Monday, June 23, 2014

Money Tips #6: Reduce Wasteful Spending

Over the years, PF Stock has collected numerous money and tax saving tips from readers. In this series of posts, I have compiled some of the best money tips that I've received, each categorized by topic. In addition, I am including other money tips from the internet and from my own experience. I hope that this will come in handy my readers. Today's topic:

Tips for Reducing Wasteful Spending
  • My best money saving tip is to reduce wasteful spending like cigarettes, liquor, eating out... and to coupon when you can... you will save money faster than one might think.
  • My best money saving tip is to reduce the amount of monthly bills you have to the smallest number possible. For example get rid of cable, you do not need it. You can get rid of all the monthly bills except electricity and phone.
  • I try to save my money because I am a college student.
  • My best money saving tip is to buy something even if you don't need it (except foodstuffs) when it's on sale, especially if you use it, because then you won't need to buy it when you need it.
  • A saving money tip I suggest is don't spend on unnecessary. Spend on needs, not wants!
  • One money saving tip is loose your cable company. With today's platform integration, who needs regular TV? There are so many free options with internet TV and YouTube. I say who needs it?
  • Stock up when commonly used items are on sale.
  • Money Saving Tip~ BUY GENERIC EVERYTHING. Generic is just as good as brand name!
  • Lots of good tips. I try to buy whatever I need when it's on sale and try to save every extra cent I can, which is hard to do today with the high price of rent, etc.
  • I grow a garden in the summer and try to put up as much as I can to have fresh veggies and fruits during the summer and preserved food the rest of the year.
  • I set aside a food budget. I do not use any other money outside of the food money. It helps us plan better and get what we really need.
  • Shopping around and comparing prices... never buy right away!
  • My best tip is wait one week before buying any large ticket (non-essential) item. It truly gives you the time to think about the item and stops you from an impulse buy. It seems so simple but I have really instituted this rule in my life for anything over $100.00 and I have saved a large amount of money doing this. The time also gives you an opportunity to shop around and decide if you really need it and maybe, yes maybe, you forget about the item. If you do, you have saved money and realized eventually that it wasn't that important (when you think about it again in the future).
  • In addition to using coupons and shopping around to get the best price you should work to keep the things that you have in good working order so that they don't need to be replaced and get as much use out of everything as you can - for example, you can use less than the recommended amount of laundry detergent and still have clean clothes; you can use half as much toothpaste and still get clean teeth, reuse disposable items (with care, you need to be sure that they CAN be reused without harmful effects) or don't use disposable at all.

Also See:
PF Stock Money Tips #1: Use Coupons
PF Stock Money Tips #2: Credit Cards
PF Stock Money Tips #3: Taxes
PF Stock Money Tips #4: Shopping
PF Stock Money Tips #5: Organize Your Purchases

Thanks again to all of my readers who contributed most of these tips. If you have more money saving tips, please share them in the comments below. Your tip may be featured in a future compilation.

1 comment:

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