Saving money can be particularly during an economic downturn. But there are many money-saving strategies that can boost your bank account and help you save thousands of dollars over the course of a year. Here are some ideas:
· Save on Your Current Housing
Some of the ways you can cut your existing housing costs are to get a roommate, rent out a room, and cut back on decorations and upgrades. Needless to say, if you rent, and you decide to bring in another tenant, make sure you're not violating any provisions of your rental or lease agreement.
· Save on Your Car
Lowering your transportation expenses isn't always easy, but it can be done. If you live in a city with reliable public transportation, like New York or Boston, and you don't actually need a car, consider selling it to raise cash. If you have a car and need to keep it, start following these cost-cutting tips.
Take account of all the expenses involved with having a car: your monthly car payment, gas and maintenance charges, insurance, parking, and so forth. See if you can renegotiate any of your current costs or shop around for better deals. For instance, if you're paying $50 a month for parking at your apartment complex, can you park it outside the building and get a $50 discount from your landlord? (Obviously, you only want to do this if it's relatively safe for your car to be parked on the street, as well as safe for you to enter your building from outside.) Then there's insurance. Ask your insurer about any discounts for which you might be eligible: good driver discounts, lower rates for taking a defensive driving course, or even decreased premiums for having an alarm system or antitheft device. Also, by raising your insurance deductibles, you can save 10% to 25% off of your annual premiums.
· Save Money on Food
Avoid wasting money on the things that can really blow your budget like eating out frequently. I'm not only talking about restaurants. I don't have to tell you the impact of spending $50 or $75 for dinner for two. I'm talking about eating out at fast food places, or spending what seems like small change on local delis and the like. If you're not careful, before you know it that "chump change" can really add up.
For starters, stop making your daily run for coffee and donuts or a bagel and juice before work. Many people spend about five dollars a day on these items, which equals $100 dollars a month, or $1,200 a year. Just as bad are those trips to the vending machine for junk food each day at work. If you spend $3 a day on these small items, eliminating those purchases saves $900 in a year.
At the grocery store, use coupons and choose your purchases based on the price per unit for everything from toiletries to food products, and take advantage of sales and reward cards from retailers who offer discounts to repeat customers.
· Save Money on Medicine
When it comes to medicine, you don't need brand-name products. Get generic drugs from your doctor or pharmacist. By law, generic drugs have the identical chemical makeup and active ingredients as brand-name medications-without the hefty price tag. The typical brand-name prescription costs $100, while the average generic drug is just $30, a 70% difference. If you hit the pharmacy once a month, in the span of a year you'll save $840 just by using generic drugs instead of brand-name prescription drugs.
· Save Money By Kicking Bad Habits
If you have a habit that's hurting you, financially or health-wise, it's high time you kicked that habit. Take cigarettes as a case in point. The average pack of cigarettes costs $4, excluding state taxes. If you smoke two packs a day, that adds up to $10 daily (taxes included) just for the "pleasure" of sucking on a nicotine stick! Do your best to rid yourself of that bad habit. If you can, you'll save $300 dollars a month or $3,600 dollars a year, not to mention the savings you'll reap from fewer medical bills.
· Save Money on Utilities
Being a lot more conscientious about your habits around the house can help you save thousands of dollars on utilities. Here's how to be savvier in this area. Unplug appliances when you're not using them. That goes for toaster, coffee maker, blender, and other appliances. Leaving them plugged in is just draining power and wasting money unnecessarily. If you make a habit of unplugging these items, you'll save 10% on your energy bills. The same thing goes for wasting energy by having so many lights on in the house. Turn off lights when you leave a room. Also, switch high-watt bulbs to lower-wattage ones or fluorescent bulbs to save even more money. Lower your hot water costs by up to 50% just by taking showers instead of baths. Only run your dishwasher, clothes washer, and dryer when they're full for additional savings on your utility costs.
· Save Money on Clothes
Do you want to save money on clothes? Well, if you must go shopping, go when there's a sale, or use those store coupons that come in the mail or that you can find in the newspaper in which your favorite retailer advertises. Additionally, save yourself money by simply shopping around. Take advantage of some really great deals you can find on the Internet. Quit always buying designer labels - especially for children's clothes. Places like H&M and Target have really cute clothes, too, and usually no one will ever know that you bought that nice pair of jeans from a discount store or an outlet.
Notice that if you follow all these tips, you can save many thousands of dollars annually - a hefty reward in today's challenging economy.
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