Save without thinking
This week’s guest post comes from a good friend of mine from Ohio State – Michele Lacquaniti. Michele currently lives in Houston, TX where she works at Rice University and is a writer for the non-profit organization, The International Help Uganda Grow (i.HUG) Foundation. Two years ago, Michele moved to Houston when her mother was diagnosed with Acute Myelogenous Leukemia. She put her career on hold to be her mother’s primary caregiver and has since stayed in the area. She has some great money saving tips, that helped her cut back and trim a few corners. Enjoy!
Save without thinking
by Michele Lacquaniti
You and I have both read articles similar to this and either don’t get through the entire list or just don’t bother to take the advice. It’s inconvenient for us to change; nobody likes change. But in a struggling economy, many of us are looking for alternatives to save some money. I haven’t prioritized any of these, nor will I guarantee they work. More than likely, you’ll find that these are simple thoughts that you know you could do, but don’t. We’re all victims of it, but let me take my shot with my two cents on how to save without really thinking.
Make your own coffee: Everyone seems to have heard of the “latte factor.” It’s an addiction and an expensive one. Don’t underestimate the cost of a daily coffee at Starbucks with an average price of $1.50, five days a week, for 52 weeks. If you’re one of those ordering the “Grande, sugar-free vanilla, skim milk, double shot of espresso,” latte for $3.25, forget it. Invest in a coffee maker, a reliable travel cup (and if you want ‘the look’, you can always use a “Starbucks” travel cup), and save yourself over $200 a year. You don’t have to entirely ban drinking coffee out, but when you do, just stick to an uncomplicated ‘tall coffee’ without all the frills. Your best bet – make it at home.
Turn off the television. One big way to save money is to turn off the television – especially when it’s just background noise and you’re not even watching!. Unfortunately, a growing amount of people are spending less time doing other activities in life and more time glued to their 52” HD plasma flat screen television. Cutting back on your TV time has financial benefits that are often overlooked: less exposure to guilt-inducing advertisements, a decrease in your electrical bill, and decreases costs on excess “snacking” foods. I love TV just as much as the next person, but the benefits of turning off my TV, has far outweighed my 60 minute fix of Grey’s Anatomy.
Master the thirty day rule. Yes, thirty days. Next time you’re considering making a purchase that probably belongs in the “wants” column as opposed to “needs,” wait thirty days. After thirty days, (if you even remember) ask yourself if you still want it. Quite often, you’ll find that the urge to buy has passed and you will have saved yourself some money with the simple tactic of waiting.
Install a programmable thermostat. They aren’t as intimidating as they sound. Programmable thermostats regulate the temperature in your house automatically according to the schedule that you set. As a result, when you’re not home, it allows the heating or cooling to turn off for several hours, saving you on your energy bill. A programmable thermostat can easily cut your energy bill by 10 to 20%. Another simple, yet overlooked tactic.
Invest in appliances. Sometimes being frugal isn’t the best approach. Before making any purchase, large or small, do a bit of research before you leave your house. It’s better to spend more money up front on a product that is reliable, rather than something that may be considerably less expensive, but only get limited use out of it. For example, a reliable, energy efficient washer and dryer might cost you quite a bit now, but if it continually saves you energy and lasts for fifteen years, you’ll save significant money in the long run. When you need to buy an appliance, research it – start with back issues of Consumer Reports at the library. An hour’s worth of research can easily save you hundreds of dollars.
Turn off the lights. Your house is probably unoccupied at least eight hours a day and leaving lights on is simply pointless. Even when you are at home, turn the lights out or other electronics off when they are not in use. Seems simple, but look around, how many unnecessary lights are on? Making an honest effort to minimize your use of electricity will save you a considerable amount on your bills. If you have a pet you’re concerned about, try using a timer so the lights will only come on for the hour or so that they will be in the dark. The key here is to use less energy.
Write a list and stick to it. The two easiest ways to save money at the grocery store are to never go when you’re hungry and always bring a list. It takes a little effort, but planning ahead is key to grocery store success. Be sure to check the grocery store circulars and plan your meals for the week ahead. Keep track of your list and avoid aisle hopping or browsing. Stay strict to the list and don’t put anything in the cart that’s not on the list. No matter how tempting the “Manager’s Special” and “Hot Price” items look, walk away. You’ll come out of the store knowing you’ve saved a bundle.
Invite friends over instead of going out. Almost every activity at home is less expensive than going out. There’s no need to become a hermit, instead invite some friends over and have a cookout or a potluck meal, play some cards, and have a few drinks. Everyone will have just as much fun, the cost will be low, and your friends will likely reciprocate not long afterwards.
Stop Nuking, Cook. Instead of stopping at the local fast food joint on your way home or nuking some prepackaged, artificially flavored food when you get home, try making some simple and healthy meals. With access to the internet, websites like Recipezaar and All Recipes, and the popular cable television FoodNetwork, making simple and healthy meals is simple. An hour or two worth of preparation one weekend can provide you with a week’s worth of meals, ready to heat up when you get home from work. Not only will you save money, you’ll also save your waistline.
Cancel unused club memberships. Are you paying dues for something you never use? For instance, a gym membership, a country club membership, or a tanning salon? Cancel the club memberships you are not using. Even if you think you might use them again someday, chances are if you haven’t gone in a month, nothing will change come Monday after a day of work. Plus, you can always renew the membership at a later date if it turns out that you actually do miss it.
Shop after the holidays. Most of us can’t imagine shopping after a holiday, especially Christmas, but it is actually the best time. It works for just about every holiday and not only saves money, but reduces pre-holiday stress. The best time is about two days after a holiday to start your shopping for the following year. You’ll find items themed for that holiday at discounts up to 90%. Get a Mother’s Day card for next year the day after Mother’s Day. Get Easter egg decorating kits the day after Easter. Get wrapping paper and cards and such the day after Christmas. The discounts are tremendous, but remember to put it in a closet or space where you’ll be able to locate it.
Go generic. Instead of going directly to the ordinary, “safe” brand, try the store or generic version. You can easily compare the store brand ingredients to that of the name brand and more than likely they’ll be exactly the same. This works for everything from a box of spaghetti to face wash. You’ll save a few cents and often discover that the store brand is just as good as the name brand – the only difference between the two, often, is the marketing. Once you’re on the generic train, you’ll find your regular grocery bill getting smaller and smaller.
All in all, these are very basic ways that won’t interrupt your life or call for drastic lifestyle changes. They are simple day-to-day habits that can make a big difference. Try something out; I might just help you save some money.
