Lots of people are criminally squandering their hard earned money on a daily basis – myself included. We all know that scrimping and saving is a pain and too dull for words but the fact is that making a few tiny changes to the way we shop, save and invest could mean the difference between ending our days in a mansion or an old peoples home.
Luckily, you don’t need a financial adviser to patronize you or guilt you into doing something about it; we’ll be running a series of articles on money-saving ideas, investment tips, mortgage advice and all the economic advice you need to get your money matters in order. Subscribe now and we’ll teach you the lingo, give you some tips on haggling for a cheaper price and, today, we’ll give you 10 quick and easy ways to make annual savings that will add up to quite a substantial chunk of change. Enjoy.
- Make your lunch
It’s so easy I’m surprised more people don’t do it. If an average sandwich is $5 a pop and you buy one each day you’re at work, then over a year it’s going to cost you about $1,200 (assuming you have 28 days holiday which is more than most people will get). Get into the habit of rustling up your own food and you can easily pocket half of that cash, using the other half to bulk buy your groceries at the supermarket.
- Reduce your car insurance
You know those Geico ads saying “15 minutes could save you 15% or more”? Well, they are not wrong. Getting a great auto insurance rate is not that hard – you just have to shop around a bit. There are online tools like Insurance Rate Auto that make comparison shopping among insurance companies quick and easy. Another great service is Really Cheap Car Insurance which lives up to its name by connecting you with discount car insurance carriers in your area. You would be amazed at the rate differences between two insurance companies for the exact same auto policy. Spending just a few minutes shopping around could save you hundreds of dollars a year – time well spent.
- Downgrade your brand purchases
Going for the cheapest beans in the store is a bit over the top (especially since they probably taste horrible). Drop a brand level on everything you can and the overall price drops by roughly 30%. Often you’re only paying for the branded packaging anyway.
- Align your eyes to belly ratio
Americans actually waste about 40% of food produced for consumption. According to Wasted Food, that amounts to an annual cost of over $100 billion. Buy only what you need for the week and avoid stocking up with food which could spoil quickly. If you run out of food mid-week it’s no big deal to make a second trip to the supermarket.
- Reduce your heating bill
By turning the temperature down in your house by just one degree you can save almost 10% on your heating bill. Also, you’ll prevent about 240kg of carbon dioxide being released into the atmosphere. Cheaper, and greener too.
- Enjoy happy hour
If you like a beer with your buddies in the evening, consider going at less popular times of the day. Many bars offer happy hour deals when it’s quiet which can often see you save up to 50% of the cost. You can’t complain at getting more beer for less. Aside from cheaper beers, going out at less popular times of the day has a lot of advantages. For instance, you and your buddies can play the poker or slot machines without waiting for your turn since you probably have the place to yourselves.
- Be a late adopter
I know it’s tough to wait until the buzz surrounding the new mobile phone or games console has died down – especially if you’re a techno-geek – but if you can hold back from buying until at least six months after the new technology is launched you could save up to 50%. Let other obsessed geeks drive the price down for you.
- Give alternative gifts
People always say “it’s the thought that counts” when you’re giving and receiving gifts. You can put this to the test by offering alternative gifts. You could offer your dad a weekend of gardening to save him mowing the lawn and cleaning out the fish pond or give your girlfriend a booklet of massage vouchers to redeem whenever she likes. They’ll love your thoughtfulness and you get to pocket the cash you would have otherwise spent.
- Have a house-swap holiday
Instead of shelling out on an all-inclusive deal to Jamaica this year, you could have a house swap holiday instead. Who knows, maybe you’ll bump into Cameron Diaz and she’ll take a shine to you. Give it a go at HomeLink.
- Shop smarter
You can save up to 60% on clothes prices by visiting designer outlet stores, as they sell nothing but excess stock, special buys and end of season merchandise from some of the biggest names in fashion. I got some Diesel jeans for $30. Bargain!
If you’ve got any other simple and easy ways to save money then please feel free to add your thoughts in the comments. We could all use as many tips and as much advice as possible. Also, if you’re a financial blogger, professional, or just someone who is financially savvy, contact us now to discuss writing some money related guest articles for Just A Guy Thing.
Photo credit: vynsia
March 10th, 2008 at 10:23 am
I picked up a very nice leather jacket at Goodwill for $15 (CDN).
There’s definitely some nice stuff there that’s hard to find other places.
March 10th, 2008 at 10:33 am
11. Create a budget.
March 10th, 2008 at 12:00 pm
My tip to save money is to take advantage of the Internet.
* If you’re going to purchase a slightly more expensive item, always check the price using a price comparison site.
* Before you make the purchase search for free vouchers/coupons using Google.
* Sign-up with cashback sites.
* Special online deals; most utility-, insurance, and banks offer special deals if you sign up and manage your account online.
As an example, last year I got:
10% discount when buying my laptop from DELL
15% discount on ALL my grocery (yes, I purchase everything online)
20% discount on clothing
March 10th, 2008 at 12:08 pm
Avoid expensive “gourmet” coffee in the morning. I laugh at people who go to Starbucks and spend $6 on a cup of coffee. I either make my own coffee or stop by a smaller place and pick it up for $2.50. With the money I’ve saved I was able to purchase a nice expresso machine and afford the good beans. Paying for Starbucks is buying into a ‘lifestyle brand’ and, frankly, it’s a waste of money.
