Category Archives: Saving Money

5 Easy Ways to Cut Your Spending Dramatically

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Trying to trim expenses can seem like a never ending task, as new expenses always pop out of nowhere. With already tight budgets, the task of reducing spending can seem impossible. You’ve already cut out your morning latte and canceled your gym membership – what more can you do?

Lowering your expenses is definitely a daunting task. While you’ll have to make sacrifices and get a little creative, it definitely can be done without cramping your lifestyle too dramatically.

Cut Up Your Credit Cards

Take a close look at your credit card collection if you have multiple cards, and decide which ones you should keep using and which ones you can cut up. First, note the interest rate for each card, and don’t use the ones that charge the higher rates. Obviously, it is ideal to be able to pay off your bill every month – but that isn’t always realistic depending on your situation. Second, take a close look at the rewards programs for each card. Such programs are becoming more and more competitive and can be a determining factor when deciding what your go-to card should be. Also, canceling credit cards can negatively affect your credit score as it lowers your credit to debt ratio. Consider literally cutting them up and forgetting about them instead of really canceling them.

Be Your Own Chef

Food is one of the biggest expenses we face and most people are guilty of spending too much on dining out. Don’t ignore this habit because the expenses can really add up. Cooking more at home can easily and drastically lower your spending.

But what if you hate cooking? Don’t worry, because you can still save. To mitigate this, cook once a week by meal prepping. Make a big batch of whatever you want and portion it out into multiple meals a week. When it’s time to eat, all you have to do is heat it up – even easier than going out.

Ride a Bike

Car maintenance and gym memberships can cost an arm and a leg. Why not kill two birds with one stone by riding a bike? Depending on where you work, riding a bike to your office could be a great option to get a workout in and save money on gas. Many big cities also now have bike sharing programs, which makes it even more convenient to ride wherever you need to go.

Reinvent Your Social Life

Socializing with friends takes time and money. Just having a single drink could cost up to $15 with tax and tip, which can really add up as the night goes on. However, there are plenty of inexpensive or free activities you can do instead. If you’re going out for drinks, consider meeting up during happy hour. While timing might not be ideal, it can cut your bill in half. Also, every city, big or small, has free events, especially during warm weather. So take advantage of them as the weather is warming up for the season.

Analyze Your Bills

Getting a bill is never a fun moment, but be sure to take a thorough look instead of quickly glancing through it. Many of us end up paying fees we don’t realize every month that could easily be avoided. Also, look carefully at your usage every month, particularly when it comes to your cell phone and utilities. Perhaps you could lower your texting plan if you’re not close to using your maximum for the month, while others can easily trim their data plans. Small details like these seem insignificant when you look at them individually, but everything can collectively make a huge difference in the long run.

Article Source: Connie Mei for Moneyning.com

5 Ways to Throw Away Your Money

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1. Paying credit card interest.
Make a plan to pay off your credit cards as quickly as possible, then set up reminders to pay them in full each month.

2. Utility Waste.
There is a really good chance you are wasting your utilities, such as water and electricity. Here are some energy and water wasters to keep in mind:

  • Leaving devices plugged in. Even if a device is switched off it can sometimes still draw power.
  • Poor insulation will cost you more money to cool and heat your home.
  • Using old and outdated appliances.

3. Paying for things that are free.
Making coffee at home is a great way to save money. Here are some other things you can get for free:

  • Water. Carrying a reusable water bottle is way more cost effective than paying for bottled water. (Plus drinking more water is good for your health).
  • Borrowing books, movies, and magazines from the library.
  • Free meals – sign up for birthday coupons. What a great way to treat yourself on your birthday!
  • Entertainment. Many cities embrace farmer’s markets, free museum days, and community sports games.
  • Perks and benefits through your workplace. Find out from HR if there are various discounts available through the company or your selected health insurance plan (i.e.: gym membership reimbursement).

4. Living above your means.
This is easy. Live by this motto: Spend less than you make (or a lot less than you make).

5. Paying for a gym membership you rarely use.
Do you spend money each month to have a tag on your keys with the name of the gym you send money to? Exactly.

Here are some more affordable options:

  • Ditch the gym entirely and workout at home. There are a ton of home workouts for free on YouTube.
  • Go on hikes! If you can, this is a free and scenic option.
  • Find a drop in gym where you can pay by the day.

Article Source: Robbie Young for CUInsight.com

 

Tips for Saving Money While Dining Out

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Who doesn’t love grabbing a meal at a restaurant? Whether it’s a national chain or a local mom-and-pop, the dining out experience is about enjoying great food and taking in a fun restaurant atmosphere. Unfortunately in many cases, it also means spending cash and putting a dent in your budget. Here are some tips to consider before visiting a restaurant, that can help save you money so you can enjoy a good meal out without feeling guilty.

Hit up happy hour
Happy hour isn’t always just about deals on drinks. Many establishments also have special food menus during certain times. So, plan ahead of time and hit up happy hour for cheaper food and drink selections.

