News By Tag
News By Place
10 Best Ways to Save Money Effectively
The article describes the current most effective ways to save money regularly without drastically changing personal spending habits.
By: Vasyl Kovalchuk
2. Unused stuff in closets, basement and attic is a treasure waiting to be cashed out. While a garage sale is certainly an easy way to turn the things into cold cash, it pays more to auction off belongings online reaching millions instead of hundreds. If this is not practical, there is a number of so-called eBay drop off stores nationwide that will auction off the items for a reasonable commission.
3. Buying a 2-3 year old car instead of brand new literally saves a fortune. The moment a brand new car leaves the dealer’s lot, it suffers its biggest loss in value due to depreciation in any given year. Sometimes this first-year loss is up to 25% of the car’s value. At the same time, many banks and credit unions will offer the same lower rate financing for a 2-3 year old car just like for a brand new one.
4. Coupons can easily save as much as 10% off for every grocery trip. While coupons can be certainly cut out from a Sunday newspaper, they can be conveniently printed from the internet. Most major grocery chain stores will accept internet coupons with a few restrictions, and some will even accept online coupons for free items.
5. Buying generic instead of name brand groceries is an easy way to save 10% more. Many grocery products are also available as generic or “private label” store brands, which taste just the same and cost less. Most common medications are also available as generic brands, cost less and just as effective.
6. Buying seasonal items off-season saves up to 70%. Planning months in advance to buy a fairly inexpensive item seems to be too much, yet it pays generously. Buying a space heater in May and swimsuit in December is surely possible for a fraction of the original price.
7. Saving hundreds on an extended warranty for electronics and appliances is no nonsense. With electronics and home appliances becoming more and more reliable, it’s rare for them to break after the standard manufacturer’
8. Planning a vacation ahead can bank money or extend it for... free. Booking air tickets and hotel months ahead is a sure way to save enough money to add couple extra days for the same price as booking the vacation only days or weeks ahead. Plus, sometimes it’s the only way to reserve vacation place for a major holiday such July 4th.
9. Paying ahead on debt payments will easily save as much on interest as the total personal debt. Putting extra $200, $100 or even $50 above the minimum payment destroys the effect of compounding interest that quietly but sneakily siphons off the hard-earned money month after month. Depending on the loan, an extra $1 paid ahead saves up to $2.50 dollars in the future.
10. Electronics products offer remarkable savings when buying online. For instance, as of March 2009, a well known for its low prices brick-and-mortar chain offers a popular Canon Rebel XSi digital SLR camera with stock lens for around $750. Yet, an online electronics shop www.audio-video-