8 Simple Ways to Save Yourself a Thousand Bucks

by Silicon Valley Blogger on 2008-05-2415

Ready for a few money saving tips? Here are some simple ways to save a thousand bucks.

Saving money doesn’t necessarily mean you need to drastically alter your lifestyle and personal tastes. Many times it is the little things you do that can help you save cash throughout the year. Here are some examples of ways you can still live the life you want and save money in the process by making some adjustments.

Want a Thousand Bucks? Easy Ways To Save A Grand

#1 Squirrel Away Your Money, Then Invest It

Check out the local banks and compare interest rates and fees on high yield savings funds. When you find the best one for you, open the account and make a plan to tuck away your savings throughout the year. Keep track of how much money you save and add that money into your account. Not only do you start saving money with interest, but with better returns, you may be more inspired to carefully track your spending each day. As soon as you’ve got enough tucked away for emergencies, move the money to an investment account, where your funds can grow at a healthier pace. Here are a few of our recommended savings and bank accounts you can check out.

#2 Clip Grocery Coupons & Use Grocery Rewards

Take some time each Sunday to go through the newspaper for coupon savings on the items you use. Keep the coupons orderly and accessible in a coupon holder that should be kept in your purse or car so you will never forget to take them to the store. Check out these more detailed money saving tricks for saving with grocery coupons!

You can also ask to sign up for a rewards card at a store’s customer service counter. Many will have a card you can clip to your keys so you’ll always have it with you. Once you’re able to start using your rewards cards on a regular basis, perform this small task after each shopping trip: note your savings amount, usually totaled on your receipt, and make a deposit equivalent to that amount into your savings account, even if it’s small. This is a simple method for “paying yourself first“.

saving dollars, saving money

#3 Check Return Policies on Unused Merchandise

More often than not, consumers will have a few items lying around the house that they’ve never used. Take a look at some of the things you’ve bought and accumulated in the past year and reflect on how much use you’ve gotten out of them. Would you agree that it’s a fairly common occurrence for us to purchase stuff that just falls off our radar a bit too soon? If it turns out that you’re unable to get any mileage over some of your purchases, then think about returning them from whence they came. Why not? It doesn’t hurt to try!

Depending on the store, you may or may not need a receipt to return the items for cash back. At the very least, many stores will still offer an in-store credit, which is better than nothing. Plus, you will be reducing the clutter in your home and will be adding cash to your savings account.

#4 Sell and Donate Those Unused or Unneeded Items

Ready for another way to continue your steady march towards saving a thousand dollars? Well since we’re on the subject of unused “clutter” anyway, here’s a corollary to the previous tip: make some extra money by selling off or donating your used goods. I’ve had a lot of luck putting up items for sale on Craigslist.com and eBay. Both have worked out well for me. I’ve mentioned before that I easily clear at least $500 a summer by selling off some of my “clutter” (or stuff I don’t need but which still has a lot of use left in them!). Check here for more ideas on how to unload your used items for cash.

For our used items that don’t sell, I donate them to charitable organizations and am able to take tax deductions for them. Try It’s Deductible, a book that can help estimate the amounts you can claim as tax deductions for anything you give away.

#5 Dine Out at a Discount

I’ve come across a lot of money-saving advice that suggests that the easiest way to save a bundle is to eat at home every night. While that may be true, your family can still enjoy some quality time out and still not break the bank. Restaurants offer coupons and specials advertised weekly in the local paper or on their websites. If you know you are planning a family night out, keep an eye out for discount coupons from the paper and don’t be afraid to use them. Also, when your waitress seats you, ask about any other special deals that may not have been advertised, and make a point to find out about any other deals offered on a different day of the week so you can plan a family night out on that day to save the most on your meals.

#6 Visit Your Local Library

If you’re an avid reader, then keeping that fresh supply of novels and materials to read can get expensive pretty quickly. Local libraries will often carry the same books and materials, but you won’t have to pay a fortune to read them. Some libraries may charge a small fee for brand new releases but $.50 is a lot cheaper than the price of a current hard back novel. Many libraries often rent out DVD’s as well for additional free family entertainment.

