TWENTY-FIVE WAYS TO SAVE

Twenty-five ways to build your savings account and increase your net-worth.

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Many articles have been written on how to save and invest but few point out how easy it is to reduce spending to increase your net-worth.  Listed below are some ideas on how to get started.  Keep in mind that if you can reduce spending by $10 per day, you could put $300 more per month in your savings account, money market or Certificate of Deposit.

1. Drinking some fancy coffee today?  If so you are spending $2.50 to $5.00 per day.  Try cutting back, making your own or buying your coffee at McDonalds.  Don’t forget to ask for the senior rate if you qualify.  It will cost less than a buck and tastes pretty darn good.  
2. Are you going out to lunch everyday?  Try brown bagging it a couple of days a week.  Many excellent entrees are available in the frozen food department and every company has a microwave these days.  Savings of $10 per day. 
3. Stop eating out every night.  Yes it fun and there are no dishes to clean up, but you are spending a lot of money.  There is also the added benefit of consuming less calories and eating healthier.  Potential savings could average $10 to $100 per day.  
4. Smoking?  Quit and save a bundle in cash.  In many places they cost over $5 per pack and stopping it will improve your health. 
5. Home phone service?  If you are still connected to a landline then learn what your options are.  Vonage is available with unlimited nationwide calling for $25 per month.  Lower usage plans cost less.  Consider dropping the landline altogether and just using your cell phone.  This could easily add up to $1 a day. 
6. Cell phone cost going up?  Some of the bills are sprouting like trees.  Try some pruning.  Do you really need that unlimited broadband service connection?  Can your Facebook buddies wait until you get to the house before you respond? 
7. Seeing the Doctor: Ask for samples of prescription drugs to help supplement the cost for the drugs.  Always ask for generics when available.  Huge savings available in buying generics.  While at the Dermatologist, ask for some of the sample face creams and sunblock creams.  I always come away with 3-4 tubes.  Good stuff too! 
8. Go to the local farmers market and buy the day old packages of fruit and vegetables.  Often you can get almost a dozen peaches for a $1.25 or a package of 4 ripe tomatoes for $1.89.  Eat fresh and enjoy.  
9. Pay your bills online.  You save postage at 44 cents per envelope and it’s quick and easy.  Save trips to bank to make deposits and withdrawals. Initiate automatic deposits for money coming in and automatic payments for monthly vendors. 
10. Wash you own car – have fun with the kids and knock it out in 15 minutes.  You’ll save $15 bucks or more. 
11. Drop the cable, Dish or Directv connection.  Many of you located near a major metropolitan area can get HDTV over the air.  The antenna can be purchase at Wal-Mart, Target or Radio Shack for about $30.  In case you haven’t bought the 60” hang-on-the-wall big screen yet, you can still use the analog set with a converter box that picks up all the stations just fine.  Savings could be as much as $100 per month. 
12. Save big money on groceries by shopping at Wal-Mart and Aldi’s.  Typically, for larger families this could knock 30% off your weekly food bill. 
13. Have you tried a pair of Jeans from Sam’s or Costco?  You can’t beat them for $12-$13 bucks! 
14. Toothpaste tube – my wife loves this one.  When we get down to the end of toothpaste I will cut off the top and scoop out the remaining ingredients to make it last another day or two.  Every little bit helps.  (This is all behind closed doors and nobody needs to know). 
15. Check around when shipping boxes through UPS.  I found that some of the independent operators charge a lot more than the guys at Staples offering the same service.  In one case it was over $20 dollars higher. 
16. Shop around when buying anything.  I recently found an online tire service with the tire I wanted on sale.  I took the ad to Discount Tire and they honored the price that was $70 less.  That was a savings of $280 for me that day.  It never hurts to ask.  Questions like are they on sale?  Will they be on sale soon?  Are there coupons or rebate programs I should be aware of? 
17. Credit card rebate programs:  An entire article can be written on this topic but be aware that not all rebate programs are created equally.  One I use frequently because I travel by car and with my motor home is a gasoline rebate program.  The best I’ve found is 5% rebate on gasoline purchases and the credit is applied to purchases in the next billing cycle.  It’s typically $15-$30 per month in savings. 
18. Buying used:  I shop Craigslist, EBay and yard sales.  It’s fun and I often come back with the equipment I need and had a good experience.  
19. Movie theatre prices are discounted in the afternoon.  You might bring along a few munchies in your pocket. This helps to reduce the cost of the family’s entertainment. 
20. Leftovers at mealtime-How many of you are throwing everything away after the nightly dinner?  Huge waste.  These yummy leftovers can be lunch or a snack for someone tomorrow.  Don’t dump it – store it.  
21. Water bottles: Duh…. buy a refillable water bottle and never spend a dime on water again.  This has the additional benefit of reducing the huge amount of plastic being sent to our landfills. 
22. Plant a garden for fruit and vegetables.  It’s easy, good exercise and delightful when the crop comes in.  It’s simple to grow tomatoes, squash, blueberries, cantaloupe and many others and it more than pays for itself in production. 
23. Insulate your home from the heat and cold to save on your gas, electric and heating oil bill.  Last November I rolled out 37 rolls of R-30 in the attic.  It took me three days but it has been worth it.  My heating bill was noticeably lower and the cooling bill this summer has gone down as well.  This should be good for at least a $1 per day.  
24. Watch for an opportunity to switch into a more economical car.  There is a major difference in driving a car that gets 33 mpg vs. the SUV that maybe gets 14mpg.  That can mean $30 or more per fill up. 
25. Turn off the lights.   When moving through the house turn off all the powered equipment left on.  TV’s, radios, fans, lights, etc.  Install CFL bulbs inside and outside.  

Saving $300 per month compounded monthly at 2% can add up to almost $19,000 in 5 years and it all starts by reducing spending by $10 per day.

To check on the today’s savings and money market rates please go to BestCdRates.com.