Plan ahead
If you can’t make happy hour, once you decide where you want to eat, check out the menu right away. Then, you can discuss what your budget will allow and plan accordingly. The key to this tip is sticking to your guns; if your plan was to get a less expensive dish but once you arrive at the restaurant the specials sound tempting, don’t give in. You can still enjoy yourself and have a great meal while abiding by the budget you’ve put in place.

Buy the bottle
This tip applies to occasions when a large group plans to order similar beverages. Discuss what everyone’s tastes are and find a common ground. Then, instead of each of you ordering a $9 glass of wine, opt for the bottle instead, then divvy up the cost.

Skip dessert
When the server comes around and asks if you’re ready for dessert, it can be incredibly hard to say no. That chocolate cake always sounds so delicious. But use your willpower and just say no, as chances are, dessert menu items are overpriced. Instead, opt for the ice cream parlor down the road. Or, stop at the grocery store on the way home and pick out something more budget-friendly from the bakery.

Article Source: Wendy Bignon for CUInsight.com

Buying New Stuff and When to Spend

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Sometimes, it’s just nice to buy new stuff. But when will we get the best deals? Here’s a look at some common purchases and the best times to buy them.

TVs: It seems like a new TV is on the wish list every couple of years, and there’s no time better to make that purchase than the holiday shopping season. Your best chance would be a Black Friday sale, but decent deals usually run throughout November.

Furniture: New furniture is typically debuted in February and August, which makes January and July the best times to get a deal. Stores need room on the showroom floors, and you can take advantage of this need by helping them make some room.

Appliances: As the holidays approach, stores are eager to get old models out of the way to clear space for new arrivals. Take advantage of these savings and you get yourself some new appliances in September and October, just in time for Thanksgiving and the holidays.

Carpet: If you’re looking to outfit your home a with a new dance floor, the best time to do that is after the holiday season, usually mid-December until the end of January. Just make sure you don’t wait too late. Once the middle of February rolls around, tax returns start arriving and the sales cease.

Mattresses: As spring rolls around, the mattress industry uses Memorial Day weekend as their big push to clear out merchandise. Most holiday weekends will provide a deal, but Memorial Day weekend is the usually the best for your wallet.

A new car: So you’re tired of that old ride, huh? Sometimes you need a new car, sometimes you just want one. It’s fine to start looking – but you may want to wait until late summer to pull your wallet out. As dealerships start rolling out new models, it’s a great time to buy something from the previous year’s release. It also doesn’t hurt to shop on a less busy weekday near the end of the month to help salesmen pad their quotas.

A new home: If you’re buying a new home, you’ll want to look in the fall and winter. This is when you’ll find your best deals, especially in October, before the end of the year. Nothing would make a seller happier than unloading that property in time for the holidays.

Article Source: John Pettit for CUInsight.com

5 Ways to Entertain Yourself Without Breaking the Bank

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Look for discounts: Some local Regal Cinemas have a value day – does yours? Find out when your local Value Day is here. Don’t have a Regal around? Look for a coupon code here.

Head to the library: Books are free to check out (as long as your return them on time) and there’s no better price than $0. Find something exciting to read and your weekend is planned. Don’t feel like reading? Check out your library’s DVD section and watch one of those blockbusters you never got around to seeing.

Volunteer: When was the last time you spent your weekend doing something for someone else? Head down to the local food bank or find out if Habitat for Humanity is doing anything nearby. Not only will you feel good when you’re done volunteering your Saturday, but you may pick up some skills that you can use in your own home.

Find free events: Somewhere in your town there’s something free to do. Grab a newspaper or check the window at your local coffee shop. And don’t forget to check out our Monthly Things to Do on a Budget in Monmouth and Ocean Counties blog posts!

Go visit Mother Nature: Hike a nature trail, head to the mountains, or throw a worm in a pond and catch a fish. These are relatively cheap (if not free) options. Don’t know where to go hike? Check out Recreation.gov.

Article Source: John Pettit for CUInsight.com

3 Ways to Save During Football Season

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While awesome, football season can also be expensive. If you’re planning on having big football weekends for the next few weeks, you’ll need to make sure you’re budgeting for all the money you’re going to spend. Here are 3 ways you can save this football season.

Raise some cash: If you’re going to spend a lot of money this football season, try figuring out a way to raise some extra dough to fund your fun. Having a yard sale could be a great way to raise some cash. Have a bike or some free weights you don’t use much anymore? Throw it up on EBay or Craigslist and turn it into some ribs and chicken for the game.

Do it right or don’t do it: We all love the big games, especially when our team is involved. When those weekends roll around, do it big! If you’re throwing a party, grill it up and stock up on beverages. Having a big event is always fun. If you plan on attending the game, plan out an exciting tailgate and do it right. When your team is involved in a lopsided matchup, keep it more low-key.

Split your tickets up: Feel the need to be at the stadium a lot this season? Try splitting those season tickets with a friend. You can go to games together or divide the games and take other friends and family. This way, you’ll each get to see 3 or 4 games for a decent price. You can even sell your tickets for one of the bigger games, avoid getting stuck in the crazy traffic, and maybe even fund the rest of the season.

Article Source: John Pettit for CUInsight.com