Published on March 25th 2010 by Leon Shepherd

With today’s economy in the shape that it’s in, we’re all looking for areas where we can cut back on expenses and save some money. Below, I’ve listed some practical tips and ideas that will enlighten you on how to reduce your bills and change your spending habits. If you implement all ten of the ideas, you will be able to save $300 to $600 a month. Sounds exciting, doesn’t it? Especially when you consider what you can do with the extra money. Well, without further ado, here’s my Top 10 Money Saving Tips.


10. Pay off Credit Card Debt.


Eliminating credit card debt will save you thousands of dollars in interest rates. So to eliminate paying high interest rates, do everything you can to pay off credit card debt. Once you pay off your credit cards, develop the habit of paying only in cash. Not only is this a good rule of thumb, but when it comes to parting with your hard earned cash, you’ll begin to ask yourself, “Do I really want to buy this?”


9. Carpool.


According to the American Automobile Association, it costs an average of 54.1 cents per mile to drive a car. This includes gasoline, oil, maintenance, tires, and depreciation. For a 40-mile round-trip commute, this comes to $21.64 per day, $454 monthly, and $5453 annually. Tolls and parking (and insurance and registration) are additional. Ridesharing with one other person can save you $2726. For help in finding fellow commuters in your area, visit


8. Refinance.


Even though the economy is suffering, interest rates are at an all-time low. If your mortgage interest rate is at least 1% or more above the current rate, consider refinancing. The savings are impressive. For example, on a $300,000 home, you could lower your monthly mortgage payments by $250.


7. Raise your deductible.


By raising the deductible on your auto and homeowner insurance policies to $500 or to $1000, you will be able to save $50 to $100 a month.


6. Cancel your unused gym membership.


Do you have a gym membership that you rarely or never use? Then you should definitely consider cancelling it. Cancelling an unused gym membership can save you $49 to $79 monthly. If later you decide that you are committed to working out on a regular basis, save money by renewing your membership during a promotion. Another idea to consider is the YMCA. You can get the same workout at a much lower cost.


5. Cancel unread magazine subscriptions.


Do you have unread magazines lying around the house? If so, then you should consider cancelling them. Cancelling unread magazine subscriptions can save you $10 to $50 a month. If later you feel you have time for reading, instead of renewing your subscription, consider the library, Barnes & Noble, or Borders, where you can read your favorite magazines for free.


4. Discontinue your landline telephone.


 With cell phones, wireless and cable internet available, there is no particular reason to have a landline telephone anymore. Dropping your landline can bring a savings of $50 to $125 savings a month. If on the other hand you are unable to part with your landline, you can still save money by combining your cable, internet and telephone service, all on one bill.


 3.  Do your gift shopping after the holidays.


Most people do the majority of their shopping a day or two after Christmas and Thanksgiving. But very few people gift shop after holidays. For example, after Christmas, purchase items like decorations, gift wrapping paper, and anything else you might need for next Christmas, and put them away until next year. Get a Mother’s Day card the day after Mother’s Day and save it for next year. By purchasing gifts a day or two after a holiday, and putting them away until next year, you will be able to save $10 to $100.00.


2. Pack a lunch.


The average cost of a fast food meal is $6.00.  So, instead of eating out every day, save money by making and taking your own lunch to work. Not only will you eat healthier, but you will be able to save $30 to $100 per month.


 1. Lower your Grocery Bill.


I’m sure that most of you will agree that knocking off $200 from your grocery bill would be awesome. Well, here are a few suggestions on how to lower your grocery bill. (A) Do a price comparison. To save money, you have to shop at the most cost effective store. (B) Eat before you shop. It’s a proven fact that going to the grocery store hungry can increase your bill by 15%. (C) Do not buy toiletries. Grocery stores generally mark up toiletries 25% or higher. (D) Use coupons. Coupons can provide you with huge savings off your bill. And last, but not least, (E) When in doubt, ask yourself, “Do I really need this?” If you have to ask, then you don’t need it. Place it back on the shelf, and save your money!

Miscellaneous, Success Tips | Comments (6)

6 Responses to “Top 10 Money Saving Tips”

  1. Shack Says:

    Good Points – Also we (my family) have cancelled newspaper subscriptions and eat out a little less!

    Still beleive landline phones are cheaper when compared to Blackberry/I-phone/cell phones with all the technologies (cameras, e-mail, maps etc).

    This is another trend (like tatoos) thats way overdone…Do we really need All those features?

  2. Marcus Says:

    These are some excellent tips and recommendations, Leon.

  3. Leon Says:

    Thanks Marcus!

  4. Lenora Dorsey Says:

    Thank you Leon…These are really great suggestions.

  5. Leon Says:

    You’re welcome Lenora!

  6. Roy Says:

    Shack if you just get a simple cell phone as to the Blackberry/I-phone/cell phones with all the technologies. It would be cheaper than a landline.