With so much of the world is in varying states of economic crisis right now, the topic of saving money has become a hot one. People are suddenly finding themselves jobless or having to take pay cuts, some are downsizing or making other drastic changes just to make ends meet, and as a result we’re becoming a culture that is once again learning to focus on ways to make do with less – making what we have go as far as it possibly can.
However, I’ve long believed that there is no time like the present to make changes in your life that will better it, whatever situation you find yourself in. If you’ve managed to pull through this recession with your head above the water, that’s truly fantastic. If, like many though, you’ve felt its wrath to some degree, you are likely looking for ways to keep more of your hard earned money in your pocket. The truth is that no matter who you are – or how rich you are – saving money always makes sense.
I’m not just talking about tucking some extra funds away for a rainy day, that’s certainly important and something that everyone who can should strive to do. No, in this article I’m going to list numerous everyday sorts of steps that you can easily employee in your life to help you save money on the types of things you usually buy or pay for anyway. I hope that they will help you to make the most of your budget, whatever its size – and whatever shape it’s in.
1. If you don’t already have one, create a budget. Look at your monthly income, determine what your fixed expenses (mortgage/rent, utilities, car payments, insurance, etc) are, deduct a set amount for savings (if possible), put aside whatever you may need to pay down your credit cards with (monthly minimums or more), and then figure out the best way to split what is left between the various things (food, clothing, transportation, entertainment) that you pay for each month. Track what you spend and try to adhere to your budget as best as possible, revising it as needed every few months.
2. Cut out overly frivolous expenses! We each deserve a treat once in a while, but by the same token we can all get by without $5 a day coffees, $30 manicures and $12 cocktails. Reducing or eliminating expenses such as these can make a profound impact on your cash flow and may leave you with more money to put towards important things such as debt repayment, savings or your child’s college fund.
3. Get rid of your old junk! If you haven’t used something in months, no longer like it (or fit into it) and can’t predict a foreseeable use for it in the future, sell it. List items on eBay, etsy (if they’re vintage, retro or homemade), Craig’s List, Kijiji or in the local classified section.
4. Have a lot of extra stuff taking up room? Hold a garage (yard) sale or rent a table (doing so is usually very inexpensive) at a local flea market or swap meet. Make a deal with yourself that whatever doesn’t sell at the sale will be given away to charity or listed for sale online.
5. Eat in more often. Not only will skipping a restaurant meal likely save you money, it can also be healthier. For tons of recipe inspiration check our sites like All Recipes, Recipe Source, Epicurious, , and Chow.
6. Go visit Grandma! Not only will she love to see you, you’ll likely be able to enjoy a home cooked meal or two, thus shaving a few dollars off of your weekly food budget. While there be sure to ask for any tips she might have about how her generation saved money during the Great Depression and WW2.
7. Clip coupons – and actually use them. Buy or make an inexpensive coupon holder to tuck it into your handbag or glove compartment and remember to take it with you any time you shop. Aside from newspapers and flyers, be sure to check out online coupon sites such as Frugal Shopper, Fabulous Savings, and My Savings.
8. Dust off your library card. Even discount book sellers like Amazon can’t compete with the price of library books (free!). Not only do libraries house thousands of books, many of them also loan out movies (and not just nature programs, but actual made-in-Hollywood films), CDs, audio books, and magazines.
9. Make every load of laundry count. Wait until you have a full (or nearly full) load before washing and drying your clothing. This not only saves water, but can also have a positive impact on your utility bills, while helping to stretch your container of laundry soap even further, too.
10. Get something for nothing. Turns out that while a free lunch might still be a myth, a free bike, DVD player or baby stroller may not be, thanks to the Freecycle Network. This online hub with branches in thousands of groups across the world allows members (it’s free to join, naturally) to list and also ask for items they’d like to either give away or get for free. I’ve used it and highly recommend it anyone who loves a getting a truly awesome deal.
11. Take a walk. Leave the car at home and walk to the corner store, local park, beach, museum, whatever happens to be in your neighborhood. Your body will benefit, you’ll get some fresh air and you don’t have to spend a cent.
12. Rent movies online (via sites like NetFlix, Zip and Amazon Video), swap DVDs with friends, or borrow them from your local library instead of going out to the movie theatre.
