1. Don't spend it all. Save $1 every time you break a $5 bill, or save $5 when breaking larger bills.
2. Become a coin collector. Deposit all your loose change from your purchases, pockets or drawers into a savings account. Also, consider Bank of
America's Keep the Change program. Each of your check-card purchases is
rounded to the nearest dollar and the difference is transferred from your
checking to your savings account.
3. Make digital deposits. To establish a pool of money, have a fixed amount
deducted and transferred directly from your payroll monthly," says Patricia
M. Barksdale, vice-president and wealth management adviser for Merrill
Lynch. Save $25 a week and you'll gain $1,300 by the end of the year.
4. Click for coupon savings. Check Couponmom.com to track when your favorite products go on sale and find out how to cut your groceries in half. Print
e-coupons and blog to find out secret savings tips.
5. Start charging. Make adult children pay rent, says credit and debt expert
Harrine Freeman. This will teach them financial independence and lessen your debt.
6. Brown-bag it. Eat breakfast at home and bring lunch and snacks to work. Then deposit the money you save in a savings account. That could easily add up to $60 a week (or $3,120 a year), depending on how much you typically spend.
7. Find freebies. The library, museums, community events, and even happy hours all offer fun on the cheap. Check your city or town's Web site for details.
8. Shop resale. Try garage sales, yard sales, thrift stores, and the Goodwill (this works great in high-end neighborhoods). You'd be amazed at how many $1-$5 finds that can save you hundreds each month on everything from clothes to TVs to furniture.
9. Split the tab. Slash your gas and shopping bill in half! Share trips to Costco's or BJ's, car rides to work, or cab rides in the city with friends or work buddies.
10. Barter with buddies. If you know how to cook and your BFF is a tax whiz, offer to make her a great meal while she computes your assets and liabilities. This can be done with friends and colleagues alike. If you don't know anyone who can take advantage of your skills, go to Craigslist.org for leads.
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2 comments:
Great savings ideas. I always like to show my clients how small savings can add up to big money over time:
Save $1 per day = $30 per month = $365 per year
Save $50 week = $200 per month = $2,400 per year
Here are some of the easy savings wins I just accomplished:
Cancelled HBO, which we hardly watch anymore ($10 month / $120 year)
Switched our phone and Internet to Comcast ($40 month / $480 year!)
Reduced our childcare by 3 hours per week ($150 month / $1,800 year!)
Wow.. thanks for sharing your savings accomplishments! It's very true though.. a little does really turn into a lot over time.
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