We have no control over the economy, but we have full control over our action and decision. There is no point putting the blame on external factors, we must learn to find means to improve our financial situation through making more money, growing our money or/and saving more money.
It is always easy to say than done, how often we tell ourselves that we will start saving money from certain date onwards. But something always came up along the way and we used the money, and ended no saving left. It’s too easy to spend without realizing where your money goes. Often, we spent on items that didn’t add value to my life. We end up having lots of unused items and we must find time to get rid of.
Here, we will go deep down to show you in details various money saving tips for all categories of your living expenses.
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1. SAVING ON HOUSING EXPENSES
1a. DIY Home maintenance
From taking good care of your home or doing house repair, it all costs lot of money if you get a contractor to do the work. To save cost, you can start learning to tackle some small jobs to save some cost while leaving the big task to the experts to do it.
Some simple works that you can do include:
- Caulk the bathtub
- Replace the bulbs
- Install thermostat
- Replace smoke detector batteries
- Fix running toilet
- Seal leaky doors and windows
- Fix attic insulation
- Change HVAC filter
- Fix weather stripping etc.
1b. House shifting
Whether you currently stay in a rented property or your owned property, you can consider shift to another place with lower rental or lower property price. You can also consider move to a smaller house. You can look for houses for sale or rent at
1c. House equity line of credit for home repair
Maintaining a house is always more expensive than you can think of. If you always find it difficult to save for rainy for unexpected repair cost, you can consider applying a home equity line of credit (HELOC).
HELOC is a line of credit secured by your home that gives you a revolving credit line to use for large expenses like home repair and renovation project. You are given a line of credit that is available for a set time frame, usually up to 10 years, which is called the draw period.
You can withdraw money as you need within this draw period. You enter repayment period when the draw period expires. HELOC is right for you if you prefer using the money as and when you need it. You may have to wary about the rising interest rates and fluctuating monthly payments. You can obtain more details from Investopedia
1d. House equity loan for home repair
Home equity loan let you borrow a lump sum of money secured by your home, with a typical repayment period of five to thirty years. Maintaining a house is always more expensive than you can think of. If you always find it difficult to save for rainy for unexpected repair cost, you can consider applying
These loans are available at many banks, credit unions and online lenders. It is likely easier to qualify for home equity products than other unsecured personal loan. A home equity loan is right for you if prefer fixed monthly payments and know exactly how much money you need for your home repair project.
1e. Rent out room
You can also consider rent out one of your room to save some money for housing expenses via Airbnb under private room category. If you need currently stay in a rented room, you may consider looking for roommate to share your room to save some money on rental. You can look for roommate at
1f. Rent out car park space
If you own a driveway and you are work for work whole day leaving your parking space vacant, you may consider rent out at Parkpnp,
1g. Rent out tools, equipment and appliances
If you have a lot of tools (power tools, lawn mower and blower etc.), equipment and electrical appliances which you seldom use, you may consider rent out to other people to use at
- Buro Fatlama
1h. Sell off unused tools, equipment and appliances
You can also sell off those unused tools, equipment and appliances at
- Buyback Boss
- Carousell (South East Asia)
1i. Reduce Home Insurance cost
Review your home insurance or renter’s insurance and make comparison from different insurance company to obtain better deal. You can buy your home and auto policies from the same insurer to obtain better deal. Also, you can consider make some improvement of your home security to get more discount on the insurance. These security devices include smoke detector, burglar alarm, dead-bolt lock. Etc. Here are the top six cheap homeowners insurance companies for 2020 based on the findings from Investopedia
2. SAVING ON FOOD AND GROCERIES
2a. Go for Generic foods
Consider switching to generic store brands instead of costly global brands. “All food manufacturers follow standards to provide safe food and beverage products of high quality,” says Robert Earl, director of nutrition policy for the Grocery Manufacturer Association. Many food companies by branded products and make to their specifications and put their own label on the products. So, you can save a lot of money buying generic foods.
2b. Shop with Grocery list
Get your list ready before you go out to buy your food. And strictly keep to your list to avoid you don’t really need. Quote often than not, we forgot to buy some items after we gotten home. Fortunately you can now make us of shopping list’s apps such as Cozi Family Organizer and OurGroceries. These free apps make it easy for your family members to see and add to shopping list from a phone or PC, and the apps will help to make just one trip to the grocery store.
