You can save some money every day, without restricting yourself too much. How? Here come 10 easy hints, plus a special tip to help you save more money.
Prepare a shopping list and stick to it. Since goods come in a variety of sizes, look for the price per ounce or pint. Have you ever noticed that the cheapest stock is always stored out of sight (either the top or the bottom of the shelf)? The most expensive goods, on the other hand, are so easy to reach -- and usually appear right before your eyes.
In case you're not a professional taster, the difference between a $9 and $30 bottle of wine is $21. On the other hand, don't buy something only because it is cheap: Stick to your shipping list!
Is bottled water really necessary? Filtering your tap water works just as well. Just think of all the plastic bottles you leave behind!
Do you need a shot of caffeine every morning? Most people do. But doesn't the need to pay for your coffee every morning annoy you? Switch to a home-made cup of coffee -- invest in a coffee pot.
Light snacks keep us all going between breakfast and lunch time. A chocolate bar might be tasty, but eating one every day is not good for your health and wallet. Try fruits and veggies instead. Who knows, you might even get slimmer.
A movie night at the cinema for a couple can be as much as $30, if you include popcorn and babysitter. If you don't mind staying at home, switching to Netflix for $9 (unlimited viewing) is a much cheaper alternative.
On the other hand, do you really watch all the channels you pay for every month? Have a look at what you are actually paying for and get rid of all those channels you have no use for.
Do you still buy new CDs? Try iTunes or Amazon and download only those songs you really enjoy listening to. The cost is 99 cents or less per song.
As possessing a cell phone is a necessity for most people, cell phone bills could become a burden just like any other bill. Why don't you compare billing and pay as you go plans from different providers in your area -- forget loyalty, this is your money we're talking about. Also use text instead of calls as much as you can.
Have you heard of rolling tobacco? If you don't plan on quitting smoking for good, rolling tobacco might be just what you need to decrease the cost of your habit. Switching to rolling tobacco saves you plenty of money (up to 50%), since you tend to use less tobacco per cigarette. Give it a try!
Although giving up your car altogether might not be an option for you, there are ways to save. Because the cost of petrol differs significantly, you should look up the prices of petrol online before you make the purchase. What you save might not be a lot the first time, but over the years it is worth it.
Having a credit card can be a real advantage in unforeseen situations when you are short on cash. On the other hand, that tiny bit of plastic can really make your life costly and difficult when you are unable to repay it on time. Most people keep using their credit cards only out of a habit. Think differently: close all your credit card accounts except for one and live on what you make! Or do you really enjoy paying the interest rate every time you pay with that piece of plastic?
And the Bonus:
All the previous steps are great and can bring you an interesting financial boost. But don't forget about the most important parts of your family expenses -- rent or mortgage and insurance! These wild times are dangerous for many debtors; on the other hand you can find interesting options for refinancing your mortgage! Take an hour or two and check your possibilities. You can save thousands.
This is similar with life insurance. Maybe term life would be more suitable for you, instead of that expensive universal life policy you have. Do your children have their own lives and careers? Maybe you should think more about disability insurance or long term care. Your ex-dependents don't need financial help anymore if you accidentally die. On the other hand, your disability or long term care need can affect the lives of everyone around you!
Lorne recommends LSM Insurance for disability insurance.