101 Ways to Save Money

101 Ways to Save Money

Below are 101 common sense ways to save money. In all likelihood, some of them won't apply to your situation. However, taking advantage of the tips you can will save you money in the long run.

Set your thermostat to 64 and turn it down to 60 at night.
Use the phone book instead of directory assistance.
Use coupons at the grocery store.
Carpool.
Ask for generic prescriptions instead of brand name.
Do your own nails.
Rent out a room or garage.
Replace 100-watt bulbs with 60-watt bulbs.
Make long distance calls at night and on weekends, instead of mid-day, mid-week.
Throw pocket change in a jar and take it to the bank when it’s full.
Always grocery shop with a list and stick to it.
Buy spare parts for your car at the junkyard.
Go to museums on free days.
Quit smoking.
Get hand-me-down clothes and toys for your kids from family and friends.
Meet friends for coffee instead of dinner.
Request to get interest on the security deposit for your apartment.
Take a five-minute shower.
Brown bag your lunch.
Make your own baby food.
Use public transportation.
Drop duplicate medical insurance.
Buy old furniture at yard sales and refinish it yourself.
Apply for scholarships and financial aid.
Exercise for free - walk, jog, bike, or get exercise videos from the library.
Form a baby-sitting cooperative with friends and neighbors.
Form a dog-sitting cooperative with friends and neighbors.
Buy your clothes off season.
Go to a matinee.
Share housing with a friend or family member.
Hang clothes out to dry.
Do not use your calling card.
Volunteer two hours a month for reduced cost food through the Share Program (varies per state, main northeastern site at
Change the oil in your car yourself regularly.
Get pre-approval from your medical insurance company before undergoing any procedures or tests.
Buy “no frills” vitamins.
Take a date for a walk along the beach or in the woods.
Make cards and gifts for friends.
Shop in thrift stores.
Have the water company do an audit so you are not charged sewage fees for water used in your garden.
Refinance your mortgage.
Grocery shop on double coupon days.
Trade down your car for a less expensive, lower maintenance one.
Convert your cash value life insurance to term.
Shop around for eyeglasses.
Don’t be shy about pulling something you like out of the trash.
Recycle.
Move to a less expensive place to live.
Use low flush toilets or water saving devices in the tank.
Drop unneeded telephone services like call forwarding or caller ID.
Buy fruits and vegetables in season.
Avoid using your ATM card at machines that charge a fee.
Bicycle to work.
Shop around for auto insurance discounts for multiple drivers, seniors, good driving records, etc.
Ask your doctor for samples of prescriptions.
Borrow a dress for a big night out, or go to a consignment shop.
When you buy a home, negotiate the sales price and closing costs.
Turn the hot water heater down and wrap it with insulation.
Never grocery shop hungry.
If your income is low, file for Earned Income Credit on your taxes.
Shop around for prescriptions including mail order companies (contact your employee assistance program for referrals, or call AARP at 800-456-2277).
If you pay for childcare, make use of the dependent care tax credit or your employer’s dependent care flexible spending account.
Buy, sell, and trade clothes at consignment shops.
Shop around for the lowest banking fees.
Caulk windows and doors.
Iron your own shirts.
Plan your weekly food menu before shopping.
Buy a good used car instead of a new model car.
Purchase all of your insurance from the same company to get a discount.
Cut your cable television down to basic.
Go to an optometrist for routine vision tests or to change an eyeglass prescription.
Buy pre-owned toys and children’s books at garage sales.
Have potluck dinners with friends and family instead of going out.
Use the library for books, videotapes, and music.
Inspect clothing carefully before purchasing it.
Don’t use your dishwasher dry cycle; open the door and let them air dry all night.
At the grocery store, comparison shop by looking at the unit price.
Make your own coffee.
Use old newspapers for cat litter.
Shop at discount clothing stores.
Skip annual full mouth X-rays unless there is a problem; the American Dental Association (ADA) recommends X-rays every 3 years.
Water your garden early in the morning.
Shop around for long distance rates.
Hand wash instead of dry cleaning.
Grow your own vegetables and herbs.
Shop around for auto financing.
Donate time instead of money to religious organizations and charities.
If you are leaving a room for more than five minutes, turn off the light.
Shop at auctions or pawnshops for jewelry and antiques.
Keep your car properly tuned to cut down on gas usage.
Request lower interest rates from your creditors.
Trade in old books, records, and CDs at book and record exchanges.
Pay bills the day they arrive; many credit card companies charge interest based on your average daily balance.
Buy software at computer fairs.
Search the internet for freebies.
Compost to make your own fertilizer.
If your car has very little value, you probably only need liability insurance.
Cut the kids hair yourself.
Increase your insurance deductible.
Buy in bulk at food warehouses.
If your income is low, contact utility companies about reduced rates.

