One out of four Americans plans to make New Year's resolutions about money, according to a new
survey from Sallie Mae. According to Sallie Mae, 21 percent of consumers want to save more cash. If you could stand to bolster your bank account, here are four ways to save more money and help you keep more of your hard-earned dollars in 2011:
1. Join a membership organization
Of all my tips to help you save money, joining a membership organization can be incredibly effective and easy. For example, AAA members get
discounts on everything from hotel stays to passport photos. People 50 and older can join AARP and receive
benefits ranging from reduced rates on health and life insurance to savings on shopping, dining, travel and more. Even professional organizations and civic groups offer various financial perks to their members.
2. Extend the life of your car
I know that Beyonce recently reportedly
bought Jay-Z a $2 million sports car, but chances are you're not such a high roller. Still, if you were contemplating buying a new or used car in 2011, that could cost you thousands of dollars in new car payments, more expensive car insurance and more. Instead, save yourself big bucks by extending the life of your current car -- one of the most important ways to save more money.
With today's technology, it's not uncommon for cars built in the year 2000 or later to be able to log 150,000 to 200,000 miles. "Routine vehicle maintenance is the best way to keep your car running," says Jeff Santana, manager of the AAA Car Care Center in Springfield, N.J. "Regular trips to your mechanic can mean the difference between tens of thousands of miles in your car's life."
Also, review your owner's manual for guidelines and service schedules that will tell you how often you should do routine maintenance, such as changing your car's oil, rotating your tires and replacing things such as the water pump or timing belt.
http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,entry&id=900292&pid=900291&uts=1295377243
http://cdn.channel.aol.com/cs_feed_v1_6/csfeedwrapper.swf
Your Frugal Tips
Calling All Bagel Lovers!
AOL User Bspeonk Says:
"I have learned that if you go to a bagel store after 3PM, they will give you as many bagels as you want for free ... depending on where you go. Put on a smile, and you can [possibly] get them for free. Bring them home, freeze them and defrost one each morning for breakfast."
JupiterImages
AP
BlackVoices.com
Your Frugal Tips
Do Away With the Dryer
AOL User The SnittyKitty Says:
"Two years ago my ex-boyfriend convinced me to give up using a dryer. I haven't missed it since. I have a clothesline in my spare bedroom and a drying rack. My clothes and towels are much softer. I use liquid fabric softener and the apartment smells wonderful when I do laundry. In the winter, it puts moisture in the air. I do not own a dryer now. Some people who do hang clothes will dry towels and jeans for about 5 to 10 minutes first to get the wrinkles out. Not using a dryer saves both electricity and wear on your clothing."
Your Frugal Tips
Calling All Bagel Lovers!
AOL User Bspeonk Says:
"I have learned that if you go to a bagel store after 3PM, they will give you as many bagels as you want for free ... depending on where you go. Put on a smile, and you can [possibly] get them for free. Bring them home, freeze them and defrost one each morning for breakfast."
Your Frugal Tips
Keep it Clean!
AOL User TigersTales Says:
"A clean kitchen encourages meal preparation instead of eating out."
Your Frugal Tips
Baking Soda Saves a Bundle
AOL User Mailboxdepoe Says:
"Baking Soda. Yep, my mom used it all her life, and especially as a young child, living through depression. You can clean sinks, wash your hair -- comes out soft, eliminating shampoos and cream rinse. Brush your teeth and it controls breath. Great in the fridge to eliminate odors. I also clean my ceramic stove top with it. About every fourth cleaning I use the real stuff, as it gives the polished look, baking soda does not. I use it on my jacquzzi bath tub, and shower. Get a big box at Costco, try it and see you can save a lot of money. It even cleans your car battery. Make a paste, put it on the terminals, and watch that stuff just get eaten away."
Your Frugal Tips
Grow Your Own Veggies
AOL User Bjsketti1 Says:
"Grow your own veggies. Don't have a yard? Plant them in 5 gallon buckets."
Your Frugal Tips
Text Book Tightwad
AOL User InLuvandDeath921 Says:
"As a college student with a tight budget, I refuse to buy or sell back any of my books to the store. Most places will buy your practically new books back for a third of the price -- if you're lucky -- and sell them for 4 times as much. I buy from half.com and abebooks.com. Now I pay about $200 a semester on six classes worth of books instead of close to $800."
Your Frugal Tips
Make Weekly Payments
AOL User Pamresch Says:
"You can pay the same dollar amount per month on your loan, but by splitting the amount up to weekly payments, you'll knock more interest off your loan and pay it off sooner without even paying any higher monthly payments. Set up an automatic payment for each week and watch your loan go away more quickly."
Your Frugal Tips
A Cheaper Solution
AOL User LiHelmuth Says:
"Something that works great is adding equal parts bleach and Pine-Sol (about 1/8 cup each )in a spray bottle and fill the rest with water. The mixture works great for cleaning the bathrooms, kitchen, and floors. I have been using this for years. It saves a lot of money and cleans and deodorizes at the same time."
Your Frugal Tips
Why I Love Craigslist.org
AOL User InLuvandDeath921 Says:
"I cannot believe some of the things I have bought through this Web site. If you're just starting out with a new apartment you can find a lot of the basics. I bought a '93 Ford Taurus for $500 (which runs great, by the way). I also bought a mattress, box spring and bedframe all for $40 (practically new) and a TV for $30."
Your Frugal Tips
Time to Unplug
AOL User Virginia Enigma Says:
"... I unplug almost everything around my house when it's not in immediate use. (I unplug the toaster when I'm done with it, the clock radio, the lamps, my cell phone chargers, etc.) My electricity bill was only about $25 this month!"
