As we celebrate the beginning of 2010 many are asking, "How will I ever be able to afford a new home, new car or vacation?" I was taught by my grandmother, if you take care of the pennies, they will become dollars. The New Year is a perfect time to assess spending habits and make a few frugal resolutions. Here are few ideas of where waste could be occurring in everyday spending. By making a few small changes now, you could build a big down payment by 2011!
- Brownbag It! The average American spends an average of $6 when they go out to lunch at work. I don't remember a lunch out with the girls to be less than $10 myself. But if you chose to brown-bag at lunchtime, the average cost drops to $2! That works out to $4 a day, $20 a week, or over $1,000 a year.
- Check it Out at the Public Library People forget all of the publications that are available in the public library. A person can save on books, magazines, and DVD rentals. If your family buys an average of 2 books, 2 magazines and 3 DVD rentals a month, that can add up to nearly $500 a year. If you are like my family and like to OWN your books and DVD's, consider buying at a used book stores where prices are 50% off the list price.
- Ask for Discounts Most people would never consider paying sticker price for a car but forget to ask about discounts and sales at other stores and restaurants. If you belong to AAA or employed by an organization offering a MERSC discount, this can save $3-5 and more on every day purchases like oil changes, haircuts and lift tickets at Wild Mountain. Many companies provide discounts but only for those customers who request them. The total annual savings can be significant depending on the number of offers that your family takes advantage of.
- Declutter and Sell Don't wait to spring clean! Go through your closets, garage, basement and attic now and find the items you no longer use. In the spring have a garage sale. Or locate stores which buy and sell used merchandise for cash or will do consignment sales on EBay for you. My family has held periodic garage sales over the years and sold hundreds, sometimes thousands of dollars of unwanted stuff during each sale. We pack up what hasn't sold and donate the rest to charity. A clean house, money in our pockets and a donation to boot...what more can you ask for?
- Print and Clip Coupons Many store have coupons and discounts online that other shoppers are not aware of. By registering for emails from favorite stores and restaurants, we save hundreds of dollars a month at stores shop at regularly. SuperTarget has weekly coupons that you can select and print to take to the store for additional discounts. Sometimes the price is discounted so much it is nearly given away for FREE. A local Forest Lake and Ham Lake favorite, Mansetti's emails a new coupon to registered customers weekly to print out and bring in. My family is also registered with TGIFriday's in their Give Me More Stripes program which sends out coupon special s in a similar way. It may seem like only a few dollars here and there but when I tracked our savings for a few months, it was several hundred dollars EACH month!
- Shut off the Lights...And Turn Down the Heat! If you haven't already switched over to lower energy, long lasting light bulbs, now is the time. By installing a programmable thermostat in your home, you can save gas by having the heat turned down automatically when you are not home. When we first had a programmable thermostat installed decades ago, we saw a 25% drop in our heating bill! Pretty significant money was kept in our budget.
Simple changes in your shopping patterns and daily life can mean huge money in your bank account over time. And then you can use the money for that trip to Hawaii, new car or as a down payment on your new home!
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota..JPG)
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Copyright 2010 Teri Eckholm http://www.terieckholm.com/
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Thank you for the tips, I forgot about coupons, I get so busy I just throw stuff in the cart but now more than ever I want to be very frugal as my busines partners are getting excited about spend spend spend.
Great ideas Teri - just like I grew up with - figure it out - you CAN make it happen! Be creative!!
Teri -- all of these are great ideas and a good way to put more dollars in your pocket. I really look for sales and add the coupons.. and end up saving every week.
Hi Teri,
What a great list of ideas, every little bit helps in the long run. Btw, your #6 about turning down the lights/bulbs, etc. Unplugging can also help. I've learned to un plug little used items which are also easiy accessible. If I'm out of town for a few days I unplug everything I can, computers, printers, tv's, etc. etc. it's really made a difference.
It is amazing how we can cut costs with such innovative ideas, easy to do list.
Teri ~ Perhaps we Realtors should practice a few of these saving tips too!
Shut off the Lights...And Turn Down the Heat!
Shut off the Lights...And Turn Down the Heat!
Shut off the Lights...And Turn Down the Heat!
This one works for me. That electric bill can be staggering since I have an all electric home. I spend most of the day in my home office anyway, why do I need to have the same ambient temperature for three finished levels of 4,800 square that I want in my office of 170 square feet???
Great tips for folks saving.
Ok but right now Im not turning down the heat its way too cold for this southern gal. Great tips for pinching those pennys!
Also, pay your taxes on time to avoid interest charges and late payment penalties.
Poor impulse control sometimes come from just being in too big a hurry to slow down and think, do I really need this item that I want? Can I buy it cheaper somewhere else if I do need it.
