As a realtor, I have been forced to figure out ways to cut the fat off my budget since the "collapse" of the housing market. I have been surprised to realize how much overspending I was doing in many areas and how many things could be cut out of my spending entirely. There are many more than seven tips I can share with you, but these should get you started thinking in a way that will lead you to more and more economizing ideas.
1-Always spend poor! This sounds strange, I know, but it is effective. An example of poor spending is when I go to the local grocery store with fifty dollars. It is amazing how much I can really get! However, if I go with an unlimited amount of money, I get far less per dollar. When we shop as though we have more than enough, we don't use the same judgment and thought that we do on a budget.
2-Don't let unnecessary fees eat your money. If you are a poor checking account user and are accumulating a bounced check every month for around a thirty dollar fee, which is assuming that your bank covers the check and you aren't being charged another fee from whoever the check was written to, you are wasting three hundred sixty dollars every year. That is a large sum to spend on nothing. Some credit cards, especially those for people beginning to build or repairing their credit, charge a yearly fee. Call and ask the company if they can drop the fee from your account and if not, pay it off and discontinue business there. Other fees might include monthly services that you don't use, such as a gym membership or a movie by mail type of thing.
3-Coupons and rebates are wonderful ways to save money, but only if you use them. Subscribe to a Sunday newspaper for a few dollars a month and you will find many dollars worth of savings inside. Clip away and store the ones you don't need now in a small filebox under categories. Go through the coupons once a month or so to discard any that have expired. There are also websites, such as coupons.com that are full of coupons you can print off and use. Sometimes they will even have free offers on new products! Rebates are often the biggest savings offers as they assume (correctly) that most people will not really turn them in. Many stores have their own programs where you only have to enter your receipt information online. For example, RiteAid offers a couple of items "free after rebate" every month and they have an online rebate center. Easy as can be to get your item free!
4-When you receive your monthly statements and bills, take the time to go over them and check for errors. We have found many. They may only be a couple of dollars here and there, but those add up. The company is always happy to reverse an inaccurate charge. Why pay more than you have to?
5-Master the art and pleasure of thrift shopping and yard sale shopping. You never know what treasures you will find for pennies on the dollar. I have even found Coach brand items at the Goodwill. I may not need them, but these designer brands can be resold on Ebay for a nice profit. Another way to shop is right from the comfort of home. Amazon.com and Overstock.com are my favorites. The best time to shop Amazon is on Fridays when they have their "Friday Sale" with some items as much as seventy-five percent or more off their original price. Plus, you get free shipping on orders that are over twenty-five dollars. I have gotten full bedding sets with gorgeous comforters and linens for under thirty dollars on Fridays several times. You can't beat that!
6-Weatherizing your home will get you a good return on your effort and money expended to do so. Especially in the winter, you will notice a real difference on your heating bills. Energy efficient appliances will save on both power and water bills.
7-Put your culinary skills to work for you and your savings will add up quickly. Eating out may be convenient, but it is an expensive habit! If you are eating fast food that is less expensive, the meals will not fill and nourish you for long so you will end up eating again soon. Not really a savings, after all. Find some recipes for stews and soups or casseroles and pasta dishes using ingredients that your family enjoys and stretch your food dollar far.
There are so many ways that we can save money. Rarely are we living on as little as possible. The above ideas will allow you to maintain the same quality of life as you are now, but do so for less money. Who doesn't want that?