If you've been around here for any amount of time, you know that I really care about budgeting, saving money, and personal finance in general. So today, I'm thrilled to be sharing a guest post with y'all from a friend of mine who runs his very own personal finance blog.
This is a guest post from Ben over at Young Money Finance. He's on a mission to help fellow young professionals achieve financial freedom, by making their money work for them, instead of the other way around!"
1) Plan out your meals for the week. This way you’ll be less tempted to deviate from the plan and eat out!
2) Buy used! Craigslist, eBay, and even the classifieds are all great ways to save money. More often than not, you can find a great deal on the lightly used item you are looking for!
3) Go out with friends for drinks, not dinner. One of the biggest costs that will eat away at your budget is meals out with friends. Pull the old “I already ate card” and just join them for drinks.
4) Shop around. In this day and age of instant searchability, there’s really no reason to not compare
prices. When you’re in the store or shopping at home, quickly search a few other stores to see what
they are charging.
5) Open an online bank for your savings account. My big bank pays 0.01% interest. My American Express online bank pays 0.9%. Do that math; it is a no-brainer.
6) Clip coupons! I love going through the weekly mail each week and looking for coupons. The trick is to only clip coupons for products you’re already planning to buy. A couple dollars here and there can really add up!
7) Make a “do not need” list in addition to your “need list”. That way when you’re at the grocery store wondering if you need to buy bread, you’ll know for sure and won’t end up with double!
8) Cut the cord. With today’s options of the Roku/AppleTV with Netflix and Hulu, there’s really no justification in keeping cable. Buy an antenna from Best Buy for $15 and you’ll get plenty of over the air local channels. I tried it at my house and with an antenna; I can get 50 HD TV channels, all for free.
9) Make coffee at home. That $3 latte you get each morning can really add up. Invest in a good coffee maker at home and buy a bag of coffee from the grocery store. Your monthly coffee bill will go from $60 ($3/day for 20 weekdays each month) to $10 (for a bag).
10) Find what works for you. There’s no secret sauce or magical formula to follow when it comes to
being thrifty and saving money. Some things will work for me, and others things will work for you. Try a couple of these tips out and stick to the ones that are easy and make sense for you!
What have you found that works for you and your family? I always love to know what other people are doing. (And if you have couponing tips, I'm trying to learn...)
Be sure to check out Young Money Finance for practical tips to help you manage your budget!