10 Practical Ways to Save Money

practical ways to save money Photo courtesy of Hugh_Jack@ss

There are many practical ways to save money, but these 10 strategies can be applied today to help you get a step ahead in this recession. Sometimes, there is just information overload and we wanted to simplify the best ways to save money.

It can be hard to imagine devising strategies to save money when you are seeking budget help in these tough economic times. The key is to focus on how to increase the money in your bank account, than to dwell on how tough things are.

These simple strategies aren't geared towards you cutting back. What we wanted to focus on was making your money more efficient. Some of these steps will actually free you up so you can be more productive and yes, earn more money.

10 Practical Ways To Save Money

  • When the cat's away...turn it off. - Set your air conditioning unit on a schedule. While you are at work, there is no need to have your AC unit, or heater, running.

    Set it to turn on when you're home and off when you're away. That could be eight hours each day that you could be saving on heating and cooling costs! If you don't have a programmable unit, consider getting one. It seems like it could pay itself off pretty quickly.

  • It's free! - Quit buying bottled water. Buy a water filter for your faucet and a reusable water bottle one time (please do not reuse a disposable water bottle...gross), and reap the benefits of saving money and our planet at the same time.

    Saving on gas is one of the practical ways to save money. But do you know that some people are paying more for water than gas? Look at how much they sell water for at vending machines. You might be surprised.

    (Want more tips to save money on groceries?)

  • Home is where the fitness is. - Quit your gym membership. Shocker, I know. We bought P90X one time at $120, and have been using the program for the past 3 years. We have released the most weight and realized the best results using that program, than working out everyday at the gym.

    We saved over $1600 over those 3 years by quitting 24 Hour Fitness. Also, we saved probably an hour each time we would have to prepare to go to the gym and drive. That's time and money saved...and better results.

  • Trip to the Amazon. - Check out Amazon.com, one of my wife's practical ways to save money. The website offers great deals and free shipping when you meet certain criteria. We've been buying diapers from Amazon.com for several months saving 30%. So, instead of paying $40 for a box of Pampers, we pay $28.

    One of the my hidden favorites about Amazon is that you can see customer ratings. I can't tell you how unnerving it is to buy something at a brick and mortar store and not know what others think about it or their experience with it. It's so easy...it's scary.

  • Save in numbers. - Sign up for Groupon. This website offers great deals on anything from haircuts to meals at great restaurants. I recently bought a Groupon for a restaurant we love to frequent, giving $20 worth of food for $10.

    We use these for our date nights. The great thing is that we are able to go to different restaurants, sometimes high end, with different cuisines, and save around 50%.

  • Look who's talking. - Consider dropping your telephone land line and using Voice Over IP VOIP, like Vonage. VOIP uses your Internet connection to make phone calls as opposed to traditional land lines. So, if you already have high-speed Internet, VOIP is an obvious choice.

    We switched our land line from Verizon to Vonage and pay only $20/month as opposed to $40+/month. It's an easy change to make to save as much as $240/year.

  • Combine insurance. - Consolidate your home/auto insurance. Bundle your packages together and you can achieve great savings.

    On top of that, evaluate your insurance coverages at least once a year to ensure you are getting the best coverages at the best prices. You can take the extra money you save and learn how to become your own banker.

  • My eyes hurt. - Cut down on cable TV. I'm talking about the channels that you do not watch. Trim the fat.

    If you are not watching all the channels on your current package, consider down-grading or dropping cable all together. Imagine if you used the time you watched TV and put it towards something more productive that actually gave you income, like earning or making online money.

  • Ring, ring,...cha-ching. - Take a look at your cell phone bill. You may be paying for a higher plan that you don't need. Investigate the lower plans from your provider or even other companies. If you have a family, consider getting on a family plan and save while you talk.

    Texting may be costing you a bundle as well. Investigate your additional charges and determine if it's better for you to add on features to your plan.

  • All washed up. - Use your dishwasher, and only when it is full. This frees up more time for you to do something more productive like spending time with your children.

    I can't tell you how relieved I am to use the dishwasher. Fortunately, we have enough dishes to last us a few days while it gets full. It not only saves us time, but it saves us water. It is more efficient to use a dishwasher than for me to wash myself. That's the only excuse I need!

    Who would have thought that NOT washing dishes would be one our practical ways to save money?

Use our FREE budgeting tools to detail your expenses. Our tools will show you what expenses are productive, consumptive, and destructive to your finances. Take advantage of them, especially because they're FREE.

Invest some time to learn practical ways to save money. The little amount of time you spend changing some things, the more money you can save in the long run. You can take the extra money you pocket to learn to invest money.

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