Financial Fiddler

Have you looked at your bank account recently and noticed that money seems to flow out faster than it comes in?  Imagine if you could save hundreds or even thousands of dollars a year easily with very little work. Saving money can be difficult if you do not know where to start.  

If you are like me, I am always interested in finding new and unique ways to save money.  You may already be using several of these tactics, but even if you can implement one more way to save money, you will put yourself in a better position to reach all of your financial goals and dreams.

1. Use coupons at the grocery store

Nobody likes paying full price for anything nowadays.  Groceries are something we have to buy every week, so why not save on them if possible?  Many stores and your local paper have free weekly coupons so take advantage of these savings.  If you do not have access to a free paper, many stores now offer their coupons electronically. You can download their app and sign-up for emails with savings in them.    

2. Eliminate subscriptions you are not using

Have you recently checked how many subscription services you are currently paying for and not using?  It could be one or several. This could be things like magazine subscriptions, music-streaming services, meal services and many others.  If you are looking for ways to save money fast, this is an easy method and can save you hundreds of dollars per year. 

3. Buy generic

Have you noticed how much generic products have improved over the years?  You no longer have to buy that name brand in order to get a quality product.  Buying generic not only saves you money, but it also is sometimes as good or even better than the name brand.  Generic products you might buy include, but are not limited to:

• Prescription and OTC medications

• Cleaning products

• Paper products (Tissues, toilet paper, paper towels)

• Water

• Diapers

• Cereal

• Batteries

• Baking ingredients and spices

4. Cancel club memberships you are not using

Remember when you made that New Year’s resolution to go to the gym five times a week?  Maybe the gym membership is one of many that you are not utilizing as much as you thought.  For some, you may be sticking to that resolution and using the gym daily, but for others, it makes sense to cancel this membership.  Even if you cancel, you can still get plenty of exercise both indoors and outdoors for free. Go walk/jog around a local park or start biking.

There are many other memberships you may have that you are not utilizing.  Buying from a wholesale club like Costco, Sam’s Club or BJ’s can save you lots of money, but if you are not using them frequently, your savings may not justify how much you are spending on an annual membership.  If you have a membership to more than one wholesale club, consider decreasing your membership to only one club, and you will save on membership fees.  

5. Brown bag your lunch

How much do you currently spend on lunch every day?  Calculate what an average lunch costs you and then figure out how much you spend a week.  If you spend $10-20 per day, this averages out to being around $50-100 per week or $200-400 per month.  This is a significant amount of money you could be saving.  

Yes, packing a lunch costs money too, but it is far less than going out every day.  Maybe start by going out half the time and packing the other half. Once you start seeing the savings, you may want to pack your lunch all the time.    

6. Free events in your community

Check out the monthly calendar of upcoming events in your community.  Many of these events are free, and isn’t free entertainment the best entertainment?  It could be things like a farmer’s market, free symphony concert, free day at the museum or zoo, movie night in the park or many other types of events.    

7. Watch a movie at home

Have you gone to a movie recently and notice how expensive it is getting?  From ticket prices to concessions, prices are continually rising at movie theaters.  One alternative is to skip going to the theater altogether and watch a movie at home. Nowadays, newer movies are released faster than ever and Redbox or other streaming services have these new movies available.  You will save $10-20 per person on tickets and $5-15 per person on refreshments, while still enjoying a newer movie in the comfort of your home.

8. Improve your gas mileage

Many of us need a vehicle to get to work and run errands.  Since gas is a necessity for most vehicles, unless you have an electric car, there are many ways you can improve your gas mileage.  By improving your gas mileage, you will spend less on gas every month. Here are a few things you can do:

• Inflate your tires.  An under-inflated tire will still go, but will not give you the best gas mileage.  

• Reduce excess weight.  I know your trunk is a great storage container, but if you clean it out, you can greatly increase your gas mileage.  Pretty much anything that you do not need to drive around, you can remove from your car to give you higher gas mileage.

• Slow down.  I know we all are in a hurry and rushing to and from.  If you stop speeding, your gas mileage drastically improves and your savings will add up.

9. Utilize your local library

Your local library offers you many free things other than just borrowing books.  If you have children, many libraries have a weekly story time or summer reading program with great incentives.  If you are an adult, you can check out books, music, movies, use the internet, attend community events and many other things.  

10. Meal plan for the week

“What’s for dinner?” is probably one of the most common questions in most households.  Because they have not adequately prepared, many people get in the habit of going out to eat.  Meal planning can definitely take some thought and work, but eating at home can save you and your family a lot of money.  All the money you spend on groceries can be put to good use by planning out your meals.   

