Saving money is a challenge. The money seems to (and does) build up slowly and the temptations to cheat and spend rather than save are like dieting temptations, easy to find and hard to resist. Here are a few practical ideas to keep your savings increasing and to help you hold the line on spending. When you save on one of the ideas here, save the money toward an emergency savings account, your retirement or a special trip and vacation.
Try these ideas and save:
1. Your car insurance rises every year even though your car is older and is worth less. You would think at least the collision coverage would decrease since your car is a year older and worth less. No! But it will, if you decide to shop around at least every three years. You may not want to decide based upon premium cost alone, because there is a lot to be said about receiving good service; but if money is tight, shop around.
2. If you have emergency savings, go with high deductible collision coverage. You can save a lot that way. I will admit it may cost you if you have an at fault accident, but if you go several years without an accident, your savings will far exceed the amount of your deductible. If you don’t have an emergency savings fund, start one now.
3. Shop your homeowners coverage as well. Those premiums tend to rise more than the value of your home. Home insurers, like car insurers, count on your not wanting the hassle of changing carriers.
4. Drop your magazine subscriptions. Check and you may find the very same magazine is available at your nearest public library. Or, alternatively, spend a quiet evening at a local bookstore, reading your favorite magazines for free.
5. Hold a garage sale. Go through your closet and find clothes you have not worn in a year. The chances are you will never wear it if you haven’t worn it in a year. Pull the junk out of your closets you never use and out of the attic that you stuffed up there and see if there is someone else who wants your junk. You won’t make a lot, but you will make more than doing nothing will make for you. Alternatively, try eBay or sell online. A second alternative is for you to donate what you have to a Christian thrift store and take the deduction on your tax return if you are able.
6. Check your Internet, cable and phone plans. You can almost always improve your plan and save money if you check once a year. Ask yourself if you really need that landline. We dropped ours over a year ago and discovered we received fewer junk calls during dinner.
7. Get a free energy audit from your power company and see where your electric use can be trimmed. Consider adding attic insulation if your house is old, many types of older insulation settle and lose R-value, costing you money every month. Alternatively, you could do something really radical and turn off the lights when you leave a room.
8. Drop your gym membership and take up walking. It is easier on the knees and hips than jogging, can be done well into your 70’s, and is free!
9. Keep your tires properly inflated, put the right gas in your car and maintain it based upon the manufacturer’s recommendations.
10. If you use AAA for emergency roadside service, go to an AAA location and check out their available gift cards. You get a 3 to 5% credit in AAA dollars towards your next year AAA bill. If it is a card for a restaurant you are going to eat at anyway, a store you will shop at anyway (or even Amazon Smile), or a gift card you would give as a gift anyway, you will save an annual AAA fee in a fairly short time, certainly less than a year.
11. While I am on the topic of gift cards, buy them at a discount from a discounter like giftcardgranny.com. You can at times find meaningful discounts on hundreds of gift cards including Walmart, Target, and many large retailers.
12. Buy used, not new. A used car, if checked out carefully, is a great savings over a new car. New cars lose thousands of dollars almost the same moment you drive the car off the lot. If the car isn’t too old, you may still have some warranty left – always check. If buying a used car, always check the obvious things such as the tires. Many dealers will put new tires on a car if you spot a worn or repaired tire.
13. Used books are readily available at thrift stores, or, even better free books, magazines and videos are available at the public library.
14. Buy an Entertainment Book and eat out for 50% at many restaurants. Try Entertainment Books and see what restaurants and services are covered in your area. In the Tampa Bay area there are over 150 restaurants and services offering substantial discounts. You quickly save the cost of the book, try new places and then save a lot more.
15. Save without the hassle of coupons. There is a rather remarkable website worth checking – Savingstar. You can go to their free website, check the products you want to buy from a store and get cash back after you shop. You can link your store loyalty card or upload the receipt and save. The stores available can be seen from the site and include Publix, WalMart, Target, CVS, Walgreens and literally hundreds of other retailers.
Saving just requires that you try. The problem is that we tend to get so busy, that time is a commodity that is hard to find. But if you can find the time to try a few of these ideas here, you can save a lot. If you have additional ideas, call or email us and we will pass them on.
About the Author
John Campbell has retired from a 40-year legal practice as a trial attorney in Tampa. He has served in multiple volunteer roles at Idlewild Baptist Church in Lutz, Florida, where he met Jesus. He began serving as the Executive Director of the Idlewild Foundation in 2016. He has been married to the love of his life, Mona Puckett Campbell, since 1972.