March 10th, 2008 at 12:54 pm
Use online coupon codes:
http://www.retailmenot.com
It only takes a few second and you can get free shipping, 10% off, etc at a lot of places.
March 10th, 2008 at 1:06 pm
In response to your article “Simple (And Easy) Money Saving Tips For Frugal Living” I want to share my experience with eliminating unnecessary power consumption in my home without changing my QOL (quality of life).
My power cost is .10/kwh.
- Unplugged 5 unused 4watt AC power adapters saves $17/hr
- Unplugged 1 unused laptop 135watt power brick saves $118/hr
- Turn off 2 computers when not in use 300watt each @2hr usage/day saves $482/yr
- Changed 12 4watt nightlights (which continuously burn) to .3watt LED saves $36/yr.
- Changed 37 100watt incandescent bulbs with 20watt fluorescent saves $432/yr @4hr/day
The above saves me $1,085/yr.
Since I pay .30 on the dollar in income taxes to earn the money to pay for the wasted power, then my earned savings is actually $1,410.
This didn’t change my QOL and it nets me a little investment money which could roll into another subject when you consider your return if you invest your savings.
Start unplugging!
Dave Pettigrew
March 10th, 2008 at 1:35 pm
buy all your cosmetics/batteries from ebay, you’ll be suprised what you can get at what prices. I got 6 bottles of listerine for ?10 noramlly it would cost me ?18.
Don’t go mad though, only buy what you use a lot of anyway.
March 10th, 2008 at 2:02 pm
I tried that Holiday Exchange site and there isn’t many for Great Britain :S Is that the most popular site for exchanges? I usually use exchangeholidayhomes.com for my swap.
March 10th, 2008 at 3:24 pm
Excellent list! If more people would follow them, perhaps the economy would be in better shape.
March 10th, 2008 at 3:49 pm
#1 will also help you keep thinner and healthier, as long as you pack fresh foods. I made committment last year to packing a lunch every day for 3 months, without exception. I saved hundereds of dollars and lost 15 lbs! Not bad!
March 10th, 2008 at 6:19 pm
Use StationRipper ( http://www.stationripper ) to record music instead of using P2P or iTunes. StationRipper is a free, LEGAL way to download music (at least in the US)
March 10th, 2008 at 6:42 pm
Great suggestions. However for number nine (drive better) the efficient speed of 45-50 MPH would have been valid a couple of decades ago. Most of today’s vehicles reach peak MPG efficiency at 65-70 MPH.
March 10th, 2008 at 6:44 pm
The best #1 thing you can do is to track your spending. Nothing will piss you off like remembering a $20 Mexican dinner that took you $3.00 in gas to go to. Quicken, Money, GNU Cash, programs like this will help you keep an eye on your money. BE STINGY. Its the new Patriotism.
March 10th, 2008 at 9:18 pm
Sell you car. You will save between $5,000 and $8,000 a year.
And you will not be stranded. In fact, there is a whole movement of people who have rid themselves of car ownership. Check it out.
http://carfreeusa.blogspot.com
March 10th, 2008 at 9:41 pm
actually 45-55 mph is still approximately the most efficient speed for cars these days. Speed limits have increased to 65-70 mph, but not efficiency. Easy test is for those who have digital instantaneous mpg readouts, give it a try.
I personally get 35 mpg at those speeds, whereas at 70mph i get around 24 mpg
March 10th, 2008 at 9:57 pm
Avoid eating eating out as much as possible.
Hang dry your clothes instead of using the dryer.
March 10th, 2008 at 11:17 pm
frugalism… will be the death of innovation!
While i agree with conserving the earths natural resources. Thats where it should end.
I dont much take after people who “lurk” and let others take the plunge first etc.. these are the ones that develop the habit of becoming hoarders, pile ons and exhibit general parasitic behavior patterns later on in life.
Frugalism and Oppulence are two evils … If you can find the inbetween thats where nirvana is
March 11th, 2008 at 3:04 am
Sell junk you don’t need on eBay, unplug all unnecessary power consuming electronics to save electricity in your house, just be extra efficient with your spending.
March 11th, 2008 at 8:18 am
Stay away from anything that is addictive. Drink too much? It gets expensive to go out every week. Smoke? That will cost you at least $180 a month. Addiction costs not only money but also possibly your health.
March 11th, 2008 at 8:56 am
Dont go to the mall because it’s temptation to spend some more.. Thanks for this informative post.
March 11th, 2008 at 2:41 pm
Great article. thanks..good advice.
March 12th, 2008 at 6:36 pm
Don’t pay for things you can get for free. I just did my taxes using a free download of TaxCut software from download.com. It does everything you need and if you mail it in, it is absolutely free!
March 12th, 2008 at 9:02 pm
Someone mentioned it already, but buying groceries online is a great way to save. It prevents impulse buying, saves you time and gas, and most places that I’ve seen will even deliver for free if you spend over $100.
