Lending Club Blog

Simple Tips for Saving Money

A safe penny is a an earned onIn 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.

Tuesday, October 26th, 2010 at 6:30 am

Comments (6)

  1. Andrea:

    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.

    October 26th, 2010 at 10:21 am

  2. 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.

    October 26th, 2010 at 2:12 pm

  3. John Williams:

    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.

    October 26th, 2010 at 3:02 pm

  4. WC:

    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.

    October 27th, 2010 at 10:23 pm

  5. Tesisat:

    The “borrow instead of buy” is very clever. Consumers are changing
    from buying like crazy and accumulating stuff, to sharing and
    renting.

    October 28th, 2010 at 7:29 am

  6. Azman:

    I agree with you, especially point number one 😀 Why buy when you
    can SHARE!

    October 31st, 2010 at 2:01 am

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