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Do you want to save hundreds of dollars per month?

Here’s a list of the Top 10 ways you can save money and create a cushion of cash. Even if you’re making a great income right now, as the economic troubles continue – it’s wise to start incorporating some of these habits into your life.

1. Monitor Your Spending & Track Your Finances. Many people already do this. But, there are many more who make their trips to the ATM machine, withdraw cash, then look in their wallets later to see that the money is already gone. Thinking back, they cannot remember what the money was spent on. You need to keep track of your spending, get a hold of it – and balance those checkbooks or update your finances. Besides saving you money, it will get you totally prepared for tax season. Personally, I use BLIST – it is a free online service that allows you to create lists. You can use it manage your income and expenses – or grocery lists and anything else you want to create a list for.
2. Make Your Own Cleaning Supplies. It may sound odd – but why not? The Simple Dollar website offers you an array of “recipes” for creating: Windex, Pledge, Glade and even laundry detergent. I think it’s a great idea – and could even be a fun project to do with your kids. The cleaning supplies recipes are available here.
3. Compare Prices – Use Coupons. This may seem self-explanatory, but not everyone does this. When I last relocated, I needed to buy a new printer and office supplies. I went to the Office Depot store nearby and purchased them. I received an Office Depot member’s card, which created an additional savings of 10%. But, I was unaware of the online coupons for the store. I spent a few hundred dollars. When I returned home, I saw online that there was a coupon – for anyone spending over $300, you can get $75 off with a special coupon code. Don’t make the same mistakes I made – that’s a lot of money to save. Here is an excellent tech coupon site – which is really up-to-speed with the current promotions, coupon codes and stores.
4. Find the Best Stores for Regular Purchases. This is another excellent tip from the Simple Dollar website. First, figure out the items that you tend to buy on a regular basis: eggs, milk, bread and so on. Write a list of the stores that you are willing to shop at to purchase the items. Go to the stores – make the purchases and write down the prices or save the receipt. After shopping at all of the stores, compare the options and then choose the store that gave you the most for the money. Start shopping there and start saving on groceries. For more details and ideas, visit the Simple Dollar website here.
5. Stay out of Contracts if Possible. For example, you want to join a gym and become healthier. Unfortunately, more often than not, people join gyms (myself included) and visit a couple of times – never to return again. Gyms require that you are willing to totally change your lifestyle. It may sound appealing, but do not join into a membership with the gym. Tell them upfront that you would like a one-month trial and pay for that only. Even if they first state there are only contracts – they will most likely accommodate you anyway. One gym that I know of – 24 Hr. Fitness has a contract-free system, although they require that you pay for the first and last month upfront. Even that is a lot of money if you are trying to cut costs. Also, you can cut costs and debt by using a phone service that is contract-free – one example (which I use) is Cricket. The service only charges you per month, for unlimited usage long-distance included, and when you stop paying – your phone no longer has service. Start paying again – and the phone is back on.
6. If You Buy a lot of Books – Start Using the Library. This is my favorite tip because after living overseas for several years, the thing that I now appreciate the most about the USA are the libraries. Personally, I love to buy books.I can go to the bookstore and easily walk away with a small bag of books that cost me $100+ dollars. Well, that quickly adds up. Go to your local library – checkout books for you and your children. I go to the library twice a week and get about 20 books per time for my son – he also gets movies (same movies that they have at Blockbuster), books on CD, Leappad learning system, and computer games. So, before spending any money on computer games for your kid – take a look at the library. I was shocked to see that you could get fully-licensed for use Nickelodeon games and download them for free. I thought it was illegal, but many companies seem to have copyright agreements with the libraries for use as long as the item is not re-sold.
7. Stop Renting Movies. People love to watch movies. Blockbuster movies can cost you $3.99 per new release, 99 cents for the oldies and that can add up. Like I said in the last tip – you can rent many of the same movies from the library. But, there is an even better option for the real movie lovers (like myself). Join Netflix. My account with Netflix allows me to have 3 new release DVDs sent to my home for viewing at any one time. So I check the mail, get my 3 movies (delivery time is extraordinarily fast), watch them and return them whenever I want. Returning them involves placing them in the envelope they were sent in, and throwing them in the mailbox (postage is already paid for). They receive the movies and the same day send out the next 3 DVDs that are in my queue. You can do that on and on forever, a constant cycle of sending and receiving new movies to your home. The other thing (that I LOVE) is that you can also watch a ton of movies Instantly on your computer (or TV). Personally, I paid for a Netflix-compatible device called a ROKU player, for $99 and it is hooked up to my TV. I add movies to my Instant Queue,then turn on the TV and watch whichever movies I want to, whenever. Because of this, I turned off my local cable TV service, as all the TV shows, series and movies are already on my TV. My friend saw this at my home and thought I was doing something illegal – but it is not! I believe the average price per month is $8.99 for one-movie at a time, plus unlimited Instant Access Movies to your TV or computer. You can cancel at any time.
8. Cut out Unhealthy Habits. Unhealthy habits are not only bad for you physically, but they are also bad for your finances. I was addicted to soda – and for health reasons – stopped drinking soda altogether. This saved me $30-40 dollars a month. Smoking, drinking excessively are bad for the health and wallet. Quit – drink more water.
9. End the fast-food & coffee stops. If you drink coffee everyday and have a habit of going to Starbucks for your morning cup, either cut down on that expensive habit or invest in a nice espresso or coffee maker. I used to go to the coffee shop daily – and I prefer my own coffee to the drinks made at the coffee shop. I bought a $60 espresso maker and love it. If you stop everyday for a coffee – that’s over $100 per month you could save if you stopped. Next, fast-food stops are easy to get into the habit of making. People have busy schedules and are sometimes so exhausted the easiest option seems to be – to stop for fast food. We all do it. But, it’s unhealthy and a waste. To prevent it from happening as often, you may want to create a bunch of meals – freeze and store them for a later date.
10. Discounted Shopping. Some people are embarrassed with shopping for a second-hand item. If you are really trying to cut costs – get rid of the pride and become thrifty. Sites like eBay and Craigslist can be great venues to saving money while shopping. People are selling a lot of their virtually-new items at this time, in an effort to save money. If you want to make a purchase, using one of these sites is a great option.