Tip #1: Buy products online.
One good way to limit impulse buying is to buy products online. It will allow you to more easily comparison shop. And it will also prevent you from thinking that you have to buy, so that you don’t have to drive somewhere else to make the purchase.
Tip #2: Comparison shop.
When making large purchases, you should always comparison-shop. By spending an extra 20-30 minutes to research your options, you could easily save hundreds or more.
Tip #3: Use coupons.
Whether you’re grocery shopping or shopping for new electronics, using coupons is always a good way to go. So, from now on, stay in the habit of checking the newspaper and other local sources of coupons.
Tip #4: Use online coupon sites.
The Internet is now awash in online coupon sites. They collect and store coupons that can be printed and used at various brick-and-mortar stores. Before you step out of your house, consider looking for coupons for your retail destination; and then putting them to use.
Tip #5: Enroll in rewards programs.
Grocery stores, clothing stores, and other retail stores now offer rewards programs. By signing up for a free membership, you can often gain access to a variety of coupons, discounts, and cash-back offers. Be sure to enroll in rewards programs that are offered at all of your favorite stores.
Tip #6: Look for specials at the grocery store.
Grocery stores often have specials on food they suspect they won’t be able to sell. Take advantage of these specials by purchasing food that you want anyway, but at a sharp discount.
Tip #7: Create a shopping list in advance.
Eliminate junk food and foods that are inessential by creating a shopping list in advance. At the end of the day, you’ll walk away having spent less, and you’ll also have all of the ingredients you’ll need for weekly meals.
Tip #8: Wait for sales.
Some stores have regular sales. For instance, many stores hold sales after Christmas and other major holidays to sell off seasonal inventory. Take advantage of these predictable sales by delaying your purchases.
Tip #9: Limit entertainment spending.
Entertainment is important, but can often be obtained cheaply. From now on, limit your spending on entertainment until you have paid off your monthly bills and have saved a fixed portion of your income.
Tip #10: Reduce the amount of time you spend watching TV.
TV can be an endless time-waster. It is easy to sit in front of the TV for hours on end, even if we have tasks we could be working on to improve our lives and our finances. So try cutting back on the amount of time you waste watching TV.
Tip #11: Avoid surfing the net aimlessly.
Similar to wasting time on TV, surfing the net is a bad habit that many of us have. Avoid doing it when there are other, more productive, things you could be doing.
Tip #12: Get a sewing kit.
Get a sewing kit and learn how to use it. Next time you rip the leg of your pants or the arm of your shirt, simply use the sewing kit to fix it, rather than buying an entirely new article of clothing.
Tip #13: Learn how to do basic home repairs.
Learning how to do basic home repairs can save you a lot of money. Instead of calling a plumber or a carpenter, you can simply do the repairs yourself, saving you money and possibly also saving you the time it would take to negotiate the repairs.
Tip #14: Limit spending on expensive toys.
As a parent, it is your natural inclination to do what you believe is best for your child (and, sometimes, to simply spoil them). But when it comes to toys, more (and more expensive) is not always better. So, before you sink hundreds into the most fashionable toys, think twice about whether or not your kid might be better served by something less expensive.
Tip #15: Go to the movies less.
Instead of going to the movies all the time, stay home and rent a movie through your cable television service and procure your own snacks. Instead of spending $30-50, you’ll spend a mere $10.
Tip #16: Substitute expensive food for cheaper foods.
Instead of dropping $200 per week on groceries, think hard about which items are luxuries and which items are actually important components of your weekly menu. Eliminate expensive items in favor of cheaper ones.
Tip #17: Buy store-brand products.
Store brand products are cheaper and frequently identical to name brand items. So, instead of immediately paying premium for the name brand product, consider at least trying the store brand once.
Tip #18: Use the slower shipping option.
When it comes to making online purchases, it is often tempting to opt for the fastest shipping. From now on, practice delayed gratification and opt for the slower, cheaper shipping option.
Tip #19: Buy gifts far in advance.
Many people wait until the last moment to buy gifts. As a result, they end up spending a lot of money the day or night before the event simply to get something nice. Instead of doing this, allow yourself weeks or months to pick up the product. Instead of rushing around the night before, you may stumble over it in a sale in the weeks leading up to the event.
Tip #20: Make your own gifts.
Candles, jewelry, and mix CDs can often make excellent, highly personalized gifts. Instead of purchasing a gift at the store, consider making one for your friend or family member.
Tip #21: Take public transportation.
