What are your best money saving tips ?

Answer 1

Best Answer - Chosen by Asker

1. Stay out of the shops. I do my main shopping once a week, and go late when reduced prices are reduced again for the last time. If I went shopping every day, I would spend each time. It is easier and less tempting to just stay away.

2. Read newspapers online.

3. Cook more than one meal at a time. It takes less power to reheat or microwave next day, than to start from scratch. Use less meat and more veg. It is healthier and cheaper.

4. My immersion heater is timed for two hours morning and night. I don't need constant hot water when I am at work or asleep in bed.

5. Dry laundry outdoors. Folding items neatly reduces ironing to the minimum.

6. Do online comparisons for insurance renewals. My comprehensive car insurance renewal quoted €447, and an online search found equal fully comprehensive for €285 with a different insurer.

7. Wash your own hair at home, and delay haircuts for a further one or two weeks, or let it grow long.

8. Go to bed earlier. Saves light, heat and late night nibbles.

9. Wear what you have and don't buy more until necessary. Even then, check charity shops first. They often have new items donated.

10. Cook at home and don't eat out. Bring packed lunch to work.

11. Invite friends around to play cards or scrabble / watch videos / have a musical jamming session instead of going out on the town.

12. Find free or nearly free (concerts, exhibitions, talks) things to do when you do go out.

13. Pay anything saved as extra off credit card or other loans. Getting rid of debt saves a bundle of interest

14. Find a bank account which will give you interest on your credit balance, charge no fees monthly, and allow overdraft facility without penalty. This facility is just a comfort zone. Make sure you don't need to use it, by monitoring your account closely.

15. Join a credit union. If someday you do need a loan, you will qualify to get one quicker than with a bank.

16. If you have any other money over, pay more of your mortgage now while interest rates are low. This will benefit you in the future if those rates begin to skyrocket.

17. Research holidays well, before you book. I had a week in France for less than €200 including budget flights, meals out and all other expenses. I stayed in a youth hostel. That price would hardly cover a weekend away, at home.

18. Keep a budget record of your spending. I do mine on an Excel page. It helps identify where money has been wasted, and also to see clearly which were "wants" or "needs".

Asker's Rating:

Asker's Comment:

Thanks, that's very helpful x

Answer 2

Know how much you earn and how much you spend, make sure the earning is more than the spending. Stick to that and you really can't go wrong.

Answer 3

Spend less

Answer 4

Don't go to restaurants and especially stay away from bars.

Answer 5

Do what all the top business men in the world do USE OTHER PEOPLES MONEY.

Answer 6

Here are areas I find people overpaying all the time:

1. Check your insurances. Term policies for life insurance are dropping all the time. I find folks can save on life insurance even though they are a few years older. Also, look at your auto and homeowners. Get a $1,000 deductible as this can save 10-15% off your insurance costs. Also, shop your car and home insurance. Usually, you can find a few hundred that way.

2. Buy generics in the grocery store. Most generic products are made by the same company that produces the name brands. You are just paying for the high priced labels.

3. Use coupons. This is grocery coupons and also restaurant, services, and clothing. I love the Entertainment Book as I save hundreds each year.

4. Stop buying bottled water and get a filter for your home along with a re-usable bottle. This not only saves the environment; it saves tons of money.

5. Turn off lights, reduce the water heater temperature, and open windows as much as possible. These little things save hundreds over time.

6. Call your cable or phone company to see if you can negotiate a lower cost. Usually, you can negotiate lower rates if you call and ask. Also, call to see if you can get a lower interest rate on your credit card if you have credit card debt. But, I strongly recommend getting out of debt and/or avoiding overspending by using a credit card.

The key is to ask yourself if you are buying a necessity or a pleasure item. If it is a want more than a need, then don't do it. And even if it is a need, try to find a way to get it cheaper.

Good luck,

Kirk
www.swimupstreamtowealth.com - Build your wealth by creating your own path.