The Top 24 Ways to Save Money in a Down Economy
Economic downturns are never much fun, but as Adam Smith observed over two centuries ago, these cycles of paucity and plenty are a fact of life. Though none of us can say for sure when this latest slump will reverse, there are at least sure ways of sparing your wallet in the meantime. Here are some penny-preserving ideas tailored to our 21st-century lives:
1. Plenty of people are in the habit of cutting out paper coupons, but even though many of us do part of our shopping on the Internet now, not as many of us seem to have gotten into the habit of coupon-hunting online. Sites such as CouponCabin.com, CouponMountain.com, and DealofDay.com list thousands of current offers at merchants across the Web.
2. Use price-comparison sites like Shopping.com, Pricegrabber.com, Google Product Search, and mySimon.com to find the best deals online.
3. When you’re out at a store, send a text message to 46645 (Google’s text number) and enter the letter “f” and then the name of the item you’re looking at. Google will reply with a message quoting the online prices. To compare prices at local stores, go to ShopLocal.com.
4. If you don’t already belong to one, consider joining a warehouse club such as Costco or Sam’s and buying in bulk. This can be especially helpful if you have a sizable family.
5. Buy generic instead of brand-name products. A lot of the difference is often in the marketing hoopla and not the product, anyway.
6. Withdraw your cash from surcharge-free ATMs, which can be found on AllpointNetwork.com and MoneyPass.com.
7. Buy locally-grown food at farmer’s markets or stores that sell local produce and meat. Prices are often lower there since the food doesn’t have to be transported very far.
8. Shop at dollar stores. You should have an easy time finding them nearby since they’ve been popping up all over the place recently.
9. Buy discount prescription drugs from online pharmacies. You’ll often end up paying under half as much for the generic medications sold at these discount prescription drug stores than you would for the same brand-name medicines at brick-and-mortar pharmacies.
10. If your vehicle is seven years old or older and/or worth $2,500 or less, consider dropping comprehensive and collision from your insurance. Your deductible may be nearing the value of your vehicle anyway, in which case a major collision would send your car to the junk dealer and you to the dealership.
11. Keep cell-phone costs under control. Today’s kids love to text message, so save yourself from unexpected high bills by paying the flat monthly fee for unlimited text messages.
12. Use online classifieds to buy used items. Sites like CraigsList.org and Kijiji.com are excellent resources for finding everything you need, from vintage furniture to baby gear. By buying from locals, you can save on shipping costs too.
13. Go to matinees. Matinee showings are usually more reasonably-priced than peak-time showings.
14. Install Power Planners (see www.energycsi.com/energysmart) to lower the energy usage of your electrical appliances.
15. For your next date, have a romantic picnic instead of going to a pricey restaurant. Pack a blanket and a cooler full of your favorite foods and you’ve got yourself an inexpensive rendezvous. Spice it up a little with a bottle of wine.
16. Instead of paying for software, look for (legal) free software from places like Download.com and SourceForge.net. Depending on how you use a given type of program, the free alternatives will frequently be just as good as the commercial versions.
17. If someone in your house is a student, get the Student Price Card from SPCLive.com. It’s only $8.50 and it will get the holder 10% to 15% off in scores of participating stores.
18. Control your thermostat. Using a programmable thermostat to adjust the temperature will save energy when you’re asleep and out of the house. Prices range from $30 to $120, but you’ll lower your bill by 10% to 20%.
19. Consider leaving your health club. Less expensive options may include a gym at your work, in your building or community, or at a nearby parks and recreation center.
20. Reduce your water bill by installing low-flow showerheads and $1 toilet displacement bags.
21. When you go out to eat, choose waiter-less restaurants where you order at the cash register and pick up your own food. You’ll avoid having to pay a tip, and these types of restaurants often have more reasonable prices as well.
22. Buy used books. Major online book sellers offer a “buy it used” option, where you can often find books in like-new condition at substantial markdowns.
23. Have a friend or family member cut your hair. This works best for men and boys who like to keep their hair short and uninvolved, because someone without experience can do as good a job as a barber using a set of clippers. Professional clippers can be found in department stores for less than the price of some high-end haircuts.
24. Swap babysitting responsibilities with neighbors. Instead of paying a teenager to watch DVDs, send your children to the neighbors on your nights out and take their kids into your house for a few hours when they need some couple-time alone.
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