(LS) — My Dad always taught me that I should be saving 25 percent of every paycheck, but it still seems like my money only vacations briefly in my bank account before ending up in someone else’s coffers. Very little ever finds its way into my saving account. Thus, I’m always looking for any way I can to save money. Here’s a list of tips that I’ve found helpful to pinch pennies around the house, with your car, at the grocery store, when entertaining yourself, or when seeking healthcare:
Saving on Medical Expenses
- Exercise. The healthier you are, the less likely you are to get sick.
- Go generic. By buying generic prescriptions, you can usually save tremendous amounts of money on your health plan.
- Live a healthy lifestyle. Drinking, smoking, and doing drugs lead to expensive medical problems, but they’re also expensive habits even if you don’t get sick.
- Try the local rec center instead of a gym. In many suburban areas, recreation centers offer many of the same workout options as an expensive gym for a fraction of the cost.
- Use your flexible spending account. By setting aside money in a flex account to pay for your medical deductible, you avoid taxes and save money.
- Get the best deal on health insurance. Make sure that your plan not only fits your health related needs, but also that it’s the most affordable. Insurance Finders is a great place to test the market. They’ll provide you with free health insurance quotes from top providers in practically no time.
Saving at Home
- Wash your clothes in cold water. Over 90 percent of the energy necessary to operate an electric washing machine goes into warming the water. By using cold water and buying cold water detergents, you can therefore dramatically slash your energy bill in a time when prices are skyrocketing.Switch all of your batteries to rechargeable ones. Around my house, the kids are always playing Wii, and we were going through a ton of AA batteries before replacing them with rechargeable ones.
- Abandon cable in favor of Netflix and the Internet. Most cable television and satellite services cost over $100 per month for a decent package. However, Netflix can be streamed over the Internet or several gaming systems for as low as $7.99 per month, and most television shows can be seen over the Internet for free.
- Ditch the landline. Unless you’re running a business, you have about as much need for a landline as a rotary phone and can save $40 per month.
- Plug your electronics into a power strip. Every time you turn your computer on or off, it’s wasting power unless it’s plugged into a power strip that can be shut off at night.
- Make sure you change the filter in your house’s cooling system regularly. I live in Texas, and the only way to survive the summers is by keeping the thermostat set in the 70s. However, a dirty filter makes your air conditioner work harder and burns money. Particularly in the summer months, a clean filter can shave 30 percent off your energy bill.
- Save water when you can. Don’t leave the water running while you’re brushing your teeth, shaving or doing the dishes. Turn it off until you need it. Also, showering with your significant other doesn’t just save money, but it’s fun too!
- Try doing your own repairs. In the modern world, there are few things you can’t learn to do over the Internet. If that doesn’t cut it, handy folks at Home Depot, Lowe’s, or a mom and pop hardware store if you can still find one, will usually help explain anything you don’t understand.
- Use CFL or LED lights instead of incandescent bulbs. Not only will incandescent bulbs be discontinued from manufacture next year but they’ll be banned in 2014 and are an incredible waste of energy and money. Compact fluorescent light bulbs are cheaper, but they’re also potentially hazardous to the environment. As technology allows for better LED lights, they will become the wave of the future.
Saving Money with Your Car
- Don’t buy a new car just to have a new car. Don’t buy a new car as soon as you’re done paying off the old one. You don’t need a new car while the old one is still running. Take the funds budgeted for the old car payment and put it directly into your savings account.
- Use gasbuddy.com to find the cheapest gas in your area. It’s easy. Just go to gasbuddy, enter in your location, and you can find the cheapest gas prices around without driving around looking for it.
- Change your own oil. It’s easy to learn how to do and could save you a ton of money over the course of your car’s life.
- Rotate the tires regularly. Rotating tires can extend their life.
- Join AAA. Things are going to go wrong with your car, and it only takes one tow a year for AAA to pay for itself.
- Walk or take public transportation. While this is a noble prospect, it’s simply not practical for many people in the country. Living in a city like Dallas, I understand this. However, even in an auto-centric town like Dallas, there’s a decent train system.
- Get the best deal you can on your auto insurance. If you watch any TV, you know that lots of insurance companies are really pushing for your business. Hopefully, you enjoy the entertaining commercials about mayhem from AllState, the funny girl from Progressive and the gecko from Geico. Take it a step further and get fast, free quotes from CarInsuranceChoices. They make it easy to shop for your best deal, with no obligation, by providing free quotes from top providers.
Cut Down on the Grocery Bill
- Do your own gardening. Not only can you save money on your grocery bill, but you can also cut down on the trash bill by composting to support the garden.
- Take advantage of buying in bulk. Your freezer is your friend. Particularly when it comes to meat, a lot of money can be saved by buying in bulk at a wholesale store like Sam’s Club or Costco.
- Try buying groceries online. Believe it or not, but Amazon.com has great deals on groceries.
- Eat your leftovers. Instead of blowing a wad of cash on an expensive dinner Saturday night, turn it into leftover night and make a smorgasbord out of the remaining food from the week instead of throwing it out when it goes bad in another week.
- Stop using paper napkins. Cloth napkins can be made out of any cloth scraps and can be used over and over again.
- Cut coupons. Even if you’ve tried to save money by not purchasing the newspaper, a ton of coupons come through the mail or are available on the Internet.
- Shop with a list. Make a list and then stick to it. Don’t go through the store impulse buying anything that catches your eye.
- Bring your lunch to work. Don’t waste $50-100 each week eating lunch out. Bring a sack lunch and save 75 percent of that money.
Saving on Entertainment
- Stop going to the movies. Unless you have discount theaters where you can see a film for a couple of dollars, then wait for films to come out on video. You and your entire family can see as many films as you want on Netflix in one month for less than the price of one movie for one person.
- Skip the popcorn. If you do go to the movies, don’t buy over-priced snacks. Bring some gum instead.
- Break the Starbucks habit. A cup of coffee can be made much, much cheaper than it can be purchased at Starbucks.
- Vacation in the offseason. Try booking that golf vacation in the fall instead of the spring or summer.
- Stop eating out. A family of four can eat at home for the quarter of the cost as in a restaurant.
- Stop subscribing to the newspaper. Many papers are available for free online instead of spending hundreds of dollars per year getting them delivered and wasting paper.
- Take advantage of free activities. Many communities offer free concerts and other cultural events.
- Use your library. Instead of buying books, check them out for free at your local library.
