Shop Imperfect, Bulk, or Used, Not New
From groceries to clothing to appliances, this can save a lot of money over time. Groceries can be purchased cheaper at stores like Big Lots or Wal-Mart who buy in bulk and pass along the savings to the customer. You can also buy in bulk at stores like Costco or Sam's Club to save money. In our area, we have several "scratch and dint" stores. If you have time to study the labels so that you don't get expired food, there are some excellent deals to be found.
Clothing and appliances cost less when purchased secondhand. Of course you have to be wary that you're buying from a reputable source, especially with appliances. Goodwill, Salvation Army Store, and rummage sales are good starting places, but I prefer to shop and sell at 2 local resell store for my clothes and my kids' clothes. In addition, I buy and sell on Ebay and Half.com.
Do It Yourself or Make Your Own
You may not realize that you can save lots of money by doing it yourself or making your own. For example, when we bought our first house and didn't have kids, we purchased a "fix-it-upper" at a very reasonable rate. With simple cosmetic changes, we sold the house at double our purchase cost. While this is not a wise investment in today's housing market, the "do it yourself" part is still cost-effective. Dry walling, painting, and landscaping are simple skills that many people could do themselves by simply asking a mentor to get them started and give them some tips. But "doing it yourself" isn't limited to house renovations. If you're blessed with a talented husband, you can save money by doing your own repairs and vehicle maintenance. You can also save money by creating your own cards (and even sell them), baking your own muffins, cakes, or cinnamon rolls, and even making your own laundry detergent and dryer sheets. Just search for recipes, and there are very easy processes that don't take much time.
Comparison Shop for Better Rates on Long-Term Bills
Another quick fix for money savings is to comparison shop for better insurance rates. This can be quickly done on the internet or by calling your local insurance salesmen and telling them your needs. Many insurance companies offer discounts for carrying multiple types (home and auto for example) with the same company. However, you may find, as we have, that it costs less to get one type from one carrier and another with a different company. While you can save a lot of money, be extremely cautious in being sure to find a reputable insurance company; in our experience, not every insurance company delivers what they say they will! Talk to people in your community to find out insurance companies who balk rather than pay out vs. the ones who pay immediately.
Similarly, house mortgage rates and credit card rates can be comparison shopped. While you have to use caution, you might find that you can make money by switching mortgage companies, as we have three times. In talking to couples, it sounds like mortgage rates are pretty unfriendly right now, but it still may be worth your time to research what's out there and find a fixed rate lower than your current one that doesn't have a lot of hidden costs. If you find a better rate, it's important to ask a lot of questions or do your research before committing to a new lender. These questions might include the topics of closing “points” and costs, other fees, and whether or not you can pay early without penalty.
Credit card comparison is similar. You can start by saving the offers credit card companies are sending you to find the lowest ones. Then try calling your current credit card company representative and nicely stating that another company has a better offer, and you “wondered if they could counter offer.” This usually works because it costs companies a few hundred dollars to obtain new customers, so they don't want to lose you.
