STRETCH your Money!
Money tight? Trying to find a way to make the same money go further. Well then, here's a list of suggested ideas on how to STRETCH YOUR MONEY
The following list of ideas is provided to help you save money and stay on track each month. When reading this list, keep in mind that your budget should be created and managed according to personal financial situations. Some of these ideas may not be right for you, but they should help to inspire some ideas on your own, as well..
Auto
Buy regular gas if possible
Change your own oil
Negotiate purchase price based on dealers invoice not the MSRP
Consider leasing versus buying
Banking
Avoid ATM's that charge fees
Use an interest-bearing checking account
Clothing
Accept hand-me-downs
Buy clothing off-season,
Designate play clothes
Don't buy dry clean-only clothes
Repair/mend torn items
Take old clothing to a consignment shop
Use a clothesline instead of a dryer
Wash in cold water
Credit
Analyze fees and compare
Consolidate multiple credit cards to avoid multiple fees
Don't carry your credit cards with you to avoid the temptation to make additional purchases
Pay off high interest rate credit cards first
Food
Buy generic brands
Buy in bulk
Limit eating out
Save and eat leftovers
Shop only with a list
Take a brown bag lunch
Use coupons
Health
Ask for generic prescriptions
Ask your doctor for sample medications
Give up alcohol
Stop smoking
Household
Caulk windows and doors
Do your own painting
Learn to do simple repairs
Use glass instead of paper cups
Use worn out towels to make washcloths
Insurance
Carry only liability on older model cars because the cost to carry collision may be more than the car is worth
Purchase all insurance from the same carrier to obtain maximum discounts
Personal
Buy low-cost cosmetics and hygiene products
Do your own manicures and pedicures
Give time, not money, to charities
Learn to trim your hair
Make gifts instead of buying them
Recreation and Entertainment
Attend high school sports events instead of more expensive college or professional events
Cancel magazine subscriptions
Drop your gym membership
Eliminate cable TV
Host potluck dinners at home
Meet friends for coffee and dessert instead of dinner
Rent movies instead of going to the theater
- Use public parks and free museums
- Use the public library
Telephone
- Drop extra services such as caller ID and call waiting
- Limit your long-distance calls and make them at night or on weekends
- Shop around for better long-distance rates
- Stop your cell phone service
- Use the phone book instead of directory assistance
- Write letters or email instead of long-distance calling
Transportation
- Carpool
- Drive small, economical cars
- Live close to work to save on commuting costs
- Use public transportation
Utilities
- Conserve water by turning off the faucet while you're brushing your teeth
- Don't use your dishwasher's drying cycle
- Lower the temperature on your hot water heater
- Lower your thermostat at night
- Set your thermostat to 75 in the summer and 65 in the winter
- Take a five-minute shower
- Use lights only when necessary
- Use low water flush toilets or similar water saving devices
- Use the utility company's budget plan
- Water your garden at night
Miscellaneous
- Carry your expense tracker with you to monitor miscellaneous expenses
- List savings as a fixed expense on your budget
- Look for package deals for regular telephone, cell phone, and Internet service
- Mark your calendar with due dates of upcoming bills so you pay them on time and avoid late fees
- Pay bills the day they arrive
- Prorate and save for non-monthly expenses every month
- Save pocket change
- Save receipts
- Search the Internet for freebies
- Set aside fun money for the entire family
Some of these ideas may be just what you need for a temporary solution and others may be perfect for you long term. If you want to stretch your dollar, try selecting five or more of these ideas and implement them for a few months. For fun, keep track of what you didn't spend and watch the money add up. Remember that creating and managing a budget plays a crucial part in your financial health. For more details on money saving ideas, search our Library for information on many of the categories listed.
