Everyone has their little anecdotes on how to save money and because people have different priorities in their life, not everything applies to everyone. Take the tips that will work for you...leave the ones that won't. You may think "man is she frugal" by the end of this post, but if saving a little bit on the necessities means I have more money to spend on the fun stuff, I'll take every penny!
- Only buy grocery items you have a coupon for. By doing this I saved 20% my last trip to the store. A great resource is couponmom.com. There are also a lot of other great online coupon sites that are free and don't require registration. Assuming an average weekly grocery bill of $150 and if you save 15%, you could save $1,170 a year.
- Instead of impulse buys, keep a wishlist. If you're at a store and something strikes you, jot it down. This will force you to think about whether you really want (or need) it and can buy it at a later time. Trust me, you'll regret less purchases and be happier with the ones you do buy. If you manage to not buy one $50 item every month that you determine you don't actually want, the potential savings is $600 a year.
- Combine errand trips to save on gas. For example, don't go straight home after work if you know you need to run to CVS. Stop by the post office on your way to the bank. Every mile counts. If most places where you run errands are relatively nearby (within 5 miles), you could potentially save $130 a year.
- Bring your lunch twice a week. When I do this, I tend to bring leftovers, which are essentially free (or cost $3 max). Compared to the average lunch out at $10, the potential savings comes out to $728 a year. Interesting...isn't that the price of most new flat screen TVs these days? ;-)
- Every few months call and tell your cable company you want to cancel the service. They will inevitably transfer you to the "customer retention department" where they will determine why you want to cancel ("I just can't afford it right now.") and will offer you a lower rate. I call every few months when the promotional rate runs out and it works like a charm. If you think about it from a business perspective, it doesn't cost them anything to add one new customer, so every dime they get in revenue is profit at that point. Potential savings: $360 a year.
- Use online bill pay. It saves on stamps, makes it easier to track your expenses, and allows you to schedule payments closer to their due date (leaving the $ in your account there longer). Most banks offer this service for free these days. If you mail 15 payments each month, the potential savings is $80 a year. (the value of keeping the $ longer is harder to quantify)
- Order water at restaurants. The $2.50 you would pay for a Diet Coke hardly seems worth it, when you consider that you could have that same drink at home for maybe $.30. Do yourself (and your body) a favor and order plain old water. Assuming you eat out twice a week, the potential savings is $228.
- Buy clothes that match other items you already have. Buying a complete new outfit every time you shop can really add up. $25 shirt + $40 pants + $60 shoes = $125! Assuming you have refrain from buying just one of these items and wear something you already own, you could save $1,000 a year! And that is if you find yourself in a clothing store only twice a month (not realistic for you shop-a-holics ;-).
HAPPY SAVING!