10 Ways to Save Money November 24, 2008

The last week of my senior year in college, I had to scrounge the refrigerator for something to eat (chicken liver and leftover rice, ew!) and borrow money just to pay the tolls so I could drive the 10-hour journey home. I’ve learned a few things about managing and saving money since then.

1. Magazine subscriptions – If you buy your favorite magazine regularly at the store, get a subscription. You can save up to 90 percent off the newsstand price. Review current magazine subscriptions. Cancel any you aren’t really reading. My husband canceled a weekly subscription for a $75 credit and then was offered a $30 subscription to the same magazine, net savings – $45.
2. Gym membership – If you’re not using your gym membership, cancel it. However, if you’re a faithful user, ask if your gym will meet a comparable facility’s promotional price. Cheaper yet, get out your bike or your running shoes and engage in “do-it-yourself” exercise. At one time we had a gym membership but discovered we could make excuses not to actually get in the car to drive there and use it. We dropped the membership and bought a home gym and treadmill instead. They get used at least six days a week.
3. Take advantage of discounts – Students and seniors can frequently get discounts based on age or school enrollment. Use membership cards, such as AAA or AARP to get discounts.
4. Use coupons - I have a hard time finding grocery coupons I can use since I don’t buy packaged food. However, I always check out sites like RetailMeNot.com and CouponCabin before I make a purchase online. I also take advantage of frequent shopper cards for additional discounts.
5. Make your own latte - We’re on our third latte machine in 12 years. My husband and I both love our lattes in the morning. At $6 per day for both of us and more when we have two lattes a day, we figure we save $2,190 per year. Invest in a good latte machine and make your own. Or else kick the caffeine habit.
6. Eat out at lunch instead of dinner – Get dinner entrees at lunch prices. I’d rather visit a restaurant between after the noon rush but before the dinner crowd. I’m not fond of crowds or waiting in line and neither is my husband so this suits us fine.
7. Eat out less – I enjoy cooking and most of the time prefer to prepare meals at home. Restaurant meals are notorious for huge portions and are loaded with calories. Plus I’ve worked as a waitress in my younger days and have seen what happens in a restaurant kitchen. After one owner pulled lettuce out of the garbage can for salad, I lost my appetite for restaurant food. This wasn’t at a dive, mind you, it was a fancy resort where customers would dock their yachts. Sound delicious? I didn’t think so.
8. Sell your car - The average cost of owning and driving a car 15,000 miles a year is $8,121 according to AAA. SUVs are even more costly, at $10,448 per year. That includes all costs of ownership, such as gas, insurance, maintenance, registration, taxes depreciation, financing and more. Sure, you can save money by carpooling, taking the bus, shopping for insurance, raising your deductible, combining insurance policies or shopping for gas. The big savings is in not having a car in the first place. Well, maybe that’s pretty hard for most of us but my husband and I share one car these days and find it suits us well.
9. Buy a car with cash – Cars are not toys. They are transportation. I have to admit, I learned this from my husband. We have purchased both new and used cars and enjoy not having a car payment. We plan to keep our current car at least 10 years. Choose a car commensurate with your budget. Buying a $20,000 car when you make $25,000 doesn’t make much sense. See How to pay for your next car with cash.
10. Quit smoking - My husband smoked three packs a day when I met him. At $5.00 per pack, that saves us $5,475.00 per year. Although he quit for health reasons, we’ll take the savings as well.

There’s lots more ways to save money. Check out the blogs listed under Resources.

Resources:

• beingfrugal.net: When Times are Tight: 168 Frugal Tips to Make Your Dollar Stretch
• Dumb Little Man: 30 Easy Ways to Save Money (and No, you’re not doing them all!)
• My Two Dollars: The Big List: 1,019 Different Ways To Save Money
• Poorer Than You
• The Simple Dollar: Little Steps: 100 Great Tips For Saving Money For Those Just Getting Started

Related Posts:

• Website of the Day: Freecycle
• Website of the Day: swaptree

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