11. Ditch the landline

Having a landline is becoming a thing of the past.  Many families have transitioned to using their cell phones only for communication.  If you have a landline and do not use it, consider getting rid of it and saving money each month.

12. Save those pennies

When you get change, save it in a jar or piggy bank and do not touch it.  In time, those quarters, dimes, nickels and pennies really can add up. We are moving towards more of a cashless society, so nowadays there are even apps that will help you save your excess change.  

13. Stick to a shopping list

Once you have done your meal planning, you know what ingredients you need to buy.  Write them down and stick to that list. Having a shopping list will keep you on budget and help you save money.  When you venture off of your list, this is where those impulse buys really add up and you can kiss your savings goodbye.

14. Buy in bulk, but only things you need

Have you ever gone to one of the larger wholesale clubs and seen something on sale that you think is just the best deal ever?  Buying in bulk typically will save you money, but buy things that are non-perishable that you actually need and will use. Sure, that 10 gallon jug of mayo is cheap, but will you actually use it all?   

15. Adjust your thermostat

If you raise or lower the temperature in your house by a couple of degrees (depending on the time of year), you will save a decent amount of money on your heating and cooling bills.  Many times during the day, your home is vacant with you working or the kids at school or daycare, so you can adjust your thermostat with minimal impact on your comfort level.

16. Get cashback with your credit card

There are many credit cards available that you can earn cash back rewards from.  You are already spending money on necessities, so why not get paid a percentage back?  As long as you are properly using your credit cards and paying them off each month, you can take advantage of their cash back programs and other incentives.

17. Get free loyalty cards and rewards

Most businesses offer loyalty cards and rewards to their customers.  You just need to sign up for them. Some offer 5% off your total purchases, while others give you freebies.  Take advantage of these savings and promotions, especially since they do not cost you anything extra.  

18. Drink more water 

Have you noticed how much restaurants charge you for a beverage that is not water?  By drinking water, you not only save money, but your health also thanks you.  

You can even consider getting a water filter in order to save money when you are out running errands or working.  Bottled water is getting more and more expensive, and by bringing your own filtered water from home, you could be saving lots of money each year.

19. Dine out smart

Many of us still dine out frequently, even though it costs us more than eating at home.  If you eat out, you can do so smarter and save money in the process. Many restaurants have daily specials or happy hours that include great menu items.  They are competing with other restaurants, so many times you can sign up for weekly coupons or specials that they email to you.  

Typically, portions at restaurants are big enough for two people to eat, so consider splitting your entrée with someone else, if possible.     

20. Downgrade your TV bill

Do you really need 500+ channels of TV?  The answer is probably not, but unfortunately, you are paying to have this luxury.  One way to save money is to downgrade your TV package, especially since you are probably not using all of the channels that are in your package.

21. Avoid ATM fees

ATM fees can really add up so avoiding them will save you lots of money.  Choose a bank or credit union that has a multitude of ATMs so you can easily find a location to withdraw money.  Many banks will even reimburse ATM fees, so consider having an account with them if you are needing to make several withdrawals per month.  

22. Quit smoking

Smoking can be a hard habit to quit.  Not only is smoking bad for your health, but it is getting more and more expensive.  By quitting, you will not only save on the price of cigarettes, but you could be saving on your insurance premiums and overall health costs if you are a non-smoker.

23. Bundle your bills

When you think about bundling, you probably think about bundling your cable, internet and phone under one provider.  This is definitely a fast way to save money. Did you realize you can do this with your insurance as well?  Consider bundling your auto and homeowners insurance if your company offers you a good rate.

24. Go shopping in your closet

Before heading out to your local mall or doing some online shopping, start by checking your closet first.  Chances are you probably have something similar to what you are shopping for and can save a lot of money by not buying additional clothing you do not need.  

25. Take care of your lawn

The cost to maintain a lawn continues to go up every year.  Many lawn maintenance companies charge you not only to cut your grass, but for trimming, weeding, mulching and many other things.  If you are physically able and your yard is not too large, maintaining your lawn is a great way to save a lot of money. Also, this is a way to get a lot of free physical exercise, especially if you are no longer paying for that gym membership.

Bonus Tip:  Buy used

You definitely should not buy everything used, but there are certain things you can buy used that will save you money.  Probably the two larger priced items you can buy used are your cars or even your home. Other smaller things you can buy used are: gently used clothing, furniture, books, tools, baby gear and even pre-owned gift cards.  By buying used, you will save yourself lots of money that you can use on other priorities.

Summary

This is just the tip of the iceberg when it comes to different ways of saving money.  Some of these ways may apply to you and some of them may not. I would love to know some money saving techniques that have worked for you and your family!