2c. Check expiry date label
Check the expiry date on the label before you make the purchase. Put a note on the door of the fridge to remind you to consume on time and prevent wastage. Food wastage is loss of money and you need to buy the food again.
2d. Bulk purchase
Buy in bulk during an offer to take advantage of the saving. You can always repack the food into smaller pack and seal it with electrical sealer, or pack them into small airtight container or using vacuum wrap with the help of vacuum sealer machine.
2e. Use coupon wisely
You can save a lot by using coupons to purchase food. But coupon on the other hand, can temp you to buy more than your original plan. Honey is a money-saving tool that release different coupons and promo codes to help you find discounts while you shop online.
2f. Take vegetarian foods
When possible, try to eat vegetarian foods once a week or more to increase your consumption of healthy plant foods while saving money.
2g. Home cook food
Try to take meal at your home and reduce eating out. You can save a lot of money on the food, save your time on the road and as well as the waiting time for the food to be served.
3. SAVING ON MEDICAL AND HEALTHCARE
3a. Go for Generic medicine
If you are currently on medication, consider switching to generic drug or another low-cost drug. Generic drugs are cheaper because the manufacturers have not had the expenses of developing and marketing the drug. Generic drugs are safe as FDA requires generic drugs to have the same active ingredient, strength, dosage form and route of administration as the branded drug.
3b. Stop smoking
The article from Nicorette says that “If you smoke a pack of cigarette a day, you could be saving about $188 per month or $2,292 on smoking costs a year if you quit. Also, smokers must pay more for health-related cost. One estimate predicts that male smokers spend approximately $19,500 more in health costs in their lifetimes compare to non-smokers. And insurance premium for health coverage is higher for smokers.
3e. Proper rest and Good sleep
The brain stores new information and gets rid of toxic waste. Nerve cells communicate and reorganize, which supports healthy brain function. The body repairs cells, restores energy, and releases molecules like hormones and proteins. These processes are critical for our overall health.
The article from Harvard Medical School shows that a lack of sleep especially on a regular basis, is associated with long term health consequences, including chronic medical conditions like diabetes, high blood pressure, and heart disease, and that these conditions may lead to a shortened life expectancy. So, good rest can restore your healthy body system and save money on medical cost.
3f. Proper diet and eat healthy
Most people have misconception that healthy food is expensive, but the truth is we spend more on health costs due do our unhealthy eating habits. We shall stop all those junk foods such as sweet desserts, fried fast foods, candy, snack foods, sugary carbonated beverages. Whether the food is considered healthy or junk depend on their ingredients and preparation methods. Junk foods are processed foods with negligible nutrient value and are often high in salt, sugar and fat. Excess intake of junk foods may lead to a higher risk of chronic health problems.
We shall eat a healthy and balanced diet to protect our health and save money on health cost. The article from Heart and stroke shows that p to 80% of premature heart disease and stroke can be prevented through your life choices and habits, such as eating a healthy diet and physically active.
A healthy diet includes fresh vegetables, fruits, whole grain foods (oatmeal, barley and brown rice etc), protein foods (nuts, seeds and tofu) and drink more clean water (avoid juice and sugary drink).
3g. Regular exercise
A study by the American Heart Association found that exercising does lower your healthcare costs. Regular moderate exercise can help to reduce risk of heart disease, stroke and chronic conditions such as diabetes and high blood pressure. The article from Harvard Health Publishing lists 5 of the best exercises you can ever do to keep your weight under control, improve your balance and range of motion, strengthen your bones, protect your joints, prevent bladder control problems and even ward off memory loss.
These five exercises are:
- Tai chi (this is a Chinese martial art that combines movement and relaxation)
- Strength training (we need muscle to build strength)
- Kegel exercise (this exercise help strengthen the pelvic floor muscles that support the bladder).
3h. Pick the right Health Insurance plan
Even though health insurance is not mandatory for some states, it is recommended to get a health insurance to protect your family against catastrophic healthcare costs and help make routine medical expenses more predictable. Any unexpected sickness offer that will cause you huge amount of medical fee will drain the money out from your saving account. Please refer to this article for information on different types of Health insurance plan.
