Cancel your landline phone. Many people find they rarely make calls on their home phone. If you're not using it, why are you paying for it? Ask about bundling your phone with your cable and Internet service – but be warned that a cable phone will not work in a power failure.
Review your insurance costs. Call your insurance agent and make sure you're getting all the discounts to which you're entitled. Make sure your coverage fits your current circumstances. If your teenage driver moved out and got his own car, get him off your policy. You might also want to get quotes from other companies on auto or home insurance.
Call your credit card companies and ask for lower rates. Or do balance transfers. Credit is loosening up and card companies are sending more offers. If you get a good offer, call your existing company and see if it will match the new offer. If your credit is good and you make all your payments on time, you're in a good position to negotiate. "All they can do is say no," Harzog says. "Consumers have more power than they know."
If you are in debt, make a plan to pay it off. Paying $200 a month in interest charges is a waste of money that would be better used toward retirement savings, your kids' braces or a trip around the world. Some experts advise paying off the smallest balances first, although Harzog recommends targeting those with the highest interest rates. Either way, start paying off those cards, one at a time. Make the minimum payments on all cards, but target one card at a time and make bigger payments so you can pay it off. When you've paid off one card, go to the next.
Look for a cheaper health club. Are you paying $75 a month for a gym membership you never use? Maybe you should cancel and take up walking, biking or hiking. Perhaps you can get a gym membership that's equally good for half the price at a YMCA or community center. Shop around.
Look at the fees associated with your bank and investment accounts. If you don't have free checking, ask your bank what you can do to get it. If your bank doesn't offer free checking, find one that does. If mutual fund fees or stock account fees are eating into your returns, move your accounts to a discount brokerage, especially if you're not getting personalized advice.
Don't shop for recreation. If you're not in the stores, you won't be tempted to buy. That goes for yard sales and thrift shops, too, Weston says.
Be careful of online purchases. It's easy to shop online in the wee hours of the morning, but that spending can add up. Unsubscribe from email alerts that urge you to spend. Get yourself off stores' online mailing lists and restrict your online shopping to things you really need, when you need them.
Make a budget and stick to it. Give yourself a realistic allowance for discretionary spending and don't spend any more than that. "It sounds quaint," Harzog says, but having a budget works.
More from U.S. News & World Report:
VIDEO ON MSN MONEY
Many of the older generations used to say to take care of your pennies and the dollars would take care of themselves.
I have observed how others handle their money and I believe the earlier generations were right.
Those who lived through the depression or just had hard times, considered a penny valuable. Even with inflation and devaluing of the penny, my mother still went to great lengths to save those pennies. It served her well. She had twice as much as those who had 4 times the income.
Those who only ask what the payment is, when buying, will probably never get ahead. since the total price is most important. Some of the stuff they buy with low payments are worn out before they are paid for.
It is the attitude. People used to take a lot of pride in what they saved and if they made a good buy. Now they want to live extravagantly, spending too much for their home and vehicles. They want to spend money to impress others.
People do much better if they budget their money and know what they can afford. It is best to live a little below our means.
How about don't go to bars at all?
"Those who lived through the depression or just had hard times, considered a penny valuable. Even with inflation and devaluing of the penny, my mother still went to great lengths to save those pennies. It served her well. She had twice as much as those who had 4 times the income."
I think that's the point really, don't you? As a society we're going back into depression mode for the middle and under classes. Forget the existence if a vibrant middle class. For the past 4 decades or so America has embraced the policy of redistribution of wealth into the hands of a privileged few at the top of the economic pyramid. So yeah, reset, you're back in the great depression if you're not on the very top.
Your economic system is predicated upon:
a) Privatized gains versus socialized losses for the Wall Street Banker/financial services sector class
b) Internalized profit versus externalized risk/expenses for the "job creator" class
c) Socialism for the aristocracy versus laissez-faire capitalism for the masses
So yes, indeed, prepare to do more with less regardless of how hard you work for the foreseeable future.
The same could be said of certain republicans, too. Ohbummy.
Don't get me wrong, I totally agree with you, but it would be better for EVERYBODY [except government parasites] if we gave EVERY politician a one-way ticket out of the country, PERMANENTLY!!!
Bills like Heating and Air, it's not so clear cuts as some might lead you to believe. Ditto for the Mortgage and Car note. You have to have somewhere to Live and a way to get to work. If you can afford a brand new what ever, don't let posters make you feel you don't deserve it. Tomorrow not's promised to anyone. WE are here to enjoy life as we plan for our retirement years. Years which are also not promised to anyone. So it's a matter of finding a Balance.
Pennies are not going to change your life unless you find one worth far more than a penny. So I get the attitude concept but stating how a person who saved twice as much as a person making 4 times the income really sends the wrong attitude. The Attitude should be to also make 4 times the income. Then you can save a heck of ton more. If things go wrong for a person making far less, that person has far less income to get out of a hole.
The Attitude is making far more in income plus saving more. If you omit one, you are potential putting yourself in a bad position in the future.
WITH the cost of just living a bare minimum I too have made cuts ! rent went up $30 per month and everything has gone up as well ! And my company has said "no pay raises this year "! which means we must cut out as much as we can! no more magazines ,,no newspapers ,,and cut out going to movies ! Since I live within walking distance to work and stores,, my car will sit in carport
more ! by driving only once or twice a week and only going less that 40 miles I can go one to two
months between fill ups ! And shopping for new goods is out ! used goods stores like "Goodwill" will give me what I want at a much lower price ! make things last longer by fixing it when it breaks ! sometimes this will make a coffee pot lasts longer,,,and replacing things only
when they cannot be fixed is a good way to make money lasts longer ! Remember we the people
have the power to make changes come "BOYCOTT" works ! if we were to stop using a product or
service then we can make companies lower their prices or go out of business ! we can survive.
best way to save money---is don't spend it ---gyy
Spend less for more. When ordering, do check if there are coupons available. Take time to find at Coupons.com, AnyCodes.com or else.
I'm surprised that the article didn't mention switching your Energy Supplier for your gas and electric bills. I switched 9 months ago and I've saved a lot of money on both my gas and electric bills. I saved $10.42 on my gas bill and $8.23 on my electric bill last month alone just because of better rates. In my first 9 months, I have saved $137.83 on my gas and electric bills that you would otherwise be giving away to your current gas and electric provider. After referring a few other customers, I now receive Free Energy! That's right, last month I saved $42 on my gas bill and $33 on my electric bill. You owe it to yourself to check this out and save money: .
I would highly recommend looking into switching your energy supplier depending on which state you live in. The energy supplier that I switched to was Ambit energy because they have an excellent reputation, A+ with the Better Business Bureau, J.D. Power & Associates Customer Service award in NY, free energy, and you can earn travel reward points by paying your bills!
Ambit energy services CA, CT, DC, DE, IL, MA, MD, NJ, NY, PA, RI and TX.
If you would like more information on how to become an energy consultant and get paid to help others save, contact me through this website: . I look forward to hearing from you and I would love to help you and others save.
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Shopping at Costco saves money, even after paying the $55 membership fee, but comes at the price of buying in bulk and limited selection.