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NEW! 10 More Ways to Immediately Start Saving Money
As the wife and I save up for a possible move and, at the same time, I scrounge for money to start-up a business, we've been pinching pennies wh rever possible. Unfortunately, because of our living situation, we spend a lot of money on rent and other fixed items (IRAs, cable/Internet bills, insurance, etc.).
But we've found that it is possible to easily save a lot of money, even if the margins for saving are low. Here's 10 ways we immediately started saving money.
- Keep a budget
Because we keep a budget, we became much more conscious of how much we are spending. Having a ceiling on how much you can spend on any particular category makes you aware of your spending habits and keeps you from going beyond that. - Stop Going Out to Eat
We used to allocate $200/month or so to dining out — around 4 meals for the two of us — and would often spend that, if not more.
Now, at the beginning of the month, we look at the calendar for special occasions — birthdays, holidays, etc. — and pencil in money for meal, and perhaps one more. Eating at home saves a boatload of money. - Cancel Unecessary Bills
Find your newspaper subscription heading into the recycling bin everyday? Don't even watch your Netflix movies? Get rid of it, or change your subscription. We were spending $22 a month for Thursday - Friday service; when we went to cancel, we ended up paying $.88 for the Sunday paper, which has … - Coupons are Your Friend
There's no reason to be ashamed of using coupons. You spend less money, you save more money. - Use the Library and Other Things You Pay For
We thought we were saving money by renting movies from the movie store instead of going to the theater. We were, but now we get most of our movies from the library. They're free, can normally be held for you, and can be kept for longer than most movie store rentals.
Keep in mind that the library is paid for with your tax dollars. Everyone hates paying taxes, but you since you have to, you may as well enjoy what you pay for. - Cut Out Starbucks, Dunkin's, etc.
Is Dunkin' Donuts or Starbucks a stop on your way to work? Stop going. Make your coffee at home or buy some bagels and keep them in the fridge at work. Assuming you don't go to Starbucks just to be cool, you won't miss it — and you'll cut out one major recurring cost. - Travel Less
OK, this one does suck a little bit, and sometimes can't be avoided, but the more you travel, the more you pay in gas. And gas is expensive. But if you're deciding whether or not to take that daytrip to the outlet malls, well, just think about how far it is and how much sooner you will need to fill up. - Go Outside and Play a Sport
This is obvious. If your TV and computer are turned off because you're outside, you're saving electricity and thus money. Play a sport that only requires a one-time payment for equipment or membership fees. - Open a High-Yield Online Savings Account
Ever since I opened my ING Direct account, I've loved watching the money grow. Even if you only have some money to start it, you'll want to put more in to make more money. (Shameless plug: If you open an account with this link and $250, you'll get an additional $25 free, and you'll make my day.) - Stop Carrying Cash
I carry no cash in my wallet. Because I use only my debit card, all of my purchases are tracked in my online checking account and I'm much more aware of what I'm spending. I don't make spur-of-the-moment purchases and I don't forget to put my spending in my budget.
I ope these work for you as well as they did for me.
Sticking with these ways helped the wife and I save more than $1300 from a bad month to a good month, even when we got stuck with an auto insurance bill and some other must-pays.
[...] 10 Ways to Immediately Start Saving Money by junger [...]
All great ideas (but I do love the occasional Starbucks ;)). Our list is up if you’d like to look - http://lilduckduck.com/ducky-moments-in-time/240
Have a great day!
Hi Mama Duck
http://tinyurl.com/3hbqk3
Yeah, see the going out to eat thing is just too much…. I'm my own best chef, but I still like other people to cook GREAT food for me…
I love to put all our loose change in a jar. It adds up quickly! We're down to the newspaper 1 day aweek and I find myself finding my news online more than anything.
Cheers!
I especially like #8. Stop burning electricity and burn some fat instead.
Jersey Girl — great tip about the loose change.
I was doing that for a couple of years and ended up collecting a good $50.
It may seem like a long time, but if you don't think about it as saving money, but just throwing your change in a jar, it works great. That $50 paid for a nice dinner!
