but seek another hobby to do that.
3. Turn a critical eye to your “collections.”
Most people
collect something – what do you collect? Is it something that consistently
brings you joy? Or is it something that you just do out of habit at this point?
Does the collection itself have value? Could you perhaps “trim the fat” from
this collection by getting rid of duplicates or getting rid of the items you no
longer use? Also, could you perhaps cut down on your spending on that hobby?
Focus on trimming the things you don’t feel strongly about – if you dig into
things that bother
you, you’re going to eventually relapse.
4. Sign up for every free customer rewards program you can.
Even if you
rarely shop at that place, having a rewards card for that place will eventually
net you some coupons and discounts. Here’s the basic game plan for maximizing
these programs: create a Gmail address just for these mailings, collect every
card you can, and then check that account for extra coupons whenever you’re ready
to shop. Another good idea is to use Rewards Credit Cards that give points on
purchases at a wide range of stores. Check out this post on the best rewards
credit cards for some recommended cards.
5. Make your own gifts instead of buying stuff from the store.
You can make
food mixes, candles, bread, cookies, soap, and all kinds of other things at
home quite easily and inexpensively. These make spectacular gifts for others
because they involve your homemade touch, plus quite often they’re consumable,
meaning they don’t wind up filling someone’s closet with junk. Even better –
include a personal handwritten note with the gift. This will make it even more
special than anything you could possibly buy down at the mall, plus it saves
you money.
6. Master the thirty day rule.
Whenever
you’re considering making an unnecessary purchase, wait thirty days and then
ask yourself if you still want that item. Quite often, you’ll find that the
urge to buy has passed and you’ll have saved yourself some money by simply
waiting. If you want, you can even keep a “thirty day list” where you write
down the item and the day you’ll reconsider it, but I prefer just to keep this
one in my head – that way, I often just forget about the unimportant things.
7. Write a list before you go shopping – and stick to it.
One should never
go into a store without a strong idea of what one will be buying while in
there. Make a careful plan of what you’ll buy before you go, then stick
strictly to that list when you go to the store. Don’t put anything in the cart
that’s not on the list, no matter how tempting, and you’ll come out of the
store saving a bundle.
8. Invite friends over instead of going out.
Almost every
activity at home is less expensive than going out. Invite some friends over and
have a cookout or a potluck meal, then play some cards and have a few drinks.
Everyone will have fun, the cost will be low, and the others will likely
reciprocate not long afterwards.
9. Instead of throwing out some damaged clothing, repair it instead.
Don’t toss
out a shirt because of a broken button – sew a new one on with some
closely-matched thread. Don’t toss out pants because of a hole in them – put in
a patch of some sort and save them for times when you’re working around the
house. Simple sewing can be done by anyone – it just takes a few minutes and it
saves a lot of money by keeping you from buying new clothes when you don’t
really need to.
10. Don’t spend big money entertaining your children.
Most
children, especially young ones, can be entertained very cheaply. Buy them an
end roll of newspaper from your local paper and let their creativity run wild.
Make a game out of ordinary stuff around the house, like tossing pennies into a
jar, even. Realize that what your children want most of all is your time,
not your stuff, and you’ll find money in your pocket and joy in your heart.
11. Call your credit card company and ask for a rate reduction.
Take any of
your credit cards that are carrying a balance, flip them over, and call the
number on the back. Tell them that you want an interest rate reduction or
you’ll take your business elsewhere. If the first person you talk to won’t do
it, ask to talk to a supervisor. If you have a $5,000 balance, even a 3% rate
reduction saves you $150 a year.
12. Clean out your closet.
Go through
your closets and try to get rid of some of the stuff in there. You can have a
yard sale with it, take it to a consignment shop, or even donate it for the tax
deduction – all of which turn old stuff you don’t want to use any more into
money in your pocket. Not only that, it’s often a psychological load off your
mind to clean out your closets.
13. Buy video games that have a lot of replay value – and don’t acquire new ones until you’ve mastered what you have.
My video game
buying habits have changed quite a bit since my “game of the week” days. Now, I
focus on games that can be played over and over and over again, and I focus on
mastering the games that I buy. Good targets include puzzle games and long,
involved quest games – they maximize the value of your gaming dollar.
14. Drink more water.
Not only does
drinking plenty of water have great health benefits, water drinking has
financial benefits, too. Drink a big glass of water before each meal, and not
only will you digest it better, you won’t eat as much, saving on the ol’ food
bill. You’ll also find yourself feeling a bit better as you begin to get
adequately hydrated (most Americans are perpetually somewhat dehydrated).
15. Cut back on the convenience foods – fast foods, microwave meals, and so on.
Instead of
eating fast food or just nuking some prepackaged food when you get home, try making
some simple and healthy replacements that you can take with you. An hour’s
worth of preparation one weekend can give you a ton of cheap and handy meals
that will end up saving you a lot of cash and not eat into your time when you’re
busy.
16. Give up expensive habits, like cigarettes, alcohol, and drugs.
Those habits
cause money to flow away from you with nothing in return. Call up your
fortitude and work hard to kick the habits and you’ll find that money staying
in your pocket instead of burning up and floating away.
