Lighthouse Credit Foundation - Money Saving Tips Clothing Look for bargains at consignment shops, thrift stores, etc. Name-brand conscious individuals should shop at stores like Marshalls, TJ Maxx, Ross, etc. Avoid going to the mall to pass time (usually don't want what you haven't seen) Don't buy new clothing items just because they are on sale, instead buy on a needs basis Avoid buying clothing that requires dry cleaning Child Care Check into government provision that allows individuals to take pre-taxed money and set it aside in a flexible spending account to pay for childcare expenses. Is there a YMCA or Boys/Girls club that would be less expensive than current provider? Is having a family member watch the children an option? Medical Check into government provision that allows individuals to take pre-taxed money and set it aside in a flexible spending account to pay for medical expenses. Exercising and eating right along with good dental hygiene practices help keep medical bills down Consult with your doctor about generic medications vs. name brand medications Stop smoking: benefits include better health and more $ to apply somewhere else Other Create a personalized budget spreadsheet for monthly expenses Utilize holiday and travel budget planner to curb excess spending Set an ATM limit and stick to it. Get a set amount of cash out at the beginning of each week and make it last! Any leftover money should be added to your savings. Entertainment Renting a movie generally costs half as much as going to the movies Invite friends over to play board games or to watch a movie/sporting event Do free stuff: visit local parks and museums, attend public concerts, go on picnics Use spare time to volunteer/be a mentor Consider getting a part time job (especially during seasonal sales) to increase cash flow and reduce idle time Consider having children spend the night at a friends house instead of paying for a babysitter Take advantage of library resources (rent books vs. buy, free Internet access, etc.) Join a company/community sponsored sports team Gasoline Car pool to work, school (consider having children ride the school bus, if available or walk them to and from school if you live close enough) Avoid driving home for lunch Ensure proper tire pressure for best gas mileage Shop for the lowest priced gas on regular routes Use lowest octane fuel that the car's manufacturer approves Consider buying a car that gets better gas mileage Weigh public transportation options (save on gas, insurance, car maintenance, etc.) Don't fill the gas tank all the way up, sometimes as much as half a gallon can leak out as the gas sloshes around during travel Car Repairs Perform maintenance duties on a regular basis (i.e., oil changes, maintain proper fluid levels and tire pressure) Get a second opinion if you are not familiar with the repair or the mechanic Talk to a do-it-yourself auto parts store about the possibility of doing small repairs with their help Car Insurance Periodically review coverage to ensure it meets current needs Consider increasing deductibles to lower monthly costs Shop around for the best price on the same level of coverage Other In a 2+ car household, consider selling one car to reduce car payments, insurance, gas and maintenance expenses Trade an expensive car in for a more economical one (Lexus vs. Taurus). Determine the cheapest route to daily activities such as work. Try to avoid major, crowded highways (which could eat up gas) and toll roads. Find out if you receive any transportation-related employment incentives, such as discounted train and/or bus rates. Groceries Use coupons Shop lowest price stores (avoid convenience stores) Prepare low budget meals (spaghetti vs. steak) Stock up on frequently-used items when they are on sale Buy generic rather than name brands Use a shopping list instead of impulse buying and stick to it Limit trips to the grocery store to once a week at most (do without items you forget) Use powder milk (or mix half powder milk and half regular milk) Eat leftovers Don't shop on an empty stomach or when you are tired, depressed, or stressed. Shop alone so that a third party (such as a child/friend) won't influence the decision making Bring a calculator to determine the best buy on different sizes of the same item Buy only items that you will actually eat (don't buy broccoli b/c it is cheap, if you don't eat broccoli) Plant a garden if feasible If the store has a savings card make sure you use it Review the cash register receipt for errors (especially to ensure sale items were priced correctly) Avoid the added expense of precut and prepared produce, such as salads in a bag Buy block cheese and shred it at home Dry pasta normally costs less than frozen or fresh pasta Avoid high-priced snack foods Don't buy non-food items at the grocery store Avoid the products at the check out stand: refrigerated soda, magazines, batteries and junk food Spend as little time as possible in the store; the more you look, the more you buy Items that require user preparation usually cost less than ready-to-eat items Compare prices on different brands of the same item based on weight rather than package size Develop a meal plan so that perishable foods do not become rotten and have to be thrown out If you must buy cereals, bagged cereals usually offer a better value than boxed cereals Try to make more meatless meals. Beans and veggies can be just as filling without the added cost! Eating Out EAT AT HOME Bring lunch to work (good way to use leftovers) Skip dessert if you do eat out Avoid stops at food marts/bagel shops to and from work Bring snacks instead of using vending machines Go out to eat only on special occasions If you must go out, go for lunch rather than dinner (usually cheaper) If you have children and must eat out, choose restaurants where kids eat free Use coupons (buy one entrée, get one free; 15% discount off bill, etc.) Buy the 99¢ burgers to go, skip the soda and fries Cable/Internet Discontinue premium cable or cancel cable entirely Use free/reduced rate Internet access provider Avoid excessive pay-per-view fees Consider canceling Internet service for a few months (some companies will give as many as three free months to help sway your decision) Electric Turn off lights not in use Let clothes air dry, or use only half of the time allotted for the dry cycle Set your thermostat low in the winter/high in the summer Enroll in load management programs and off-hour rate programs offered by your electric utility If you use a dishwasher, let the dishes air dry rather than using the dryer. Consider replacing incandescent lights in high-use areas with fluorescents Put your fans to use! Cool your house down by running area fans, but be sure to turn them off when the room reaches a comfortable temperature. If you have a fireplace, make sure the damper is closed to avoid lost heat in the cool months. Close A/C vents, doors and windows to any rooms that are rarely used Lower the temperature of your water heater. The savings will be great, and you may not even notice the difference in temperature! Phone Have only one phone line Reduce option packages (voice mail, caller id, three-way calling, etc.) Avoid using long distance during peak hours when rates are higher Limit long distance use Is a cell phone practical? If it is, consider dropping standard phone line. Shop around for better rates and inform your current provider of what you've found, they may offer to match the rates or even offer better ones. If not, switch to the provider with the best rates. Use prepaid phone cards and discontinue long distance service all together. Water/Sewer/Garbage Install water-saving shower heads/faucets (sometimes available for free at public utilities offices) Limit lawn watering Repair leaky faucets Reduce the amount of water consumption by placing bricks in the toilet reservoir When possible, shop around for garbage providers and evaluate the service that is needed (are you paying for three trash cans to be picked up and only filling two, do you need twice a week service or would once a week be OK?) Evaluate water usage: take a shower rather than a bath, reduce amount of time you keep the water on, etc. Students Have a dinner night with school friends and switch off cooking duty each week. You'll only have to pay once a month, and the difference between cooking for one and cooking for a few is minimal! Flash your student ID everywhere you go. Many retailers, restaurants, entertainment locales and transportation services offer student discounts. Make twice as much as you'll eat when you cook and freeze the leftovers. They'll last longer than if you refrigerate and you'll always have a meal available in a time crunch! Check out on-campus entertainment, which is usually free or significantly cheaper than off-campus events Support FREE (or nearly free) dates! Picnic in the park, visit the campus museum, check out poetry readings, go for a bike ride . . . Don't spend a fortune to furnish your apartment!!!! Check out thrift stores, yard sales and the classifieds. Drive around apartment complexes after finals to see what graduates are throwing away! Think vintage! Consignments shops and thrift stores have all the clothes that are coming back into style for loads less that the local mall!