Best Money-Saving Tips
from Free Money Finance
The 52 Best Money Saving Tips
There are hundreds of money saving tips available these days (at the time of this writing, I have 752 different money saving posts in the FMF archives). The sheer number of ideas can be so overwhelming that many people just give up and do nothing. So in the spirit of applying the 80-20 rule to your finances -- finding the best ideas that give you the most results for your efforts -- I’ve taken a stab at providing a list of the BEST money saving tips.Here's how it will work: I will list what I think are the best money saving tips in countdown format, starting with #52 and counting down to the #1 way to save money. I picked 52 because that’s the equivalent of one tip per week for a year, something anyone can implement.
Pretty easy, huh?
Not really.
Ok, it's easy for you, but it wasn't easy for me. This is because there are so many different tips as well as so many factors that make them "good" or not. And once they are deemed as being "good", there are just as many factors that may make any one idea better or worse than any other.
So I needed a system. A way to evaluate the best tips out there. In compiling this list, I considered the following factors in determining the best tips:
- What percentage of people it is likely to impact: I think mediocre savings for 80% of people is better than huge savings that only 5% or 10% of people can actually apply.
- Amount saved: I’ve made an effort to do my best to calculate the total amount saved, usually noting this in dollars saved per year. In some cases, there are big assumptions being made, and I'll generally point these out. That said, I've been a money saver for a long time and have a pretty good sense of what something will save a person.
- Time commitment and difficulty: Some money saving tips just aren’t worth the time, and some are so difficult that many people can’t apply them practically. I’ve taken these factors into account when appropriate.
- Extenuating circumstances: In some cases, it’s just not realistic to expect that you can get ideal results from each tip, so even though you might save more money with some financial moves, they are lower on the list because circumstances may not allow the perfect situation. (I know, this might be a confusing statement for now, but hopefully it will become clearer as we get into the ideas.)
Understand that this list is subjective and that many savings can’t be easily quantified since experiences vary widely. However, I’ve done my best to use available data and my own experiences to make guesstimates that will provide the best savings for the average person. And, of course, if I'm wrong you can always say so in the comments below. :)
So, without further ado, I’d like to introduce you to tips #52 and #51:
#52: Use Smart Strips
One good way to save money each month is to revamp your energy usage. Experts point out that a smart strip can save from $20 to more than $60 a year, depending on your energy usage and your set up. Consider plugging electronics and other “energy vampires” into smart strips. You can cut the items off from the outlet, putting a stop to energy leaks that occur even when you push the “off” button. I split the difference in estimates and say the average person can save about $40 a year using smart strips.
#51: Cancel Subscriptions
Do you need all those subscriptions? How much are you paying a month for a magazine you rarely read, or a newspaper that you don’t often pick up? Do you really need that online subscription? A $10 monthly subscription can save you $120 a year. Even a cheaper subscription of $3 a month adds up to $36. Add up all your subscriptions, and there is a good chance you can save $100. It is a good way to stop a money leak. However, you can’t repeat this year after year, so I bumped this idea down the list.
That's it for our first two ideas! Stick around for the next batch of tips, coming up later today. They’ll improve progressively, and hopefully you’ll save a bundle of money along the way.
So, without further ado, I’d like to introduce you to tips #52 and #51:
#52: Use Smart Strips
One good way to save money each month is to revamp your energy usage. Experts point out that a smart strip can save from $20 to more than $60 a year, depending on your energy usage and your set up. Consider plugging electronics and other “energy vampires” into smart strips. You can cut the items off from the outlet, putting a stop to energy leaks that occur even when you push the “off” button. I split the difference in estimates and say the average person can save about $40 a year using smart strips.
#51: Cancel Subscriptions
Do you need all those subscriptions? How much are you paying a month for a magazine you rarely read, or a newspaper that you don’t often pick up? Do you really need that online subscription? A $10 monthly subscription can save you $120 a year. Even a cheaper subscription of $3 a month adds up to $36. Add up all your subscriptions, and there is a good chance you can save $100. It is a good way to stop a money leak. However, you can’t repeat this year after year, so I bumped this idea down the list.
That's it for our first two ideas! Stick around for the next batch of tips, coming up later today. They’ll improve progressively, and hopefully you’ll save a bundle of money along the way.
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