Penny Pinching 101
Everyone pinches pennies, it's just that some people are "tighter" than others. If you are new to penny pinching, here are a few basics that every seasoned tightwad will agree are "no-brainers" when trying to save money:
Request a reduction in the interest rate on your credit cards. You would be surprised at how easily credit card companies are willing to reduce your interest rate. I called one time and just asked and they reduced my rate by 5%. It can’t hurt to ask. All they can do is say no. TIP: you may want to have a balance transfer offer in hand so you can let them know you are planning on transferring your money out!
Agree to limit gift giving. At Christmas our extended family and we go overboard when it comes to gift giving. I grew up in a very large family. Once you turned 18, you were considered an adult and each of us “kids” got a small gift from Mom & Dad, and did not exchange with each other. As we got older, it was more important to get together and spend precious time together. There were still a LOT of kids though. My brother came up with this idea for all of the nieces & nephews.: (This might not be the exact formula, but it went something like this) Put all of their names in the hat 5 times. Then, each adult chose 5 names. This way, each of the little kids got 5 gifts. We placed a 25 or 30 dollar limit on the gifts. Instead of having to buy a gift for each of 12 nieces and nephews, we only had to buy 5. You can do it however you want, but at least agree in advance to limit the gifts and save everybody some money.
Eat less meat - For the nutritional value, meat is very expensive, especially as compared to vegetables and fruits. Simply change around your regular meal proportions to include more fruits and vegetables and less meats - eat a smaller steak and a bigger helping of green beans, for example. Or, better yet, just have a “Veggie Night” once a week. Not only is this a healthier way to eat (saving on health costs), it’s also less expensive.
Eliminate some cable service. Look at all the charges on your cable bill and consider getting rid of some of the service. Here's another thing you might try: I did this a few months ago. I shopped around and found a way to get all of the services I have bundled with my provider cheaper. (Phone, cable & Internet) Then I called the cable company and informed them I was cancelling all of my services because I could get them cheaper elsewhere. They promptly gave me a discount!
If you have a health club membership, cancel it - There are many free and low cost ways to get your exercise. Take a walk or bike ride with your kids or significant other. Do some gardening, play a little frisbee or shoot some hoops. If you need more structure, call your local parks and recreation and see if they offer free or low cost swimming or aerobics classes. My neighbor goes (I think it's at ETSU) to a swim class 3 times a week and it only costs $20 a month!
Check for leaks! -Now that the weather is getting a little cooler, it's time to make sure you are ready for winter. Most homes have air leaks that make it much harder to heat in the winter. Check around all of your doors and windows to make sure they are sealed properly. One place that cold air gets in is around electrical outlets! You can just google up "winterize my home" and find a wealth of information about it! Spend an afternoon air sealing your home.
Ask for fees to be waived. – Next time you sign up for anything, (i.e. cell phone service, cable, etc.) ask to have the set-up fee waived. Most of the time they will, but you HAVE TO ASK! If they are reluctant, just tell them that you will wait for a special deal or shop elsewhere. This also works for overdraft fees on bank accounts and credit cards as long as you have a good record with the company. These fees are automatically generated and you HAVE TO ASK to have them waived. If you have a good history, they will usually make an exception.
Buy Toiletries at the Flea Market – I went to the flea market a few weeks ago and there were AT LEAST 5 vendors selling toothpaste, deodorant, shampoo, hair color, vitamins, cold remedies and much more! Here are some of the deals I got: Olay Regenerist Thermal Facial Treatment – Retail $22, I Paid $5, Olay Regenerist Eye Repair Serum – Retail $18, I Paid $2, Fish Oil Supplement – Retail $5 to $7, I paid $1, Secret Anti-Perspirant with Olay – Retail $3, I Paid $1.00, Dog Treats that I saw at Wal-Mart the very next day for $2.49 a bag, I Paid 2 bags for $1! If you don’t think it adds up…I saved $47!
Give a gift of a service instead of an item. With Christmas Creeping up, go over your gift list and think of things you could DO for your loved ones instead of what you can BUY for them. I would be jumping for joy if someone gave me 3 hours of helping me clean as a gift, or a Home Cooked Meal! For new parents, give an evening of babysitting. Here are a few more ideas…Pet sitting, Lawn Care, Massages, Manicure/Pedicure...Use your imagination!
Try Camping - Instead of going on a big, extravagant trip, pack up the family and head to the campground. It is inexpensive and oh, so relaxing! If you don’t think you are the camping type, just give it a try anyway. You would be surprised at how enjoyable it can be. Many campgrounds have more amenities than you would think. Pools, showers, grocery stores etc.
