Ways to Save Money
As a life coach, there are a number of different things I do to help my clients including sharing ways to save money. And, since a lot of new year’s resolutions focus on getting finances in order, what better tip than ways to save money to share for day 5 of 31 tips in 31 days? Start here for Day 1.
Ways to Save Money
Here are some fantastic, lesser known ways that you can save a lot of money. Remember, it all adds up.
- Sodas and drinks – buying soda and other drinks adds up fast! Whether it’s coffee, soda, tea or any other beverage, if you aren’t bringing it from home, the dollars are just ticking up faster than you can drink that thing. The best and least expensive alternative to all those extra beverages is to drink water. Ok, maybe you live in an area where water, tap water, is really nasty. Invest in a reverse osmosis machine or a water filter of some sort and filter the tap water to take in a reusable bottle. If you must have soda or another flavored beverage, bring it from home. Never buy soda at restaurants. At $2 plus, they really hit the wallet. If a family of 4 eats out twice a week, that can add up to over $800 in one year!
- Cooking – Turn the stove or oven off at least a few minutes before the end time for cooking. There will be enough heat remaining to finish cooking your food.
- Bill Pay – Switch to online bill pay with automatic payments. It may take a little discipline at first but once you are in the habit of making sure the money is in the account to pay all the bills, you will save a great deal on late fees and overdraft charges.
- Grocery Shopping – Shop during non peak hours. When you shop during the peak hours of 4:30 pm to 7:30pm or on weekends, you end up spending more time in the store (waiting to get by people or back tracking for things you’ve forgotten) and end up spending more on things you didn’t need.
- Clothing/Household items – Shop for these things when they are out of season or on clearance. The best time to get holiday decorations is after the holiday has ended. There are some stores that offer incredible specials when you pay close attention to how their programs work. One such store is Kohls.com.
- Insurance – Car, home, life and even health insurance can be shopped around. Don’t assume that, because you have been with a company for 10, 15 or even 20 years that they are giving you the best rates. On the contrary. Most of the time you will get your best rate by switching after 1 or 2 years. You can save up to several hundred dollars a year and have no loss in benefit.
- More Insurance – While we are on the topic of ways to save money with insurance, consider your needs carefully when it comes to the extras. A lot of forms of insurance just don’t make financial sense. If you are a family with two vehicles, rental insurance while the second vehicle is being repaired may NOT be necessary. If you rarely get chips in your windshield, glass coverage may not be critical. Often times, these extra things can cost $5 or $10 a month. If you don’t use it at least once a year, you could pay for the service in the money you saved.
- Electricity – Look into your electric company and find out if they have a time of use plan. These are plans that will allow you to pay less for electricity used during off peak hours (usually noon to 7pm or 9 to 9pm weekdays). If you can avoid running major appliances (dishwasher, oven, clothes washer/dryer) during the peak hours, it can save you a tremendous amount on your electric bill.
- Start a business – A lot of my coaching clients are small business owners and already understand the value of business deductions. This option alone is HUGE! Look into starting a small business and you can save thousands on your tax bills while making some extra money on the side. Just remember to consult with a great accountant like Angela Snyder, the Taxanista.
There are a lot of ways to save money throughout our daily lives. While it may only seem like a $1 here or $2 there, over the course of one year, it all adds up. If you are looking to have someone help you with your budget, and more importantly, the mindset to stick to a sound budget, please contact us to find out about our coaching membership.
What are your favorite ways to save money? What do you struggle with the most when it comes to cutting back on expenses?