The Top 30 Ways to Save Money in a Down Economy
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Economic downturns are never much fun, but as Adam Smith observed centuries ago, these cycles of paucity and plenty are a fact of life. Although none of us can say for sure when this latest slump will reverse, there are at least sure ways of saving your money in the meantime. Here are some penny-preserving techniques tailored to our 21st-century lives:
1. Plenty of people are in the habit of cutting out paper coupons, but even though many of us do some of our shopping on the Internet now, not as many of us seem to have learned to coupon-hunt on the Internet. Sites such as CouponCabin.com, CouponMountain.com, and DealofDay.com list thousands of current offers at merchants across the Net.
2. Use price-comparison websites such as Shopping.com, Pricegrabber.com, Google Product Search, and mySimon.com to find the best online deals.
3. When you’re at a brick-and-mortar store, send a text message to 46645 (Google’s text number) and enter the letter “f” and then the name of the product you’re considering. Google will reply with a text quoting the online prices. To compare prices at stores in your area, visit ShopLocal.com.
4. If you don’t already belong to one, consider joining a warehouse club such as Costco or Sam’s and buying things in bulk. This can be especially helpful if you have a sizable family.
5. Buy generic instead of brand-name products. A lot of the difference is usually in the marketing hype and not the product itself, anyway.
6. Withdraw your cash from surcharge-free ATMs, which can be located on AllpointNetwork.com and MoneyPass.com.
7. Buy locally-raised food at farmer’s markets or stores that sell local produce and meats. Prices there are usually lower because the food doesn’t have to be transported far.
8. Shop at dollar stores. You should have an easy time finding them since they’ve been popping up all over the place in the recent past.
9. Buy discount prescription drugs from online pharmacies. You’ll often end up paying well under half as much for the generic medications available at these discount prescription drug stores than you would for the same brand-name medications at brick-and-mortar pharmacies.
10. If your vehicle is seven years old or older and/or worth $2,500 or less, consider dropping comprehensive and collision from your insurance. Your deductible may be nearing the worth of your vehicle anyway, in which case a major collision would send your car to the junk yard and you to the dealership.
11. Keep cell-phone expenses under control. Kids today love to text message, so save yourself from unexpected high bills by paying the flat monthly fee for unlimited text messaging.
12. Use online classifieds to buy used items. Sites like CraigsList.org and Kijiji.com are superb resources for finding everything you need, from used furniture to baby gear. By buying from locals, you can save on shipping costs too.
13. Go to matinees. Matinee showings are frequently more reasonably-priced than peak-time showings.
14. Install Power Planners (see www.energycsi.com/energysmart) to lower the electricity consumption of your electrical appliances.
15. For your next date, have a romantic picnic instead of going to a pricy restaurant. Pack a blanket and a cooler full of your favorite foods and you’ve got yourself a low-cost rendezvous. Spice it up a little with a bottle of vino.
16. Instead of paying for software, look for (legal) free software from places like Download.com and SourceForge.net. Depending on how you use a given type of application, the free alternatives will often be just as good as the paid versions.
17. If anyone in your house is a student, pick up the Student Price Card from SPCLive.com. It’s only $8.50 and it will get the holder 10% to 15% off in scores of participating stores.
18. Control your thermostat. Using a programmable thermostat to adjust the temperature will reduce energy usage when you’re sleeping and away from the house. Prices range from $30 to $120, but you’ll cut your bill by 10% to 20%.
19. Consider quitting your health club. More economical options might include a gym at your work, in your building or community, or at a nearby parks and recreation center.
20. Cut your water bill by installing low-flow showerheads and $1 toilet displacement bags.
21. When you eat out, choose waiter-less restaurants where you order at the register and pick up your own food. You’ll avoid having to pay a tip, and these types of restaurants often have more reasonable prices as well.
22. Buy used books. Major online book dealers offer a “buy it used” option, where you can often find books in like-new condition at substantial discounts.
23. Have a friend or family member cut your hair. This works best for men and boys who like to keep their hair short and uninvolved, because someone without experience can do as good a job as a barber using a set of clippers. Professional clippers are sold in department stores for less than the cost of some high-end haircuts.
24. Swap babysitting responsibilities with other families. Instead of paying a teenager to do homework, send your children to the neighbors on your nights out and take their kids into your house for a few hours when they need some couple-time alone.
25. Replace your incandescent light bulbs with CFLs (compact fluorescent light bulbs). They use about 1/4 as much electricity, last about 10 times longer, and can now often be found on sale for about $1 each if you shop around.
26. Use personal-management software like Quicken or the free software at Rudder.com.
27. Exchange one-time-use items (such as books) with friends once you’re finished using them. If you each have things you’ll never use again but that the other wants, you can save yourselves the expense of buying them new.
28. Use public transport or a bike to get to work, if feasible.
29. When you need to upgrade your digital gadgets, trade the old ones in for cash at sites like Gazelle.com and CellforCash.com.
30. Don’t shop for food when you’re hungry. If you do, you’re liable to purchase more than you actually need.
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