He Teri,
I agree,we all need to get "back to basics" and start saving-all of us. I'd like to add that we should all "pay ourselves first" by saving a fixed amount every month. Even if it is a small amount,it will add up.
With two daughters in College that is not always an easy task for my family but,like exercise, i just keep on plugging away!!!!!
Thanks for the remimder!
Teri, these are great tips. If we're going out to eat, we look for the coupons. We use buy one get one free a lot. Restaurant.com is another one where you can get great discounts for restaurants. The savings add up pretty quickly.
Teri:
You have made some very good points to help people conserve as well as to save money.
Another is to not keep a balance on your credit cards. Those interest rates have been creeping up and will probably not get any better in the near future.
About 15 years ago I read a book that highlighted throwing your loose change into a pot or bucket and over the course of a year you would be very surprised with the outcome. There was some strategy in the book and I actually liked it. The title was something along the lines of "Penny Pot" by Anderson.
Hi Teri,
Great tips! You have inspired me to write about content like this - it helps people pick up new tips and create new habits.
Teri,
Remember when you were a kid and your parents repeated these same comments over and over........
Looks like you listened.
We have quit going out to eat ecept on special occasions. We asked ourselves, did we get $150 worth of good food and entertainment value? Also I am a barometer for sale content since radiation in my neck area. During sleep I can tell you how much salt restuarants use and it is alot. We do buy high quality food, but the tip is sure cheaper!
Thanks for sharing Teri! Always looking for ways to save!! As gas prices are escalating (again), another tip is keeping your car cleaned out as much as possible from junk & heavy objects. I read somewhere that when the car is loaded down, it burns more gas. So get the yard signs out of the trunk and wait until you need them before putting them in there!
Teri,
My husband and I are well known at our local library! I'd never be able to feed my reading addiction with library books. My programmable thermostat ensures low temps. We have an efficient space heater for those days when. like Lenn, only 1 room needs to be warmer.
Tip for those with younger children: Stress the environmental impact of Teri's suggestions, not the $, and lights might get turned off more frequently.
Hi Teri~ Those pennies really do add up. Consistently throwing in pennies and change in a jar grows to be a huge sum if you keep at it. It is amazing how much you can save just by not eating out. The only thing I really can't give up is my sushi, LOL! But, I do buy it at a restaurant that offers it at half price. Does that count?
Great advice or anyone who is looking to find ways to save at anytime. These times have a lot of people getting creative to help themselves out. It also sometimes spurs them with new ideas.
I like your blog today, lots of good tips/ideas to do that will help in the end.
Patricia/Seacoast NH
I'm going to reblog this and bookmark it for the future.
Teri- Great solid sound advice. I have been brown bagging it for a long time not only to save money but to save on my health!
I've been "frugal" my entire life; glad it's catching on. In fact, I think I invented "frugal" even before Al Gore invented the Internet! =)
Teri, Great advice for all of us. We have gotten way to careless with out world and our resources, financial and otherwise. Unfortunately it often usually takes hard times to shape us up.
Teri- Great post. I just subscribed to your blog.
I have a little decorated flower pot by my son when he was in pre-school and we put all loose change in it. When it gets full, he loves to go with me to convert it to cash and guess how much is in there. It is a small pot and usually has $30 or so.
Great tips!
Great advise.....for me it used to be turn off the light and turn up the air!! The last few days in South Fla. we have had to deal with the heat...I am so confused!! Which way do I turn it???? The crazy part is my son is home for winter Break from College in St.Louis and he thinks it is warm!!!
As for Coupons!!!! I am the queen....
Happy Wednesday!!
Lori
All great ideas and simplistic enough that we can all implement them! Very practical!
Timely advice; great post! I have two teenagers in the house and due to their ages and resistance, at times, to parental input and advice, I just "accidentally" leave newspapers or magazine articles dealing with finances, saving money, etc. on our kitchen countertop in the morning. While they eat breakfast, I find them actually reading it and we end up talking about the articles. Hey, whatever it takes to educate them in something that is usually not taught in Grades 1-12!
Great post! We lowered our thermostat this year and we have definitely seen a significant drop in our electric bill. We've also been line-drying our clothes for the last year and that has saved us as well.
Now, as far as coupons go, I actually tracked what we've saved in 2009 using coupons, and it was almost $9000! More than worth the effort in my book :)
All excellent points, Teri. Sometimes the small things are the best ways to save money. It takes a concerted effort to save money. Every aspect of life has room for trimming costs. It is something that I have not been the best at. I am trying to be more conscious of my expenses to see where I can save money. Thanks for the great advice.
Great tips that can be followed no mater what the economy is like. Save, pay off debt and get ahead.