3i. Sign up a Health Savings Account (HSA)
This is a tax-advantage saving account designed to help you set aside pre-tax money for health care expenses. Money in your HAS is yours forever, whether you change employers or health plans, you do not need to use up your HSA balance within a given plan year, you can carry it over and use it when you need it. The money inside HSA will grow from the investment. You can save up to several hundred dollars per year with HSA. You can read more about HSA and FSA from IRS.
3j. Sign up a Flexible Spending Account (FSA)
The main difference of this savings account with HSA is that an individual control an HSA and allows contributions to roll over, while FSAs are less flexible and are owned by an employer. And money left unused in your FSA goes to your employer after you quit or lose your job unless you are eligible for and choose COBRA continuation coverage of your FSA. You can read more about HSA and FSA from IRS.
4. SAVING ON TRANSPORTATION
4a. Rent out the car
If you have a spare car in your garage which is hardly used, you can consider renting out to help saving money on your car expenses. This can be done through apps:
The unused car still incurs expenses on insurance, road tax and maintenance cost.
4b. Use bike or scooter
You can take your bike to get around your neighborhood stall for food and grocery and run other errands. Only use your car for specific trips such as going out in group, when you need to transport bigger or heavy stuffs, travel to far places not covered by public transportation etc.
4c. Take public transportation
This article from America Public Transportation Association show that Americans took 9.9 billion trips on public transportation in 2019. The article also shows that the average household spends 16 cents of every dollar on transportation, and 93% of this goes to buying, maintaining and operating cars, the largest expenditure after housing. Taking public transportation also help you to save on car park and you time looking for car park especially in central business area.
Take turn to use the car with your roommates, colleagues or neighbors, this can save you a lot of money on fuel, toll, car park and maintenance of the car. At the same time, we are helping the environment.
4e. Regular Car maintenance
You need to get regular maintenance to save money on car repair and maintenance. This can help prolong the life of your car. Most importantly you need to regularly change the engine oil, transmission oil, brake oil, oil filter, clean your air filter, check your tire condition, check for any leak, or any unusual sound and get tune-up for the engine etc. Get to know the general idea of car maintenance by looking at your car owner’s manual.
4f. DIY Learn basic maintenance
4g. Adopt good driving habits
These include driving at constant optimum speed, no over-revving, and avoid sudden acceleration and emergency brake and accelerated again. All these contributed to more fuel consumption.
4h. Change to smaller car
The best fuel saving tip of all is buying a smaller car. With smaller car, you will save substantial amount of money on fuel, insurance, road tax and car maintenance. If you want to save more money, you can consider getting a good quality used car at autotrader.com, carsdirect.com and enterprisecarsales.com. You can learn a lot from this guide before you buy a used car.
4i. Cheaper car insurance
Car insurance is compulsory, but the issue now is how much you must pay for it, and is there any way to pay less?
Firstly, you can get some saving when you bundle your coverage with homeowners or renter’s insurance policy. Insurance rate is directly link to your history of accident and number of traffic tickets you received; you get to pay lesser insurance premium if you are a good driver with cleaner record.
If you don’t drive very much, you can consider getting a pay-per-mile or usage-based insurance policy, with that you only need to pay a base rate and then a small fee for each mile you drive. Insurance company will give you a small device (telematics device) that plugs into your car’s OBD II port to track your mileage. Some other factors contributing to insurance rate are don’t over insure your old car, only pay for the coverage that you need, and remember to pay your car insurance bill in full lump sum to avoid finance charges. The article shows you the 12 ways to save money on car insurance.
5. SAVING ON CLOTHING AND PERSONAL CARE
5a. Shop at discount stores
You can save a lot of money buying at discount stores like
- Consignment Stores
Discount stores sell overstock and slightly imperfect clothes from other retailers for a fraction of their price.
5b. Shop with coupons
You can use sites like CouponCabin and RetailMeNot to look for coupon codes before making any online purchase. You can also automate your coupon clipping by installing Honey, a browser extension that can tracks coupon codes for retailers and applies the highest value one to your cart at checkout point. You can try other coupon apps like
- Coupon Sherpa
- Coupon Closet
5c. Buy used stylish clothes online
One way to save money on clothes is to buy fashionable used clothes from mobile app like
These apps are designed to help people buy and sell stylish clothing that they no longer wear.
