Money Saving Tips

Mark A · #1 (**permalink**) 07-03-2007, 10:34 AM

Trent, from The Simple Dollar The Simple Dollar » Trimming The Fat: Forty Ways To Reduce Your Monthly Required Spending

Posted a series of money saving tips recently, here are some that I thought were interesting, new, or ones someone here may have an issue with.

Getting a small loan through a local Credit Union - My wife and I did this and it has saved us hundreds in interest payments. It's a higher rate than the typical CD or money market, but it's 10% lower than the credit cards a lot of that debt was sitting on, plus only one required automatic payment makes it easy for us to budget.

Selling Unused Items - I've been all for selling the junk (err, treasured heirlooms) we have in our apartment, and using that money to pay off some debt. My wife doesn't like the idea of selling anything that is hers though, even though in the long run it will probably be better for us to not have all the stuff we have right now.

Unplug all unused electrical devices - Does anyone really know how much this tip saves? Our energy bill is just the average of the last 12 months' bill so it is hard to see any savings in this situation. I am also a bit unsure as to how much energy my electrical devices use when not turned on.

Downgrade your health insurance - This is not an option for my wife and I. Because of medical conditions she has, we use a lot of our insurance, increasing our deductible wouldn't help us in this case.

What does everyone think? Are there some big ones being overlooked here?

mwgr5 · #2 (**permalink**) 07-03-2007, 10:40 PM

Great tips! Thanks for sharing them and go badgers!

magic301 · #3 (**permalink**) 07-10-2007, 07:01 PM

rather than saving money, why not make more of it? you mention selling unsed goods, ebay is a good place, beyond selling goods you can sell your skills in in the form of e-books or home made goods e.g. paintings, pottery etc.

hannahgrace · #4 (**permalink**) 07-11-2007, 01:26 AM

Quote:

Originally Posted by Mark A

Unplug all unused electrical devices - Does anyone really know how much this tip saves? Our energy bill is just the average of the last 12 months' bill so it is hard to see any savings in this situation. I am also a bit unsure as to how much energy my electrical devices use when not turned on.

Downgrade your health insurance - This is not an option for my wife and I. Because of medical conditions she has, we use a lot of our insurance, increasing our deductible wouldn't help us in this case.

I too am a bit puzzled with this "unplug" advice. Does it really save that much or maybe just a dollar for one whole year of unplugging the stuff at home? I mean once off the electrical devices are not supposed to draw any current (except maybe for those that use LEDs that still light up when the device is already off..even then the current is minimal). I do unplug them though just to make sure especially when leaving the house (but for safety reasons this time).

As for the health insurance this one's not an option for us either since the company covers it anyway and our son is already maxing out his coverage. What I actually need is to have it upgraded though it isn't possible since a corporate and not a personal account.

BillR · #5 (**permalink**) 07-11-2007, 04:37 PM

Those electrical items that use the small transformers in the plug-in pack actually do burn a bunch of electricity - and they burn it as long as they are plugged into the wall, regardless of whether or not your cell phone/baby monitor/etc is plugged in and charging on them.

You probably would be better off switching to flourescent bulbs though to cut household costs - they have a far greater effect - just watch out for the mercury factor.

katharina · #6 (**permalink**) 07-12-2007, 08:38 AM

Quote:

Originally Posted by hannahgrace

I do unplug them though just to make sure especially when leaving the house (but for safety reasons this time).

This is what I do, too. It isn't to save a few pennies for me though, either... I unplug for the same reason you do, for safety. That said, I don't unplug things like the computers, so I'm not sure how beneficial it is as a bottom line.

Sponsors