I read a lot of personal finance blogs, money saving blogs, and even frugal living blogs. While I find a lot of inspiration from them, and a lot of good information, I also like to peruse articles that have been in the news or that are available on financial websites. I think http://www.bankrate.com/ is an excellent source of information and I wanted to share an article a friend of mine sent me from their site:
Here is the breakdown of their 7 ways and what I think:
1. Losing the data plan on your cell phone – I actually think this is a great idea. It’s something I’m contemplating right now. I rarely use the advanced features of my phone with the exception of email and GPS. It’s definitely something I’m considering.
2. Skipping Starbucks or Jamba Juice – I don’t actually do this. I’m not a Starbucks every morning girl. What I am guilty of is my breakfast burrito habit - $4.85 every week day for a burrito and a soda. I’ve pretty much weaned myself off of this for a savings of about $1260 per year. I would reinterpret this as your $5 habit. What thing that you tell yourself is just 5 bucks can you give up?
3. Avoid convenience foods like pre-shredded cheese or pre-diced onions – I’m working on this one. I think the savings is hard to track although I will see it in the overall reduction of my food costs I’m sure. Also lends itself to the upcoming feature on my blog – Make It Yourself Monday
4. Lose your Gym membership and ride a bike instead – I don’t agree with this one for me but I’m sure it could benefit some people. I live in Arizona where the temperatures in the summer are enough to melt your face off. I found a discounted gym for $10 per month, no contract. In the height of summer I will be walking my way to being fit by 40 on a treadmill in an air conditioned gym. I’m considering switching to an outdoor form of exercise once the temperature cools off, from November to March. Since there is no contract I can do that and save myself $50 per year.
5. Put $50 into savings every two weeks – I think this is great! I intend to do more but it’s a good jumping off point. $50 in savings every 2 weeks would give you an annual savings of $1300.
6. Lose your land line – I don’t have one. I have a very money savvy friend who is having a hard time giving hers up. She’s looking into Magic Jack.
7. Investment fees – this one doesn’t really apply to me. I only have my one 401K through my current employer with an excellent match percentage and am fully vested.
So what do you think of the article? Are any of these ideas ones you would like to implement? Have you already and how successful have you been? Can you think of any other ways to save $1000 per year?