Wednesday, July 9th, 2008...12:50 pm
21 Practical ways to save money
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- Make a shopping list: This will ensure that you only buy what is necessary and don’t overspend. By making a list, you will have a good idea of what the final total will be, avoiding any unpleasant surprises.
- Avoid shopping while hungry: Ever gone shopping and thought to yourself: “I feel like eating some of that now” or “I could do with one of those”? This leads to many unnecessary purchases and more money spent when it doesn’t have to be. By having something to eat beforehand, or choosing a time to shop when you’re not hungry, you’ll cut down on what you’ll buy and also be able to plan that week’s shop a lot more reasonably. Because in time, those “hunger-buys” will start to add up.
- Buy own-brand food: Food is what we spend a large percentage of our income on, so the more we can save on the food part of our lives, the better. One way to do this is to not always go for the more expensive types of food. A supermarket’s own brand is often just as good as the much more expensive “designer” brand of food. Not only this, but sometimes the own brand will be slightly better for you, saving your health and your wallet from taking a hit.
- Don’t buy designer clothes: Clothes are another necessity we can’t do without, unless we don’t mind frequently breaking indecent exposure laws. A very easy way to save here is to not buy designer clothes. Clothes which are non-designer may even last longer, and will certainly be far cheaper. No doubt you will also spare some poor Asian child from a hard day’s labor as well.
- Clear out and sell anything you don’t need any more: All of that stuff you have that’s gathering dust in the attic or in the garage can be sorted through and gathered up and disposed of in a number of profitable ways. You can hold a yard sale in which passers-by will take away your treasures for a few dollars. Or you can put it all on eBay, and discover that that old plate was an antique collector’s item and watch as the money comes rolling in to your current account, if you’re lucky.
- Build furniture yourself: Start buying flat-pack or DIY furniture that you have to construct yourself. Not only will you limit spend from your savings account , but you’ll also be learning valuable life-skills which are always great to have access to.
- Use your natural talents: If you have any kind of talent, such as singing, a musical instrument, or being able to write, you can milk those talents for all they’re worth. Try writing freelance, there are plenty of places on the internet looking for writers/reviewers with talent. People are also eager to learn musical instruments, so try posting job notes in local shops, and you’ll be teaching a would-be musical artist in no time.
- Don’t dine out: Dining out costs a lot more than it does to eat in. So maybe limit yourself to eating out for special occasions, and instead spend less money on going out but more time staying in with your family.
- Don’t smoke: Smoking is an expensive habit to maintain, and all that cash spent on cigarettes can be better spent on other, more necessary things.
- Don’t drink: The occasional drink out with friends or for special occasions is fine. But learning to say no to buying more drinks on a night out, or to buying drink for home, are essential skills needed in order to save money.
- Go energy-efficient: By buying all those slightly more expensive energy-saving light bulbs, you’ll be saving more in the long run, as those bulbs will last for much longer before having to be replaced, and will also use up less electricity, softening the blow of when the bills come in.
- Change cars: So you have a massive and impressive SUV? It does not impress anyone when you realize that a large percentage of your income is going into keeping the thing moving. Instead of a car that eats through gasoline like a child eats through candy, go for a more gas-friendly vehicle that can travel further on a gallon, helping your gas money go that bit further as well. And remember to compare car insurance when the time is due, you can save many of your hard earn’t dollars by comparing online.
- Don’t use a car: The next best thing to having a more gas-efficient car is to have something that doesn’t require gas. Try using a bicycle to travel, or use the buses or various other forms of public transport. Or even try walking! Walking will cost you absolutely nothing, and will see that you get a lot of exercise at the same time. This will also create savings on insurance and breakdown cover for your car.
- Use the public library: Instead of buying all those books and movies, you could go to the library and borrow them for almost nothing, for as long as you wanted to continue borrowing. In the end, this would save you a fair amount of cash, especially if you read a lot.
- Keep an eye out for sales: There’s always some kind of festive/monthly sale on somewhere, but the key lies in being able to find out where these sales are happening. Local papers and the internet are some of the best ways to find these out. If an item can be bought in a sale, then you can potentially save up to 75% on things like clothes, electrical appliances and other household goods.