5d. Shop from cash-back site
will give you cash back for shopping at certain retailers if you enter the retailers’ site through them first. You may be able to get up to 20% of the purchase back at special occasion.
5e. Shop out of season
If you buy things before the season, you are going to pay much higher for the items. But, if you buy the items after the season where most retailers are clearing their stock, you will tend to get a good buy.
5f. Use Hand wash
Try to hand wash your laundry instead of using washing machine. This way your clothing will last longer. Only use the washing machine to wash thicker and bigger linen such as jeans, bed sheet, duvet and blanket etc. Do not overload the machine for that will ruin your clothes due to constant rubbing process.
5g. Use white vinegar
Vinegar can be used as economical fabric softener, stain removal and bleach. Vinegar can also neutralize odors, leaving your clothing smell good and clean.
5h. Use mesh laundry bag
Using mesh laundry bag is one of the best ways to make your clothes last longer. You can get a few different sized bags for different types of linen.
6. SAVING ON ENERGY AND UTILITIES
6a. Reducing heat from window
Window coverings can reduce energy loss through the windows, lower heating and cooling bills and improve home comfort. According to this article from energy.gov, about 30% of a home’s heating energy is lost through windows. In cooling seasons, about 76% of sunlight that falls on standard double-panel windows enters to become heat. You can implement one or more types of window coverings which include: exterior shutters and shades, awning, curtain and drape, blinds, and window tinted film etc.
6b. Sealing the Air leak
Reducing the amount of air that leaks in and out of your home is a cost-effective way to cut heating and cooling costs. Caulking and weather stripping are two simple and effective ways to seal the leak. Caulking seals the gaps of stationery parts where weather stripping is used to seal gaps around moving parts such as doors and windows. This article from energy.gov shows various tips for sealing air leaks.
6c. Add attic insulation
Improve the insulation underneath the roof and the proofing system of your ceramic roof tile or metal roofing. Seal the gap in between the metal roofing and the wall, and the holes on the metal roof where the screw sits on. Replace the damaged portion of the roof if any.
6d. Install blind and tinted film
Window coverings can reduce energy loss through the windows, lower heating and cooling bills and improve home comfort. You can reduce the cold air and heat getting into the house by installing awning, curtain, blind, tinted film on the window panel, or use double layer window panel
6e. Install sensor switch
Install a motion sensor switch at corridor, garden, garage or certain are of the room where you do not go there as frequent. You can also install photoelectric sensor where the light only turns on when it gets dark. You can also install light dimmer to adjust the intensity of lights accordingly to your need.
6f. Use Energy efficient appliances
It is time to replace all the traditional incandescent bulbs with LED bulbs. LED lighting is designed to work at 80% energy efficiency. This means that 80% of the energy taken in by LED light is converted to light energy, and only 20% to heat energy. Although the upfront cost using LED light is much higher but the return on investment is fast because of long life span.
Other energy efficient appliances include
- Air purifiers
- Heat pumps
- Clothes washers
- Ceiling fans.
Every appliance comes with two prices, the purchase price and the cost of operating the product. Energy Star certified appliances help consumers save money on operating costs by reducing energy use without sacrificing performance.
6g. Get paid for saving energy
You get paid for saving energy. It’s true and totally legit. A free service provided by OhmConnect rewards their users for saving energy when it matters most to the grid and the environment. Participants who have connected their utility accounts to the platform will receive a notification to save energy for an hour per week. If you save energy, you receive cash. Some California residents are earning in the hundreds, even thousands of dollars from this program. You can find out more Here
6h. Financial assistance program on energy bill
You may not aware that you can get 30% or more off your energy bill from CARE program. Qualification is based on participation in certain public assistance programs or by income guidelines. It’s quick and easy to apply online, no documentation is needed. CARE stands for The California Alternate Rates for Energy.
If you do not qualify for the CARE program, you may qualify for an 18% monthly bill discount from FERA, which stands for The Family Electric Rate Assistance program. You can find out more about the program here
6i. Install a smart thermostat
This device allows more efficient heating because it can tell how long it takes to heat up the room so that you can get the right temperature and humidity of the room the time you choose to be. Furthermore, you can actually remotely set it from your smart phone, PC or tablet.
