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What are you doing to save money during these tough economic times?
I wanted to share some ideas that I am personally using to save money.
* Limiting my trips to the bar or restaurants to once a week. Some weeks I can do better.
* I've put my expensive hobbies on hold (SCUBA diving, snowboarding, traveling) which is tough, but I've actually been spending time doing free things (video games, hiking, internet surfing). I know that it's not easy, and sometimes boring, but it's necessary.
* Frequent visitor to http://slickdeals.net to look for deals on essential items that I need to buy (house hold items, personal hygiene, etc). I also try to shop online so I don't waste gas tooling' around town.
* Downgraded to basic cable (>30 channels) and Roadrunner Lite as well as negotiated a low rate.
* Buy giftcards from Giant Eagle for shopping so I can get the FuelPerks. I always buy the max amount (30Gal) of gasoline when I've saved enough for free gas. I also save up 20% of FoodPerks and buy the max amount ($300) on sale items of mostly non-perishables. I try to cut coupons.
* Moved my credit card balances to a line of credit (which I'm actively paying on) from the bank. Most of low interest rate cards are now 12% - 16% and line of credit is less than 7%.
* Signed up for a lot of studies that pay for focus group participation, taste tests, surveys, etc. AIM and Delve are big ones and there are some at OSU as well.
* Setback my thermostat more than usual. 50 to 55 at night and during the day when I'm gone and maybe at most 68 when home.
* Repair items that I would normally replace.
* Broke down and sold my aquarium. In electric bills alone, I am saving close to $700/yr!
* Buy used what I can not afford or do not want to buy new. Barter is back.
* Help a neighbor/friend out. They are usually willing to reciprocate.
* Canceled magazines, newspapers, memberships, etc.
* Sold some junk that has been accumulating in the basement.
* Stop using dry cleaners. I'm replacing shirts (as they wear out) with no-iron wrinkle free permanent crease clothing that doesn't need dry cleaning or I'm ironing them myself if that’s all it needs.
* Keeping careful records of rental and business expenses in order to ease tax efforts and maximize return come Nov/Dec/Jan (I start early).
* Differed payments into my retirement for first 6mos of the year to pay on debt and I will double last 6mos of the year. This is a contriversial one, but I've found it necessary.
* Adjusted my federal and state tax withholding for for first 6mos of the year to pay on debt and I will increase withholding for the last 6mos of the year. Best to run numbers and check the rules so you don't end up paying fines and penalties come tax time.
* Stopped using credit cards unless I pay them off monthly. In addition, use a card that allows for points to be accumulated.
* Refi mortgages taking into account original pay off date to compute savings.
* Combine trips (stop at store on way home from work) to save gas.
* Drive slower, avoid jack rabbit starts.
* Walk when I can, rather than drive.
Some of these items are green, and some of them are not, but these are some of the measures that I am taking to save money. Some of them can be taken even further if necessary.
I don't want to turn this into a discussion about politics and the economy, but I don't feel that the worst is behind us. I'm doing everything I can to make a buck and either save it or pay off debt that I have. In the event that I lose my primary job, I want to know that I've done everything I can to lessen my expenses.
What are you doing?
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