With the economy continuing its downturn, it seems everyone is looking for ways to cut back on spending. Here are some relatively easy ways to come up with big savings - as much as $10,000 per year. In many ways, following these tips will enhance your quality of life as well as improve your finances.
Clothing
Let's face it: most of our closets are overstuffed the way they are. Buy Fewer Pieces of Clothing. Wear out what you have, and when you do purchase something get it at the end of the season when it's marked down by 50-75%. The best time to purchase warm-weather clothing is in August, cool-weather clothing in January. Check your local newspaper and online forums to clue you in to markdowns and where to find the best deals. There are many nice and new pieces at your local Goodwill Store. Total Savings: $1000 per year
Debt
Make this the year you stop outspending what you earn. First, call your credit card company to negotiate a lower rate. If you have a good credit score (above 720) and have been a cardholder for longer than a year, the chances of lowering your rate are excellent. Next, make this the year you break the revolving debt cycle. Pay down your debt then get in the habit of paying off your credit card bill in full each month. Total Savings: $800-$1500 per year
Dining
Changing your restaurant habits a little bit can help you save a lot without giving it up entirely. Once a month, have friends over for a potluck dinner. When you do cook, make a double batch and freeze half to eat later when you simply don't feel like cooking. This will help you avoid the temptation to get take-out. Instead of heading to your favorite restaurant on the weekend, eat out during the week when there are more specials such as Senior Discount times such as Early Bird Specials - which are typically weekdays before 5:00 PM. Look for coupons online and on sites like Restaurant.com.
Use coupons for grocery shopping. Cut your budget back by just $25 a week and you've saved $1300 per year. Total Savings: $1300 per year. The biggest savings in discretionary income come from becoming a savvy grocery shopper. The average grocery shopper who spends slightly more than $100 on groceries in a typical week can save over $900 per year by using coupons, amounting to a conservative estimate of 15% in savings. Online coupons are becoming more prevalent and make it even easier to save. Sites like Coupons.com offer a steady stream of great discounts on pet food and toiletries, as well as groceries. Go one step further and plan your meals around what's on sale at the grocery store, and you can save another 20%. Total Savings: $2100 per year
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Gift Giving
Most families easily spend around $2,000 a year on other people. Mothers Day, Father's Day, birthdays, and so on. Around $1,000 of that is spent on Christmas purchases alone. You can actually cut that number in half by starting your holiday shopping early so you have time to look for sales. Come up with a master list of all the occasions you want to remember this year and who you want to buy for. When you see a great deal, you can snap it up. Many great deals can be found on the internet at such great sites as yeurika.com, buy.com, and other great sites.
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Insurance
Get new Insurance Quotes. Raise Your Deductibles If you haven't re-evaluated car insurance policies lately, you could be paying too much. One quick way to save is to raise your deductible. If your deductible is set at $500 consider raising it to $1,000. Yes, you'll have to pay more out-of-pocket if youre in an accident, but you could save up to 30% on your rates throughout the year. Or, if your car is worth less than $2,000 you may want to drop collision insurance completely. Consider bundling your auto insurance with your homeowner's insurance to save even more. Amount saved: $480 per year or more for a household with two cars
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