- Watch out for deals: If it’s “buy one get one free” or “buy three for the price of two”, you have to be careful with regards to if you really need those things. If it’s on the shopping list and or is an item you usually buy a lot of, then it might be good to take advantage of the offer. If it falls into the “do I really need it?” category, then you might be better off without it. I’m sure your wallet will.
- Don’t watch so much TV: Buying a cable package with 1000 channels might seem like a good idea at the time, but in reality you might not even watch most of those channels and could really do without them. Cutting back on the channels and changing the package-deal you get is an easy way to save cash here.
- Cook: Rather than buying TV dinners, you should cook more often. Buying raw ingredients and being able to combine them into a tasty treat is a very impressive skill to have, as well as enabling you cut back on the costs of food.
- Buy things online: The internet is a readily available resource on which many of the day-to-day items that we need are to be found for much cheaper than if they were to be bought in a local or downtown shop. By taking advantage of this, we can save not only money, but also time, another valuable commodity.
- Drink tap water: Buying all that water in bottles is certainly going to add up to much more than your home water bill will if you drink from the tap. The natural minerals found in tap water provide just as much nutrition as anything that comes in a bottle.
- Don’t spend: Don’t spend what you don’t have, avoid maxing out credit cards, don’t take out loans, and don’t borrow from friends. If you can get into the right frame of mind, and not go past your financial limits, then you’ll be in a very good position to start saving all of that cash.
17 Comments
July 12th, 2008 at 12:18 am
“No doubt you will also spare some poor Asian child from a hard day’s labor as well.” is not true. The mass marketed ‘cheaper’ clothing is what feeds that labor abusive world.
Instead try buying quality basics and pieces of clothing that will stand through years of trend and wear. Also, recycling clothing is another frugal way to stay stylish. Second hand stores, vintage, and thrift stores can shave off hundreds of dollars while still adding to your wardrobe.
July 12th, 2008 at 1:21 am
Added. Nice work on this one. Walter
July 12th, 2008 at 8:29 pm
Great blog, subscribed to your rss feed. Thanks.
July 17th, 2008 at 6:49 am
all of this don’t do this stuff is part of why the economy sucks so hard, everyone is out not doing what they used too!
July 21st, 2008 at 11:10 pm
I really need tot hink about #17 - it is a double whammy for me because I don’t watch it AND I have 1000 channels! ugh!
July 22nd, 2008 at 11:16 am
I strongly disagree with #4. Buying quality items is an investment because their high level of quality ensures that they last for a longer period, unlike their poorly made counterparts.
Clothes from Wal-Mart and many other cheaper brands are cheap because they support child labor. The cheap, unsustainable materials they’re made from and the underpaid children who assemble the products allow for the low price in the first place. It’s also true that the high price of designer items is in part due to the high cost of designing, creating, and producing them, as well as overpricing for luxury appeal.
This doesn’t mean people should buy designer or overpriced items. It means you should take the middle road and look at clothes as an investment.
July 22nd, 2008 at 10:42 pm
Sheesh what one person doesn’t buy clothe wise is not going to help those children… I like the Idea I mean anybody with a kind heart would love the thought that they are not playing a part in adding to child labor Unfortunately it doesn’t change a thing…
enough people in this world are involved in image and in shopping that it will be a continuous thing.
thanks that my two cents.
July 23rd, 2008 at 7:34 am
buying non designer clothes will most certainly not spare a poor asian child from slave labor, unless these clothes are handmade by ones own hand, or another person whom one can be sure made them. wal mart’s business model is in large part the reason for the slave labor outsourcing trend. so non desinger = cheaper yes, but in many cases designer may actually be domestically produced. ex: American Apparel.
July 23rd, 2008 at 7:36 am
ha i didnt see till now that my comment has already been basically said. LMAO. glad to see that
July 25th, 2008 at 11:36 pm
I don’t agree with point 20 at all! All you need to do is watch one of many videos on YouTube about the Fluoride Deception. Here is one:
http://www.youtube.com/watch?v=CDx5C_6Rf24
August 20th, 2008 at 8:09 am
Interesting list!! And i certainly do agree with you on all these points you have made. Great work keep it up
August 21st, 2008 at 10:53 pm
Nice article with some good ideas!