#7 Revisit Your Current Bills and Expenses

Many people pay their monthly bills without question. It’s easy to fall into a payment routine without taking the time to reevaluate the cost of things like utilities, car insurance and bank fees. But by evaluating your bills and policies regularly, and by checking out alternatives and options to those services and goods that you use, you can really save a nice chunk of change — especially if you current service provider wants to keep your business. By checking in on them once in a while, you may find that they can actually offer you special rates and deals you may not normally hear about.

It’s easy to ignore those cost saving updates we receive via mail from our current service providers; too often, we assign these offers to the junk pile. But don’t be too hasty. An example of where you can easily slash costs by making a simple change? Your phone bill. By making a simple call to your phone company, a service representative may be able to set you up quickly on the most cost effective plan for your household, after you answer a few questions for them. And finally, once you’re able to work out a new deal or plan with a provider, just make sure you receive a written confirmation.

#8 Cancel Subscriptions and Memberships

Along with the routine of paying bills, many people don’t take the time to consider their other money wasters such as unused memberships to the gym, unread magazines, and other monthly fees that are insiduously draining their bank accounts.

I, for one, have been surprised by how much money I’ve saved just by canceling subscriptions and memberships I haven’t cared for in a while. Our household used to receive a countless number of financial, entertainment and news publications — a guilty habit for us — but as part of our savings campaign, we’ve cut down on the paper clutter quite heavily in recent months. The costs of such subscriptions truly added up to a good amount: at least half a grand over the span of a year!

So have you been paying close attention to what’s being automatically deducted from your bank account each month? On this note, if you’ve decided to halt your subscriptions or memberships, do beware of cancellation fees that may be incurred in the process. Also make sure that you have documentation and confirmation of your cancellation orders. If you’ve canceled an automatic payment schedule, keep an eye on your account to ensure that no additional money is being deducted following your cancellation request.

~ooOoo~

By being a little bit more conscious about how you spend your money and by being a bit more aware of how you may save or add to your funds, you’ll be pleasantly surprised by how much your savings can easily add up given some time. And that thousand bucks is just the start!

Copyright © 2008 The Digerati Life. All Rights Reserved.

{ 10 comments… read them below or add one }

David Carter May 24, 2008 at 6:36 pm

Very good post, you should follow up with 8 ways to earn $1,000. I already do a lot of these, now I am looking for way to earn money cause I can’t save much more. :)

Just Plain Bill May 25, 2008 at 8:48 am

A great list!

The only suggestion that I would have would be for item #1 where you recommend working with your local bank.

I don’t know about your area, but I find that I can gain quite a significant advantage over local rates by looking online at Bankrate.com especially for insured CD rates.

Keep up the good work . . . in this day and age we need all of the help we can get!

The Car Buyer May 26, 2008 at 11:07 am

I would like to add my biggest tip for saving money – eat out less! Seriously, if you just take 5 minutes to make your lunch every day, you save on average $1000-$1500 per year, if not more.

Betty's Only May 27, 2008 at 6:31 pm

I will use these techniques, because I am in the process of reorganizing my finances. Thanks for the insight!

Theatons Toys May 28, 2008 at 9:23 am

Nice post. Make that £500 for me, I’m from across the pond, but get paid in $, so wishing the £ was not so strong :|

ubonline July 4, 2008 at 5:26 pm

Good – good – good! If you look hard enough, and realize you don’t NEED every luxury in life, you can really save money without making big bucks.

Che Che September 5, 2008 at 11:58 am

Buy smart, in bulk, freeze and store – less trips to the store, discounts on bulk items. I cut my grocey runs from weekly to monthly, cutting that travel by 75%. Caveat – DON’T splurge on items you are trying to cut back on because they’re cheaper in bulk. I saved over $60/month making my own ice tea and bottled frappuccinos. I bought one last batch of each to do taste comparisons to get it right and to store my home brews in. Bottled Lipton ice tea: $1 – $1.35. Homemade Lipton ice tea: 3 – 5 cents. You can get the recipes on the ‘net. I keep them in pitchers in my fridge, then use a funnel to pour it into the sterilized bottles when I want to take some out the door.

manny desai July 6, 2009 at 3:07 pm

The more you make, the more you save. But my question is in this recession time — lots of people don’t even make enough to make ends meet; what about them? How can they save money?

Contractor NJ August 1, 2009 at 4:42 am

Good advice. It’s always worth the extra effort to save money in this economy!

FriedchickenUSA March 14, 2010 at 6:42 pm

My uncle is spending WAY too much money and his stuff is crap!

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