Your Frugal Tips
3. Re-run your numbers
Everyone should have a good idea about the numbers that are driving his or her household budget, specifically how much money is being spent each month on things such as food, utilities, credit cards, insurance, etc.
Go over each of your major categories of spending early in 2011 and contact each creditor you're paying to ask about discounts. Can you shave 10 percent off your cable bill? Will your credit card company lower your interest rate? And what about your auto insurance? Have you shopped around lately to make sure you're getting a competitive rate? Comparison shopping to lower your existing bills can save you thousands of dollars annually, keeping more money in your pocket.
4. Do it yourself
Paying other people for services that you can do yourself can get awfully expensive awfully quick. Sometimes it's necessary to pay others for things when you lack the time or expertise to do something -- say babysitting when you have to work, or putting down new tiles in your bathroom. But if you have the ability, by all means, consider tackling certain projects yourself to save cash. Your investment will be spent in time, and not dollars.
For example, there are a host of areas where we pay for services that we can definitely do on our own, such as lawn mowing, shoveling snow, basic hair services, manicures or house cleaning. The key is to identify areas where you're shelling out cash that could be better saved if only you could take on various tasks yourself.
All of these strategies, if carefully and regularly implemented, can fatten your bank account not just in 2011, but for years to come. Do you have any tips that help you save money? Please share them below.
Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller
'Zero Debt: The Ultimate Guide to Financial Freedom.'
Colin Powell: I Have 'No Problem' With Gay Marriage
Keith Weigelt: Journeys With a Daoist in the Business World
Comments: (12)
Add a comment
By: Lawrence Surles Sr on 1/25/2011 8:56AM
Its just as easy to make more money,if you mind to be creative.
Reply to this Comment | Report This
By: Nora on 1/22/2011 12:08PM
Saving money is very important in this economy. To help you save more, try using group-buying and daily deals to your advantage. This can be a great way to help you save money on services and products.
A great way to find the best deals in your area is by using http://www.dailydealpool.com. They'll email you daily with the best finds in your area, ensuring you don't miss out on something great!
Reply to this Comment | Report This
By: veronicadraven on 1/30/2011 3:47PM
You have to add more to that list - checking and re-checking your bills. I did that in 2010 and realized I was over-paying some bills and not using others enough to justify the amounts I was spending. First one I cut down on - my $200+ cell phone bill packed with overages. The easy way to get rid of it and save money is to switch over to a prepaid company, like Straight Talk from Walmart, without a contract so the fees are removed. Without this and having an unlimited plan, there is potential for savings between $50 - $70 a month and even more if you go down to a cheaper plan - families can really save here especially with chatty kids.
Reply to this Comment | Report This
By: Bianca Bee on 1/31/2011 12:43AM
These are great ideas and I have to agree with @veronicadraven above me, cutting down on your cell phone bill is a big one. I simply switched over to the Net10 prepaid service and use it's $50 unlimited everything plan. It's just fabulous. I'm a busy woman and constantly on my phone for business, and this service gives me great coverage and reception, all for a perfect low price. Try going prepaid, it's a decision you will no regret!!
Reply to this Comment | Report This
By: Jude on 1/31/2011 11:41PM
Don't spend your money on things that are not necessary. I got rid of my home phone because I wasn't using it...all I use now is my prepaid cell phone. Net10 -- my cell phone provider -- has awesome bundles for different uses. I am very impressed and am loving how much money I'm saving.
Reply to this Comment | Report This
By: april bishop on 2/01/2011 12:15PM
Hello,
Thank you for your great article. Also the pic is very nice.
Thanks
Reply to this Comment | Report This
By: Parag on 2/03/2011 12:55AM
Living within your means is a key to avoiding the debt spiral. Creating and sticking to a budget is the way to live within your means. Learning to avoid having wants and desires that would cause you to live beyond your means is a key to happiness.
http://www.financemetrics.com/tips-on-saving-money-that-are-easily-applied/
Reply to this Comment | Report This
By: AdamWatts on 2/16/2011 8:21PM
I saw a few other comments mentioning home phones and cell phones and I have to agree with cutting down on both. I moved in with my girlfriend during the holidays and immediately cut her home phone line and got her a Net10 prepaid phone. I couldn't continue to let her pay over $100 a month and even more when we first started dating with overages in texting. I've been a Net10 customer for a few years and the savings and the network haven't let me down so I feel the same for her. It's been a struggle for her to give up her IPhone, but it will be worth the savings.
Reply to this Comment | Report This
By: DeanSinger on 2/28/2011 9:27PM
@AdamWatts
How reliable are the networks for prepaid phones? I hear that Net10 is on Verizons network, as is Straight Talk but I don't know. Prepaid cell phone usually puts an image of horribe reception and call quality. I'm gonna take a chance and get the smart phone Straight Talk has, the LG900G I think its called. Great features and since it's only $45 a month for unlimited everything, it's pretty worth it.
@Lynette, I'd LOVE a two million dollar car!! Great blog!!
Reply to this Comment | Report This
By: nicky12 on 3/07/2011 4:59PM
Net10 has been around for a while, it's becoming especially popular now BECAUSE of the recession. Now people are looking for hard for every possible way of saving every penny they can and I think people have finally found out that net10 is the best way to save money on your phone service. like how can I have unlimited cell phone service during a recession? net10s $50 dollar plan is how.
Reply to this Comment | Report This