We could all use a little extra cash couldn’t we? It’s not always easy to earn extra income and certainly none of us have the seed to that magical money tree.
Sometimes the best thing we can do is figure out some ways to make our current money go a little further by finding some frugal ways to save money and challenging ourselves to be more in control of where our money is going.
So, what are some ways that we can stretch our dollars and make them work a little harder for us?
Let’s take a look:
1. Find Free Money
If you knew you there was $20 sitting on your front-door step, would you go out and pick it up?
I would sure hope all of us would! It’s money that’s just sitting there waiting for us to take it. So, how do you find free money?
Well, you can start by making sure you’re taking advantage of your company’s 401k match! I’m constantly amazed at how many people don’t put in enough to take full advantage of a company match!
You can also send in your rebate forms! Did you know that according to the National Consumers League, “only 2-3% of all those who buy a product with a rebate ever end up receiving the funds?! That’s a lot of money just sitting out there.
2. Don’t Automatically Renew Your Auto/Home Insurance
Have you ever received your semi-annual renewal notice on your car insurance and thought, “You know I should really shop around to see if I’m getting the best car insurance quote” only to put it down, forget about it and let it automatically renew?
I’m pretty sure we all have done that at one time or another.
Next time it comes, don’t let it automatically renew and promise yourself that you will shop around and negotiate your auto and home insurance.
Shopping around and getting cheaper auto and home insurance quotes could potentially save you $25-$100.
3. Use More Coupons
Using and saving money with coupons seems to be increasingly popular as the whole frugal-living lifestyle has really caught on.
But, what many of us fail to do – myself included – is do more Google searches for coupons. It’s amazing how many coupons are out there for just about anything and everything!
Before you make another big purchase or even a smaller purchase, type in a Google search and see what’s out there. You might be surprised.
Another great investment to make is an Entertainment Book. My wife and I buy one every year for $20 and we easily save double that each year!!
4. Cancel Unused Memberships
Don’t you just want to hit yourself sometimes with your memberships!?
How many of us have signed up for a gym membership with the greatest of intentions and then after a strong two weeks of exercising we don’t darken the door of the gym for the next three months!
Depending on the cancellation fee, sometimes it’s worth taking the hit to save on a monthly basis. Also, take a look at other unused subscriptions like magazines and movie rentals.
5. Start Budgeting
Budgeting is one of those things that few people like to do, but is something we should probably all do. Even if you’re the most frugal person out there, it’s a good idea to have a handle on where everything is going.
Financial budgeting will help you handle your expenses and actually free you from the guilt we sometimes have with spending money.
Not only that, but you’ll find that creating and using a budget is actually a “freeing” experience. It allows you to spend freely in the areas and categories that you come up with.
Don’t like the word budget? Does the word itself conjure up thoughts of constraint? Call it a spending plan, call it an envelope system, call it whatever you want, but get some sort of budget set up so that you can stretch your dollars!
What Are Some Other Frugal Money-Saving Tips?
Let’s hear your best tips to make your money go further in the comments below.
{ 13 comments… read them below or add one }
I like the idea of using coupons, I don’t use them as much as I should. But now that my grocery budget has decreased, I’m going to start using them.
Tips: if set aside money to spend on an item, and you get the item on sale/cheaper than what you had budgeted for, save the difference. In a savings account!
-I buy gourmet coffee but brew it at home.
-Make sure everybody brings a waterbottle (reusable) when we go out and a snack if we will be gone for a longer time.
-Use cloth napkins, it took a while to build up supply but now we have enough so as not to run out. I’m working on collecting enough dish towels so we don’t use as many paper towels.
-Stopped buying papaer plates and cups
-Use a little less laundry detergent than the directions say
-Shop for clothes at thrift stores
-When people ask what I or my children want for holiday gifts, I suggest useful things
-I mainly plant perennials and I buy the smaller plant and just wait for it to grow
You have some good ideas here. Coupons are work but I feel the pay/savings you get are a great reward/return ration. Those pesky memberships that sit around draining the bank account, but never get used. That money adds up very quickly. I was once told that you just can’t have a real budget for a family, hello, what are you talking about. Sure there may be unexpected expenses, but that is why you budget for them and have or work on an emergency fund.
Great post, thanks.
Housing + car are a good chunk of your fixed expenses every month. Select a smaller house, in the neighborhood where you’ll have the smallest commute for work and family errands.
Great comments everyone – Monroe, yours is very challenging – it’s against the American Dream to select a smaller house especially when we’re trying to compete with our neighbors and friends! Great point!
With the right system, coupons don’t have to be all that much work – incorporating it into your routine will help immensely. Thankfully my wife LOVES coupons and takes the bull by the horns with that!
Nice article! Thanks for the tips! Very useful and comprehensive.
These are some really good tips. It amazes me how many people do not participate in their 401k at work. It is like turning down free money, they just don’t want to make the necessary sacrifices to get it, shame, shame. I also never realized how much you can save by using coupons when you use the wisely and learn to play the game. My wife has become an expert at couponing and it is amazing how much you can save.
Another great way to save money is to call it a point of duty to give more than you are obliged to especially to the Church and to men and women of God and in fact to people you come in contact with that may need some help. This goes a long way to save you money from the devourer.
For years I had two garbage cans, the big ones with wheels on issued by the city. When I bought a mulching mower I wasn’t filling one of the cans half full with grass any more so I sent it back for a saving of $13 a month.
On the few occasions I have more garbage than can fit in one can I put non-food refuse in a garbage sack and sent it out on the next pickup.
My wife and I were coming up on a renewal for our cell phones so we looked at our usage for the entire year and downgraded our plan. This saved us about $20-$30 from what we were paying. Other ways we have cut costs is tracking every expenditure in an expense report. We are always aware of where our money is being spent and it has been helpful to manage our budget each month and maximize where we spend/save in the long run.
Another better way to save money is by comparing prices online from several stores. Well knows shopping sites (e.g bing, yahoo.com, onewayshopping.com) can be helpful.
Paul.
Coupons are a great thing!
My wife routinely cuts 15-35% off our grocery bill with the coupons in the Sunday paper… it does take effort though since she has to hit 2-3 stores, but it’s worth it – especially for a family of 5.
The concept of “saving money” is easier said than done for most people. I understand that it is ‘easy and logical’ for some people, but I also understand it can be a difficult habit to break for others.
If you’re looking to save money or change your lifestyle, my advice is to take it in “baby-steps” because it won’t happen overnight. Here are some tips that helped me out.
1. Always pay more than the minimum on any credit card payments – if you don’t believe me you can calculate it for yourself (http://www.csgnetwork.com/creditcardmincalc.html)
2. Use coupons when grocery shopping
3. Try online shopping – it’s saves on gas & they have bigger markdowns (http://www.shoptivity.com)
4. Read a book – it’s cheaper than going to a movie (http://onlinebooks.library.upenn.edu/)
5. Know your budget! (https://www.dl.ed.gov/borrower/BudgetCalculator.do)
Good luck and happy savings!