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May 20, 2008

Saving Money: Tips and Tricks

The economic trends are obvious: higher prices and higher energy costs. Your dollar simply will not buy as much as it did a year ago and it is unlikely that your salary has increased to match the rising cost of your expenses. The economic downturn is likely to continue and those who are wise will look for ways to save money.

I've begun compiling list which you can add to at the end of this post.

1. Plan your errands. Fewer trips means less gas.
2. Don't go out to eat. Instead, for one-quarter the cost, buy a special meal from a grocery store
3. Eliminate that costly phone service by switching to Skype or Vonage
4. Cancel cable TV - I know it's heresy but there is a lot online you can take advantage of rather than spending $50-$100 a month.  There are also better uses of your valuable time.
   
5. Never see a movie in the theater. If you do go to a matinee or wait for a budget theater. Never buy food or drinks from a theater.
6. Rent the DVD instead of seeing the movie. 
   
7. Dump $4 DVD rentals and sign-up for Netflix $7.99/month service
8. Better yet, borrow the DVD from the library.
9. Always get more than one estimate. Whether you're doing home repairs or buying a new car never agree to a deal without more than one quote.
10. Ask for a discount. Everything is negotiable and even large retail stores will often give you a discount if you request one.
11. Research prices and then shop on ebay.com or craigslist.com .
12. Sleep on every purchase decision to avoid impulse buying. Plan and budget your money.
13. Leftovers - eat those recycled meals, especially fruits and vegetables.
14. Lunch - make yourself a sandwich, go for a walk and stop eating out
15. Eliminate soda from your diet
16. Make your own coffee and save $2-3 per cup.
17. Use generic drugs when possible (stop paying for a name)
18. Clothing - stop buying from the Malls and spend time getting to know outlet centers and discount retailers.
    
19. Clip coupons and use them
    
20. Insurance - it's time to ask Geico and others for quotes.
    
21. Transportation - cut your $200/month gas bill in half by carpooling with a co-worker.
22. Reduce the cost of commuting more by taking the bus.
23. Sell your stuff - stop storing mountains of outdated clothes, furniture, toys and other miscellaneous things that you don't use. Sell it on ebay or craigslist.
    
24. Car maintenance - keep your at its peak efficiency by making sure its tires are properly inflated and the air filter is not clogged.
25. Drive smarter - driver slower and stop peeling out to reduce gas consumption.

Yes, there are many more ways to save money.  Add yours in the comments section.

Posted by Vital at May 20, 2008 9:06 PM