6j. Run ceiling fan to save energy
Ceiling fans cools you off by the breeze passing by you, it doesn’t do anything to cool the room itself. If you switch on the fan without anyone in the room, you are wasting the energy. With someone at home, you can save your heating bill by rotating the ceiling fan clockwise in wintertime, and anti-clockwise in summertime. Install Energy Star ceiling fans which have earned the label use one third lesser energy than a conventional ceiling fan.
6k. Reduce cell phone bill
Get a smart phone and choose the plan that suits your lifestyle. You can get an $8 monthly plan with 1GB data where you can whatsapp and email your friends and relatives without any additional cost. There is also cell phone plan with $50 per month with unlimited data plan where you can call the fixed line free of charge and no limit to your data plan. With that you are very sure you won’t spend more than your budget.
7. SAVING ON FINANCIAL COSTS
7a. Consider certificates of deposits
A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks and credit unions. It has a fixed term with fixed interest rate. You deposit your money into the account and keep for a certain period of time with no withdrawal. You only withdraw with your deposit plus earned interest at the end of the period. You can check the latest interest rates of CD from various banks Here
7b. Reduce borrowing on mortgage
To most people, the biggest debt is the mortgage. Everyone feels the pain on the monthly mortgage repayment especially during this COVID-19 period. If you have some extra cash, you can consider reduce the borrowings which will result in paying lesser in overall interest costs.
7c. Additional mortgage payments
Instead of making 12 payments each year, you make additional one or two payments. These additional payments only apply to your principal, so your interest will decrease with each reduction in principal. Also, the more principal you pay, the quicker you settle your mortgage loan.
7d. Credit Union
Credit unions are not-for-profit institution. They offer similar financial products as traditional banks. The main differences between the two are they offer higher saving interest rates and lower interest rates on loan products and credit cards. Credit unions are owned and controlled by the people, or members, who use their services. Profits made by credit unions are returned to members in the form of reduced fees, higher saving rates and lower loan rates. You can find and join a Credit Union Here
7e. Use credit card with cash back
Cash back credit card is one type of credit card that pay back to card holder usually 1 to 2 percent of the amount you purchased using the card. Switch to credit cards that pay you high cash back on major living expenses categories such as groceries and fuel expenses. Some banks offer flexibility for card holders to choose the category of cash back. One example is the bank of America cash rewards credit card which offers flexibility to cardholders by allowing them to choose their 3 percent cash back category and to change it monthly. You can browse the list of cash back cash offers from creditcards.com
7f. Balance transfer on credit cards
If you are currently having credit cards with balance carry forwards every month, you can save money by transferring the balance to fixed term loan with lower interest rate. The normal credit card interest is 15% to 18% per annum depending on banks and countries. The interest rate for balance transfer normally range from 3% to 6%, sometimes you may be able to get the 0% on promotion for certain amount and repayment duration. Take advantage of balance transfer to save money on bank interest. You can browse the list of balance transfer cash offers from creditcards.com
7g. Use zero percent instalment plans on credit card
You can actually use your credit card to make a purchase on big items like notebook, home appliances, furniture and vacation etc, and repay with instalment plans with 0 percent interest. This not only helps to ease your cash flow status which leave you more money to spend on other needy, it also saves you a lot of money on interest payment. You can browse the list of balance transfer cash offers from creditcards.com
7h. Minimum payment on credit card
Although paying the minimum on a credit card does not affect the credit score, but it doesn’t help you towards reducing your credit card debt. It can only be used as a short-term strategy to conserve cash for emergency. A simple illustration shows that your credit card repayment period will reduce to half if you pay twice the amount of the minimum. So, try your best to make more than minimum amount to save money on interest.
7i. Annual fee waiver on credit card
Usually the first-year fee is free on most credit cards. There will an annual fee charged on the cards from second year onwards. Your annual fee will normally be waived if you remain active on the cards. You must call them to get the annual fee waived with the phone number at the back of your card. If you have a number of principal and supplement credit cards, you can save from hundreds to more than thousand dollars per year. You can choose to cancel the credit card if they refuse to get your annual fee waived but you need to ensure you don’t have any outstanding balance or standing order with them.
