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What are some creative ways to save money?

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Jan 13, 2009 by Telecom Advisor

Category: Personal Finance

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Betty J. Zak
Oct 27, 2012

While this may not be the most creative idea, it is a practical one with a creative twist. Since most of us don't like the idea of "cutting back", try playing a survivor game with yourself. That is, imagine yourself on a desert island and write down all the important items you would need to survive. Then, place yourself in your current environment and ask yourself, what other items do I "need" in order to survive. Add up the monthly costs for these items. Then and only then, add in some of the "wants" if monies are still available from your income. Basically your are creating a Zero based budget for "needs" and only add in the wants if there is money to spare for the month.

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Verness Owens
Mar 2, 2009

Buy clothes off season. Use your cell phone as your main phone. Get rid of your land line. Buy resale. Cook at home instead of eating out. Be creative with leftovers. When paying yourself put cash in an envelope. When the cash is all spent you are not to give yourself anymore spending money until the next pay check.

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WiseSaver
Jan 13, 2009

Pay yourself first! When you receive your next paycheck, before paying any bills, move $25, $50 or a $100 to your savings account.

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LatiCOM
Jan 13, 2009

If you save money buying on sale or using coupons, write yourself a check and deposit it to your savings jar.

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Advisor: Bogie Boric, Tax Planning
Jan 13, 2009

You need to have a written plan. Make sure that you account for every dollar in and every dollar that goes out.

As for your first idea, I would start with a savings jar. Begin by adding your pocket change.