The last money saving list you’ll need!
The initial version of this list had 12,432 words and it’ll likely grow over time. I know it’s not about quantity but I can assure you that I did spend a lot of time putting this list together with quality in mind.
I honestly got sick of having to search all over the Internet to find tips on saving money. The Internet is full of sites that have Top 7/10/25 “tips” that regurgitate the same stuff over and over and over… again. So here is a compilation of all that with my own comments.
If this is your first time on Freedom Nova, please take a look around. The whole purpose of this site to make Financial Education easier and help you find ways to earn extra income, plan your finances and invest for your future and eventual financial freedom!
This list will be updated regularly as I come across new ways to save money. Please post in the comments if you have additional ways to save money!
Please share this with your friends and family, I’m sure every single one of them could save an extra dollar or two (well actually if you read this you’ll save much much more!)
And while you’re here, make sure to check out the monster list to earn extra income!
If you’re disciplined and make a list of items that you really want it’ll prevent impulse purchases. This isn’t a list of items that are necessities, they’re actual items that you want. Yes, put the $800 pair of Christian Louboutins for the ladies or a new Macbook Pro, TV, vacation, or even a new dishwasher. Put all the items on the list so that you know what you want, and if it didn’t the make the list then you clearly don’t need it, just be reasonable with yourself please. And the key is to save money before making some of these purchases, don’t put everything on your credit card!
Impulse purchases are the worst and I’m still guilty of this on a regular basis. If you really need to buy something plan for it beforehand. For example, create a list of items that you need and want and think it through before pulling out the credit card. If you let a decision sit for 24 hours, even an hour then sometimes what seemed like a great deal won’t appear as appealing. Trust me, you’ll always find another pair of beautiful shoes that will be 75% off. It won’t be the last pair, I assure you!
Alcohol (Boxed wine or a case of beer)
Items that have long shelf life: Pasta, dried fruits, cereal (kind of), did you know there was a website dedicated on shelf life? I didn’t know until I was doing research for this article, check them out!
Toilet paper, tissue paper, and paper towels
Supplements: Vitamins and other supplements
Just to name a few, we all have different needs in our lives so if you have something that you use quite often and can save money by buying bulk then it should be a no brainer. You obviously have to pay more upfront but you’ll save more money in the long run.
For example, let’s say you have a $300,000 mortgage with a current interest rate of 3.50%, 25 year amortization. Let’s also say that you muster up $100 every 2 months as extra payment and you do this for 10 years, which is a total of $6,000 paid. This allows you to save $6,094.57 of interest (that reads over a 100% return) and the amortization of your mortgage is reduced from 25 years to 24.3 years.
LED light bulbs are said to last at least 25,000 hours while the average light bulb is 1,200 hours.
Here’s a showerhead from Kohler for under $25, I don’t know about you but this is a no-brainer.
There’s also the option of using messaging apps. Line for example allows for phone calls through the app and then there’s Facetime, etc. as well.
Living closer to work may mean a higher rent but always consider how much transportation is costing you as well. Money is one thing, but sanity and time is another and in this case I opt for sanity and saving time. Living closer to work especially makes sense if you drive to work since the gas, maintenance, and car payments will make a life of a difference. In fact, you might be able to get rid of the car for good!
In my opinion, items that people can’t see or aren’t going to be the main piece of clothing that stands out don’t need to be expensive. No one is going to criticize the fruit of the loom undershirt that you’re wearing if they don’t see it.
I know it’s nice to have a brand spanking new car every 2 years with the latest model. But that is one of the worst financial decisions to make unless you are leasing or have a job where your company pays for your car, which is a totally different topic.
Here’s an article by Forbes about cars that last over 250,000 miles.
Just make sure you do your homework, spend money on an inspection from a trust source (a dealer) or even buy from a trusted dealer. Buying a from a dealer will cost more but they’ll likely have a certified pre-owned type certification that will be covered with all sorts of protection in case something goes wrong.
But even with that in mind the dealership likely won’t be giving you a good price for your car as they need to make that profit. So your best route is to sell your car privately.
First you want to know how much your car is worth, try Kelly’s Blue Book service, it’s free!
If you live in the US, you can try Car Max to see what they’ll give you for your car, this way you know how much you can at least get without the hassle or can take this number with you to the dealership if you are considering trading your car in afterall.
Don’t know how to brew your own coffee? Easy! Learn from the pros at the National Coffee Association USA.
This goes beyond drinking coffee, anything that you eat or use at home can be a generic brand and over time it’ll make a huge difference on your wallet.
I once bought my mom a bread maker so if you eat bread everyday, it might make sense. Just think $3 a loaf, 1 loaf every 3 days, or a 100 loafs a year. Even considering the ingredients you’ll get your bread maker investment back in a few months!
So if you have a checking and savings account, overdraft protection, line of credit, credit card, mortgage, insurance and other financial products consider bundling them all together and see what bank will give you the best deal. Having said that, remember that not all bank accounts are made equal. Some checking accounts are much better than other checking accounts. Be sure to understand your needs from an account. If you live simply and withdraw cash twice a month any checking account will do, but if you travel abroad and withdraw from International ATMs, write a large number of checks, often go into overdraft into your account and have a premium credit card, it might make sense to have a more comprehensive checking account with a higher fee.
Pay Less Interest
If you have $10,000 of outstanding debt and pay an average of 15% interest, that’s $1,500 annually you’re paying in interest. Getting a consolidation loan for 9% means you’ll be paying $900, that’s $600 savings. 9% is still very high but it’s better than the 15% average that you would have been paying. It’s scary how many people don’t know how much interest that they are paying.
There are websites and forum discussions that talk about what a hotel might be so that you might be able to pick out what exact hotel the booking might be fore before booking the hotel.
Check out greatist’s site for some DIY recipes.
You’ll find “42 money-saving tips for every makeup addict.” You’ll find ways to save money with what you already have, what you can replace some cosmetics with, ways to get samples, and much more!
The problem is that while some cosmetic products might be better, they aren’t that much better considering the significant price difference. So this might be a good time to reconsider the cosmetics that you use. You could maybe use a cheaper brand for one portion of your make up routine and see if that makes a huge difference.
As you start saving more money (as in utilize what’s on this monster list!) or get a raise, increase the amount of money that you are stashing away automatically.
Once you’ve done that, look into some of the monthly leisure activities like dinners, dates, entertainment, hobbies, etc. Another important tip is to stick with this budget even when you get a raise or even look to reduce it as you get better at managing your money! The only portion you are allowed to raise is your savings!
I keep every single receipt and look at my online banking account to see what I have spent on my credit card. I rarely use my debit card as most places that accept debit will accept credit. I put everything I can on my credit card because I know I will pay my balance in full every month. Mind you, I have never in my time of holding a credit, missed paying the full balance on time. This has helped build my credit and well given me plenty of points that I use for travel.
So that’s about it! Do you have any tips to add? Please post in the comments below and I’ll add them! Please share this list with anyone that you care about, thanks!
Please be sure to consult a financial professional before making any decisions. All information on Freedom Nova is for informational purposes only and is not be confused with financial advice.