Public transportation is often cheaper than owning, maintaining, and paying for gas for a car. Consider selling your car and making the switch.
Tip #22: Walk more.
Instead of driving your car small distances to the store and post office, consider walking to those places instead. Not only is it good for you, but it will save you money on gas and wear-and-tear.
Tip #23: Purchase a speed pass for tolls.
If the region you live in offers an automatic toll pass, purchase it. It may have a high upfront cost, but it will pay off in reduced tolls over time.
Tip #24: Purchase a pass for public transportation.
Purchase a pass to take the local train or subway system. In the long run, you’ll save a lot of money by paying less each time you use public transportation.
Tip #25: Spend money on entertainment with high re-use value.
Instead of sinking money into video games and other forms of entertainment that cannot be reused, instead focus on forms of entertainment that have a high re-usability factor. That is, try to get the most entertainment per dollar spent.
Tip #26: Purchase video games with high re-play value.
Similar to tip 25, purchase video games that can be played 1,2,3, or more times. Don’t settle for purchasing a $50 game that will no longer be enjoyable after a single play.
Tip #27: Limit consumption of flavored drinks.
Flavored drinks are an expensive luxury that frequently is not worth the amount we pay. Instead, take a water bottle with you and fill it up at home using the tap.
Tip #28: Make coffee or tea at home.
Buying coffee or tea at your favorite place can often be a nice experience. However, it is many times more expensive than making the same coffee or tea at home.
Tip #29: Stop smoking.
Smoking is both unhealthy and costly, so quit.
Tip #30: Reduce alcohol consumption.
Excessive drinking is both unhealthy and an unproductive activity. Cut the alcohol out of your budget and your life.
Tip #31: Replace incandescent light bulbs with compact fluorescents.
CFLs generate the light without the heat. For this reason, they use less energy. So make the switch to CFLs.
Tip #32: Use the air conditioner and/or heater less frequently.
Air conditioners and heaters can use a great deal of electricity. So if you don’t need to keep a room hot or cool, don’t use them.
Tip #33: Hold a yard sale or setup a booth at a flea market.
Holding a yard sale or setting up a booth at a flea market will help you to a) get rid of the junk accumulating in your closets; and b) pick up some extra cash.
Tip #34: Invest more time into comparison-shopping for expensive products.
When it comes to high-ticket items, spend extra time doing comparison-shopping. Consider using eBay, Google Shopping, and other online platforms to compare prices, so that you get the best deal.
Tip #35: Base grocery shopping and meal plans around the availability of coupons.
Instead of using a fixed menu to buy groceries, create your menu to fit the availability of coupons for a particular week. This will ensure that you save as much as is possible each time you grocery shop.
Tip #36: Don’t become addicted to spending.
Some of us gain pleasure simply by spending money. If you are one of those people, practice disciplining yourself by not blowing cash simply when you feel depressed or down.
Tip #37: Meet with a financial planner.
A financial planner can help you to visualize your future; and how it will be shaped by savings decisions today. Do this as soon as possible, and get yourself in a plan.
Tip #38: Shop for clothes at second hand stores.
Second hand stores often offer high-quality clothing for a mere fraction of the store price. Instead of spending all of your money on expensive brands at retail stores, consider getting the same items second hand.
Tip #39: Shop at bulk stores.
Bulk stores allow you to get massive amounts of products at a steep discount. If you want to save money in the long run, buying from these stores (and then storing the remaining quantities of the item) is the way to go.
Tip #40: Cook in bulk.
Cooking in bulk is another good way to save money and time. You can do this by producing a week’s worth of food (or more) in a single session of cooking. You can then freeze the remaining food and re-heat it later in the week.
Tip #41: Go on fewer vacations.
Vacations can be tremendously costly, so try to cut back on how frequently you take them.
Tip #42: Limit spending on vacations.
When you do go on vacation, try to spend less. Instead of purchasing expensive hotel rooms, expensive dinners, and expensive drinks, try to reign things in and focus on being happy, rather than achieving happiness through luxury.
Tip #43: Go on cheaper vacations.
Go camping or take a “stay-cation.” These can often be just as fun as a vacation to a far away place, but much cheaper.
Tip #44: Re-finance your house.
Since one of your largest monthly expenses is probably your mortgage, it is always a good idea to consider whether or not you could benefit from a re-finance. Do this periodically to make sure that you are getting the best rate.
Tip #45: Replace steak with chicken and pork.
Steak is much more expensive than chicken and pork. Consider substituting between the meats to reduce the amount you spent on groceries.