Don’t use those coupons yet! – Be patient and hang on to them for a few weeks. Most of the time, manufacturers send out coupons to get you to try their product. Then, a couple weeks later, they will put the same product on sale to get the repeat business. If you wait until it goes on sale AND you have a coupon, you could wind up getting some products for a little bit of nothing!
One for the Twenty-Somethings – Are weekend activities putting a strain on your finances? Are your friends always wanting you to spend a bunch of money going out to eat & drink? Try some less expensive alternatives. Be the first to suggest an activity like going to the park to play frisbee, football or basketball. Take turns having “Board Game Night” or “Poker Night” at your house. Once a month, have “Project Night” or “Project Weekend”. Alternate houses and help each other do home decorating projects…the more people helping, the faster it gets done and it’s way cheaper than hiring someone to do it! win-win
Utilize online bill pay with your bank. Many Banks offer this service for FREE. I pay all of my bills (except two) online. This saves you money on stamps and paper checks by allowing you to just fill in an online form, click submit, and have your bill paid. I save $8.33 a month just on stamps. Another advantage of paying online is it buys you some time. Did you ever forget to mail in a payment? Once you drop that envelope in the mail box, you have no control over how long it will take to reach its destination. If it arrives late, you may have to pay a late charge! Try it out - and take advantage of it if you’re not already.
Invest in a deep freezer. After the initial investment, this item will pay for itself. You can use it to store all sorts of bulk foods, which enables you to pay less per pound of it at the market. This is really great when certain meats are on sale. For instance, Turkeys are always dirt cheap around Thanksgiving, pick up a couple extras and freeze them! Another good idea is storing meals prepared in advance. During the winter is a great time to make large batches of soups, stews, chili, etc. and freeze for later use.
Do holiday shopping right after the holidays. This year, make a point to go out to the stores a couple days after Christmas. Stock up on wrapping paper, ornaments, etc. One thing you can get dirt cheap right after Christmas is the “Gift Sets” that you see everywhere. There are all kinds of them…Make up sets, bath & body, perfume, personal grooming sets, etc. Most times, you can get them 75%-90% off. Check places like Wal-Mart, Kmart, Walgreens & CVS. These can be used for any occasion…Birthdays, Wedding Showers, etc.
De-junk and make a little holiday cash – Go through the closets and pull out anything you don’t use anymore. Now, go to www.craigslist.org and offer to sell it! You would be surprised at how many responses you will get. It’s free to list…just be sure to follow the rules and be careful. Read over the section on avoiding scams. Selling online can be fun and profitable, but be smart about it!
Stock-up – Especially on non-perishables when they are on sale! People laugh when they look in my pantry. Sometimes I will have 6 or 7 jars of mayonnaise! This is because I buy them when they are 2 for $4. Sometimes they will be on sale and also have a coupon attached. The regular price is like 3.99 a jar, so when I buy 8 on sale, I am saving $16! We use mayo every day, so this makes sense for us. Last week, I took a ride over to Food Lion and took advantage of the Sale on Cottonelle bath tissue. They were having a 3 day sale…12 double rolls for $4.99. Lucky me, they had a 75¢ off coupon as well. The regular price was 6.99, so I bought the limit of 4 packages and saved $11!
Don’t be shy – Last week, I had a coupon for Office Max - $10 off a $20 (or more) purchase. I needed a few things, so I went on over and bought a Chair mat, some business cards and some business card magnets. Well, it turned out that the chair mat wasn’t going to work out, so a couple days later, I went to return it. I figured if I got around the same amount of items as the mat cost, I would still be eligible for the discount they had given me. Just my luck, I got a cashier that had no clue. She said that the $10 discount was distributed to all of the items I had purchased with $5 of it applied to the chair mat. She said she could only give me credit for 13.00 of the 18.00 the mat cost. I was trying to explain to her that since I was replacing the cost of the chair mat with other items that totaled more, I should get the $5 off the items I was buying. Anyway, to make a long story short, I wound up NOT getting the discount. I left the store and called & asked for a Manager. I explained what had happened, and he told me the next time I come in, I will get $5.00 off.
My point: Don’t rely on the expertise of a minimum wage cashier to get what you want (or are entitled to).
Get rid of Private Mortgage Insurance. If your down payment was less than 20%, you are probably paying PMI. Once you have a 20% cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI.
Get your books from the library. If you like to read, make a trip down to your local library. I never realized how many services the library offers! You can even check out DVD’s! It’s a great way to get out of the house, and the kids LOVE it! The best part…it’s FREE!
