I’ve written about my saving strategies and frugal living before, but I’ve decided to write an updated post in a numbered list format on how to save money and the various ways to save money on a day to day basis. This post was inspired by similar posts on FrugalForLife and CashMoneyLife.
Included below are
25 28 ways that I save money:
- I use a points or a cash back based credit card that gives me the best return for my spending. Here’s a post and picture of what’s in my wallet.
- When making a big purchase, like a mortgage or a vehicle, I negotiate and shop around for the best rate. This will save you thousands in the long run.
- I drive with gas efficiency in mind.
- I arrange my banking so that I don’t pay any fees and use a discount brokerage that minimizes my trading expenses. The current favorite of Million Dollar Journey readers for a low cost, no frills discount brokerage is Questrade (I have a TFSA and RRSP with them).
- In addition to reducing trading fees, I keep our ETF/mutual fund management expense ratios (MER) as low as possible by using indexed ETFs/mutual funds.
- I try to save energy around the house with CFL’s, programmable thermostats and proper insulation.
- We do laundry once / week (we do more now because of kids, but try to be as efficient as possible).
- I brown bag my lunch to work.
- I prepare my lunches in bulk and store them in individual plastic/glass containers.
- I cook at home whenever possible.
- I perk my own coffee (or drink the coffee at work).
- When buying consumer items, I try to separate my “needs” and my “wants”.
- When I find something that I “need”, then I do comparison shopping or wait until it goes on sale.
- I don’t smoke, do drugs, or drink (too much). :)
- I use basic cable instead of the fancy cable packages.
- I combine my cable/internet/telephone with the same provider to take advantage of the discounts available.
- I watch movies at home (or use Netflix) instead of going to the movie theatre.
- I use term insurance instead of universal life or whole life insurance.
- As with anything else, I shop around for my insurance products.
- I pay a higher deductible on insurance products to reduce the premiums.
- I buy with quality in mind in the expectation that it will last a long time.
- To please my reading habit, I go to the library (or get publishers to send me free books for review) :)
- I make my deposits into my high interest rate savings account and RRSP automatically on a bi-weekly basis. Basically when I get my paycheck.
- When purchasing a home, I save for a large down payment to reduce mortgage insurance fees (CMHC).
- I buy clothes when they wear out, not when they go out of style.
- I track my spending/budget with Excel or Mint.com (recommend not connecting your bank account, only credit cards).
- When my income increases, I aim to keep lifestyle inflation at bay. Basically, I bank my raises.
- To save money on car rentals, I watch the flucuating prices on Expedia and when a low price shows up, I bid slightly lower on Priceline.
What are some ways that you save money? Do you follow the frugal living lifestyle?