The following is a guest post.
Wear your clothes out – then mend them. If you’ve got a shopping addiction, it can be hard to imagine letting go of your regular retail therapy. But if you stop buying and start wearing all the things in your closet, the savings you’ll make over the course of a year can be astronomical. Once you start wearing holes in an item, try mending it yourself to save even more money.
Cut down on meat. Try replacing it with other sources of protein such as tinned tuna or eggs. If you do that three times a week you’ll find the savings stack up. Here’s a good piece on saving money on food.
Recycle toys. If you’ve got kids, immediately put half of their toys in a closet and lock it. Every few months, switch the toys. Rotating them may seem an odd idea, but young children will get less bored with their toys this way, and may even stop bugging you for the latest toy (which you can also help prevent by limiting their exposure to television and internet advertising).
Cut your own hair. Ok, some people will blanche at the idea of doing their own ‘do, especially if they feel they’ve got difficult hair. But if you can keep it simple and long (girls) or short (guys), you won’t have to go back to the salon until the next special occasion.
Have a good old-fashioned bartering market with neighbours and friends. Organize as many people as possible to gather together on one day at a local venue. Everyone sets up a table of items they no longer want or need. You’ll be amazed both at what people were ready to discard, and how much they covet your oxen (or whatever it may be). Try to keep things even by swapping like for like (clothes for clothes, electrical goods for electrical goods etc). At the end of the day, gather up all the unclaimed items and donate them to a local charity.
Switch banks. Most people simply can’t be bothered even to look into this. But when you consider how long many stay with their bank, even a fractional improvement in interest or perks can mean a lot of savings over the course of, say, ten years. If you do decide to switch, make sure you go with a reputable, secure establishment like Santander (follow the link for information on Santander’s savings accounts).
Note by Melissa: We do many of these suggestions. My husband dyes my hair, I cut my husband’s and son’s hair, and we try to have meatless meals a few times a week.
What other strategies do you have for saving money?
