Mar 27, 2009
We all know that saving money is important, especially during these tough economic times. Ideally, putting away large chunks of money every time you get paid will build that savings account in no time; however, with a multitude of bills to pay, doing so is not always possible. In this entry, we take a look at the everyday things consumers like you can do take small steps towards saving money. In the long-run, when these everyday actions are put together, they will certainly help you fatten your wallet.
1. Call your credit card company and ask them to lower your interest rates
By placing a one-time call to your credit card company, the interest rates you pay on your credit card can be lowered. Credit card companies want to keep your business; if you mention that you are considering taking your business elsewhere, you have a good shot at getting them to lower your overall interest rate. Month to month, even a slightly lower interest rate will put additional money back in your pocket that you may not have had before. Make the call-you have nothing to lose-except the extra bucks you could be saving each month! Our past post explains other tips you can use when credit card rates change on you.
2. Bring your own caffeine to work
Stopping at Starbucks once, twice-or for all you hard-core coffee drinkers, even three times per day-is nothing abnormal in today’s world of long days and endless projects. The problem is, the overpriced coffee that coffee chains sell can wreak major havoc on your wallet over time. By bringing one pound of coffee beans that you buy from the store, you can get 40 cups of coffee. Even the gourmet coffee beans run at about $4.00 per bag. Now consider that you’re spending anywhere from $2 to $4 per cup by stopping at a coffee shop every day. At $10 per week, that’s $40 per month and almost $500 per year. By bringing your own coffee, that $500 will go straight back to your wallet.
3. Cut your cable bill in half by downgrading to basic cable
With tons of fancy cable packages out there to choose from, it’s no wonder Americans are spending an arm and a leg every month on cable. Think about it-if you’re really serious about saving money, will cutting out the 300 plus channel plan really make a huge impact on your entertainment life? You can still watch your weekly shows, you just may not have access to all of the fancy channels. What will you have instead? An extra $50 to $100 in your pocket each month-over a year, that could lead to an extra $1200!
4. Cut out the lottery tickets
Sure, we all have the faint hope, somewhere in the back of our mind, that one day we will “hit the jackpot” and win that $20 million lottery. The truth is, if you’re really looking to save money, consider this: the odds of winning the Mega Millions are 1 in 135,145,920. With people spending up to $150 per year in some states on lottery tickets, the odds that you will get that $150 back are slim to none. Anything is possible, but when you’re serious about pinching pennies, play the odds that are in your favor-and skip on the lottery tickets.
5. Ask yourself where you get your news-online or via the paper?
Many Americans enjoy the morning ritual of reading the morning paper; however, many people find that their morning paper goes straight to the recycle bin. As the world has moved to the Internet, more and more people get their news via websites that they check on a daily basis. Ask yourself this important question-do you really read the paper every morning? If you find yourself using the Internet for your daily news updates, consider canceling your subscription. Over time, the money you were spending to actually fill your recycle bin will start to actually fill your wallet instead.
- 5 More Everyday Tips to Save Money
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- Making Extra Money during the Recession
- Top Money Saving Tips for 2009
- Credit Card Legislation – Companies No Longer Allowed to Offer Perks
- Credit Card Traps – How to Avoid Them
- The New Personal Finance Culture in America
- Debit Card Fees – Banks Look to Cash in
- Your Credit Score and Borrowing Money