It’s no secret that we are in a global recession right now, and many people are looking for tips to save a few extra dollars.
There are always tips that you may have overlooked, even if you are already quite frugal. These 10 money saving tips may just give you a few ideas you had not previously considered:
1. Share a room. For most Americans, the number one expense is the cost of housing. If you are single and have a two bedroom apartment, you can bring in a roommate to split the rent. If you have extra rooms in the home you own, you could also rent that out to assist with making your mortgage payment. Sharing rooms will also have the added benefit of allowing you to share the cost of utilities.
2. Share a car/carpool. If you have two cars right now, find a way to manage with just one car. Make arrangements to carpool to work, or take public transportation. You can sell the car for some cash on hand, and will also save on insurance, maintentance, and fuel expenses.
3. Quit smoking. Although there are many reasons to quit smoking, especially due to the health risk it poses, that may not have been enough to motivate you. However, smoking costs you money that you are literally burning away. Many smokers are paying in excess of $150 each month to maintain their habit. That is a lot of money.
4. Avoid sales. It’s easy to be lured in by all the supposed savings of department store sales, but if you don’t need it now, keep the money for yourself. Remember, that savings of $60 is really an expenditure of $20.
5. Don’t finance purchases. Although offers to buy it now, and have two years to pay may seem like a good deal, you can be saddled with massively high interest rates when the time comes. Make sure you have the money on hand to pay cash for big purchases.
6. Cut your electric usage. It can be surprising how much electricity you are needlessly using. Turn off the lights whenever possible. Stop leaving the computer on when it is not being used. Leave the TV off as much as possible.
7. Unplug your life. You will save the cost of paying for Internet service, cable television, and be forced to find better things to do. You can always keep up with email from the public library, and spend the rest of your free time doing something better for you, like taking a walk, cleaning up the house, or reading a book.
8. Cancel the gym membership. You can get by for you workout needs by using elastic bands for resistance training. Walk or jog for more aerobic training. There’s no need to pay all that money to exercise.
9. Compare your expenses. You can think of various alternatives, and chart out the costs incurred for each one. For example, make a list of how much it will cost to take the bus, versus driving. Be sure to think of all costs incurred, such as fare, fuel, parking, insurance. Choose the alternative that is least expensive.
10. Track your expenditures. By using an expense tracking software program, or even a simple spreadsheet, you will be able to visually see where money is being spent. This will help you to spot areas that maybe you are spending more than necessary.
If you start with these money saving tips, you will be able to find new ways to save money. If you make it a priority to stay true to keeping expenses low, you will find yourself weathering the recession just fine.
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