These days it seems that no one saves money like they used to; Money is spent nearly as fast as it’s earned. I know that in my house, there’s is usually very little, if any, left to put into savings. I realized a few months ago that I needed to make some changes and figure out some inventive ways to start saving. Here are some of the tricks that I’ve found work surprisingly well without putting any additional pinch on your pocketbook (well, some of ‘em might pinch a little).

1. Round Up! When I deduct bills, gas, groceries, etc. from my checking account, I always round up. For instance if I spend $127.57 on groceries, I enter into my checking account as $128. This helps with balancing the books, but it will also help you develop a little “padding” in that account. Do this for a month and you’ll be amazed at what you end up with. If you’re really on top of things, take that padding and move it into your savings account to earn interest at the end of each month.
2. Get an online savings account. If you shop around, there are some great deals on savings account which will earn you much higher interest than your local bank will offer. Many of them have incentives as well. How about $50 or more just for opening an account? Be sure to do your homework though, some accounts have fees and others are totally free. Here’s a site that I used to help me choose the right online savings account for me.
3. Use a piggy bank. I know it sounds like we’re back in elementary school (ahhh, the days when $9 could make you feel like the richest person on Earth!), but think about how much change you have floating around your house, in your car, and even in your laundry machine! Start putting that rogue change and lonely dollar bills into a jar and then forget that it exists. Eventually it will add up to more than you would expect. I knew a guy who finally went to cash in his change and ended up with $400 he used for a skydiving vacation.
4. Pack your lunch! This is good for you and your pocketbook. It may take a little extra time each morning to get it ready, but it saves you money on food, on gas to get to the restaurant and back, and chances are you’ll be saving yourself some calories as well.
5. Pay attention to your home habits. I never think to bring this up because I am so conscious of things like the lights in my house, and my AC. I noticed the other day when I had someone staying with me that not everyone may think about these things. Always make sure that your lights are off in the rooms you’re not in, especially if you’re leaving for work or to go out for a few hours! What’s the point of leaving your lights on when you’re gone? For added savings buy the new “green” light bulbs; they last longer and save you money on your electric bill. Another example is heating and air conditioning. My neighbors have their AC running all summer long. It literally NEVER stops running. Why cool your house down when you’re at work? Why does your house have to be so cold? I try never to run it at all, but on the rare occasion I do, I make sure it’s not left on while I’m gone and I always set it at a temperature that I know I will be comfortable and yet at the same time won’t have to run non-stop to achieve. Heat is the same way. So is water. Think about your habits at home and I’ll bet there’s at least one place you could save some dough.
6. Avoid convenience. ATM’s are everywhere, but chances are if you belong to a bank then there is at least one ATM you can use without being charged a fee. If you take the time to plan ahead, you’ll save yourself at least a couple bucks. Same with convenience stores. Sure, it’s great that you can run in and grab milk or a case of soda while you’re getting gas, but that convenience costs you a LOT! Think about that next time you reach for a $12 pack of batteries at the gas station. For example, if you spend an extra $2 each day by taking advantage of these types of conveniences that’s $60 in one month’s time that you could have saved just by taking the time to go where it’s cheaper.
7. Buy your clothes out of season. We all want to go out and buy new winter stuff as soon as fall hits. We’re inundated with ads of great stuff that we “just have to have”! But, this time of year is the most expensive time to be buying winter clothes. If you buy your summer stuff in the fall and your winter stuff in the spring, you’ll end up getting everything for a fraction of what you might have paid just a few months earlier. Yeah, it’s hard to put the perfect little tank top away for 8 months, but it’ll make you grin from ear to ear when you finally get to pull it out and see the price tag.
8. Consider your cable. Do any of us really need 120 channels? How many of those channels do you watch? I figure I watch probably 20 channels, but I gotta pay for the whole enchilada just to get those 20. Ughh. If you are a TV “hobbiest” than this might not be an acceptable place to cut back, but consider whether what you get out of your cable plan is worth what you’re paying.
9. Have ONE phone. How many people do you know have a cell phone AND a land line (and I’m being gracious here… some families have 4 or 5)? Why? I don’t get this. You only need one phone number people! Just one! I assure you that back in the “old” days people got by just fine with only one. Decide how available you need to be and choose one or the other!
10. What’s your vice? For me it’s coffee… $4 soy lattes to be precise. How did I overcome this problem? Well I haven’t completely, but I have limited myself to how often I buy high-priced caffeine, and I invested in an espresso maker for my house so that I can make one each morning and avoid the coffee shop completely. Do you really like to eat out? Cut back on the number of nights you go out and stay in instead. Are you a movie buff? Find your local discount cinema. Have a thing for cosmetics? Set an allowance for how much you can spend each month (A realistic one) and then stick to it!

Now, all of these things will work, IF you take that money you’ve just saved and actually put it into that high interest saving account we spoke about. Saving yourself money in a bunch of different places is great, but it’ll get you nowhere if you go and blow it on a night out on the town, or a great little dress that you just had to have. Make your money work for you, and take charge of it. If you don’t, know one else will… in fact they’ll try to convince you that you shouldn’t.

Have some other ideas? Have a great success story? I would love to hear them!

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