Be careful on #12! It can take you a long time to recoup your cost if you sell your SUV and buy a new vehicle. Do the math. The money you save on gasoline may not be enough to warrant the move.
Also, I’d suggest looking at buying something slightly used anyway to avoid the depreciation hit you take on a new vehicle. Of course, your idea in #13 of not driving a car at all is the most money-smart thing to do!
August 22nd, 2008 at 12:41 am
These are all great steps to take. Try to stay out of debt too.
September 3rd, 2008 at 4:45 pm
I strongly agree with all of it!! I do the same things that is why!! If you really know how to use your money, you can still have stuffs that you want and enjoy at the same time without overspending. It’s a matter of controlling…
September 4th, 2008 at 3:00 pm
nice saving tips
my personal saving tips are
1.Switch your mortgage: If you have a mortgage and your interest payment is too high. Why not switch your mortgage to a better deal. You will surprise at the savings you could make. To find out the best deals on offer use a fees free broker to check.
2.Use energy saving appliances: Your annual fuel bill will fall, when you use the most efficient home appliances. New electrical appliances have the energy saving logo, so choosing the most efficient one. Using energy saving light bulbs can last longer and reduce your electricity bills.
3.Cut down on driving - Running a car can be very costly especially as petrol prices, insurance and road taxes continue to rise. The best action is to abandon your car and use public transport. But if having a car is a must, why not consider buying a less powerful, more fuel efficient car. Your running cost will be lower. Slowing down when driving can save you money on car fuel bill. A recent research found that most car engine run most efficient at 50 -70 miles per hour than at 80mph.Save on car insurance but searching for cheaper car insurance online. A good website to search for insurance deals is money supermarket.
4.Avoid using expensive credit cards – Do not buy anything you can not afford with a credit card. Credit cards are an expensive way of borrowing than your local bank loan which offers better rates and better terms for you. If you are going to use a credit card, use credit card that offers 0% on balance transfers.
5.Cut down on expensive sandwich and junk foods – sandwiches, Burgers, fizzy drinks, sweets, potato crisps and takeaways are more expensive and do not nourish your body like the less cheaper fruits and vegetables. Instead of buying a expensive sandwich from a shop, taking a pack lunch will save you a lot of money.
6.Stop smoking and drinking – last April the government increased the taxes on cigarettes and alcohols. You could save thousands a year just by stopping smoking and drinking. The average price for a packet of 20 in the UK is £5. For a 20 a day smoking habit will cost over £1500 a year.
7.Do your shopping online. – shopping online can save you money. Online retailers are usually cheaper than high street retailers due to lower running cost. Thousands of online retailers offer cash back deals, which will reduce your shopping cost even further.
8.Open a high interest savings account – You can receive a higher interest rate when you open an online savings account than a regular current account. If you are not getting the best possible interest rate for your current saving account, you can move to a higher interest account. Kaupthing edge offers high interest savings accounts.
9.Draw a budget - To handle your personal finance properly you will need to write a budget and then stick to it. When creating a budget you will need to consider your past spending and personal debt and then allocates your future personal income towards your savings, debt repayment and expenses. There are various tools available to help to create your personal budget such as the Mint.
10.Cut your mobile and telephone cost – there are numerous choices of telephone and mobile deals and packages to choose from. If you are paying too much for your monthly calls and text, while not consider switching to a cheaper tariff provider.
September 13th, 2008 at 9:26 pm
Know the prices of product so you can take advantage of a deal when you see one.Do you know what a kilogram of mince /hamburger costs ? Is it 80% lean meat ? It’s not a deal if its 70% lean and 30% fat .Use a calculater Whats a better buy , 2 litres at £2/$2 or buy two 750 ml ,get one free for £2.00 ?Be mercenary ,watch the papers for specials, plan ahead,if a super market has a special on for 3 cases of beer for £16/$16 and you need to stock up with beer and its on your route somewhere ,go in and just buy the beer,dont do the rest of the shop around it.
September 23rd, 2008 at 3:22 pm
Shop online for as many essentials as you can. Obviously some have to be bought on the high street, but you can buy loads online now. Also, buying online helps you take advantage of discount codes and cashback deals. Loads of site list online discount codes, such as my site http://www.megacodes.co.uk - a US equivalent would be dealtaker.com
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