Alpha Consumer Challenge: Best Saving Tip

My Favorite Money-Saving Techniques

* Vegetarianism - I save tons of money by not eating meat, fish, eggs, poultry, seafood, etc.

* No alcohol (beer, wine, whiskey, whatever).

* No gambling (of any kind) - betting or casinos or horse-racing, etc.

* Have a list before going shopping - only stuff on the list gets bought.

* Use coupons whenever possible - favorite one being coupon for Haircuts (being a loyal customer helps as these coupons are mailed to my home). Ditto with Grocery coupons as big chains like Kroger reward their loyal customers through coupons.

* Spend less than you Earn.

* Sock away maximum in my 401(k) and Roth IRA. Take employer match in 401(k).

* Increase earnings by acquiring higher education, preferably if employer foots the tuition bill.

* Take advantage of Reward Cards (Credit Cards).

* Credit Card Arbitrage (suggest only for the extremely disciplined person).

* Pay credit card in full every month. Don't waste money in interest payments.

* Save energy use at home by using CFLs, switching off all lights and appliances when not in use.

* Don't go to the mall for entertainment. Go only during 'sale' days and get only what is absolutely needed.

* Use half.com or any such source for buying used books for bargain-basement prices.

* Use the public library heavily for borrowing books, CDs, DVDs, etc.

* Use online survey sites to complete surveys during nights to get reward points. Get magazine subscriptions or some such for these points before the points expire. Donate the old magazines to libraries or senior citizens homes.

* Use frequent-flier miles without fail. If not flying within a specific date, don't let the miles go waste. I got an excellent AT&T home-phone system (worth probably $ 100) from United last year by trading in my miles.

* Take advantage of free subscriptions at TradePub.com if you are an eligible professional.

CrazyAboutPF of IN @ Jun 06, 2008 16:08:51 PM

Favorite Money Saving Technique

To help teach my 12 year old to save, we have a "keep the change" policy. For necessary items such as school supplies or sneakers, he gets a reasonable amount of money to spend (determined by me!). What he doesn't spend, he gets to keep. No arguments, and he is learning that spending less means saving more for himself. It's amazing how much less he spends of "his" money vs. "my" money. If he asks for an unnecessary item (such as candy or a magazine), I decide if I am willing to buy it for him. If I am, I tell him that he can buy the item, or not buy it and keep the money it would have cost to save for something else. It makes him think about whether or not he is willing to spend "his" money on it.

Andrea of MD @ Jun 06, 2008 15:57:15 PM

Save money-- eat well

I look at the local Walgreens and Longs and Safeway when the flyers come out. They always list their great deals on wine-- I then check out the Bevmo.com site for the ratings on the lower priced wines so that I only buy highly rated GOOD tasting wines, no use saving money on something that tastes bad. I have purchased some great wines for 4-$5 a bottle and they are rated 90 plus at Bevmo.com. I also go to the sale bin in the meat section at Safeway, they have a 30-50% further markdown bin because the meat or chicken sell date expires within 2 days. Great deals there too! I then use coupons for the staples like pasta and cereals. I also buy the vegetables or fruits on sale that week and make my dinner menu around those items. I never buy "junk" food even if I have a great coupon because bad food is bad for you no matter what the price. On my last Safeway receipts with the store specials, coupons and a few highly rated bottles of wine that were on sale I was able to save 51% - 70% off the original cost of groceries and we had great tasting, fresh meals with enough leftovers to take to work for lunch the next day to further save money.

Lynne mac of CA @ Jun 06, 2008 15:30:34 PM

My Favorite Money Saving Techniques

First off, let me stress that I agree 100% with looking online for bigger purchases. There is no doubt that has been a huge benefit for me over time. Ebay, Craigslist, and other random sites have helped me save a ton.

I would say the thing that has saved me the most amount of money is in groceries. Over time, my wife and I have developed a habit of going through every ad (There are three major grocery stores in our area) and finding the items that are the best deals. If it is something we frequent eat like Peanut Butter or Bread, we will stock up. If there are other items that we need, we are willing to hit up farmer's markets and Wal-Mart for other items.

I know this is another one but I am a huge fan of buying a chest freezer. This allows you do find great deals on bread, meat, and many other items that are on sale. It allows us to save hundreds of dollars and the freezer definitely pays for itself over time. In our apartment a few years back, we just couldn't do it because of the room factor. Now we have that option and investing in that freezer is worth every penny.

Luke @ MoneyandFitnessBlog of CO @ Jun 06, 2008 14:44:55 PM

My Favorite Money-Saving Technique

Learning to Value the Right Things

What's helped me spend less and less as I age is my ability to place value in the things that bring me lasting happiness. For me, these are: relationships with friends and family, security, accomplishment, knowledge, and adventure (to name a few).

It's really been a whole mindset change for me. The little twists and tweaks to my spending happen naturally because of that framework of values.

To give you a specific technique, I'd say start with simply tracking your expenses. Know where your money is going. Once you see that, you'll naturally get a sense for where you need to cut back.

Thanks for letting me share.

PT of TX @ Jun 06, 2008 12:32:09 PM

Natural Gas Savings

A Home Improvement: Save over $300 dollars per year on your gas bill.

www.charm-lite.com

Mark Young of IN @ Jun 06, 2008 11:03:30 AM

how to save money

Aside from the usual strategies, such as looking at the flyers and making a list of what I need every week, my biggest money saver is making my own lunch. I know you'll think it's cliched. But in addition to saving money, I sometimes get better cases at my externship because all the other externs will be out to lunch. I know, it's sneaky but such is life.

Veronica of NY @ Jun 05, 2008 21:42:24 PM