Shut vents in unused rooms. This isn’t advisable if you have forced air heating, but shutting vents in unused rooms can save on your heating and cooling bill.
DIY – If something breaks around the house, try fixing it yourself first. I have fixed Dryers, vacuum cleaners, my car and countless other things just by looking it up on the internet or taking a look myself to see if I could figure out what the problem was. It seems to have rubbed off on my daughter too. Recently, she fixed a toilet at a friend’s house just by comparing the inside of the tank with another toilet in the house. It turned out to be a simple fix and it didn’t cost a penny! - Good job Sunnie!
Plan meals According to what’s on sale - Plan all your meals around what’s on sale in your grocery store’s flyer. You will save a bunch of money on your food bill!
Learn how to make soup – With winter on the way, now would be a good time to learn how to make some different soups. Not only will it warm you family’s bellies, it’s inexpensive and nutritious! Last year, I learned how to make Potato soup, Broccoli Cheese Soup and Cream of mushroom soup. Another tip is to get some of your soup ingredients from the produce manager’s special rack. Most of the time they will bundle different veggies in one package.
Combine your cable, internet and telephone service. Shop around. There are quite a few choices now where you can get all 3 of these services bundled together. Some companies even offer cell phone service too! Just having everything on one bill makes it worth while!
Slow down! Try taking your internet speed down a tier. You would be surprised at how little difference it makes, and you will probably save $10 or $15 per month.
Don’t forget your rebates! Make sure you take 5 minutes to fill out the form and send it in right away. If you wait, it may expire! Mark the calendar and follow up if you don’t get it.
NEVER pay full-price - If it was EVER on sale, then the person selling it is obviously willing (and able) to sell it for that price again - eventually.
Don’t be shy - ALWAYS ask for a discount. All they can do is say no, and 90 percent of the time (in my experience) they will come off their asking price. Every penny counts!
Get store discount cards - Sometimes the cashier will swipe their card for you, but more and more stores are getting strict on this. If you forget yours, or don't have one, ask the person in front or behind you in line if they have one. You would be surprised at how much comes off your bill when they swipe that card!
Eat in! - I can't imagine how some people can afford to eat out all the time. I mean, some people eat out for every meal. For the amount it cost me to take my 5 year old to KFC and have the buffet, I could have fed my family of four 3 meals!
Re-Use - Save your cottage cheese, sour cream, yogurt, etc. containers. They make great FREE leftover containers.
Stock up on bag clips! - Next time you are at the dollar store (or some grocery stores now have dollar aisles), pick up a package of clothespins. I can usually get a pack of 100 for a buck. Now, you can keep your cereal, potato chips, crackers, or any other bagged food fresher longer. Also, if you have a pantry with the vented (wire) shelving, you can just clip them to the bottom of the shelf when you are not using them.
Waste not, want not - Don't throw that chocolate syrup bottle away! Pour some milk in and shake it up, viola! One more glass of chocolate milk!
Freeze your leftovers - Whenever I make a big pot of anything like Chili, Spaghetti sauce or soup, I freeze the leftovers and just thaw them out a couple weeks later. Instant meal!
Uses for plastic grocery bags - When I have gooey stuff to throw in the trash (like when I am cleaning out the fridge), I find one with no holes and throw the food in it first and tie it in a knot. Sometimes I even double them up. This comes in handy if the big bag gets a hole in it! You won't have food leaking all over the inside of your kitchen trash can. I also use them for packing fragile items, and they make great wastebasket liners!
For the birds! - Take your stale bread, chips, crackers, cereal, etc. and give the birds a feast they won't soon forget! Kids love to do this chore!
Save on Water - Only run your dishwasher and washing machine with FULL loads!
Waste not, Want not - Have leftover baked potatoes? Slice them up and fry them in a pan! Leftover Mashed potatoes? Add cracker crumbs, eggs and chopped onion, fry them to make 'tater cakes! Yummy
Marry your condiments - Don't waste it, just turn the bottle upside-down on top of the new bottle. Restaurants do this with all of their condiments and have been since the beginning of time.
Recycle - Save your aluminum cans, the price for scrap aluminum is almost 1.00 a lb.!
Grow it yourself - With the price of produce these days, why not try planting a vegetable garden this year? It is inexpensive, a great family activity and you will have fresh produce when you need it! Now is the time to get started!
Take a shortcut - Do you know all the possible routes home? Find different ways to get to your house. With the price of gas, you could be saving some big bucks! I know an alternate route to my house that cuts 2 miles off the trip, plus it breaks up the same old routine!
