Favorite Money Saving Tip?

[Karried]

What is your best tip for saving money?

Do you use coupons? Entertainment books?

I know eating at home and bringing lunch instead of eating out saves a lot of money.. but I love to eat out occasionally, so that one is a hard one to adhere to.

I guess my best tip would be to raise your deductible on insurance to get a lower annual premium.. put aside the amount of your deductible in savings (earning interest) in case of emergency. If your deductible is raised to $500 or $1000. you will have extra money per month to put into savings and use if needed.

The thing about insurance ( and I'm no insurance expert - check with your agent) is that if you make a small claim they tend to hold it against you.. so if you have a $250 deductible and you are paying more per month and per year and you make a claim, the premium will still go up. So, it makes sense to pay less per year, keep insurance costs down and don't make a claim unless it's a large loss. And of course, drive carefully and be safe!

Share with us!

Give your best tips for saving money.

[Todd]

Never pay for meat again.

http://news.bbc.co.uk/1/hi/england/cornwall/4660060.stm

[Todd]

His argument is that it's healthy, organic meat with nothing artificial added.

[Midtowner]

Generally, I try not to spend more money than I make.

It's a good rule of thumb.

[Karried]

Midtowner, Yes! If only more parents taught their kids that!

Credit card abuse ruins more lives ..

I use my ATM all of the time and I try to tell my kids, this is not a credit card... this comes right out of the checking account. I'm so afraid that they will think everything is going on a credit card to be paid off later and accrue interest - NO!!!

I think classes should be mandatory for high school students - discussing credit and savings..

I wish serious real life money issues would be taught by parents and schools.

[Todd]

1. Extended warranties on appliances are rarely worth the cost, especially if the manufacturer offers a 90-day or 1-year warranty. The cost of an extended warranty is almost always higher than the cost of replacing or fixing an appliance if there's a problem with it.

2. If you are in the market to buy a gas oven or range, purchase one with an automatic electric ignition system. An electric ignition saves gas since there is not a pilot light continuously burning.

3. If you have a light odor coming from your garbage disposal, put 10 to 20 ice cubes down it every two weeks or so. Ice will sharpen the blades and break up grease and residue in the disposal saving you the cost of having to perfume over the smell.

4. If your dishes aren't getting clean in your dishwasher, check the dishwasher screen on the inside. Food particles can build up and plug the screen which blocks water from the pump and keeps your dishes from getting clean.

5. Instead of turning off the oven when you take your dish out, turn it off several minutes before the dish is completely done. The remaining heat in the oven will finish the cooking.

6. Leaky toilets account for more than 10% of water usage in the US. To find out if yours is leaking, put a little non-staining coloring in the water tank which will show whether water is leaking from the tank into the bowl.

7. Newer washers use only about 40 percent of the energy models that are 10 years old use. Replacing an older appliance can save a significant amount in energy costs and end up paying for itself.

8. Protect and prolong the plastic gasket on your refrigerator by taking a thin coat of Vaseline and putting it all the way around. This will make the gasket more pliable so you won't lose as much air and the refrigerator will run more efficiently.

9. Save money and wear on your clothes by using a third of the recommended amount of laundry detergent. Detergent is hard on clothes and builds up in the machine. One-third the recommended amount should still get your clothes clean.

10. Take advantage of ENERGY STAR labels when purchasing appliances. ENERGY STAR is a government sponsored program created to help consumers identify energy-efficient appliances and products.

11. Test your refrigerator door seals by closing the door over a dollar bill so it is hanging half in and half out. If you are able to pull the bill out easily, you need to adjust the latch or the seal may need replacing. Putting a thin coat of Vaseline along the seal may also help.

12. When given a choice, use your microwave in place of your oven. A microwave costs around five cents per hour to operate while a standard oven runs about 11 cents per hour.

13. When purchasing appliances, check for display models that may have minor dents or scratches since these are usually discounted. If you find an appliance that has minor surface damage, ask for a discount.

14. When using the oven to bake, don't open the door more than necessary. Opening the door wastes energy and increases the cooking time of the dish being made.

15 You can freshen the air in your entire house without buying costly air fresheners by simply squeezing a few drops of fresh lemon or orange into the dust bag of your vacuum cleaner.

[rugbybrado]

What is your best tip for saving money?

.

Brought back this old thread - As a single recent college graduate i have -

-replaced all light bulbs in my house with compact floresent, now i can have on 4 light bulbs for the price of 1
-even replaced the hall night light with florescent.
-quick showers under 5 minutes
-lowered temp of water heater to 120
-i use a toaster oven instead of the regular oven when i can
-try to keep my fridge full because they use less energy
-wash clothes on cold, always full loads
-got a new job thats 16 miles round trip(compaired to 30 round trip - too many okc residents think its normal to have 25 minute commutes each way)
-live closer to your work
-got a new gym memebership when my old one expired, gym is now less than a mile away. i will purchase a bike to ride/ or run when it stops raining so much
-before i got my place i made sure i had a stores/places that i use alot each month close by, in under a mile away i have a neighborhood walmart, gas station, gym, albertsons, post office, and park
-i shop at walmart since its by far the cheapest store, i go sunday mornings before the crazy people come out. kinda peaceful in there then
-a/c, heater always off when i leave for work
-take my lunch everyday, saves money on lunch and gas on driving to get something
-often dont bring my wallet to work at all so i wont be tempted to get something out of the machine or stop on the way home.
- so far this summer ive only had my a/c unit on a few times. to many people are pansys, i look at the hour by hour forcast and if the outside tempt doesnt drop below 75 that night then its staying off. i have a something like this but i got mine at walmart for 20 dollars
Twin 8 Inch Manually Reversible w/ Thermostat - Window & Other Fans - From 8"-20" & More: Hard To Find Models Avail. Now
- during the winter heat doesnt come on until about 62 degrees. put on some sweats, comfy warm shirt, and socks
-heat is usually set around 50 degrees at night. i have a electic blanket, in my all electic apartment my electicity bill this winter was

30-40 dollars a month during winter, so far this summer its 40-50 because of the increase fan usuage and ONG raises electricty prices

[CuatrodeMayo]

Great tips!