We cut down on going out for restaurant dinners (expensive). Instead, we go out for breakfast together on Sunday morning. We still have the pleasure of sitting down and talking while someone else does the cooking (and cleanup afterwards) and it's much cheaper. And it makes a nice start to my Sunday - breakfast, church, open house.
Fabulous Post! I am adddicted to saving money. In fact it's almost like a game with the family. Guess that makes us pretty nerdy. Oh well!
Great post and suggestions. Too bad we still can't comb the ditches for pop bottles and get the deposit money. Think of the money we could make!
Teri,
I love the suggestions and thoughts in your post. A few simple steps can make a big lifestyle difference. We have a local grocery store in the South that offers a lot of BOGO (Buy One, Get One FREE) items every Sunday. They also have a mystery 1 cent item. It's become a game for the kids to guess what the penny item will be. With three teens, the BOGO items come in real handy and most of their favorites get rotated every few weeks.
Best of all I think they are learning great lifetime skills.
All the best in 2010! Michelle
Hi Teri, I smiled with your topic, cause I just wrote about NOT being so frugal LOL. Brilliant minds THINK THE OPPOSITE LOL. I see your point though. You can save or win the lottery. Whatever road gets you there...
I would be rich if I could cut out the lunches.....10-12 apiece plus the tip.
Mary--Store coupons do come in handy if it is for something you use regularly. That is why I like to check out the online ones and only print what I will use. Saves big in the long run.
Anna--That good ole' Minnesota practicality!
Joan--My point exactly and if the money you save is tucked away...what would you have at the end of the year. Quite a nest egg is my guess!
Lynda--Shutting off those electronics can save big...especially when out of town and no one is using. Good tip!
Nick--They are very easy to do...save now and use the funds for something BIG!
Melinda--No doubt. It is important for us to review our spending and save where we can as well!
Lenn--When I am home alone I have the heat set really low and where a sweatshirt....No point in wasting too much on heating the whole house for one person. Come to think of it...I don't turn it up too much when the kids get home either...they can wear sweaters too. lol
Laura--People should cut back where it makes sense for them...I know a family that sets the thermostat at 55 and bundles up but I would never go that far...even to save a buck or two.
Marc--That is a great tip...I don't pay late fees. I consider them wasted money that I work too hard for. Planning and organizing to get taxes done and in on time could save lots for many of my friends though! ;)
Andrew--It is a tough lesson to teach that good things come to those who can wait...and plan. But once you learn it, you never forget.
Marianne--I like that idea...pay yourself what you saved last month using coupons! If you do well, you should have a tidy sum!
Jen--I will have to check out restaurant.com. I like it when it is BOGO too...especially with teenagers!
Claudette--I haven't paid interest on a credit card in years...since they took away the tax deduction. Just like the penalties and interest on taxes, I can't stand to give away money that I work so hard to earn.
Thanks for the great tips, Teri. A few of those are some of my favs, too. I'm a huge fan of the local library!! Why buy a book you are only going to read once, when you can just borrow it? I've bought so many books in the past with good intentions, and still haven't even cracked them open!
Having a specific goal makes it easier to also control impulse spending.
Happy New Year to you!
Great post! I'm all about being frugal and saving money. This important life skill is what has kept our family afloat these last couple of difficult years. As frugal as I am, it is amazing the number of places where you can save money in your life. I've learned how to play the coupon game too and get free or nearly free items with coupons every time I go to the store. The people behind me in line hate me but I know they're just jealous!:)
GReat tips! We could all spend a little less, thats for sure. Think I will have to wait for this "arctic blast" to be over before I turn down my heat though! I work from home and have a 3 year old here all day. Although my mother-in-law already thinks my furnace is broken becuase I keep it too chilly for her taste! (Good excuse for her to go home! lol)
Kim
Love it, a book i read by David Back calls it the Latte Factor
Teri all great ideas that can be implimented by all. The library is a wonderful resource that the community funds so it make sense to use it.
All great ideas! I've been thinking to save and start putting the money into CD's. This way when money gets tight, I won't go grab for it!
Teri, these are wonderful rules to live by whether times are tough or not. We seem to have lost touch with the fact that we don't need things to make life beautiful and enjoyable. Thanks for the reminder to live frugally!
Teri, isn't it good to know that those of us who grew up frugal are now cool?! My grandparents' mantra was "Buy it new, wear it out, use it up, do without." They paid cash for everything (credit cards didn't exist then - what a thought!) and managed to live very comfortably and leave a financial and spiritual legacy for their children and grandchildren.
Great tips! Thank you Teri.