Going to the movies? - Bring a paper lunch bag and easily share your popcorn without having to reach over every time. Most of the time the jumbo costs just a little more than the large size and there’s plenty to share!
Leftover soap - Is your bar of soap getting too small to take a shower with? Move it to the bathroom or kitchen sink for hand-washing.
Re-Use - Use your empty coffee cans to organize small toys, crayons, nuts, bolts, craft supplies, etc. Have your kids decorate them!
Too many baked potatoes? - Scoop out the insides and heat them up with some butter for a mashed potato snack or side dish, then rub the skins with a little oil, add cheese and your favorite toppings (i.e. broccoli, bacon, etc.) for a great appetizer.
Grease stains? - Use a little Dawn dishwashing detergent to pre-treat instead of buying "special" stain removing products. It breaks up the grease and it has worked every time for me! Some of the other dish soaps work too, but Dawn works the best (in my opinion).
Buy Used - Now that the weather is nice, do some of your household shopping at yard sales and flea markets. I bought Maia 7 skirts and 6 tops at a yard sale for 7 bucks! I also got 3 throw rugs for a buck apiece. Today, I bought my daughter a computer monitor for 6 dollars!
On the go? - Make sure you have a good traveling cup for your coffee, tea or water. You would be surprised how much you can save compared to drive-thrus and convenience stores.
Give your Heat pump a rest - This time of year is a great time to save on the electric bills by simply turning off the heat pump and opening the windows! Not only is the fresh air good for you, it will save you a bundle on your electric bill! (I never lived in a house with air conditioning until 9 years ago! It didn't kill me, go figure)
Pack your lunch - I did the math and we save $1372.80 a year just by packing my husband's lunch instead of him eating out. Plus, all that fast food will pile on the pounds fast!
Time is money - Bake your bacon! I learned this from working in restaurants. Lay your bacon out on a jelly roll pan and bake at 350 degrees for about 20 minutes. This frees up your hands to get the eggs & toast prepared!
Wait! There's more! - When it seems like you are out of out of body lotion, never fear! Just turn the bottle upside down for next time and Voila! (I have moisturized my whole body 3 times with the lotion most people would have thrown away!)
What's up with Coffee Prices? - I am a hard core Coffee Drinker & you know how I hate wasting money! I always make my coffee & put it in a Thermal Carafe so it doesn't get that burnt taste from sitting on the warming plate. We ALWAYS have a fresh cup of coffee at my house!
Leftover Mac & Cheese? - It's not really that good the next day, but if you add a can of chili, you've got a nice hot lunch! My daughter loves it!
Buy in Bulk - I always buy my meat in the family pack. It's cheaper, and I freeze 1/2 for another meal. It also saves a trip to the store...can you say "4 bucks a gallon"?
Free Note Pads - Ever start printing out that 50 page report, only to notice you made a mistake? Never fear! Just cut the pages into 1/2 or 1/4 and use the blank side for scratch paper!
Rag Rugs - Don't throw out those left over scraps of fabric or even those old t-shirts and dresses. In the old days people would cut the old clothes into strips and roll them into balls until they had enough to make a braided rug. Guess what? Braided rugs are in Chic right now and people pay high dollar for them. Why not plan a family project? It's fun - and FREE!
Tips to save money when eating out - Go out to lunch instead of dinner. Most Restaurants have lunch sized portions of their main dishes at a fraction of the cost. I always have to get a doggie bag when I go out to dinner anyway. Check your local paper or favorite restaurant's website for BOGO coupons. Order Water instead of a soft drink. Most restaurants charge close to 2 bucks for a soda! If there are four of you, that's 8 bucks for soft drinks!
Having a Birthday Party for your child? - Make a Piñata! It's not that hard, and it's a fun way to spend time with your kids. Maia and I are making one for her birthday. I will put the instructions and a picture up on the site when we are finished. Piñatas can cost up to 25 bucks, and that's BEFORE you put the candy in. I would rather spend that money on my daughter.
Shop Online - With the price of gas at an all time high, you can save a bundle by shopping and paying your bills online. Most companies offer free shipping and "online only" specials. Others offer FREE site to store shipping, so you can take your time getting the best price and then just pick up your purchase the next time you are in town!
Progressive Dinner - Get your friends together and plan a "Progressive Dinner" Start at the first house for appetizers, the next for the main course, next for dessert, and the last one for coffee and whatever! Maybe a poker game or a movie...this way each person only has to pay for one part of the evening. It's inexpensive and lots of fun!
Send in your Penny Pinching Tips and I will add them to this page!
Piney Flats, TN
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