How to save $9,000 a year
- October 22nd, 2008
- Posted in Budget . Money Saving Tips
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CNN Money had an interesting article this week on ways to save more money. They complied a list of 6 easy steps to take that could save you up to $9,000 each year! I figured it was worth looking into, so here’s what they came up with.
Be a strategic shopper
Most of us go grocery shopping once a week. We usually spend 30 minutes to an hour and spend around $50 – $100 each trip. For something that occupies that kind of time and resources, you would think we would be a bit smarter about it. Coupons.com is a great resource. there are plenty of other sites like them. Just spend half an hour finding coupons and planning your grocery trip and watch how much you will start to save. Thirty minutes each week in this kind of preparation can save you 25% on your grocery bill.
Skip Starbucks
You might be surprised how quickly $6 a morning adds up. Learn to go without that coffee and muffin. Substitute a granola bar and orange juice. These are also quick, easy and considerably cheaper. A half gallon of orange juice could last you a week, and it costs about the same as a cup of coffee. So before you run out the door to Starbucks in the morning on your way to work, sit down, eat a quick bite, and then go straight to work. This could save you almost $2,000 each year!
Upgrade appliances
Old refrigerators, washing machines and water heaters could be skyrocketing your energy bill each month. Upgrade old appliances around your home. New appliances will pay for themselves in a year when you see what you can save on energy.
Go generic
We’ve all been there. You’re standing in a store looking at a wall of products that are essentially all the same thing, except they are all different brands. Tide, or the store brand? Well, start going with the store brand. Typically, generic store brands are 25-33% less than the name brand products. Often times you won’t even notice a difference in your use of the product. Go generic, save money on the things you already buy.
One more dollar each day
Many of us are stuck with credit card debt. If you were to take one extra dollar each day towards paying off your credit card debt, you could be debt free two years sooner! The average debt, if paid off by the average monthly payment most people make, would take 96 months to be paid off. Add an extra dollar a day, or $30 each month to that monthly payment, and it’s paid off in 74 months. I’ve said this in an earlier post- get out of debt as soon as you can. Seems the CNN Money experts agree.
Sitter sharing
Those of us with children probably know the other parents in the neighborhood with children as well. Instead of everyone hiring their own babysitter, why not pool your resources? Hire one babysitter to watch all your kids when you go out for your date with your spouse. Families that do this save anywhere from 20-50% on their babysitter costs.
If you want to read more, check out the original article at CNN Money.
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