Also, if you smoke try rolling your own. You can get a machine that fills empty filtered tubes for less than $20, and per carton for the tobacco and empty tubes you can get away with spending just $14 (including shipping.) I recently started doing this, and as a heavy smoker I was spending about $220/month on cigarettes and now I’m down to about $40/month.
Stop using foreign ATMs. If your back applies an additional fee for using a foreign ATM chances are you’re losing on average $3.50-$4.00 for every withdrawal. Get an online account with Charles Schwabb and they’ll refund all of your ATM fees.
March 14th, 2008 at 7:38 pm
Quit smoking! I did several years ago and calculated my unhealthy habit was costing me over 200 bucks a month.
March 18th, 2008 at 4:42 am
Buy only what you need within your means.
March 20th, 2008 at 4:49 pm
great blog, very interesting information.
April 9th, 2008 at 1:22 am
I really enjoyed this post and the comments. We all can tighten up with a little effort. Great ideas! I’m saving on del.icio.us and will link you in a later blog post.
April 9th, 2008 at 3:55 pm
Sometimes it’s difficult for a guy to be frugal because our pathetic egos get in the way. HOWEVER – one thing you should do (if you live in the UK) is get a Tesco Clubcard. With a bit of work my wife got us a FREE holiday just by doing our shopping at Tesco and using their vouchers.
April 19th, 2008 at 4:12 am
Just stumbled on your site and I have really enjoyed reading back through your archives. I’m all subscribed and look forward to future posts.
I second the “make your lunch” idea – I also wonder why more people don’t do this, particularly when the prices of meals out are skyrocketing. Even cheap fast food is much more expensive than packing a meal from home.
May 15th, 2008 at 4:00 pm
I’ve thought of a new way to save more money at the grocery store. Before when I would find a coupon online, I would print it and use it. Recently the bright idea of printing the coupons and then copying them came to mind. Most websites with grocery coupons will only let you print them once and then you’ll have to wait until they say you can print again. Well now, I print the coupons and make a couple of copies for the next time I need them and keep them till they expired. I make copies of the coupons for things I buy everytime I go to the grocery store and that way I can compound my savings. Last week I saved $18 dollars off my grocery bill. Not much but I’d much rather have that money in my pocket than in Wal-mart’s.
Check my blog for more tips at
http://www.savethatmoney.blogspot.com
August 1st, 2008 at 4:20 am
12. Use special personal finance program.
August 6th, 2008 at 11:27 pm
I have recently adopted #5. Some restaurants have awesome happy hour deals, and you can get good food for super cheap! I have a site that can be helpful, its http://www.dentalpricecompare.com . Helps save money on dental by showing what the average price is for dental procedures based on your location. Might help next time u go to the dentist
November 3rd, 2008 at 3:49 pm
Here is a great article about how to save money while on a date. Check it out:
http://www.collegecandy.com/sex/13255#more-13255
January 2nd, 2009 at 5:57 am
Scrub your veggies well. Then put the carrot peels, onion ends, celery ends and leaves etc. in a container and freeze. When you have enough, use these bits and pieces to make a vegetable broth. I make my broth in my solar oven. The peels and ends would have been thrown out and the solar oven doesn’t cost anything to use, so it’s free. Once cooled, freeze in ice cube trays then store in a freezer bag. To use, pull out a few cubes of the veggie broth to flavor your rice and bean dishes (cooked in your solar oven).
Start a second conatainer for leftover bits and pieces of meat and veggies. Use them to make casseroles. Keep stronly seasoned separate or the results could be interesting.
Save stale (not moldy) bread in a bag in the freezer. To make breadcrumbs for casseroles, meatloaf, fried chicken, eggplant etc., place the bread on a baking sheet in a warm oven until dry. (Do this after you used the oven for something else. Just turn off the heat and put the bread in the oven and close the door.)When the bread is dry, put in a food processor or in the freezer bag and roll with a rolling pin to make the crumbs. Store in the freezer.
April 11th, 2009 at 5:07 pm
I quite like the house swapping idea, we actually have a few friends that live right next door to the Grand Prix location here in Melbourne & they’re able to rent out their house every year for a weekend which pays for them to go away somewhere exotic
May 31st, 2009 at 1:36 am
I do my car wash and oil change at home. I also use more coupons. and it’s not just every day coupons but also drug coupons to use at the pharmacies. One site that I use to get these drug coupons is http://www.drugzoo.com.
July 26th, 2009 at 1:44 am
I’m just having only 1 point
” Self-Sustaining Economy “!
August 14th, 2009 at 5:08 am
I love the turning the heating down by 1 degree idea – I also do this but turn it down by 2 degrees and wear one of my own Thermal Tops, they keep me really warm when sitting at my computer for ages!
October 9th, 2009 at 9:05 pm
Hi, I can?t understand how to add your site in my rss reader. Can you Help me, please
October 10th, 2009 at 9:40 pm
The RSS feed is located at: http://feeds2.feedburner.com/justaguything. Just add that to your feedreader and it should work. Cheers!