17. Make a quadruple batch of a casserole.
Casseroles
are nice, easy dishes to prepare, but on busy nights, it’s often still easier
to just order some take-out or eat out or just plop a prepackaged meal in the
oven. Instead, the next time you make a casserole, make four
batches of it and put the other three in the freezer. Then, the next time you
need a quick meal for the family, grab one of those batches and just heat it up
– easy as can be. Even better, doing this allows you to buy the ingredients in
bulk, making each casserole cheaper than it would be ordinarily – and far, far
cheaper than eating out or trying a prepackaged meal.
18. Be diligent about turning off lights before you leave.
If you spend
one minute turning off lights before a two hour trip, that’s the equivalent of
earning $50 an hour. That’s some impressive savings, particularly if you do it
before longer trips. The key is to use less energy, particularly when you’re not using
the device.
19. Swap books, music, and DVDs cheaply on the internet via services like PaperBackSwap.
You can very
easily swap the books and CDs and DVDs you’ve grown bored with via the internet
with others. Just use sites like PaperBackSwap, clean out your media
collection, and trade them with others online. The best part? You’ll get a
flood of new books (or CDs or DVDs) to enjoy, mailed right to you – for free.
20. Maximize yard sales.
I like to
stop by yard sales if I see them, but I recognize that often the stuff there is
junk. Thus, I’m careful about what I buy and I use clever tactics to find it –
and lower the prices. That way, I wind up with a really big bargain – or else I
can just walk away with the money in my pocket, having been entertained for a
bit.
21. Install CFL (or, even better, LED) bulbs wherever it makes sense.
These bulbs
might cost more initially, but they both have a longer life than normal
incandescent bulbs and they both eat far less electricity. CFLs tend to use
about 25% of the electricity of an incandescent – LEDs use about 2%. CFLs are
cheaper than LEDs right now and produce better light, but not quite as good as
incandescent bulbs. My policy? Put LEDs in closets and out of the way places,
use CFLs for hall and some room lighting, and use incandescent bulbs (until the
other bulbs get better) where you read and do other eye-intensive activities.
This will trim a significant amount from your electric bill.
22. Install a programmable thermostat.
These devices
regulate the temperature in your house automatically according to the schedule
that you set. Thus, when you’re not home, it allows the heating or cooling to
turn off for several hours, saving you on your energy bill. A programmable thermostat
can easily cut your energy bill by 10 to 20%. Nest is the new generation
programmable thermostat that learns and connects to WiFi so it can be
controlled remotely.
23. Buy appliances based on reliability, not what’s cheapest at the store.
It’s worth
the time to do a bit of research when you buy a new appliance. A reliable,
energy efficient washer and dryer might cost you quite a bit now, but if it
continually saves you energy and lasts for fifteen years, you’ll save significant
money in the long run. When you need to buy an appliance, research it – start
with back issues of Consumer Reports at the library. An hour’s worth of
research can easily save you hundreds of dollars.
24. Clean your car’s air filter.
A clean air
filter can improve your gas mileage by up to 7%, saving you more than $100 for
every 10,000 miles you drive in an average vehicle. Plus, cleaning your air
filter is easy to do in just a few minutes – just follow the instructions in
your automobile’s manual and you’re good to go.
25. Hide your credit cards.
Take your credit
cards and put them in a safe place in your home, not in your wallet
where it’s easy to spend them. If you argue that you need it for “emergencies,”
just be sure to keep a small amount of cash hidden in your wallet for these
emergencies. Don’t keep plastic on you until you have the willpower to not use
it even when you’re sorely tempted.
26. Plan your meals around your grocery store’s flyer.
Instead of
just planning your meals based on a cookbook or whatever you can dream up, plan
all your meals around what’s on sale in your grocery store’s flyer. Look at the
biggest sales, then plan meals based on those ingredients and what you have on
hand, and you’ll find yourself with a much smaller food bill than you’re used
to.
27. Do a price comparison – and find a cheaper grocery store.
Most of us
get in a routine of shopping at the same grocery store, even though quite often
it’s not the one that offers the best deals on our most common purchases.
Fortunately, there’s a simple way to find the cheapest store around. Just keep
track of the twenty or so things you buy most often, then shop for these items
at a variety of stores. Eventually, one store will come out on top for your
purchases – just make that one your regular shopping destination and you’ll
automatically save money.
28. Challenge yourself to try making your own things.
Before I
tried it myself, I thought homemade breadmaking was complicated and a waste of
time and money. I came to find out that it was pretty easy and it was actually
much cheaper, healthier, and tastier than buying a loaf from the store. Now, we
rarely ever buy bread products at the store – and we save money by making that
choice.
29. Don’t spend money just to de-stress.
Quite often,
I used to spend money just to wind down from a stressful day at work. Instead,
I’ve found that I quite often feel much better by going home and taking some
quiet time just to stretch and then meditate. I end up feeling much more
together, happy, and ready to face an evening with the kids in the right
mindset than I ever would by just blowing some cash after work. Instead of
spending to de-stress, try some basic meditation techniques, stretching, or
yoga and see how you feel.
30. Talk to your loved ones about what your dreams are.
This seems
like an odd way to save money, but think about it. If you spend time with the
people you love the most and come to some consensus about your dreams, it
becomes easy for you all to plan for it. If you’re all planning and working together
towards this dream, it becomes easier to stay focused on it and reach it. Set a
big, audacious goal together and encourage each other to be financially fit –
soon, you’ll find you’re doing it naturally and your dreams are coming closer
than ever.