7j. Keep one or two credit cards
Only keep one or two credit cards for purchases with cash back benefits. Also, use credit cards for purchasing big items where you don’t have to bring large amount of cash with you. Do not use credit cards to buy something when you don’t have the cash to do so. You will end up having problem to repay it. That will lead you to bad financial state with poor credit score.
7k. HELOC to consolidate credit card debt
You can use home equity line of credit (HELOC) to pay off your credit card debt. You will then take longer period of time to repay this loan amount and at a much lower interest rate. Remember the credit card is almost 15 to 18 percent where the HELOC interest rate is about 6 percent. This will actually help to save you a lot of money on card interest. The only setback is that most people will start to get into new credit card debt again, so you either cancel your card or be more self-control to curb this bad spending habit.
7l. Review personal life Insurance
Always review your insurance needs once a year or once in every two years. With this review, you can ensure you have the adequate coverage to meet your new needs, lifestyle and your commitment so that you won’t be under-insured as well as over-insured. If you are having a major change in your life such as change of job, getting marriage or/and having a child, you shall need top contact your insurance to review the policy.
8. SAVING ON EDUCATION
There are thousands of scholarships offered by schools, employers, individuals, private companies, non-profits, communities, religious groups, and professional and social organizations. A scholarship might cover the entire cost of your tuition, or it might be a one-time award of a few hundred dollars. You can learn about scholarships in several ways, including contacting the financial aid office at the school you plan to attend. The more scholarships you apply, the more likely you are going to get one. You can learn about the details on the application of scholarship Here.
8b. Community college
If you are really tied on budget, and you are not eligible for scholarship to get into a public college, you can always consider enrolling into a community college. In the United States, community colleges are primarily two-years institutions providing lower-level tertiary education. They grant certificates, diplomas and associate degrees. An article from Money CNN shows that “Nearly 30% of Americans with associate’s degrees now make more than those with bachelor’s degrees, accordingly to Georgetown University’s Center on Education and the Workforce. In fact, other recent research in several states shows that, on average, community college graduates right out of school make more than graduates of four-year universities.” According to the American Association of Community Colleges, the average yearly cost of tuition and fees for community college students is almost one third that of four years institutions.
8c. Work-Study Programs
This program consists of a few hours a week, working for the college at a reception desk or tutoring underclassman. The money you earn from the work goes directly to paying your tuition fee. To find out whether you are qualified for this program, you have to fill up the FAFSA form and meet with college financial advisor.
8d. Online degree Programs
As more and more trusted schools offer online degree programs, respect continues to grow. Accordingly to a survey conducted by CareerBuilder.com, 83 percent of executives say that an online degree is as credible as one earned through a traditional campuses-based program. Online degree programs are typically cheaper than traditional university programs. You can see the list of the best online colleges & universities of 2020 Here
9. SAVING ON RECREATION, ENTERTAINMENT AND SOCIAL EXPENSES
9a. Go for staycation
A staycation is a short vacation trip or participate in a leisure activity within day trip distance of their home. We shall stop unnecessary traveling during this COVID-19 period, so staycation is strongly recommended if you want to take a short break from your busy work routine. This will save a lot of traveling cost especially on air ticket.
9b. Join Travel Loyalty programs
There are many travel rewards programs to choose from. You can earn mileage from flights, which can be redeemed for flights, seat upgrades, hotel rooms, car rentals, train tickets and redemption for retail products. You can get the list of the best travel rewards programs for 2019-20 Here
9c. Reduce or stop expensive hobbies
You can consider cut down and stop those expensive hobbies such as:
- Golf games
- Scuba diving
- Car racing
- Yacht racing
- Mountain climbing
9d. Pick up new hobbies and social activities
Pick up some hobbies that do not require you to spend money such as:
- Learn new language
- Learn calligraphy
- Bird watching
- Playing racket games
- Playing board games.
9e. Save on TV and Music
You can cancel your cable service and look for other cheaper cable’s alternatives such as
- HBO Now
- Amazon Prime
You can get to listen to music for free such as
9f. Cancel club memberships
You can consider cancel your memberships for golf club and country club if you do not use the services as often. You can save lots of money by cancelling the membership. If you really need to use the services, you can always pay per entry.