Tip #46: Eat less meat.
Relative to the nutritional value it provides, meat is one of the more expensive components of your grocery spending. Consider cutting down on the amount you consume.
Tip #47: Ask your credit card company to lower your interest rates.
Getting a lower interest rate on your credit card is often as simple as placing a call to the company. Get in the habit of doing this on a regular basis.
Tip #48: Pay off high interest rate debt.
Instead of paying down low-interest rate debt, pay down high-interest rate debt. This will reduce the overall amount you pay for debt servicing.
Tip #49: Ask to get fees waived.
Stores, credit card companies, and membership programs are often willing to waive fees if you claim that you will not use the service otherwise.
Tip #50: Ask your cable television provider to offer you a cheaper package.
Instead of purchasing the most expensive cable package, consider downgrading to one that only contains the channels you need, but at a lower price.
Tip #51: Move into a cheaper apartment or home.
If your rent or mortgage is unsustainably high, then move into a cheaper apartment or home.
Tip #52: Re-finance your car.
Consider re-financing your car. If your income has increased or your credit has improved, you might be able to get a lower rate.
Tip #53: Sell your car.
Cars are expensive. Consider selling yours and taking public transportation instead.
Tip #54: Purchase a cheaper car.
Sell your car and buy a cheaper one—or perhaps one that gets better gas mileage.
Tip #55: Purchase additional razor blades, rather than entirely new razors.
Instead of buying a new razor, buy new blades, which are often now sold separately.
Tip #56: Re-fill ink cartridges, rather than buying new ones.
Ink cartridges can now usually be re-filled using a toolkit and some toner. This is considerably less expensive than purchasing a new cartridge.
Tip #57: Re-finance your student loans.
If you are able to re-finance your student loans at a lower rate, do it.
Tip #58: Create a carpool for getting to work.
You need to get to work; and so do your co-workers. Create a carpool to save on gas and wear-and-tear.
Tip #59: Improve your gas mileage.
Use tricks to improve your gas mileage, such as using cruise control. A few simple tricks could save you $20 or more each week.
Tip #60: Add air to your car’s tires.
Adding air to your car’s tires (so that they are properly inflated) can improve your gas mileage considerably.
Tip #61: Try to fix broken items, rather than buying new ones.
Fixing broken chairs, banisters, and other pieces of furniture or fixtures in your home is cheaper than buying new ones.
Tip #62: Take a bagged lunch to work.
If you’re careful, you can take bagged lunches to work for a week for the same price you would spend in a single day if you were to go out to lunch.
Tip #63: Limit the frequency with which you dine out.
Dining out can be very expensive; and it is often easy to ignore exactly how expensive it is. Try to do it less frequently.
Tip #64: When you go to restaurants, purchase cheaper dishes.
If you do decide to dine out, don’t use that as a reason to splurge. Look for cheaper dishes and drink only water.
Tip #65: Go to less expensive restaurants.
Not all restaurants are equally as pricey. Instead of blowing all of your cash on a fancy night out, go to a cheaper one. It can easily be just as enjoyable.
Tip #66: Shop at thrift stores.
Thrift stores often carry a wide variety of second hand items, including books, clothing, and furniture. Instead of buying things new, first consider going to a thrift store.
Tip #67: Keep track of your debt.
Instead of paying attention to your minimum payments only, keep track of the total amount of debt you’re holding, including student loans, credit card debts, and your mortgage.
Tip #68: Keep track of your savings and investments.
Many people make the mistake of ignoring their savings and investment. As a result, they reap small returns—if anything. They also face the risk of large losses during recessions and bubble bursts. Pay attention to where your money is invested and saved.
Tip #69: Get term, rather than permanent, life insurance.
Don’t invest in life insurance. Instead, use it for its intended purpose: get term insurance.
Tip #70: Use local exchange sites to find furniture.
Use local exchange sites to get furniture. In many cases, you will be able to find bed frames, couches, and shelves for free.
Tip #71: Don’t store your credit card numbers online on sites.
Storing your credit card information on sites like Amazon makes it easy for you to buy things you don’t need, so don’t do it. Make it harder by not saving your information.
Tip #72: Avoid impulse spending.
Never buy in the heat of the moment. Instead, take some time to thing purchases over—especially when they are large—before making the decision.
Tip #73: Do not spend up to your credit limit.
Spending up to your credit limit is rarely a good idea. Instead, try to stay as far away from your limit as possible.
Tip #74: Call your credit card company regularly.
