10 Tips for Saving Money

These money-saving tips can work in every market

Trimming expenses doesn't have to affect your quality of life. Here are 10 simple strategies that can leave more money in your pocket to spend, save, or invest:

  1. Plan ahead for large purchases. Comparison shop to find the best deals (easy to do on the Internet), and start saving now so you don't need to buy on credit.

  2. Negotiate discounts. Find out if bundling services, such as your telephone and Internet access with one provider, can net you savings.

  3. Minimize high-interest debt. Consolidate high-interest credit card debt in a lower-interest loan, mortgage, or line of credit.

  4. Collect rewards. Some credit cards give you cash back, while others have valuable points programs.

  5. Use built-in benefits. If your credit card offers perks such as free travel or car rental insurance, make sure you're not buying the same coverage separately.

  6. Vacation near home. Many people never see all the tourist attractions in their home town or province; this may be the year for you to check them off your list.

  7. Celebrate "chez vous." For your next family occasion, consider hosting a pot-luck rather than going out to a fancy restaurant.

  8. Buy in bulk. Groceries, home office supplies, public transit tickets, and many other products are often less expensive when purchased in larger quantities. Be careful, though, to buy only items that you actually need and will use.

  9. Be prepared. Open a high-interest savings account and establish an emergency fund so you don't have to dip into your long-term investments if you need quick access to money.

  10. Go green. Saving energy saves money as well as being good for the environment. Consider installing a programmable thermostat, switching to compact fluorescent light bulbs, and upgrading the insulation in your house.