Money Saving Tips?

[Jazzy]

What tips do you have for saving money?

 

[Lamb]

Don't do impulse buys.
Research before you buy.
Don't make frivolous trips, try to get all your errands done on the same day.
Don't buy the latest tech gadget unless you really need a new one.
Eat at home and only go out once a month.
Don't buy Starbucks...make your own coffee!
Jewelry is not a necessity to live.
Neither is perfume.
Or long nails.
Or Botox.

 

[tango]

Don't buy stuff you don't need.

Make do and mend.

Take coffee to work and make your own, rather than spending $5/day to buy a lifestyle product.
Ditto sandwiches.

Don't go grocery shopping when you're hungry. Make a list of what you need and only get what's on the list even if something tasty is on special.

 

[tango]

Don't buy the latest tech gadget unless you really need a new one.

Even if you really need a new tech doodad the vast majority of people can save a chunk of cash by buying something other than the newest and shiniest option.

 

[Stravinsk]

Learn to cook. Don't eat out and make your own "fast food" instead of visiting restaurants or fast food places. A typical expenditure that seems small but can quickly add up.

Don't let yourself get addicted to items the state heavily taxes

I found personally that my hot water service was a huge waste of energy - a large tank that is constantly heated but I only access periodically. Get a smaller tank, a heat on demand service or heat your own.

Click off high electricity consumer devices at the power point (or unplug them) and do not leave on "standby".

Clothes dryers are huge energy wasters. Use only when absolutely necessary.

Dishwashers are similar huge energy wasters. Often a little hot water and soaking works just fine. I supplement with sodium bicarb and lemon juice.

 

[Jazzy]

Know how to budget money and get priorities straight as to what the difference is in "needing something" and "wanting something". Some of my friends are in debt because they bought things they "wanted" but really didn't "need". There's a BIG difference between the two.

 

[tango]

A typical expenditure that seems small but can quickly add up.

This is a really good point in general. The trouble with the small purchases is that they are, well, small and it's very easy to suddenly find that you're routinely going through a lot of money each month in the form of tiny little purchases you don't even think about.

To take the oft-used example, that $5 daily coffee on the way to work adds up to $100/month or $1200/year. That comes out of taxed income so depending on your tax rate could account for as much as $2000 of your annual salary. If you're buying a sandwich for lunch every day and having another drink it goes up from there.


Other small things include turning the heat down a degree or two in winter. It starts saving you money the second you turn the thermostat down. It's surprising how perception of temperature changes between going barefoot and putting on a pair of socks in the winter. My wife's comfortable temperature is a few degrees warmer than mine but since she started wearing slippers in the coldest parts of winter she's comfortable a couple of degrees cooler than before.

 

[Fritz Kobus]

When your socks start to hole through in the heel, flip them and wear them upside down.

 

[Alexander]

Cost of living and inflation is rising worldwide due to several political decisions. So, my advice would be to come up with a sum your want to save in a year. Let's take 5,000$ as an example. If we do 5000/12, it gives roughly $416. So, set up a standing order, have the money move automatically into a savings account each year, and treat the 416$ monthly as a bill.