How to Save Money – 25 Ways I Save Money
I’ve written about my saving strategies before, but I’ve decided to write an updated post in a numbered list format on the various ways that I save money on a day to day basis. This post was inspired by similar posts on FrugalForLife and CashMoneyLife.
Included below are 25 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).
- I try to save energy around the house with CFL’s, programmable thermostats and proper insulation.
- We do laundry once / week.
- 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.
- 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 (rent DVD’s online) instead of going to the movie theater.
- 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 Microsoft Money.
What are some ways that you save money?