Ways to Save

Last week I talked about the declaration of financial independence, a 10-point plan to help you (and me) take control of y(our) finances. So I decided I should start off with a list of a few ways to save and see what else my friends could come up with.

1. No more lattes
Everyone knows this one. Instead of buying Starbucks make your own coffee at home or get it at the office for free...if you have to buy, go to McDonalds or Dunkin Donuts. I heard their coffees can taste better as well.

2. Bring lunch to work
Last year I picked a month and every day I brought lunch to work. I plan on doing that more regularly this year.

3. Reading is fundamental.
If anyone is like me, I LOVE to read books and there are plenty of places that you can get books for free or cheap....like the Library. I'm also a member of paperbackswap.com so I swap the books I have for books that I would like to have. Keeps my home library fresh and in constant rotation. And a night at home reading a book is a lot cheaper than going out.

4. Stop getting a tax refund
This year I'm going to increase my withholdings so less money is taken out of my paycheck. I know everyone looks forward to the refund check but just think about what you could have done with that money if you had it all year long.

5. Raise your insurance deductible
The higher your deductible the lower your annual premium.

6. Cell phone vs. home phone
Most of my friends no longer have home phones. They rely completely on their cell phones. If you are one of the few people who still have a home phone, consider getting rid of it. It will save you $30 to $50 a month.

7. Review your bank statements
It's rare but you may find that your bank made a mistake or a debit/credit card purchase you made with your bank card was overcharged.

8. Balance your checkbook
I know this might sound basic but I have so many friends that don't balance their checkbooks. If more people did that they might see they have more money than they realize or maybe even less than they realized but it will save them from getting another overdraft fee.

9. Wait an extra week to get your hair done
I know a lot of women and men get their hair done or cut once every two weeks. So wait an extra week or two and you can cut out a few extra appointments a year. I now get my hair done once a month and wash it/style it myself between appointments.

10. Wait an extra week to get your nails done
I know some of you have acrylic nails so when it's time for a refill you have to go but for the all natural crowd you don't have to get a pedicure/manicure every week or even every two weeks. Try only going once a month and taking care of your nails yourself.

11. Drink economically
This can be a hard one if you live in NYC. But I have to take a page out of my girl Brooke's playbook. I COMPLETELY forgot I had a flask until I saw her pull out her mini bar bottles when we were out. I thought that was so smart. If I brought my flask I could just order a cheaper mixer (soda, cranberry juice, whatever) and add my own alcohol. This might sound rock bottom cheap but I think it's just being socially economical.

12. Netflix nights
I cannot stop singing the praises of Netflix. I have been a member for years and it's always cheap/guaranteed entertainment. I spend $9.74 a month on my membership and end up watching about 4-6 movies a month (depending on how quickly I watch and return). You cannot beat $10 a month on entertainment.

13. Cook and Freeze
It's very hard to cook for just one person. But I don't worry about it anymore because I now cook and freeze half. So if I make spaghetti, I freeze half the sauce for future consumption...same with gumbo...or soup...even my vegetable stir fry. Nothing goes to waste.

14. Dry Clean Less
I literally only take stuff to the dry cleaners twice a year. I usually try to avoid clothing that says dry clean only. And for those that do I will wash on permanent press and not put in the dryer. You save a lot of money if you dry clean your clothes less.

15. Cut your electricity
I've always been big on turning lights off where they are not needed. But now I also try to not keep things plugged in that I'm not using when I'm not home. So I try to not leave cell phone chargers plugged in during the day. When I know I'm going to be away for a few days I unplug the tv's, dvd players, etc. My electricity bill is usually only high in the summer because of the air conditioning but I still try to save a few cents here and there when I can.

16. Empty the cabinets
I have tried several times to eat everything in my cabinets, freezer and refrigerator. It hasn't worked yet but I know if I stuck with it I could save money on food costs.

17. Sell your junk
One man's junk is another person's treasure. Since purging my closets and my Mom's attic I found a bunch of things to sell online and they have actually SOLD. That was extra money I wasn't even counting on getting. I have sold everything from old books and cd's to older versions of software (no more than 1 or 2 versions back) and some of my stuffed animals.

18. Discount days
Saving does not mean you have to become a hermit but it might mean altering the days you go out. Every bar or restaurant has food and drink specials on certain days and/or at certain times. Take advantage of it. It will save you money. Also for those with kids, at least in NYC D&B is half price on Wednesdays. Meaning that $10 game card you buy for the kids will last them 50% longer.

19. Turn down the heat
This is super old school but my grandmother would say put on an extra sweater or get a blanket before she would turn up the heat. I live alone so I think it's ridiculous for me to have the heat on full blast. I think about my grandma and use her advice when I get a little chill.

20. Save the change
I have a jar (the shoe fund jar) where I save all my change. Every day at the end of the day I put any change that I have in my purse/wallet/pockets in to the jar. You would be amazed at how much change you can save up in one month. When my jar gets full I take it to TD Bank (formerly known as Commerce) and have the change exchanged for currency.

So those are some of my ideas. Y'all know I've become very BIG on saving so I have more ideas I could share but I want to see what ideas y'all have first. Maybe I'll do another blog post with some more ideas based on what y'all come up with and what else I do to save.