Posted by Lending Club :: October 26, 2010 @ 6:30 am
In the current financial climate, it is no surprise that many are interested in saving money. Indeed, even as the economy improves, a habit of saving is a good thing to develop. Happily, there are simple ways to save money every day. Here is a list of relatively easy things you can do to save money:
- Borrow instead of buy: From books to movies, you can save money by renting instead of buying. Head to your local library for books and movies alike. Movie rentals are coming down in price, from subscription services like Netflix to $1 rental outlets like Redbox. College students can even rent textbooks now for less than even buying used.
- Cut back on subscriptions: Are you really reading that magazine each month? Could you access a newspaper subscription for less online? And, of course, everyone loves to point out that you can ditch a cable subscription. Watch TV shows the day after online, or get cheaper online services like Hulu.
- Buy in bulk: There are some items that are cheaper bought in bulk. Non-perishable food and household goods can be bought in large quantities on sale, and then stored for later use. Pay attention to sale cycles so that you know when certain items will be reduced in price. Then you will know when to stock up.
- Shop for better deals: Look for better deals on everything from banking to everyday purchases. Take a few minutes to see if you can get better rates and lower fees at a different financial institution. You should also consider coupons and sales, and see if you can find a better price.
- Look for ways to save energy at home: Turn off the lights, get a programmable thermostat, switch to smart strips so you can turn of energy vampires at night. There are a number of small things you can do to add up the savings at home.
- Go generic: When practical, buy generic instead of name brand products. They cost less, and often get the job done.
With a little planning, you can save money every month. What savings tips do you have?
Photo courtesy of Kevin Collins.
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6 Comments
After figuring out your monthly bills and expenses (food, gas,
etc), as well as putting a set amount in savings every month ($84 a
month will get you $1000 at the end of the year), put everything
remaining in savings insteading of spending the surplus on dining
out, clothes, entertainment, etc. The money in savings can still be
pulled when you need it or want it for something special. And there
is nothing better than the feeling that I saved for something
instead of just putting it on credit and stressing out on payments.
It's a common one but: packing a lunch A tuna sandwich and some
chips, and apple, and a capri sun? Heck yes $1 lunch.
Now that Christmas is approaching, many stores and restaurants give
you a "bonus" when buying giftcards. So stack up on them and use
them yourself.
I agree we should all save but it needs the right mindset and time.
What's more convenient is more often than not the more expensive
option. But still we should save where ever we can so that we can
spend where needed.
The "borrow instead of buy" is very clever. Consumers are changing
from buying like crazy and accumulating stuff, to sharing and
renting.
I agree with you, especially point number one
Why buy when you
can SHARE!
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