Ten Effective Money-Saving Tips

by Lance Ekum on · 8 comments

Many people are being forced to tighten their budgets in today's economic climate. However, there are a number of tips people can follow to give their bank accounts some breathing room. Here are 10 effective ways to save money today.

1. Get rid of home phone service: Almost everyone possesses a cell phone these days, and with internet calling apps such as Skype and Facetime that can call anyone via wi-fi, landlines are often not necessary. For most people, ditching a home phone service can save over $300 a year.

2. Instead of buying books, borrow books from the library: People who love reading have access to millions of books at bookstores and online retailers. However, spending any money on those books is unnecessary if local libraries carry them. Acquiring a library card is often easy, and doing so can allow one to borrow all the books he or she wants for free.

3. Buy generic groceries: While some generic foods may not be the best of quality, there are a number of generic food products that are great. For example, groceries such as milk, salad dressing and syrup often possess good quality even when they are generic brands. Buying generic brands of various groceries will rapidly rack up the savings during trips to the grocery store.

4. Find coupons: Coupons can be found in newspapers, store ads and store emails. In addition, there are tons of coupon websites all over the Internet that provide great deals for items at nearly any major retailer.

5. Compare insurance policy quotes: Some people struggle with high insurance rates, but different insurers offer different rates. Individuals who are dissatisfied with their rates should try to receive quotes from other insurers and switch to the company with the best rates.

6. Increase car insurance deductible for collisions: Safe drivers should ask their car insurance companies about increasing their collision deductibles. Increasing deductibles can reduce monthly car insurance rates by up to 10 percent. Not all people may be able to negotiate a higher deductible, but it never hurts to call the insurance company and try. There are plenty of companies that offer discount car insurance quotes online which may save you some money.

7. Carpool with a friend: People who have friends at work can try sharing rides throughout the week. Alternating drivers throughout the week will reduce stress and save each person substantial money on gas.

8. Purchase a water filter: Drinking water is great, but drinking bottled water can become costly. People who want to drink water should fill a reusable water bottle with filtered tap water. Bottled water often possesses the same quality as filtered water, so save money by drinking filtered water rather than bottled water.

9. Bring packed lunches to work: Many people think they are not spending a lot of money when they eat lunch at "cheap" fast food restaurants, but they can actually spend a lot less by bringing their own lunches to work. Packing items like sandwiches, chips, fruit and drinks at home rather than buying them at restaurants will save plenty of money.

10. Do not use vending machines: Just about any item found in a vending machine can also be found in a store at a much cheaper price. People who find themselves with uncontrollable hunger cravings during the workday can try bringing snacks from home. Snacks high in protein are often best for fighting hunger.

Lance writes stories from his heart, aiming to inspire and motivate, as you align more fully with YOUR true peak. When he's not here, you can find him hanging out with his family, riding a bike, or just generally acting goofy.   Sign up for the Thoughts from the Treehouse newsletter and get additional inspiration in your email inbox!
Lance Ekum
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{ 8 comments… read them below or add one }

Nneka, Working Mystic July 16, 2012 at 9:41 pm

Hi Lance, I would add cut cable and cook to the list.
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Lance Ekum July 17, 2012 at 12:31 pm

Great additions, Nneka!! In fact, I’ve cut back our cable services about a year ago – and it’s been fine!!


Deone Higgs July 19, 2012 at 9:22 am

Great list, Lance! We haven’t had home phone services for over five years now, and you’re right – it has saved us a bundle. We also usually get our cable and internet from the same company, that cuts a large cost out, as well. Generic groceries, is a must! I also try to look for free eBooks whenever possible, and if I must buy books, I’ve been known to buy them used. The only time I buy them new is in an attempt to support the author. Informative post though. Thanks for sharing these great tips! 🙂
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Lance Ekum July 19, 2012 at 12:01 pm

Hey Deone!
The phone service one is something we’ve done, too – and it’s a great savings, since that whole monthly recurring expense is gone.

Our cable bill was continuing to go up, too. So, I had our services cut back – and while it was a bit hard for my kids at first – it’s actually got them away from the tv a bit more – which has been an added side benefit!


J.D. Meier July 21, 2012 at 3:05 pm

Good rundown.

I learned a bunch of surprising tips in a financial calendar in the book, How To Invest $50-$5,000. For example, one of the tricks was how to get free firewood.
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Lance Ekum July 22, 2012 at 5:30 am

And it’s little things – like the firewood – which, done over time, can make a big difference!! Thanks JD!


chanikacha September 20, 2012 at 5:12 am

That’s a great tips to save more money! I would also prefer to lessen our self to buy things that we don’t need and we also need to turn off the lights that we don’t use to lessen the power consumption.


thepotatohead May 14, 2013 at 10:30 pm

Good tips. Like the other poster said, cutting cable is one of the easiest ways to reduce $100 from the budget instantly. Generic food is a good tip, its the same stuff as name brand so there’s no reason not to save a few dollars when you can. I actually just reduced my car insurance premium by $100 a yr by raising my deductible from $500-$1000. Might I add lower your thermostat by a few degrees then what your used to in the winter and raise it in the summer. Those electric savings will add up.
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