Member Rating:
How to Save $5,087 This Year
Common-cents math that can really make a difference.
Looking to cut down on your expenses? Here are a few simple ways to squeeze out more money from even the tightest budget.
Grow your savings account. Some major credit-card providers help you save with programs that round up purchase totals to the next dollar. So if you spend $39.17 on new sneakers for your child, 83¢ goes into your savings account. Savings limits vary by card and accrue according to how much you use that card — but even one dollar’s worth of rounding up on most days of the year could net you $300.
Make your own lattes. Instead of buying $3 lattes every weekday morning at a pricey café, purchase an espresso machine for around $40 and make your own. Even after your $40 investment, you’ll save around $740.
Consolidate credit-card debt. You can save money by getting a card with zero interest for the first year and paying it off before the 12 months expire. On a $5,000 balance, with an annual rate of 18%, you’ll save $900 in interest expense.
Enjoy drinks at home. Restaurants make a lot of money on alcohol sales. Outsmart them by having a glass of wine (about $8) or bottle of beer (about $4) before you go out or when you get home. Or choose a Bring Your Own Bottle (BYOB) restaurant, where you supply the drinks and pay a nominal corking fee. Do this once a week and save $624.
Consider carpooling. With gas prices hovering around $3 per gallon, scale back on unnecessary trips. Do you drive your child five miles to gymnastics class three times a week? Carpool with other parents and cut out two of those round trips. If you get around 10 miles a gallon, your yearly savings will be $312.
Cut cell-phone costs. Got teens? Texting costs an average of 10¢ per message. Some companies offer a $40 per month plan that offers unlimited texting. If your teen sends 200 messages a week — and this is conservative for most — that’s a whopping $20 per week, or $1,040 a year. After paying, say, an extra $60 per year (including the additional $5 a month for the unlimited texting) on the plan, you save $980.
Hop online for coupons. Look for two-for-one dinner coupons or check out www.restaurant.com to get $25 coupons for only $10. That’s a net savings of $15 on your meal. Do this every week and save $780.
Use a programmable thermostat. If you’re typically out during the day, your home doesn’t need to be maintained at a comfortable 72°. A programmable thermostat allows you to pre-program temperature settings. You can buy a basic model at most hardware stores for about $33. According to the Environmental Protection Agency’s Energy Star Website, using this technology can save you about $150 a year in energy costs, for a net savings of $117.
Read newspapers online. Here’s a way to save both money and trees: Cancel your newspaper subscription and read the paper online for free. For a major paper, you would save $143.
Raise your homeowners insurance deductible. If you have a low deductible, consider bumping it up to $1,000. You’ll save as much as 24% on premiums. According to the Insurance Information Institute, the average annual premium for homeowners insurance is $764. Increase your deductible and save $191.
Rate this article:
Post a Tip or Comment
SHARE
I disagree with the tip about paying for unlimited texting for teens. This goes totally against the concept of teaching them budgeting. Just as we would still prioritize long-distance calls even if we have "unlited" plans, it would be better to teach teens responsible texting habits. For example,learning to limit nonesense text messages, such as, "hi," "see me", etc, which are usually unnecessary, especially if in sight of the textee. A good magazine article about this topic appeared in the October 22, 2002 issue of AWAKE!, under the series "Young People Ask" entitled "Do I Need a Mobile Phone?". This magazine is available though Jehovah's Witnesses. It is also available at the following link on their official website: pleas copy and paste into address to search for it.
I disagree with the tip about paying for unlimited texting for teens. This goes totally against the concept of teaching them budgeting in time and money.. Just as we would still prioritize long-distance calls even if we have "unlimited" plans, it would be better to teach teens responsible texting habits. For example,learning to limit nonesense text messages, such as, "hi," "see me", etc, which are usually unnecessary, especially if in sight of the textee. A good magazine article about this topic appeared in the October 22, 2002 issue of AWAKE!, under the series "Young People Ask" entitled "Do I Need a Mobile Phone?". This magazine is available though Jehovah's Witnesses. It is also available at the following link on their official website: wachtower dot org, pressing the "archives" button, young people ask link, title above In addition, by requiring them to pay for part or all of their text-messaging with their allowances or job money they learn how to budget for utilities when they move out.
i enjoyed reading the saving tips and will try a few. favorites:savings & carpooling.No kids @ home but carpool on gym visits and shopping trips.(live out of town) keep up the great work and looking forward to see more saving tips
When my kids were home they felt they had to have name-brand food. I would sneak in generic by using the old container and refilling it with a less expensive version. Also, we got all our books, magazines and movies from the library. They had fun choosing what they wanted, and didn't mind that it had to be returned.
Great Tips ! How bout' we get rid of the cell phones all together? After all, haven't they been linked to brain cancer? I also purchsed a coin bank for my child, when he wants something, theres a counter on top and he saves until the counter displays the amount of money he needs to buy what he wants. He will work around the hose for my change purse full of a few dollars in change. Here's a tip, when taking your child to activities, go to the library and check out their coupons, check your email, read the news paper (for free), relax a minute, do your bills, balance your checkbook etc. Kids need to read more these days. I have a teen and picked up a Guieness Book of world records and he actually read through it and enjoyed it, he gets one every year. Just some thoughts
I agree with kmhan, kids need to learn to control thier impulses and unlimited texting won't accomplish that. I read the article, very powerful... thanks for the tip!!
