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Avoid Wasting Money
Nearly every week on Yahoo! I see an article that describes how to avoid wasting money, how to spend less and stretch your dollar more. By performing these techniques you can get "free" money in the sense that you are free to use your money to get more; or even better, to save more.
Below is a compiled list that will continue to grow. The first section describes some of the more common tips to avoid wasting money and the second section links to the articles that I find for your reference. If you find that any of the links become outdated, please report it using the contact form.
Of course you don't necessarily have to do all these things to be successful in your finances. Everyone's situation is different. This list is mostly just tips I've seen in money-saving articles and if anything it is here to help you brainstorm.
Common Tips to Avoid Wasting Money
Don't pay for things you don't use. General and simple philosophy.
Use it up. Wear it out. Make do. Or do without.
Don't buy what you don't need even if its on sale. Sale signs usually tell you that you save more. You're not saving more, you're spending more if you buy it.
Don't pay for anything you can get for free. Go to ActuallyFree.info to learn how to get stuff and what you can get for free . . . wow you got here fast. The truth is you can get almost anything for free. It won't always be new, but it may be what you need. Tap into other resources too - government assistance and training, get it as a perk at work, learn to trade things you already have that you aren't using. Etc.
Make a budget and stick to it. This doesn't mean you can't ever buy anything. It means you are taking control of what you spend.
Lower your debt. The lower it is the less interest you're paying. This applies for mortgage, credit card debt or any debt. Start a debt snowball to pay off one credit card at a time.
Pay more than the minimum requirement. For any debt, the amount you pay is less when you decrease the principle amount. If you only pay the minimum requirement, you're just paying interest, over and over again. You Can Save the Smart Way.
Get your credit card rate lowered. An article at Consumerist.com explains how to do this.
Don't go into debt for anything except a home, car, and education. Even when you go into debt for those three things you should have a viable plan for getting out of that debt. Also, buying items like TVs on credit or on lay-away plans just means you're paying more than you have to.
Take advantage of cash back programs. You can only do this and net positive once you've paid off your debt. Cash back credit cards usually have high interest rates, so you're paying more than your cash back if you carry a balance. Other cash back programs besides credit cards apply too. See the non-free bargains page.
Evaluate your cell phone service. If you don't text often, don't pay for a texting plan. Don't pay for more minutes than you need. If you reduce coverage on your plan make sure you avoid fees. Etc.
Avoid bank fees. The banking game is entire subject by itself. There is enough competition between banks that you should never have to put up with fees and you should be getting a high interest return on your accounts to not only save more but make more. Avoid having to pay ATM fees, minimum amount requirements, direct deposit requirements, etc. Some banks have savings rates that are the same or even higher as other banks CD rates. By using those saving accounts instead you can have complete access to your money, make the same return and never get charged for taking your money out early if you need it. Never get charged overdraft protection fees. And the list of banking strategies goes on. Read this article about avoiding bank fees. Find the best banks here.
Make your bank work for you. Minimize the amount you keep in a no interest checking account, or get an interest-earning checking account, and maximize the amount you keep in high-interest savings accounts. One of the better options is ING Direct.
Drop the gym membership. Commercial gyms are nice. But what they don't want you to know is that you can exercise for FREE if you actually exercise at all.
Give up smoking, cigarettes, other tobacco products, coffee, alcohol and soda. Most money-saving articles wouldn't dare to include alcohol in that list. Though alcohol has such a stable place in society, it really is a money waster that people don't need. Some may argue that a daily glass of wine is actually healthy but there are other, cheaper substitutes if you want the antioxidants. The daily cup of coffee from the coffee shop is included on almost every money-wasting article that I've read. The $1-$2 a day every day adds up.
Give up or reduce frequency of fast food and eating out. Recipes for quick, healthy dinners are so abundant on the internet. Also bring your lunch to work.
Give up the lottery. "You can't win if you don't play" is a lie. Put a dollar in your savings account every time you think about the lottery and at the end of the year see what you've won!
Give up all gambling.
Don't buy brand names. Often the same company that makes the brand name also makes the generic. This applies for clothes, shoes, and prescription drugs just to name a few.
Buy used instead of new. It's almost always cheaper and many times just as good. This especially applies with cars. Few things depreciate in value quicker than new car when it leaves the lot.
Avoid impulse buying. Patience is a virtue. It may look nice in the store, but if you really want it, you'll still be think about it in a week. Then at least you've not only had time to think about it and budget for it, but you also have time to follow the next step.
Always shop around for the best bargain. Never accept a price without doing the research. In fact, the first price you're introduced to is almost never the cheapest.
