Monday, November 14, 2011

Old School Ways To Save Money...

Looking to save money so you can pay off you debts and restore your good credit score? Sometimes you have to get back to the basics and balance your budget the old fashioned way. Here are some old-school money-saving tactics that worked for our grandparents and can work for you:

Bring back the piggy bank

Not many people still have actual piggy banks and I'm not sure why. Not only is it kitsch and fun, it really is a good way to save money. Change isn't regarded the way it used to be. Quarters are the new pennies. In fact, if it weren't for laundry and parking meters it's unlikely we would even use change at all. All the more reason to squirrel that money away into a piggy bank. Let's say you're able to save $5 a week in change. That adds up to a handsome $20 a month that you could easily hedge away into a savings account and watch grow with literal interest. Bank of America took all the fun out of this with their 'keep the change' rigamarole, but maybe they were onto something.

Re-use and cut back

Don't throw away anything except garbage (and even that can be used for a composting worm farm if you really want to get DIY). Cartons, containers, rags, sponges, bags, linens, and jars can all be put to good re-use, eating into ancillary shopping costs. And speaking of eating, cut back on over-consumption. Only put one slice of cheese on your sandwich, stick to just one bowl of cereal for breakfast—and don't use three times the amount of shampoo you actually need to wash your hair. A little bit of frugality and common sense will go a long way toward cutting costs.

Reinstate the swearing jar

Every time you curse you've got to throw in a buck. And, just to make it more relevant to the times, let's go ahead and say that every time you log in to Facebook you've got to throw in a buck as well. That money's going to add up quick and before you know it you've got another savings account, grown simply from your addiction to swear words and social networking.

Start collecting coupons

No matter how much you can't stand people at the grocery store who hold up the entire line with their endless Rolodex of coupons, the fact is if you use them efficiently, coupons can save you a lot of money. However, if you positively can't bear to become 'one of those people', newer services like Groupon and Living Social recreate the coupon experience for the digital age.

There's no end to the advice you can find about saving money and cutting costs, but a lot of it is just a dressed up way to keep you buying stuff. The best way to save money is to do what our grandparents did and count the pennies. We're not in an actual Depression yet, but that doesn't mean we can't act like it.


Kyle Ambrosas said...

Nice, bring back the swear jar. I don't think I have seen those for quite some time! Interesting way to begin a savings account though

Anonymous said...

I think a little cut back would not hear anybody.

However when I look at our annual cost break down - food and drugs are only 12% of the budget. Even if I will save 2% it will not be that match on the great scale of thing. Every little count , of course.

What I think is important is to have clear goal - what do you want? It should be specific and in monetary terms. That will help to get it down a lot easier!