Smart shopping never goes out of style whether it’s in the store or online. Here at My Own Advisor, I’m always looking for ways to save more money. Saving can come in the form of being financially responsible for some of the essentials in our lives, like holding a bank account, owning insurance and using utilities in the house. Here are a few simple things I do to save more money – I hope they help you too.
- Eat at home. My wife and I enjoy dining out now and again but it’s expensive to do that frequently. Instead of paying $50 or more at a pub on a Friday or Saturday night for pub fare, we’ll have pub night at home. It’s significantly cheaper. We’ll save that money for when we see friends and family to have meals out on the town.
- Don’t pay banking fees! We have a no-fee chequing account for paying bills online and we put all our transactions on our cash back credit card. If we need cash, we always use ATMs affiliated with our bank where transactions are free of charge.
- Use a programmable thermostat. These things are less than $100 to own and they can save you an estimated 10% or more on your home heating and cooling bills. For my budget, that’s equates to saving over $200 per year on utility costs so the payback is immediate.
- Buy quality products. My father has often said to me “quality is not an expense” and I think that’s true for many things. Quality products may cost more money up front but the longevity is there over cheaper products. I believe clothes and shoes are obvious examples. I have some items in my wardrobe that have a shelf-life going on over 5 years now, not because I don’t like shopping for new duds and I’m cheap at times but because I don’t need to…the garments are of excellent quality and they haven’t worn out.
- Act like it’s 2012 and shop online! Where isn’t there a website to shop online? Shopping online is smart because it offers convenience, it’s efficient and you can easily compare prices. Shopping for insurance online is one of the more obvious examples I can think of where I save time and money. Certain insurers have made online auto insurance quotes fast and easy, so use them when you can.
What about you, what are some of the key things you do to save more money?