Your credit card company can do a lot for you. It can lower your APR, extend payment deadlines, and allow you to enter into an extended grace payment or a debt repayment agreement. Take advantage of these services, rather than simply not making payments.
Tip #75: Avoid carrying a positive balance on any card that has a positive interest rate.
If a credit card bears a positive interest rate, you should pay it down immediately. Instead, transfer the balance to a card that temporarily has 0% APR or pay it off as soon as is possible.
Tip #76: Cut up your credit card.
While closing credit card accounts can often look like a negative on credit reports, no one will know if you cut up a card and threw it out. So cut up most of your credit cards and throw them out, but maintain your accounts.
Tip #77: Use a credit card for small purchases.
In order to improve your credit, use your card for small, daily purchases. Pay the balance off from these purchases each month.
Tip #78: Be mindful of teaser rates.
Most credit card companies will offer an initial teaser rate. Be mindful that this is not your permanent APR, but instead a temporary APR that is likely to change in a matter of months.
Tip #79: Never exceed your card’s credit limit.
Exceeding your card’s credit limit often comes with costly penalties. Avoid doing it.
Tip #80: Get a copy of your credit report.
At least twice a year, get a copy of your credit report to check for errors or for problems you missed.
Tip #81: Ask your bank for better terms.
Call your bank and ask for better terms. This could help you to eliminate fees and get a higher interest rate.
Tip #82: Switch to a bank that has more ATMs in your area.
If you constantly find yourself paying fees to use other banks’ ATMs, consider switching to a bank that offers more ATMs in your area.
Tip #83: Put money in a certificate of deposit (CD).
CDs often require you to hold money for a given period of time (often 6 months or 12 months). This can be a useful device to prevent yourself from spending the money.
Tip #84: Put a fixed fraction of your income into your savings.
Instead of thinking about how much to save each month, automatically put 10% of your income into savings each month. This is a good habit to develop earlier.
Tip #85: Avoid putting money you’ll need soon into stocks.
Stock returns can be volatile relative to other investment instruments; however, for this reason, investing in stocks usually yields a high long-run return. For this reason, don’t invest money you’ll need in the short run in stocks.
Tip #86: If you’re planning to put money away for retirement, put it into a mutual fund.
Put retirement savings into a mutual fund. Talk to your advisor to make sure the money is invested well.
Tip #87: Invest your money in index funds.
Index funds are often cheapest to invest in and provide one of the best risk-adjusted returns. Consider putting retirement savings into index funds.
Tip #88: Cut down on extras on your cell phone plan.
Get rid of extras on your cell phone plan, including extended texting and data plans.
Tip #89: Text less frequently.
If you pay on a per-text basis, text less frequently with your cell phone.
Tip #90: Clean your car at home, rather than paying for it.
Instead of bringing your car to the car wash, grab a bucket of soapy water and a big sponge and get to work. You could save yourself a lot of money.
Tip #91: Get your tires rotated.
Rotating your tires can significantly improve your gas mileage and cut down on wear-and-tear. Make sure you do it regularly.
Tip #92: Wash your car after snow storms.
If you live in a cold weather area, make sure that you wash your car after snow storms to clean off all of the salt. This will save you money on maintenance costs in the long run.
Tip #93: Start riding a bike.
Riding a bike is a good way to both get in shape and save money. Do it rather than driving your car everywhere.
Tip #94: Avoid clothes that require expensive upkeep, such as dry-cleaning.
Instead of opting for clothes that involve extensive dry cleaning, get clothes that do not require any special care. This will save you a considerable amount of money in upkeep.
Tip #95: Make your own cards to go with gifts.
Use one of the many available sites to create and print out a personalized card. This is considerably cheaper than buying one at the store; and may result in a more personalized card.
Tip #96: Offer to babysit as a gift.
If your friend or family member has children, offer to babysit for their children as a birthday present.
Tip #97: Use Open Source software, rather than expensive, proprietary software.
Open Source software, such as OpenOffice, is free. Consider downloading and using it, rather than using expensive software.
Tip #98: Reduce your printing or print at the office.
Print less or print only when you can do it for free. This can easily save you $40 or more each month.
Tip #99: Print unimportant documents in the draft setting.
Cartridges can last much longer if they are primarily used to print draft-quality documents. From now on, consider using draft for documents that do not need to be high-quality.
Tip #100: Sell your old clothes on eBay.
If you have extra clothing that no longer fits (or that you no longer like), sell it on eBay for some extra cash.
