| StartedSingle's Money Saving Tips |
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| There is no shame in being frugal. On this page, you will read the collection of tips by StartedSingle members on how to pinch every penny possible. Hey, no one ever complained about having too much money, so go ahead and try these tips; you might just find yourself rolling in some dough (or atleast some extra change!) |
| $$ Configure a budget. The word "budget" strikes fear into the hearts of many, however, it can mean the difference between broke and making it. Living within your means is an extrememly important step in becoming or staying debt free. So sit down with a calculator, lots of paper, and a pencil. Write down every conceivable expense you have (i.e. rent or morgage, car payments, car insurance, utility bills, food, gasoline, credit card bills, etc. Don't forget categories like dinner out, gifts for other people, holiday money, etc.). Next to each item, write down what you spend or propose to spend on each within a month's time (you can also work it for each paycheck if you get paid on a bi-monthly basis). This is your budget. A good website to help you get started is: genus credit management. For my own budget, I do not just figure out each month's expense, but also figure in what I spend throughout the year. For example, if I plan to spend $600 at the holidays, then I put away $50 each month. This may seem a bit over the top, but how many times were you kicking yourself after the holidays for spending way too much? If you save a little each month, you can spend the money without so much guilt; afterall you've been saving for that each month. This can be done for any expense, such as car insurance and registration, clothing, medical co-pays, etc. In addition to this proposed paper budget, it is a good idea to keep a "realistic budget" (see next tip). $$ Keep a notebook of what you really spend. Many people find this practice to be tedious and depise it from the beginning. However, if you are faithful to this exercise, you'll never say "Where did that money go?!" because you'll know exactly where every cent went. Get a small notebook, one you can fit in your purse or glove compartment. Each day's expenses go on a seperate page. During the day, write down each purchase you make (no matter how big or small) and write down exactly what that money was spent on. For example, on August 14th, you spent $50 at the food store, $2 on coffee and a donut, $20 on gas, and $10 on pizza. At the end of the day, tally up your expenses and record it at the bottom of the page. Do this for atleast a month (but preferably 2 to 3 months). The purpose of this practice is so that if your paper budget just isn't cutting it in reality, you can find out why; simply consult your notebook and find out where you are spending too much money. $$ Save that change! It really does add up. When we first started our coin jar, I thought if anything, it was just a way of keeping spare change out of our cars and off our floors. However in a mere 3 weeks, we had put away $20 in change! We plan on depositing all of that into a savings account. Even if a month is tight, we have that change jar so we know we are always saving something. Just think, how much money do you have lying around on the floor of your car, in the seats of your couch, or strewn around your bedroom?! $$ Coupons are good, but not always best. Who does't love seeing a coupon for a $1 off their favorite product? Coupon clipping can be a rewarding practice, especially if your local stores have double or triple coupon offers. However, before you pick up that item and slap your coupon down on the counter, thinking you just did a good thing, always make sure to check out the lesser advertised, store brand items first. I often find that these items are considerably less than other brands even after the coupon deal. $$ Comparison shop. The key to being a great thifty shopper is comparison shopping. You may believe you are getting a better deal simply because one item appears to be less than another, but be careful! Have you checked the unit prices of both items? Sometimes items may appear to be of the same quantity, but pound for pound, one might be alot cheaper than the other. $$ Put away those credit cards. In this age of plastic money, it is all too easy to simply whip out the ole credit card at the cashier's. Groceries? Charge it! Clothes? Charge it! Gasoline? Charge it! You may very well be spending money you don't even have. Don't ever spend money before you have it! Try using cash or checks (if you are good at balancing your checkbook) for all your purchases. If you just can't do without a plastic card, try getting a debit card instead; it draws directly from your account and won't let you take money you don't yet have. These methods of payment may just be the key to keeping you from falling into a hefty debt. $$ It's the little things that count. In addition to all the above, another way to save money is simply to live as cheaply as you can! There are hundreds of everyday little things that can save you money in the end. For starters, stop paying an arm and a leg for namebrand cleaning supplies. Did you know that plain rubbing alcohol diluted with a little water is a great window and chrome cleaner? Did you know that hydrogen peroxide mixed with some water can make an awesome floor cleaner? Try lemons and some salt to rub down and disinfect your countertops, sinks and bathtubs! Also, never throw away those used dryer sheets; you can use them to dust your computer monitor or TVs. If possible, try line drying your clothes. I found our dryer was using just way too much electricity. So I do a small load of laundry each day, hang them on a wooden rack ($10 at Walmart) and either put it outside or inside with a large boxfan blowing on the clothes. It amazing how good Downey can make your house smell! As far as entertainment goes, instead of going out to a movie or renting on from the local videostore, why not borrow one for free from your local library? Usually they have a fairly large selection and you can take them out for 7 days. Also pay close attention to how often you eat out. Preparing dinner at home is alot less expensive in the end. There are endless ways to save money throughout the day; get creative! |
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