Simple Ways to Save Money

According to this Yahoo Finance article, there are a few simple ways to save money. If you eat at home instead of eating out, you could save $300 to $600 per year!  Use coupons when you shop or try negotiating.

I think it was 20/20 who did an episode about this a few years back.  They sent an undercover shopper to numerous stores in New York City.  I remember that most stores negotiated.  The shopper went to a high end clothing store to negotiate the price of  jacket she wanted to purchase.  The sales clerk said, “No, we don’t do that here.”  After speaking to the manager of that same store, 10% was taken off the price!  I did something similar, and of all days, on Black Friday.  And yes, the store slashed a price for me!

Although the article lists renegotiating bills, with the current state of the economy this may be hard to do. I personally know of two people who tried this. One has a high debt-to-income ratio, but pays at least the minimum amount due on time. The second one has perfect credit. The APR’s on at least one of their credit cards skyrocketed from under 10% to over 20%! They called the credit card company and the rep told them they don’t have any offers for lower APR. Being smart, they asked to speak with a manager… who unfortunately told them the same thing, even after they threatened to transfer their balance to another credit card. It’s worth a shot. You can also try to renegotiate monthly bills with your cable and phone service providers. Research the best prices in your area so you have the knowledge power to negotiate.

An oldy but goody is using coupons.  With the rise of online shopping, there are many “coupon codes” out there too.  I use coupon codes frequently and search for them before I finalize my online purchase.  A google search for “coupons” brings up more than 120 million sites!  Also check out other cities Sunday newspapers for coupons.  For example, Cedar Rapids and Des Moines are the two largest cities in Iowa, about a two hour drive apart.  The Cedar Rapids Gazette offers a limited number of coupons.  Going to the gas station and picking up a Des Moines Register yields much better results – they include coupons for stores in CR that the Gazette doesn’t carry.

Also remember to save your receipts.  Many stores will give you money back on a purchase if you notice that the price is lower after you purchase an item.  There is usually a specific time period for this, such as two weeks.  Other stores will price match if you find an item at a lower price at a competitor’s store.  Lowe’s will match the price and give you 10% back.  You need to bring in a receipt or current ad.

Instead of buying, trade!  There are a lot of websites popping up as a medium for people to trade with each other.  Some of the sites allow money transactions, not just swapping. Be prepared to pay shipping. Here are a few of the sites:

• Craigslist has a barter/trade section on their site.
• I personally wasn’t impressed with SwapThing.
• Women for Hire has a long and detailed listing of many swapping sites. I recommend that you check it out!