[Karried]

I agree.. great tips..

Now take that money you are saving on your utilities and find a savings vehicle that you can automatically add to monthly and vow to not touch it before you retire.. power of compounding interest will make you very, very wealthy by that time..

[CuatrodeMayo]

Check this guy out:

Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.

[Oh GAWD the Smell!]

I think some people get a little too caught up in the nitty-gritty of "savings" and become penny-wise and pound foolish.

I could give two rat's tails about clipping coupons or saving $0.10 a gallon on gas.

You want to save BIG money? Pay $100 extra on your house every month. I'm probably going to save well over $150,000 by doing that over the life of my loan.

Does it hurt to drop a little extra cabbage on the mortgage every month? Sure...A bit (I'll spend more than $100 most of the time) but the long term gains are HUGE. Like enough to have bought a second house. Same with the investments. Like Karried said, compounding interest is a great thing...Don't screw it up by pulling money out of the 401k and doing something stupid with it like buying a car.

Unless you can get a Ferrari anyway...Then it would be okay.

[teacher girl]

i agree that dave ramsey has WONDERFUL simple and REAL ideas about saving and becoming debt free!!!

the best tip.........stop buying on credit!!! he also has curriculum for highschoolers as well as something for the little ones (ages 3-12 maybe)

[metro]

Here's my short but sweet tip: Don't spend more than you make, simple as that!

[gmwise]

I think best way to start any money saving program is know the difference between a want and a need.
Then tackle one bill or expense a week or a month,see what you can do to lessen it down some,or get a greater savings,or return for what you pay.
We as Americans waste more money, individually,society wise and goverment wise then anyone else in the world.
I heard whines and bitchy about the high cost of gasoline,but the same ones were in the drive thrus burning it up.
Try public transportation,car pooling.
Ok I'm done,lol

[Tim]

I guess I'm really fortunate to live within five miles of work, shopping, entertainment and some excellent restaurants. So, sold my car, bought a trailer for my bike and ride everywhere! I save car payments, insurance, excise tax, tag fees and fuel costs. I also save quite a bit on medical expenses due to the regular excercise. Sure, the car-free life is not for everyone, but when you discover that the average car trip in America is less than six miles, it becomes difficult to justify the enormous expense of car ownership!

[Stinger]

I got a City Card from Arts Council. It's amazing how much I've saved on places I was going anyway. Plus, it's gotten me out to places and attractions around the city that I wouldn't have done otherwise. It's been well worth the $60.

[CuatrodeMayo]

Tim...you are da man.

[Tim]

Why thanks Cuatro! Very kind of you to say.

[rugbybrado]

average car trip in America is less than six miles, it becomes difficult to justify the enormous expense of car ownership!

Ive thought about that too...Im just going to give general numbers that reflect my situation(and i live considerably closer to my work than most OKC residents -16 miles round trip for work, less than 2 miles round trip to food store, gas, gym, etc, and i drive a mazda6).

Car payment 450 a month(5 years)
Car insurance 90 a month(forever, unless it goes up)
Gas - full tank a week currently 45-50 dollars(4 tanks a month)
Oil changes every 6 months ($50/6months=$8.30)
Balance and rotate ever 6 months($60/6months = $10)
Im not even going to include tag cost

Payement(450)+insurance(90)+fuel(200)+maintaining( 18.30)+Tag(im afraid to work it out) =

My very resonable/non status symbol/4 door car mazda6 cost me approx $758.30 EVERY MONTH.


Its crazy when you really sit down and think about how much your car cost you to get to and from work. This isnt even including vacations or driving out of town.

[dismayed]

Cars are the #1 wealth killer out there. My thought on a good money saving tip... pay cash for your cars. It's amazing the psychological changes this will bring about when you have to fork over the cash.

[Luckyduck]

No one has mentioned eating at home more often. I need that extra money for great shoes and clothes.

[metro]

How about switching all your bulbs to CFL bulbs or even better LED bulbs. A CFL bulb will last 5 times longer than a normal bulb, save lots of $$ over the life of the bulb, get less hot, and lose much less electricity (thus powerplants burn less fuel). LED bulbs last over 10 years, use a fraction of energy CFL bulbs use, save tons of $$$ over the life of the bulb in energy costs, and are cool to the touch and virtually indestructable.

[Oh GAWD the Smell!]

How about switching all your bulbs to CFL bulbs or even better LED bulbs. A CFL bulb will last 5 times longer than a normal bulb, save lots of $$ over the life of the bulb, get less hot, and lose much less electricity (thus powerplants burn less fuel). LED bulbs last over 10 years, use a fraction of energy CFL bulbs use, save tons of $$$ over the life of the bulb in energy costs, and are cool to the touch and virtually indestructable.

How much do LED's cost and where are they sold?

[MadMonk]

LED light "bulbs" are crazy-expensive. Maybe in a few years they'll come down in price. Right now, they aren't very cost-effective.

CFL's are better. I've got a couple of frosted CFL bulbs that I put in the fixtures on both sides of the garage door and they've been in there for nearly six years now, running all night, every night.

[kevinpate]

never buy a 20 oz bottle of pop again. the handy dansy single serving 2 liters can be had at times for 1/2 the price of a typical convenience store 20 oz bottle, and if you canna knock back a 2 liter on the corner of the desk befor it gets warm, either train harder or pat yourself on the back cause you'll be saving even more.