Josh — eating out is definitely enjoyable, but not eating out just saves so much money. And if you're lucky like me, you have a wife who loves to cook (and is great at it!)
MamaDuck — I'll be sure to check out your list!
Good, sensible tips. I stopped carrying much cash a few years ago. It's amazing how many quick stops you stop making when you don't have the extra money for them. You save money two ways - gasolene and the cash itself.
Excellent list! I'm glad to see you plugging your local library; libraries are wonderful resources, aren't they? And my husband and I have also learned not to carry much cash.
Great list! I'm a big ING Direct advocate myself, and I also try to avoid carrying cash for the same reason…If I have it, I'll spend it!
Give up my Starbucks and Travel?
Those are good tips, it's hard to implement some of them. But it is well worthwhile.
Nice list.
Caryn — I can honestly say I never used the library until recently. We've been getting TV shows on DVD out, and rather than spending money for each DVD and only having a few days, we get the whole set for up to 3 weeks. How great is that?
George — giving up Starbucks is tough, but saves a boatload of cash in the longrun. Good luck!
I use the coin jar and an account at Emigrant Direct. Just seeing the regular increase encourages me to keep it up! And I'm in the process of implementing #8, but with the weather around here lately, its been a bit tough to do.
[...] * 10 Ways to Immediately Start Saving Money by Junger who saved hundreds of dollars doing the things on this list [...]
[...] 10 Ways to Immediatly Start Saving Money [...]
Anyone notice there is conflicting advice out there about carrying cash?
Some experts say to use cash (never use plastic), because studies have shown that if you carry cash you spend less money, because you feel the pain of spending the money, while plastic is so easy.
Then there is your camp where they say no cash at all, so you keep track of your expenses.
To me it sounds like a personal decision on this one. People need to realize what hurts them more to use (paper or plastic).
If paper hurts to part with, carry cash and no debit cards.
If you freely spend paper money but hesitate with plastic, then carry plastic.
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Ty — I think that's a good point. It really is figuring out what pains you more — spending cash or swiping the card.
I don't carry cash more so that I can be sure I'm tracking all my spending in my budget, but can totally understand how easy it is for some people to swipe a debit card and not realize real money is being spent.
[...] Immediately Start Saving Money (10 Ways) [...]
I haven't cut out Starbucks completely, but I do usually stick to a house coffee or hot tea, each of which costs under $2. My bank gave me a $10 Starbucks gift card just for letting them talk to me for a couple minutes about their banking products, too.
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[...] I generally try to avoid posting too many "10 ways to…" lists, but this one seemed short and universally applicable. Make It Big's article, !0 Ways to Immediately Start Saving Money, has some great tips for how to save money on expenses you may not have even noticed you had. Improved budgeting will be a big factor in the next release of Moneydance so it should be easier to integrate advice from articles like this into your own finances. [...]
Good tips. I follow most of them myself. I have a Money Market account with PayPal, avoid eating out or stopping at Starbucks, and I don't carry cash.
Since my public library tends to lose returned items and seems quite disorganized, I still go to a video store to rent DVDs. But more often, I borrow DVDs from friends.
[...] 10 Ways to Immediately Start Saving Money by junger [...]
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I've also noticed the conflict of 'swipe to record' or 'carry cash to limit spending'.
Like you, if I swipe and have to write the expense in the check book, I really pay attention to the spending. If I have cash, it's more like 'where the heck did that $20 GO???'. I definately spend more money when I have cash on hand.
So do whichever hurts the most, so you limit yourself
[...] If you're just starting to work with a budget, it can be difficult to make all the numbers add up. There's so much to buy and so little money to go around! Junger at the Online Savings Blog offers 10 ways to immediately start saving money. These are some good avenues to explore if you're having trouble making ends meet. [...]
Good tips, I'm surprised though, and I think I actually already do all 10 of these tips. Go me!
FYI: Your ING referral links no longer work.
Really nice saving tips, thanks! Already avoiding eating out, and cuted a lot of monthly bills.