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Step 1
Don't put yourself in the position of being tempted to spend money. Don't go shopping unless you actually need something --- not want something --- NEED something. Once you're in the store, buy only the item you need. Buy nothing else. Before you get to the checkout line, look at your prospective purchases and ask yourself "Do I really need this? Is it going to improve or change my life in any way? Is there anything that I already own that I could use/wear instead?" If you end up buying something, leave the tags on and keep the receipt so you can return it if you change your mind when you get home. Also - don't look at the catalogs that arrive in the mail - send them straight to the recycling bin. If you buy clothes, buy classic pieces that won't go out of style.
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Step 2
Determine which grocery store (or warehouse club) has the lowest prices on the items you buy. Only shop there. Go online to a store that offers home delivery, and print a copy of items available in the store. Use this list as a basis for your weekly shopping -- check off the items you need every week. Start clipping coupons --- every little bit helps. Buy only items that are on sale and/or generic/store brand merchandise. In addition - if an item you usually buy is on sale (e.g., cereal) buy two or three of that item at the sale price (and use a coupon!). Make saving money at the grocery store a game --- try for a "personal best" or lower grocery bill every week. Stretch food dollars by eliminating prepackaged meals, learning new recipes for pasta and rice, and sticking to fresh fruits and vegetables. Go online to find menu planning advice and money-saving recipes. Again - try to make a "personal best" meal every night --- see how much you can save with highly nutritious, lower cost menus.
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Step 3
Save on energy costs by keeping the windows open instead of using the air conditioner, turning down the thermostat during the winter, turning off lights, shortening shower times, using energy efficient lightbulbs, using dishwasher and clothes washer/dryer only for full loads, using power strips, unplugging unused appliances, etc., etc. Carpool when you can - plan your errands to use the least gas possible.
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Step 4
Reduce monthly household expenses. Look at your cable, telephone, and insurance bills -- call each company and see if you are on the lowest cost plan that would suit your needs. Obtain online quotes for car and home insurance to compare costs. Also, contact your credit card companies and see if your account is eligible for a lower interest rate. Pay off credit cards as soon as possible...charge only when absolutely necessary. Pay with cash as much as you can.
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Step 5
Cut out all unnecessary expenses - drop all memberships and subscriptions that aren't absolutely necessary. Make and drink your own coffee. Rent movies to watch at home instead of going to the theatre. Dine in, not out. Make and drink iced tea instead of soda. Drink more tap water. Hand wash delicate clothing instead of using the dry cleaners. Make and bring your lunch to work. Take public transportation or carpool to work (if you can) instead of driving and parking your own vehicle. Look for a nearby beauty school -- go there for haircuts, color, manicures, pedicures.
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Step 6
Use less of everything...including detergent. Use about half of what you usually use for each load -- you'll never notice a difference. Add a LITTLE water to lotions and shampoos to stretch the product. If you buy a huge bottle of shampoo and/or conditioner, pour into smaller bottles and use the smaller bottles -- refill as necessary. You'll be more conscious of the amount of the product you're using if you use the smaller bottle...hence will use less.
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Step 7
Put your savings in the highest interest savings account or money market fund you can find.
Comments
UncleDud said
on 11/9/2009 Sound advice.
Alrady said
on 5/29/2009 great steps to saving s