9g. Save money on dining out
If you really need to dine out, go on Monday or Tuesday, because of slow business after the weekend, the restaurant usually offers something special to the customers.
9h. Potluck dinner party
Instead of dining out, bring friends to your home for a potluck dinner party. These types of activities are a great way to save money.
9i. Find free events
There are many places offer free or almost free events such as: street fairs, concerts, art gallery and museum etc.
9j. Join Online networking
You can hang out with friends over the Internet without spending single cent.
9k. Save money on Children’s toys and games.
- Buy less toys
Actually children don’t need that many toys, most of the time the parents over buy.
- Buy quality toys
Quality toy normally can last much longer as it is not as easy to get broken.
- Buy used toys
Some used toys look new and good. Some people relocate to another place where they are unable to along their huge collection of toys.
- Buy educational toys
It is always a good advice to buy educational toys (board games and lego etc) for the children where they need to use more of their brain to play with them. On one hand encourage them to think and be creative and on the other hand the toys can last longer.
- Buy on clearance
You can buy on clearance especially after Christmas.
- Buy with coupons / cash back / credit card rewards
You can coupons, cash back and credit card reward points to buy toys to save money
10. SAVING ON MISCELLANEOUS EXPENSES
10a. Gifts for occasions
These gifts include birthday gift, Christmas gift, father’s and mother’s day gift etc. We are giving out numerous gifts every year and these would cost quite a lot. To save money on gifts, you can:
- Buy on clearance
You can buy on clearance especially after Christmas.
- Buy with coupons / cash back / credit card rewards
You can coupons, cash back and credit card reward points to buy gifts to save money
- DIY gifts
You can design and hand-make gifts to save money. You can also use your credit card rewards points to redeem gifts.
10b. Donations to charitable organization
A life well lived is one of gratitude and thankfulness. You always think of giving back to the society by donating to charitable organizations. You can choose to donate one-off lump sum or sponsor a charity with recurring donations. During bad time where you need better cash flow, you can always:
- One-off lump sum donation
Go for one-off lump sum donation, the amount really depend on your affordability, a little can go a long way, you can always increase the amount when things get better.
- Donate home cooked food
Instead of cash donation, you can sponsor healthy home cooked food or cake to the children home or old folk home.
- Give your stuffs away
If you have a lot of items in your home which you don’t want to use anymore, you can give it to the charitable organization. These items like clothes, electronic devices, books, furniture and bags etc. But always ensure they are in good conditions.
- Offer your services
With or without money, there is a better way you can support a cause. Volunteering is a good option. You can always check volunteermatch.org to use which types of volunteering work more suitable for you.
10c. Eldercare expenses
Most elderly adults prefer aging in place. According to a AARP survey 3 out of 4 Americans over the age of 50 hope to remain in their current home as long as possible. Many elderly and their families choose home care as a way for the Elderly to remain in their own home as their needs and abilities change.
There are various types of home care :
- Companion care services
- Personal car assistance
- Home health care services
- Home care services
Many elderly and their immediate families are having difficulty to pay for this type of service. Well, you can go for financial assistance to lessen your financial burden on elderly care expenses.
Some of the financial assistances (payingforseniorcare.com/homecare) are:
10d. Cheaper Childcare expenses
Most parents know how expensive childcare expenses are. In case you don’t a recent study by child care aware revealed that in 31 states, the annual cost of childcare for a child under 15 actually exceeds the cost of yearly in-state tuition and fees at the states’ public colleges.
- Hunt around for best option
Look into various options like price, quality, distance, home-based type or even childcare run by churches.
- Work at home
It may be a good option for one of the home parents to quit the job and work at home. There are so many work at home available online and offline.
- Work re-arrangement with your company
As more and more of the tasks go digitalized, you can actually carrying up your full time work remotely from your home. Make some necessary work re-arrangement with your company.
10e. Pet care expenses
Whether you have a dog, cat or other animal in your home, you can always find ways to save money as follows:
- Do it yourself
You can do most of the pet care tasks by yourself at home with proper learning. These tasks include baths, grooming, nail clipping and dental care etc.
- Buy pet foods in bulk on sale
You can stock up and save a lot of these expense by buying them in bulk on sale.
- Buy pet foods with coupons
You can coupons to buy pet foods to save money