20 money saving tips in tough times

With the way that the economy is all around the world, there are many areas that we can and should look at cutting in our expenses to help us better budget and manage our expenses. The following is a list of 25 items that I think everyone can consider to help save here and there.

1. Reduce your cable TV bill.
   Most people are paying for more cable TV than they ever need or watch. Check what packages you are paying for a consider dropping your package to something that doesn\'t hold as many channels. Most basic package will still cover the majority of big channels. With the advent of sites like Hulu and TV shows on iTunes, options other than traditional TV are available as well.


2. Take transit to work or carpool to work.
   It\'s amazing how many people around the world drive to work. Not only is it typically more expensive when including gas, parking and depreciation of your car, many people still prefer to drive themselves to work. While transit will sometimes take more time, the ultimate cost will be less than driving every day.


3. Brown bag it.
   Not only is packing your own lunch almost always healthier than eating out for lunch, it will also save you substantial amounts of money over the year. Considering even a cheap lunch eating out is $5, making something will typically cost you $2 or less.


4. Reduce the amount of coffee you drink.
   While many feel like coffee is necessary every day, maybe cut down to 1 cup a day? Perhaps 3 times per week. Really, whatever works best for you, but coffee adds up over time


5. Review your insurance.
   You should shop vigourly whenver you house or car insurance is up for renewal. There are often times many other companies that can offer you excellent rates better than what you are currently receiving. Don\'t simply renew without first checking out other options. As well, review the amount you are being covered for and ensure you are not over insured.


6. Reduce your number credit cards.
   If you have more than 2 credit cards, it\'s too many. In fact, using credit cards in general are no good to your ability to save unless you know you will and can pay it off immediately. The amount of interest that people pay to the credit card companies is outrageous


7. Select more efficient credit cards.
   Choose a dividend/cash back no fee credit card. This will give you some cash back over the year as you use your card and is often more effective than other reward cards, plus it\'s cash! Remember to always get a no fee card, interest rates are already expensive enough, there is no need to pay an annual fee on top of that!


8. Hand wash some clothes.
   Hand washing your clothes not only allows them to last longer, but you will save on water and electric bills by doing this consistently. The washing machine uses ALOT of water.


9. Don\'t use the dishwasher.
   Similar to hand washing clothes, the dishwasher units use a tremendous amount of water. By not falling into the temptation of using this machine, you will save alot on your water bill over time.


10. Turn lights off.
    It\'s important to remember to turn off all the lights in your house that you are not using. The amount of energy wasted on this is tremendous. If you have a basement and rarely go down there, remember to just keep everything shut off there, including those digital clocks. Every bit saved helps in the long run.


11. Don\'t buy books, use the library.
    Books are something that I encourage everyone to read. They not only offer enlightening entertainment, but there is something about reading books that brings enjoyment to the soul. That being said, books are really expensive and typically collect dust after you read them. Head to your local library and pick up any books you want to read.


12. Review your cell phone usage.
    With the popularity of the iPhone and other multimedia cell phones, cell phone bills have gone through the roof. Do you really need that latest phone? Do you really need a data plan? For the large majority of people, this is a no and going with the most basic plan or a pay as you go can save you hundreds a year.


13. Open up a no fee banking account.
    If you are paying fees for your banking account, you\'re in bad shape. There should be no way you should be paying the outrageous fees banks charge these days. There are a few no fee banks out there, research and find one appropriate in your area.


14. Get a programmable thermostat.
    Although there is some initial investment, setting your homes temperature at various times of the day is very worthwhile. If no one is home during the day, no need to run the heat or air conditioning! Same as when you are sleeping. The savings add up with this one.


15. Be a coupon clipper.
    It\'s some amount of work, but instead of throwing out all those flyers and ads in your local paper, go through them and keep an eye out for sales on things you buy every week like groceries, diapers, etc.


16. Make shopping lists.
    It\'s easy to become sidetracked when going shopping, whether it\'s to the grocery store or Wal-Mart. Often times people end up making impulse buys or purchasing something they don\'t need. A list will help you stay focused and get in and out of the store with only what you need.


17. Never have a drink outside you or someone else’s home.
    The mark up on alcohol is so expensive everywhere you go that you are really losing alot of money by buying alcohol in bars or restaurants. Meet up with friends at someone’s home instead and have a few drinks there.


18. Sell your old stuff. You probably have a storage room somewhere filled with things you don\'t use anymore. Make an effort to sort through these and get rid of them. You can make a little extra and also clear up space. Electronics especially seem to always have a market willing to buy your old stuff.


19. Buy generic alternatives.
    Whether it be food, clothes, prescription drugs, the generic version is often times as good (and sometimes better) as the brand name version of the same product. Shopping for generic items will save you substantial amounts of money, especially for prescription drugs.


20. Trade baby clothes.
    This obviously only applies to parents, but instead of buying clothes for your kids every other month, get connected with other families that have children and see if you can swap clothes with them as your kids grow. If you find a few families like this, you can save a huge amount of money as your kids grow older since they grow out of their clothes so quickly.

These are just a few tips we use ourselves. Would love to hear if you have any more suggestions!