13. Buy in bulk! Costco and Sam’s Club aren’t just for 50 roll packs of toilet paper, they can also be a great place to stock up on affordable larger sized portions of items your family routinely uses (canned goods, produce, laundry soap, dish soap, paper towels, bread, etc). Ensure that you buy items you’re going to consume and actually need; so as to not actually end up spending more money than if you’d just bought smaller sized packages from the local grocery store.
14. Pack your lunch. Brown bags aren’t just for school kids these days! More and more adults are realizing what a savings you can amass by preparing your daily lunch (and snacks, if applicable) at home and taking them with you to work. Be creative with your meals, don’t be afraid to use leftovers, and invest in a good quality insulated lunch bag and thermos to ensure your meals are still hot/cold when lunchtime rolls around.
15. File your taxes each year and on time. While there may be years when you end up owning, filing early and annually can save you money in the long run if you end up having to pay (due to the interest that is charged on your outstanding balance). As well, you’ll avoid late filing fees and potentially get your refund, should you be owed one, even sooner.
16. Take a good, long look at your current bank account and the monthly fees you may be spending. There is a glut of different banks on the market today, chances are that if your current one is charging you too much in banks fees, another may be able to offer you a better monthly rate or at least provide you with more bang for your buck. Look for banks that offer monthly flat rates, free online banking and free cheques.
17. Share the ride. Carpool (check our sites like RideShare for lists of people in your area who want to carpool, too) or take public transit to cut down on weekly transportation (and, if applicable, parking permit) fees. Likewise, consider riding your bike to and from work and/or around town to cut down on car related expenses.
18. Be thrifty. Second hand store shopping isn’t just for the hipster crowd, buying items at thrift stores and larger second hand shops (such as Value Village and Salvation Army) can be a fantastic way to make your budget extend further, while also helping to recycle.
19. Reassess what you really need. Have you ever thought about how the generations before us got by without three cars, four TVs and every newfangled Apple product that hits the market? While it’s certainly lovely and fun to have some modern gadgets in our lives, there is a distinct difference between the types of items you genuinely need and those you just want to own. By cutting back or eliminating excess spending on “want” items, you can potentially save hundreds or even thousands of dollars a year.
20. Have fun without spending money. Just as our ancestors got by just fine without every newfangled device on the market, they knew how to entertain themselves with good, old fashioned at home fun. Play board games, host a family get-together, craft with your children (or own your own), play sports in your backyard, sort those twelve boxes of family photos cluttering up the dining room table, spend more time with your pet, listen to the CDs and watch the movies you already own, hold a potluck supper with your neighbors, build snowmen in the winter, write in a journal, take a soothing bubble bath, or just chat with your loved ones. Spending quality time at home is both financially rewarding and a great way to have fun.
21. Cut out monthly expenses that you don’t really need. From over-priced gym memberships to magazine subscriptions, there are likely certain expenses that you don’t actually need in your life each month.
22. Spend your time helping others. Instead of heading off to the mall each weekend, why not devote some of your free time to others by volunteering for a cause that is close to your heart. Be sure to get your children involved as well, it’s never too early to instill a love of giving back to those in need.
23. If you do go out, make a habit of being early. Lunch and early bird meals at restaurants (and happy hours at bars) often cost a fraction of their dinnertime peers. Likewise movie theatre ticket prices are often anywhere from $3 to $8 dollars per person cheaper during the afternoon.
24. Think before you spend. Make a habit of giving every purchase you make – beyond your usual weekly needs like groceries – careful consideration. Don’t impulse buy just because something is on sale. A $200 dress marked down to $100, is still going to leave you with $100 less in your wallet at the end of the day. Promise yourself that you’ll give any potential purchase at least 24 hours to be thought over thoroughly before you decide if something is really worth buying.
25. Learn to live with money instead of in fear of it. Many people say that they have a love-hate relationship with money, but I firmly believe that this stems from how they approach their finances. By creating a budget (and sticking to it), reducing or eliminating your usage of credit cards, spending less, spending more wisely and consciously looking for ways to save each month, you can once again learn that you’re the one in control, not your money!