Source: Balance Financial Fitness Program. (n.d.). 101 ways to save money.

A PLAN for Change: How to Withstand the Financial Storm

Wouldn't it be nice to adapt to change easily and gracefully? To offset the wallet-shock an unexpected life change can bring? You can. Whether you have one year or one week to adjust to such monetary upheavals as marriage, divorce, a growing family, or military deployment, you can sail through financial foul weather - as long as you PLAN for it.

Prepare: This first step will help you understand how much money you have to work with. It is vital to putting together a practical strategy for the future. If you don't already have your financial documents in one place, it may require a little hunting and gathering (and once you do, keep them accessible, be it on your computer or in a folder in a corner of the kitchen. Be and remain organized for the next inevitable change). You will need recent bank and credit card statements for account balances, current loan papers, pay stubs with income, tax, and deduction information, and your checkbook register for household bill information.

Have it all together? Good. Now carefully examine and notate your current income, expenses, assets and liabilities. You will need all this data for the next step in your PLAN…

Learn: Ignorance is not bliss! Learn how this event will alter the way you currently spend and save. If there will be additional or increased expenses, you will need to be acutely aware of their type and cost. More gas for a longer commute? Diapers or daycare for a baby? The last thing you want is to be hit with a big, unexpected expenditure after you worked out a feasible money management plan.

To know how the change will affect the numbers in your financial picture, you may need to conduct some research. Thankfully, there is an abundance of free to cheap (yet high-quality) information available. Websites, books, magazines, friends and family members who have experienced what you are about to go through are all useful sources to tap. Contact your financial institution for ideas and options. If you are in the military and are facing deployment, be sure to investigate the plethora of programs that are specific to your needs and situation.

Often a life change will inspire new goals. You may want to start an educational IRA to fund your child's college tuition, or save for a down payment on a home. Take the time to assess long-term objectives and figure out how much it will take to achieve them. They too will have to be factored in to your newfangled budget.

Act: Now you need to put your PLAN into action. Because you have completed the first two steps, you should have everything necessary to smoothly transition from old to new. Plug the revised numbers into your budget. Are you over or under? You may have to modify spending habits, reduce expenses, or even sell assets to meet the needs of the pending change in circumstance. Other action items may include opening a savings or investment account, adjusting tax deductions or exemptions, obtaining or modifying insurance coverage, or meeting with a financial professional for long-term planning.

Resist inertia - sitting around hoping things get done is tempting but self-destructive. All the knowledge and assistance in the world won't help if you don't do what you need to do.

Network: Finally, reach out and connect with those who are, or have been, in the same position as you will be. The impending financial predicament may be new to you, but there are scores of people out there who have weathered the storm and come out dry. They can provide you with not just information, tools, and ideas, but also the support you need to be successful with even the most challenging of changes. Ask people in your familial and social circle for suggestions and connections, contact your employee assistance program for free programs and services, log onto online forums and chat rooms. You may be surprised by how enthusiastic others are to share their wisdom and encouragement.

