With the holidays behind us, and brand new resolutions to look forward to, I now need to recover from all the spending. If you’re in the same boat, here are six ways you can save money:
1. Cut down on energy use — Average savings $65/month
Having a high heating bill just after Christmas adds insult to injury, but you can lower that bill by keeping your thermostat set at 68 degrees. It also helps to use a programmable thermostat so you can set when the heat comes on and turns off. Rocky Mountain Power has many other tips to help save money on energy bills.
2. Stay in for date night — Average savings: $75/date
Dinner, movie tickets, and popcorn — plus paying the sitter — adds up quickly. To save money and keep the romance going, we have date night at home. Free streaming movies, dinner in, and homemade popcorn can go a long way toward saving money!
3. Frugal choices — Average savings: $125 every six weeks
Rather than heading to the nail salon or getting my hair professionally colored, I take care of these needs at home. All the boys get home (buzz) haircuts, too. The savings add up quickly, and with so many home beauty options available, you can look like you just stepped out of a salon. My latest favorite are the new metallic nail polishes that use magnets to create designs in the paint.
4. Make a payoff plan — Average savings: $150 -$1500/year
We all tend to spend more freely around the holidays, especially if we’re breaking out the credit cards. But no matter how much you overspent, now is the time to regroup. There are different approaches to paying down credit, and all of them work: Pay off the card with highest interest first, the card with the lowest balance first, or the card with the highest balance first. Put all of your extra money into paying off that card, then move to the next.
5. Skip coffee and lunch out — Average savings: $116/month
It only costs pennies to brew a pot of coffee at home. You can save even more money by packing a lunch. This can mean huge savings for those who work outside the home and have costly coffee and lunch habits.
6. Use coupons – – Average savings: $5-40/month
The trick to making couponing work is to use coupons for items you would have purchased anyway. Don’t be tempted to “save” on something you wouldn’t normally buy. You can find coupons online to print.
Other ways to save:
- Make a budget and stick to it.
- Negotiate lower prices for insurance.
- Ask your credit card companies for a lower interest rate.
- Adjust or cancel your mobile phone plan.
Saving money is something you can make a family affair; it’s never too early to teach your kids about money. How do you plan to save money this year?