How to Save Money by Avoiding Common Mistakes

We all lose money by making some very easily correctable mistakes. Here are ways to save money by avoiding these mistakes.

Difficulty: Moderately Easy

Instructions

1. 
    

   To begin to save money, avoid using foreign ATM's (not an ATM affiliated with your bank) or only in case of emergency. You can be charged $3 or more from the ATM and $2 from your bank. Do this 2 times a month and you just lost $120 a year. Plan ahead or go to a store you can use debit with cash back (no charge).

2. 
    

   Avoid late charges. It will cost you money and credit. Being late on several occassions to same company or multiple companies will appear on your credit report. It will effect your credit score. If you find yourself falling behind, call and ask for an extension. Many companies will offer up to 3 a year without a penalty. If you are late and it is not a normal pattern, you can request a return on the fee.

3. 
    

   Call your credit card companies, phone and cable companies, insurance companies. Ask them if there are any promotions you qualify for. You can also shop around for better rate. Then, you can switch or call your company and see if they will match new rate.

4. 
    

   Pay bills online. It is quick and convenient. It will post to your account so you are not late on payment. It will save you on stamps and there are no fees associated with it. (ex. .41 x 8 (avg # pieces of mail/month) 3.28/month x 12=39.36/year.

5. 
    

   Send e-cards instead of store bought. Will save on price of card and stamps. Many sites offer free ecards, including Hallmark. The cards can even be animated.

6. 
    

   Use coupons any time you can: at stores, restaurants, for oil changes, dry cleaners, etc. 1 month, I used $5 off coupons every week at grocery store plus other coupons for products and I needed an oil change. My total savings: $42. There are places you can request free coupons or exchange: Craigslist and freecycle are great resources.

7. 
    

   If there is a product that you continuously use, buy several when on sale. For example, I have a particular coffee I only use, I will buy 3 when on sale and save $3 on each, which is like getting 1 free when comparing to its normal price.

8. 
    

   Use the transponder for tolls. In Illinois, its IPASS. It saves you half in tolls versus if you pay cash.

[luv2blog]

on 7/25/2008 Sound advice. Thanks!

[LilacGirl]

on 7/24/2008 Good ideas.

[Hapworth]

on 7/1/2008 great ideas.

[Desula]

on 6/14/2008 This is good advice.