Remember, change isn't a matter of if - it's when and how. Think of it as an opportunity to grow and be self-sufficient under even the most daunting of financial conditions. You can do it. It just takes a good PLAN.

Source: Balance Financial Fitness Program. (n.d.). A plan for change: How to withstand the financial storm of the horizon. Retrieved March 21, 2005, from

Ways to Save Money on Banking and Credit

Checking

You can save more than $100 a year in fees by selecting a checking account with a low (or no) minimum balance requirement that you can, and do, meet. Request a list of these and other fees (including ATM and debit card fees) that are charged on these accounts.
Banking institutions often will drop or lower checking fees if paychecks are directly deposited by your employer. Direct deposit offers the additional advantages of convenience, security, and immediate access to your money.

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Savings and Investment Products

Before opening a savings or investment account with a bank or other financial institution, find out whether the account is insured by the federal government (FDIC or NCUA). An increasing number of products offered by these institutions, including mutual stock funds and annuities, are not insured.
To earn the highest return on savings (annual percentage yield) with little or no risk, consider certificates of deposit (CDs) or U.S. Savings Bonds (Series I or EE).
Once you select a type of savings or investment product, compare rates and fees offered by different institutions. These rates can vary a lot and, over time, can significantly affect interest earnings.

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Credit Cards

You can save as much as a thousand dollars or more each year in lower credit card interest charges by paying off your entire bill each month or by using a check, cash or debit card for purchases.
If you are unable to pay off a large balance, pay as much as you can and switch to a credit card with a low annual percentage rate (APR). You can obtain listings of low-rate credit cards through or (click on credit cards), which provide information at no charge to consumers.
You can reduce credit card fees, which may add up to well over $100 a year, by getting rid of all but one or two cards, and by avoiding annual, late payment, and over-the-credit limit fees.

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Auto Loans

If you have significant savings earning a low interest rate, consider making a large down payment or even paying for the car in cash. This could save you as much as several thousand dollars in finance charges.
You can save as much as hundreds of dollars in finance charges by shopping for the cheapest loan. Contact several banks, your credit union, and the auto manufacturer's own finance company.

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Mortgage

Although your monthly payment may be higher, you can save tens of thousands of dollars in interest charges by shopping for the shortest-term mortgage you can afford. On a $100,000 fixed-rate loan at 7% annual percentage rate (APR), for example, you will pay over $75,000 less in interest on a 15-year mortgage than on a 30-year mortgage.
You can save thousands of dollars in interest charges by shopping for the lowest-rate mortgage with the fewest points. On a 15-year $100,000 fixed-rate mortgage, just lowering the APR from 7% to 6.5% can save you more than $5,000 in interest charges, and paying two points instead of three would save you an additional $1,000.
If your local newspaper does not periodically run mortgage rate surveys, call at least six lenders for information about their rates (APRs), points, and fees. You may also check for mortgage information in your area. Then ask an accountant to compute precisely how much each mortgage option will cost and its tax implications.
Be aware that the interest rate on most adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month.

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Mortgage Refinancing

Consider refinancing your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for several years or more. Ask an accountant to calculate precisely how much your new mortgage (including points, fees and closing costs) will cost and whether, in the long run, it will cost less than your current mortgage.

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Home Equity Loans

Be cautious in taking out home equity loans. The loans reduce or may even eliminate the equity that you have built up in your home. Equity is the cash you would have if you sold your house and paid off your mortgage loans. If you are unable to make payments, you could lose your home.
Compare home equity loans offered by at least four reputable lending institutions. Consider the interest rate on the loan and the annual percentage rate (APR), which includes other costs, such as origination fees, discount points, mortgage insurance and other fees. Ask if the rate changes, and if so, how it is calculated and how frequently, as this will affect the amount of your monthly payments.

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Disclaimer: This document is intended for general information only. It does not provide the reader with specific direction, advice or recommendations. You may wish to contact an appropriate professional for questions concerning your particular situation.

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