Let me be the first person to say, "Why wasn't I smarter with my
money?" I look back over the years in amazement at how my money
"innocently" slipped through my hands.
Ultimately, beyond those fleeting moments of gratification, I
can't really say I have much to show for some of my misspent
money. I certainly don't want to be a killjoy or anything and I
don't advocate being a penny-pinching scrooge that doesn't enjoy
life but there are small, yet significant steps you can take to
keep more money in your pocket.
Just off the top of my head I came up with these and you can
probably add a heck of a lot more to the list. Here we go:
Bank Service Charges:
We all know how our banks love to nickel and dime us. For
reasons such as not maintaining a $1000 monthly balance or using
another banks ATM machine. Whatever the reason these small fees
quickly add up over time. Pay attention to your bank statements
and review all bank documentation regarding service fees. You
are looking at savings of $4 to $15/month.
Magazine/newspaper subscriptions:
Visit your local library or subscribe to magazines that offer
professional/courtesy subscriptions. Tradepub.com lists various
free publications across a range of subjects. Otherwise,
carefully pick and choose the magazines you really want to
subscribe to and look out for introductory subscription rates.
Stop smoking:
Preachy, I know... but that's a lot of money going up in smoke
(pun intended!). Not only is this good for your wallet but for
your health as well and if you are applying for life insurance,
your premiums will be lower because you are classified as a
lower risk individual. At $4 a pack and two packs a week that's
$32/month.
Telephone services:
Do you need all those bundled services (call waiting, call
answer, call forward). Pick only the services you absolutely
need otherwise save at least $5-10/month.
Books and CDs:
Why pay full price when you can get a "gently used" or
"previously enjoyed" copy of that best seller for a fraction of
the price. I have bought CDs from local used CD stores that were
almost brand new and saved $8-9 off the retail price for each CD.
Rebate Programs:
Always take advantage of rebate programs. It might be a hassle
to fill out the forms and send them off but your savings will
add up. Check out Rebateplace.com or AsmartShop.com
Coffee/Muffin mornings:
I'm guilty of this? I have to have my morning coffee (the office
coffee is not very good) but at least I've learned to cut back
on the muffins and donuts. At $3.00/day over the course of a
month you are looking at a potential saving $60.
Lunch:
I finally stopped being lazy and started preparing my own lunch.
Not only is it expensive but also fast food is not entirely
healthy either. If you save on average $5/day that adds up to
$100 for the month.
Sales patterns:
In my experience, Christmas merchandise is discounted 50% or
more a day or two before Christmas and following Christmas.
Also consider buying seasonal products (boots, winter/summer
clothing) as the seasons change. At times it might be difficult
to find your exact size or colour but luckily that's usually not
the case. We're talking savings of 40-60% and sometimes even
more.
Case in point, I bought a leather jacket from Eddie Bauer last
spring which was regularly priced at $498, and which was reduced
to $199 and then further reduced by 30% during their annual
spring sale. What made the deal even sweeter was that I had a
$75 gift certificate, which I earned through MyPoints.com. Not a
bad deal and one, which I'm proud of because I don't really have
shoppers luck. As much as I like a deal, I can never find
exactly what I'm looking for... maybe I'm too picky.
Something else I noticed where I live, gas prices are usually at
their lowest Thursday through Monday and by Monday afternoon gas
prices go up 5 - 8 cents per liter. However, pay attention to
price patterns and news in the gas industry to have an
understanding about where gas prices are heading and how it
might affect you.
Month end recap:
By the end of the month, depending on your lifestyle choices and
spending habits, you just might end up with an extra $50, $100
or more that you thought you never had. You can do it without
depriving yourself and without a noticeable difference in your
day-to-day life.
It's a balance between living for today and planning for the
future. It's not always easy but it's worth it!
Think of these little sacrifices as an investment, which will
reap you multiple rewards many times over.
About the author:
Gabriel is the editor and Webmaster of The Money Advisor -
http://www.the-money-advisor.com. He believes that everyone is
capable of controlling their financial destiny with the right
combination of rich thinking and smart action. The Money
Advisor, a knowledge network of people, articles, tips, e-books
and ideas about making money, saving money and building wealth!
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