7 Money Saving Categories


When money is in short supply, it's time to get creative on ways to save. Beyond the standard advice of making and sticking to a budget, here are 7 different categories you should consider when trying to make your money stretch further.

Food:
  • Plan your meals around your grocery store's flyer. Instead of just planning your meals based on a cookbook or whatever you can dream up, plan all your meals around what's on sale in your grocery store's flyer. Look at the biggest sales, then plan meals based on those ingredients and what you have on hand, and you'll find yourself with a much smaller food bill than you're used to.
Entertainment:
  • Invite friends over instead of going out. Almost every activity at home is less expensive than going out. Invite some friends over and have a cookout or a potluck meal or host a game night. Everyone will have fun, the cost will be low, and the others will likely reciprocate not long afterwards.
Shopping:
  • Write a list before you go shopping - and stick to it. One should never go into a store without a strong idea of what one will be buying while in there. Make a careful, then stick strictly to that list when you go to the store. Don't put anything in the cart that's not on the list, no matter how tempting, and you'll come out of the store saving a bundle.
Transportation:
  • Put air in your tires. It's true that for every two PSI that all of your tires are below the recommended level; you lose 1% on your gas mileage. Most car tires are five to ten PSI below the recommended level, so that means by just airing up your tires, you can improve your gas mileage by up to 5%. It's easy, too. Just read your car's manual to see what the recommended tire pressure is, then head to the gas station. Don't forget a tire air gauge. It's basically free gas and the tires will last longer too!
Home:
  • Adjust the temperature before leaving the house or going to bed. Or better yet, install a programmable thermostat. It will eventually more than pays for itself.
Finance:
  • Call your credit card company and ask for a rate reduction. Take each of your credit cards that are carrying a balance, flip them over, and call the number on the back. Tell them that you want an interest rate reduction or you'll take your business elsewhere. If the first person you talk to won't do it, ask to talk to a supervisor. If you have a $5,000 balance, even a 3% rate reduction saves you $150 a year.
Other:
  • Keep a running total as you cut things down. Keep track of how much you're saving per month. If you cut out Netflix, you might be saving $20 a month. If you remove the text messages, that might be another $10. Installing a whole bunch of energy efficient light bulbs instead of incandescent bulbs might save another $10, as might a programmable thermostat. The gym membership that you don't use might save another $30. Instituting a "family night" where you cook something at home and play board games instead of eating out might save another $30 a month. These trimmings can really add up to a lot, so keep jotting them down as you do them. It's great motivation!
Back to Index of Articles