How to Save Money on 25 Ways I Save Money

Senin, 01 Juni 2009

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:

  1. I drive with gas efficiency in mind.
  2. I try to save energy around the house with CFL’s, programmable thermostats and proper insulation.
  3. We do laundry once / week.
  4. I brown bag my lunch to work.
  5. I prepare my lunches in bulk and store them in individual plastic/glass containers.
  6. I cook at home whenever possible.
  7. I perk my own coffee.
  8. I use a points or a cash back based credit card that gives me the best return for my spending. In addition, when purchasing items online, I check for cash back online rewards in addition to using my credit card.
  9. When buying consumer items, I try to separate my “needs” and my “wants”.
  10. When I find something that I “need”, then I do comparison shopping or wait until it goes on sale.
  11. I don’t smoke, do drugs, or drink (too much). :)
  12. I use basic cable instead of the fancy cable packages.
  13. I combine my cable/internet/telephone with the same provider to take advantage of the discounts available.
  14. I watch movies at home (rent DVD’s online) instead of going to the movie theater.
  15. I use term insurance instead of universal life or whole life insurance.
  16. As with anything else, I shop around for my insurance products.
  17. I pay a higher deductible on insurance products to reduce the premiums.
  18. I buy with quality in mind in the expectation that it will last a long time.
  19. To please my reading habit, I go to the library (or get publishers to send me free books for review) :)
  20. 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.
  21. 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.
  22. When purchasing a home, I save for a large down payment to reduce mortgage insurance fees (CMHC).
  23. I buy clothes when they wear out, not when they go out of style.
  24. I track my spending/budget with Microsoft Money.
  25. 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.

There you have it, 25 ways that I save money. There are actually more that I’ll leave for another post. If you’re interested in finding more ways to save money, check out our new freebies and deals page.

What are some ways that you save money?

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