Tip #6: Make you coffee at home
Hi Teri. I like your suggestions especially about packing lunches. I usually take my lunch and snacks to my office. ~ Lana
Sam--We save up all our change and cash in just before we go on vacation every other year. Usually there is a couple hundred of spending money. Great way to save!
Marzena--I try to give tips with some kind of a home buying, selling or owning angle...Lots of opportunities to provide good info!
Craig--I did listen! :)
Joe--We didn't give up eating out entirely but we do it much less frequently and when we do, we always use a coupon or special...ALWAYS!
Dawn--Good tip! But in MN where it is icy, some vehicles need a bag of sand or two to weigh down the back end for traction....As long as you remember to remove it again in the summer. I know people who leave it there year round.
Irene--Libraries have so many great items to select from! And yes, kids love being "green"!
Vickie--Don't give up your favorites! Save where you can so you have the funds to splurge on a few things without the guilt!
Thanks for some great tips that are actually useful. BTW loved the comments as well.
Barbie--The ideas are meant to be easy so that people realize they can still buy a house...just have to cut corners where they can for the big items.
Patricia--Thanks...so glad you enjoyed the ideas!
Tim--My husband brown-bag's it for both of those very reasons too! (Actually it is a black reusable bag...lol).
Aaron--Your comment made me really lol...Before Al Gore invented the internet...hee hee hee. Still chuckling! :)
Marian--So very true...tough times bring changes to how we think and do things.
Kristi--Thanks for subscribing! :) One of our kitchen change holders is a ceramic jar my son made in 5th grade art class...that small change adds up quickly!
Lori--Love coupon queens! And I think your 30-40 degrees would be heaven right about now too!
Sibley--Thanks...easy with a great reward at the end!
Maribeth--Educating teens to not be self-focused is difficult but the lessons learned are not soon forgotten. ( I have 2 at home myself).
Jim&Maria--$9000? That is AWESOME! When I first started with the coupons, I asked my husband to "pay" me what I saved. I After a month and it was well over $1000, he didn't pay up but started using them too. It is nice that stores now track the savings at the bottom of your receipts so you can easily see what was saved!
Will--Sounds like you are learning...I was not always frugal. But I did always like a good deal. Being cost conscious makes your money go farther. It doesn't mean you do without. That is the real lesson to be learned.
Jim--I did start long before the economy was "bad". The sooner you learn to save where ever you can, the better off your pocketbook will be in any economy.
Gordon--Everyone has to make their own plan...my late sleepers wouldn't go for breakfast out but we do hit the early movies to save a few dollars. I like your idea...we use it on the lunch rather than dinner menu. :)
Karin--The NERDY-Moneysaving game...I'm in!
Claire--I don't think I could do that but do know people that collect the cans for the 5cent refund when ever they pass through a state still offering the rebate.
Such good resources and ways to save money. I love it and thank you for sharing with us.
Michelle--Sounds like a fun store to shop at...I love bargains like that! Happy 2010 to you too!
Gary--I don't think we are so far off in our thinking. Spending frugually should be a daily way to save money so you can splurge on the higher ticket important things in life!
Damon--Wow! You would be...maybe start small and only eat out once or twice a week and bank the rest...$30per week times 52...big savings!
Deena--It take me so long to read a book these days that I buy them. But I buy them off the clearance rack at Half Priced books for $1 each. That way even if it takes me months to get to it, I don't feel like my money was wasted. :)
Lisa--I think you are right about the jealousy as I have had people in line at Target, even the cashiers sometimes, asking where I get the printed off coupons as the prices end up being very low.
Revats--I also keep my heat a tad higher on the really cold nights as frozen pipes cost much more to repair than the heat I would save. The thermostat works year round for central a/c too!
Andrew--Heard about that book...It is very true whether a latte', Diet Coke or scratch off tickets, there is something that could be saved daily that adds up to big dollars in the long run.
Jennifer--You are so right...our taxes pay for the library so it really makes sense to use it as much as you can!
Emily--Great idea...Out of sight, Out of mind, as they say! :)
Anthony--Exactly. You don't have to just live frugally when times are tough. If you learn these rules, you can stretch your money when the economy starts on the upswing again.
Peg--What wonderful grandparents we both had as they really taught us some valuable lessons.
Irnya--Good idea! I don't drink coffee much but I buy soda by the case when it is on sale to avoid paying for it when I stop for gas.
Lana--I do too...my son went snowboarding today and we sent him off with coupons for $3 off the lift tickets and a box of cookies and bag of chex mix so that he didn't go broke on concessions. Snacks and lunches really add up!
Joyce--You are very welcome...I am glad you enjoyed the post!
Teri
Great information as always , great resources to save money , keep that good work :) ! ! ! !
Ray--Thanks!!