Okay, I would like to say about the unlimited texting - - - parents do it as much as kids. Kids are going to be kids and so instead of paying per text, it's saying that the cheaper route is to just get unlimited and then you will save and no worries about going over. My daughter is 15 and has a cell phone as of this year and we do have unlimited texting. This is 2009 folks - - - almost everyone has a cell phone!
I disagree with reading newspapers online. The newspapers are struggling and need our business. If they start cutting back on reporters we'll be in danger of not getting the news we need. Some things are just better in print.
I thought about how we got 'here' the other day. The whole economic fall-out started when they raised the minimum wage. The companies who were affected by this had to raise prices to be able to pay all the 'raises' they had to give out. It was the beginning of the end. The more everyone gets paid, the more the prices go up, the less money we have and can spend. That results in layoffs and businesses closing. If prices were put back to a more reasonable rate (groceries, oil, utilities) perhaps we could fix the economy and start saving some money again. Just my 'two-cents' worth; that's all I can afford these days!
I'm all for saving every dime I can these days. My husband has been laid off since 11/17/08 and cannot find anything in our area. We don't live in the city and can't afford the gas to get him back and forth to a job in the city, also can't afford to pay the housing prices in the city, so here we are! I realize it is 2009, but look where 2009 has gotten us. You can't turn the tv on without hearing of someone shooting up someplace, more violence due to no jobs or money. I don't think the minimum wage was the problem, I think alot of the problem is people thinking they had to keep up with the "Jones'", overextending themselves. IF you are a family of three (as we are), why do you need a 2000+ square foot home?? I think if people got back down to reality and simplicity, it would help the economy because you'd be able to save money then. I just don't know what would be done with all of these mini mansions that everyone has decided they just HAD to have! Like the above, this is my "two-cents" worth and that has me overextended!!
You should all be asking yourselves why do we all need to cut back? Was is the Toyota that I purchased 14 years ago because it was cheaper than a car made in America? Was it the clothes I have buying for years that were made in Afghanistan? People thought they were saving back then. The same people who are trying to limit their budget, Now that these times are rough, with almost 10% unemployment are the same people that put us in this position that we are in to begin with. Hello.... (then you wonder why jobs are going overseas)...You people that are suffering now due to the economy was not suffering when you bought cheap imports....Now it is you people that have to find ways to save????.....lol....(suffer)
I have went through 4 teens... unlimited texting is perfect. This is what they do!!! Yes they need to learn to budget, however when you get an unexpected $700.00 cell bill you will reconsider. Kids can learn budgeting by working and paying a fair portion of the family cell bill. If they don't work...no cell.
I am thankful for this site, and any way to save money. We need coupons,we need to recycle & exchange with communities. we cant live the great life we used to anymore..this is how it is. Think about this..9 or so years ago,our country had a surplus we were lending money to other countrys because we could afford to.We were and I say were a respected super power(country).The gas prices were reasonable,most people had jobs,we could afford to buy big houses etc..and those gas guzzler trucks... (not a good choice for the environment but those who bought them didn't/don't care about the future of the world they leave for their children..now they cant afford those pick-up trucks)too bad. NOW the past 8 yrs...we have a huge deficit, most countrys hate us(due to bad politics,the gas prices were at 5.00 plus where I live(CA)due to greedy politics/wake up there was no shortage it was greed and greed only. we are no longer the best in the world..due to greed...mortgage lenders got very greedy and gave average people loans that ruined them in the end.now those people lost or are losing their homes! shame on you!you lenders got rich, you were laughing and buying boats,big houses,more cars then you need,toys & more toys..now you expect us to feel sorry for you cause you are on unemployment like the rest of us.NOT! Sell your toys at least you have that option, we don't. Now we have no choice but to stand up America. Help each-other as best we can. RECYCLE & exchange what we cant use so others can save.stop the greed, learn from the lessons,we are suffering from them. Come off that high horse and see how others feel cause now you're in that position too! god bless America we need it! Signed:an average humble American in CA(yeah we do exist)
I have two teenagers. We've already cut our food budget, cut back to basic cable and we've cut internet, so they have to use the computers at the library, sometimes several nights per week. I have no intention of cutting their cell phones. We need to be able to keep in touch, plus it's their one luxury in this crazy world. Unlimited texting is a MUST! and at $5 per month it's a steal. I'd just like to know where we can get a cell phone plan for $40 per month that includes the unlimited texting.
Don't drink alcoholic beverages BEFORE going out--on an empty stomach! that would be asking for trouble for sure.Better to go the BYOB route or save the drinks for after dinner back at home.
If you really want to know where the economic downfall BEGAN?....look back forever ago, the Federal Reserve (a private company) was founded/created on our debt! The Fed. Res. made paper money and loaned it to the US at an undisclosed interest rate, which we will never ever ever payoff, not in a million years, which is why we keep borrowing and borrowing more, which ends up in more and more debt. The Fed. Res. is a BIG BIG U.S.A. credit card! and when you can't payoff your balance in a timely manner, you get in over your head, just like we (the US) are now. Doesn't take a rocket scientist to have figured this was going to happen eventually. I personally do not hold any debt, have not felt a crunch because every month I put money into savings, and our savings has saved our butts as prices have increased. Not a lot goes into savings right now....but still "something" little goes in there each month, regardless! I made sure, we could make it, IF anything ever happened. I controlled it myself, and I'm not blaming others now!
I believe you have to be realistic,I had limited texting for my kids when they were in high school, they go over it and I end up paying..getting a plan worked for me and saved me $$
agree with Rachelle: your kids aren't in control of their texting- never will be -- their friends send them texts and you end up paying for it....GET THEM A PLAN and save $$$