Saving Money Tips: Frugal Practices In A Slow Economy

If you guys are anything like me, then you’ve been a bit freaked by the headlines lately. It seems as if prices are going up everywhere, leaving those of us who are trying to figure out how to save money scrambling to catch up.

And, now that we’re about to spend $700 billion (it hurts even to write that number…) to bail out Wall Street, chances are we might have to get even more frugal than before. Yikes.

It can be all to easy to become obsessed with what’s going on in the economy, and I’m not excluding myself here. My own “overboard” moment came when I realized that I was checking the DOW on MSN Money with my refresh button, and monitoring the headlines on CNN in between working on projects. That’s not my normal behavior. If it were, I’d never get anything done.

So, I figured if I was going into freakout mode then lots of other people must be too. And thus, a post is born.

After some quiet reflection I realized that although there are a lot of things going on in the economy that I can’t control, I need to just focus on what I can control. And that is, learning more about personal finance and how to save money.

Now that the economy looks like it will be slowing down even further, it’s vital that we become skilled at saving money. This doesn’t mean we panic, or run around like Chicken Little (as some nefarious networks would have us do). It simply means that we be prudent about where our money is going.

Here is a list of some saving money tips that I’ve used before, as well as some crafty ones I found online.

Use Coupons

Never underestimate the power of a coupon. I regularly use www.MySavings.com to sign up for coupons and free samples. They update their site every few hours with new offers, and have some really great coupons available for download.

Become A Vegetarian

You could think about becoming a vegetarian to save money. Now, I’m a vegetarian myself so I’m a bit biased, but I truly think when you stop eating meat you not only save money, but you feel better. Plus, it’s so much better for the environment!

If you don’t think you’d like to go Veg 100%, then think about cutting meat out of one or two meals per week. Substitute beans, rice, or tofu (all cheaper than beef or chicken) instead. You can find out more about becoming a vegetarian here.

Buy Generic Products

Buy generic. If your kids complain, the put the generic cereal (or whatever product it is) in a name brand box. Trust me, they’ll never know the difference.

Unplug Your Electronics When You’re Not Using Them

Cornell University did a study on electronics and found that the average American has 20 appliances in their home that use power even when they’re turned off. They’re called “vampires”, because they sneakily suck away power, and run up your bill by as much as $200 per year. That’s $200 you’re spending just keeping them plugged in. Satellite receivers, TVs, VCRs, and computers all should be unplugged at night.

Avoid The Mall

The mall is designed to make you spend money. Even if you’re just going to “hang out with friends”, if you walk through those elegant, whooshing doors, you’re going to get sucked into buying something you normally wouldn’t have bought.

Instead of hitting the mall to buy clothes: go green. Hit thrift stores and consignment shops first. You’ll help the environment by giving new life to clothing that’s already been made, and you’ll help your wallet even more.

Ditch Blockbuster For Netflix

I love Netflix. With Netflix, you can sign up for as many movies as you want and, depending on which plan you get, some if not all will be mailed to your house. There are not late fees, no postage fees, and no mad-dash to the video store to return the movies.

I am on the $8 per month plan. I get one movie at a time, but I can watch as many as I want per month. It’s delivered right to my door, and when I’m done watching it, I simply mail it back in their postage-paid envelope. It’s a huge time and money saver.

Think about it: Blockbuster charges what, $4 or $5 per movie? And you have to drive it back in a day or two (wasting time and gas)?

No thanks.

Organize Your House

Ok, this one deserves it’s own post (which I promise I’ll get to), but I’m putting it in here because this is a great way to earn some extra money. You probably have tons of stuff lying around that you don’t want, or need, any longer. If you need some cash, or want to start building an emergency fund, then why not sell it?

Put it on Ebay! Sell it on Craigslist!

If you can’t find a buyer, then please please please don’t pitch it. Put it up for free on Craigslist, or list it on Freecycle.

I’ll be coming out with more Frugal Tips posts soon. With the way things are going, we could all use some help saving money. If any of you have some crafty tips of your own, please send them my way! If they’re good, I’d love to share them with everyone.