Top Money Saving Tips for the New Year
By: Good2GoPublished: January 12, 2015
Every year, people write down the same old New Year resolutions: “exercise”, “eat healthier”, “volunteer more”, etc. But one resolution that everyone can agree is totally worth the daily effort is to “save more money.” While saving money is easier said than done, here are some of the top money saving resolutions you can put into action this year.
Money saving tips for the home
Can’t start your day without a morning cup of Joe? Brew your own coffee at home instead of hitting up the local coffee shop. Depending on your coffee drinking habits, you could be saving yourself over $1,000 a year. Plus, there are no long waits in line or baristas misspelling your name.
Grocery shopping can be expensive, especially if you don’t have the luxury of clipping coupons. To save on groceries, ditch name brand items and go generic. Depending on the product, the difference is almost negligible when it comes to name brand vs. generic. Pantry items, cleaning products, pain relievers, even water are just a few things you can buy on the cheap without sacrificing quality.
If you’re a shopaholic but are looking for less expensive places to shop, head to your local thrift stores or consignment shops. Thrift stores are a great way to support your community and experiment with your own personal style. This secondhand approach to retail therapy is not only eco-friendly, but it can also save you mega bucks on high-end items like clothes, accessories and home appliances.
Another easy money saving tip that you can share with the entire family is to pack your lunch. Steer clear of fast-food joints and that deli outside your job if you want to save an extra $6-$7 per day on lunch. By brown-bagging it to work or school, you have more control over what you’re eating and how much you’re paying.
Home entertainment can be pricey, but you can get connected on the cheap by bundling. Many telecommunications services will offer their products at a discounted rate if you purchase a bundled package of phone, internet and cable. Referred to as “a triple play”, you’ll save money and won’t have to deal with the headache of paying three separate bills each month.
Money saving tips for the car
Money saving tips don’t stop at home. You can also put plenty of cash back in your pocket when it comes to your car.
If you’re in the market for a new car, avoid buying your car brand new and shop for a used car. Today’s cars are built to last longer and are made of higher quality materials. Plus you could see a savings of up to 40% if you buy used.
With that said, drive your car longer. This is one of the easiest ways to save a bundle on your vehicle in the long run – literally. In fact, American drivers are keeping their cars longer with the average car age hitting 11.4 years. With people still struggling in today’s economic climate, it makes sense to stick with the same set of wheels instead of spending money on new car payments. In addition, some auto makers offer warranties of up to 10 years because of the increased lifespan of today’s vehicles.
Another way to save big on your car is to perform your own car maintenance. Simple tasks such as tire pressure checks, fluid changes, replacing filters and repairing leaks can all be done within the comfort of your driveway. There are plenty of online resources at your disposal to guide you through any minor repairs as well. If you’re looking to repair your engine or change the transmission, you should leave these to the professionals.
Tired of shelling out more than you need to on a tank of gas? Save on gas the next time you’re at the pump by:
- Removing excess weight in the car
- Paying in cash to avoid credit card fees
- Slowing down your speed to lower your gas mileage
- Avoid idling
- Downloading mobile apps to find the cheapest gas station near you
Now that you’ve saved on your car, now’s the time to save on insurance. And the best way to do that is to reexamine your policy. If you’ve been holding off on adding collision coverage to your policy, this may be a smart investment especially if you own an older car that may have a tough time recovering from a crash. You should also examine your policy to see if you are eligible for certain discounts. If you, took defensive driving courses or if your household owns multiple vehicles, you could see savings up to 32% on your car insurance. Visit Good2Go’s discount page to learn more.
Saving money can be difficult, but it isn’t impossible. By being diligent and making a few sacrifices here and there, those pennies saved on your home and car will add up to a big pay out down the road.
Good2Go wants you to drive safe – and affordably. Find out how you can protect yourself with Good2Go.com auto insurance. Get a car insurance quote today.