If you use a cell phone anyway, drop your land line. Why pay twice for the same service?
Turn the lights off and unplug electronics. Spending less energy means spending less money. There is actually even a way to get paid for your electricity.
Reevaluate your insurance plans. Make sure you getting just the coverage you need (health, car, home, etc.) and not overpaying for it.
Decrease your tax refund. You read that right. The higher your refund, the more you're overpaying the government. They take that money and earn money off of it when you should at least be earning interest from it in a savings account. You'll want to make sure you avoid fees, so if this is a step you're willing to take to save, then make sure you do your homework.
Use coupons. Most of the time coupons are free. Though it may be a small amount, 35 cents is still free money. Visit the Coupons page and Actually Free Coupons.
Barter for everything. Most of the time you can bring the price down. At least barter with your doctor, dentist and mechanic. Also barter for travel deals.
Don't waste food. Stretch what you've already spent money on the to max. Don't let it go bad, don't make too much other food until it is gone.
Get to know grocery store placement strategies to avoid being tricked into spending more. Here is an article that explains more. Another article here.
Cancel free trials. If your gutsy enough or interested enough to try free trials but loose touch, you loose money. They have a machine that automatically withdrawals your money. It never forgets. Neither should you when it comes to your money.
Always us a membership card at the grocery store. Its almost ridiculous that we have to do this, but if we don't we're paying more than we have to. For those that don't, thanks for keeping the prices at least normal for those of us who do the membership cards.
If time and schedule permits, travel in the off season. The best travel deals of the year are always in the off season. The tourism market has to do this to attract tourists throughout the year. You may also have a better time. There won't be as much traffic on the road. Service will be better and more focused on you. Ad you'll wait in lines less at theme parks. When planning your trips, also look for free things to do in the cities you're visiting.
Save your change. Its your money and it adds up.
Wait to rent movies, instead of going to the theater. The real reason new movies beat old ones in sales records is because ticket prices are higher than they used to be. You can rent a movie for as low as $1 with Redbox and movie ticket prices are anywhere between $3-$20 each depending on what theater you go to and where you live.
Don't buy books, don't rent movies, don't pay for music. Go to the Library.
Take advantage of a 401K and flexible spending accounts at work. If its a way to get you're employer to pay more than, hey, why not? It's more motivation to save and not spend.
Use your bike or walk instead of driving. This saves in gas and helps you exercise. A double whammy.
Drop cable TV. Honestly, even when you have 300 channels there is still nothing on. You can watch most shows for free online anyway.
Shop at the dollar store and other discount stores. Dollar stores are nice because you know the price for everything - $1. Obviously you should do the math. If a napkin is a $1 then don't buy it. But there are many other things such as greeting cards, Christmas decorations, food, electronics accessories and tools that may all be a better bargain at the dollar store.
If you shop at Costco or other warehouse stores that doesn't mean you can eat more. Warehouse stores like Costco sell in bulk. You pay less when you buy in bulk as long as your meal portions aren't increasing.
Don't buy bottled water. You're already paying for water, why pay for it twice? Some cities even charge an extra tax for the bottles because they're hard to deal with when they're thrown away. If you feel you need cleaner water, a filter may be more economic over time. Or you can boil your own water for free.
Don't buy extended warranties. Most products break down after the extended warranty anyway and many warranties don't include accidental damage.
Don't buy organic produce. Most of the time "organic" just means more expensive. It doesn't mean the produce is more healthy. One source said that kiwis, sweet corn, broccoli, avocados, onions and pineapples have no residual pesticides even when you don't buy them organic.
Don't pay for music downloads. You can get music downloads for free. Or you can listen to the radio either local or online. See Free Music.
Learn to do it yourself. If you call a plumber to fix your sink drain it could cost $300 dollars or more. A bottle of draino is only $15 and all you have to do sometimes is just poor it in and wait 15 minutes. Other jobs like changing your own oil, painting a room, etc can save you hundreds if you do it yourself.
Car maintenance. Don't buy higher octane gas (premium), don't change oil sooner than is necessary, Don't use the dealers maintenance schedule instead of the factory's. Don't use the dealer for repairs. Don't spead up just to use your brakes harder when you stop. Don't pay for a car wash. Etc. Read this article for 20 tips.
Drop your newspaper and magazine subscriptions. They're not giving you any information that's not easily accessible online.
Don't go grocery shopping when you're hungry. Everything looks better and tastier. Temptation to spend more is higher.
Unplug your electronics. Change your light bulbs. Convert your home to be green and energy efficient.
Money-saving articles, more avoid-wasting-money tips:
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