Dear Friend,
Use it up, wear it out, make it do, or do without.
New England Proverb
We are experiencing events that are unprecedented. There is fear and terror in the air - what will happen with the markets? The answer is twofold: in the short run - we really don't know and in the long run the markets will bounce back. We are experiencing a correction of sorts - a recalibration of the markets.It is natural in these times to be scared and fearful of what will happen, yet we must move past that in order to survive. This week I'm suggesting we each take stock and take some simple actions to see where we can save more and spend less.Here are some practical changes that every single family can make to save a little money here and there - if you don't need the savings, great - there is someone in your community that does so adjust your actions for their benefit and you'll get the benefit of giving! Here are over 80 simple ideas to streamline your spending:
- Home
- Turn your lights off when you aren't using them.
- As your light bulbs die replace them with compact fluorescent light bulbs.
- Unplug your appliances, lights, and computers - anything that uses up electricity. You can use a power strip to make this easier.
- Turn your heater thermostat down 2 degrees in winter and up 2 degrees in the summer.
- Turn off your a/c - open windows and use your fan
- Turn down your heat - bundle up
- Shop smart for groceries
- Clip coupons.
- Buy what is on sale.
- Eat local - visit your farmer's market.
- Dare I suggest - buy generic - where you can.
- Buy whole chickens. When you have used all the meat, throw the bones into a soup.
- Grow your own vegetables at home or with a co-op
- Plan crock pot dinners - save time and money
- Join the Library and enjoy lots free
- Movies
- Books
- Music
- Magazines
- Activities for kids
- Be creative with holiday gifts - give gifts from the heart versus from the wallet
- Bake cookies
- Bake bread
- Make chocolate covered pretzels
- Make jelly/jam
- Create a calendar of family pictures
- Give services such as free babysitting, pet sitting, house sitting, or house cleaning
- Give a donation to a charity in gently used clothes and toys
- Make a holiday wreath
- Sell (or donate) children's clothes and your clothes that are too small
- Have a garage sale
- Give up expensive habits - soda, daily lattés, cigarettes
- Cancel unused club memberships and subscriptions
- Batch your activities - do all errands in one afternoon (saves gas and time!)
- Buy less - consider "do I really need this new clothing item or is it excess?"
- Brush and floss your teeth. You'll save on dental expenses.
- Eat right and exercise daily. You'll reduce health costs.
- Use a clothes line to dry clothes. You'll save on your energy bill.
- During the winter, leave the oven open after you cook to heat the house.
- Sign up for Skype for free long distant phone calls. If both parties use Skype it is free and if both parties have a web cam on their computer you'll be able to see each other, too!
- Avoid impulse buying.
- Buy as much as you can online, find the best deal with resources like www.froogle.com you can compare prices.
- Negotiate the price on big ticket items - like cars, electronics, and large appliances.
- Don't buy extended warranties. Eighty percent are never used, and they're a major profit item for the vendor.
- Keep receipts and send in rebate slips.
- Home Repairs
- Negotiate the cost, now might be a great time for good deal
- Learn how to do the on the web for free and try your hand at it
- Get a friend to help you with yours and then help them with their home
- Put air in your tires. For every two PSI that all of your tires are below the recommended level, you lose 1% on your gas mileage.
- Consider bundling cable, Internet, and telephone
- Review your cell phone bill - reduce minutes and services you aren't using.
- Before you dine out - look for bargains or alternatives
- Kids eat free on certain nights
- Free appetizer, drink, dessert, or entrée during a specific time or night
- Bring half of your meal home for lunch the next day Maybe a picnic in the park would be just as much fun?
- Quit drinking alcohol - I'm just kidding. But think about having one glass of wine at home and one out.
- Instead of going out to dinner and hiring a baby sitter - have friends over, ask them each to bring one item, let the kids play outside or watch a movie in the basement and connect with each other
- Finances & Investment
- Ensure your bank account and credit cards don't have annual fees or if they do that your benefit is greater than the fee.
- Consider having accounts at multiple banks in order to qualify for the FDIC insurance, which today is $250,000 depending upon how you title the account.
- Make an extra mortgage payment each year. You can save money on interest.
- Set up online bill pay.
- Avoid ATM fees. Only withdraw money from machines approved by your bank.
- Start an automatic savings plan with your bank.
- Use your credit card to make all purchases, but pay it off each month.Do some research and find the one with the best rewards program.
- Use a debit card for all purchases and find one that has a rewards program.
- Hire a financial planner to help you evaluate long term savings/spending.
- Work
- Carpool to work
- Telecommute one to two days each week
- Take public transportation
- Slow down - driving fast uses more gas
- Avoid traffic - starting and stopping uses more gas and wears down your brakes
- Consider riding your bike or walking
- Brown Bag your lunch with food from home or leftovers from dinner out or previous meals
- Review your benefits at work - take advantage of discounts on gym memberships, weight loss groups, flexible spending accounts, and free money of your "company match" into your 401k
- Travel
- Bring an empty water bottle with you to the airport. Bottled water at airports is expensive. While you can't bring any liquids past security, you can bring an empty bottle. Put it in your carry on and fill it up as soon as you get past security.
- Pack your travel meals in advance.
- Buy snacks at the grocery store, not at roadside convenience stores.
- Make vacations fiscally smart and fun so that you can do them more than once every three years, remember family memories don't need to break the bank!
Use this economic swing as an opportunity to shave off the excesses in your life. We all have places in our life where we can use a little recalibration. Remember, it is what we learn about ourselves in these hard times that builds character and chisels who we are as people. Have fun with this, make a game of it! Get creative - most of us aren't lacking for things, but rather meaningful time with each other. Use this process as a way to reprioritize what is important to you!
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