5 Simple ways I save money
Photo by: HowdeeDoodat
I wasn’t sure exactly what to write for this article. I take it as an honor to write on this blog and I wanted it to be good. Since many of the good topics are all ready covered so well, I decided to put in my own unique twist. I decided to write about what I personally do to save money in order to separate as far as possible the amount I earn and the amount I spend.
Fix Your Own Car
I was out today swapping my rear brake pads and rotors for a new set I bought online for about one third of what it would cost at the dealer. So the parts cost me less then a shop or stealership (what back yard mechanics like me call dealerships) would charge me. Instead of spending $70-$120 per hour for labor, I didn’t spend anything and learned some cool stuff too.
Buy a Used Vehicle With Low MPG
I’m in the process of this right now. I own a used BMW which I paid for in full when I bought it. I only get 20 mpg average though. I’m in the process right now of selling my Bimmer and buying something a little more economical, inexpensive but also a quality vehicle.
Do Not Pay Credit Card Interest
If you have credit card debt, transfer the balance to a card with a 0% introductory rate. Often this won’t cost you money, if it does, sit down and do the math to find out if the balance transfer is worth it in the long run. Of course this is assuming you won’t take advantage of this new found zero balance on your old credit card and decide to exercise your credit freedom.
This past year I paid off over 10K in credit card debt and didn’t pay a dime of interest. This may hurt your credit score a bit, but I’m not trying to make any large purchases in the near future. This gives me time for some credit repair.
Do It Yourself
If your making 20 dollars an hour and it’s going to cost you 50 dollars for Best Buy to install your new Ethernet card into your computer, spend an hour on the internet. Find out how to install it yourself, spend a half hour installing it and you just saved yourself 20 dollars. 1 ½ hours of your time equals 30 dollars, not spending fifty dollars equals 20 dollars saved. And next time, it will only take you ten minutes to install instead of 1 ½ hours. I pretty much live my life by this; especially with things I enjoy doing, like fixing my computer or working on my car.
Analyze Your Monthly Expenses
What can I do to minimize my monthly expenses? I recently decided to sell my current vehicle and purchase a more economical one in order to save over 100 dollars per month in gas. My girlfriend recently decided to downgrade her cable, saving her 20 dollars a month. Over the long haul this turns into thousands and reinvested into your retirement could turn that money into hundreds of thousands.
From Glblguy: What do you do to save money? Share your tips and tricks!