Personal finance experts tell us that the best way to save money is to cut back. Just like weight loss gurus tell us that the best way to lose weight is to eat less and exercise more. That would be terrific, but I actively avoid physical exertion while retaining my love for all things fried and bacon-wrapped. And I’m not 800 pounds.
What’s the key? Moderation. Give up just enough of something that you don’t feel deprived, balance it out with something that’s good for you, and accept that you’re not going to look like (fill in the name of your favorite super-hot-and-sexy celebrity here).
So, too, in personal financial matters. I’ve seen people cut their spending to the bone in the name of austerity, only to bounce back in a few short weeks with a brand-new iPad and pair of designer shoes. In the end, their credit card bills and bank balances are worse than would have been the case without the money diet. Why? Because when you go the pauper route, you feel … poor. And nobody wants to feel poor (even if they are, in fact, poor).
Here are my tips for saving money without feeling poor.
Trim The Cable Bill: Let’s say you’ve got a tricked-out cable or satellite package that includes everything but the kitchen sink in HD. Think about ditching HBO once Entourage goes off the air for the season and dump Showtime after Weeds takes a bow. You get bonus points for knocking out the cable entirely and going with Hulu Plus ($8 per month) and maybe Netflix (also $8 per month). And if you’re a one-show person, consider buying the episodes on iTunes – the savings will add up quickly, plus you can keep watching those Glee episodes over and over.
Do Your Grocery Shopping More Often: When you shop once a week, chances are far better that something it going to go bad before you get a chance to eat it. Shop for meals every few days and you’re less likely to buy stuff that goes south before it hits your mouth.
Keep The Change: I don’t spend change – ever. Whenever I buy something, dollars come out of my pocket. The change gets dumped into a big jar by the front door when I come home each evening, and when the jar is full the contents go to my savings account. Easy peasy.
Shop Online With Promo Codes: My wife is the queen of the promo code, online counterpart to the coupon. Whenever she’s looking to buy something online she makes sure to Google “[vendor] promo code.” From there, a raft of sites will give her anything from free shipping to massive discounts on whatever she’s looking to get.
Kill The Landline: You probably have a cell phone already. So why do you have a landline phone? It’s true that landlines aren’t pricey, but that extra $25 a month adds up fast.
Plan Your Chores: You leave the house and hop in the car to go food shopping. Then you come home, only to go out to the hardware store later. The next day it’s the dry cleaner. Rather than spending all that money on gas and car maintenance, consolidate your chores into a single trip. Saves time and money!
Remember Charity: You buy stuff, you use it awhile, then it sits in your closet taking up space. Rather than wasting valuable closet real estate, pack it all up and bring it into Goodwill or Salvation Army. You get a tax deduction (cha ching!) and someone less fortunate gets some nice clothes. This tip doesn’t actually save money – but it does reduce your tax liability at the end of the year, which puts more cash in your pocket.
What tips do you have to avoid the money diet without breaking the bank?
Image credit: Melissa Gray/flickr
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