For women, you could start your own clothing business, like you buy clothing from other girlfriends at 1/10th the price and sell them for 1/5th to 1/2th the price. Like every weekday, (suppose you have many facebook-friends), you go to buy 1-2 closet(s) from girlfriends, negotiate $200 for $2,000 worth of clothing, then after 5 days of shopping, during the weekend, you invites all your girlfriends to buy cheap clothing at 1/5th the price as a weekend bedroom party (no prices on clothing needed, no taxes to pay).
You will make several $1,000s per month of new income and don't need to buy clothing yourself anymore.
The advantage is that your employer pays with pre-tax dollars, while you pay with after-tax dollars.
Here are some examples:
1) Negotiate (for a somewhat reduced wage or not) a corporate car (like $300 per month reduced wage, gives you $800 per month worth of car + insurance + fuel), profit = $500 per month. In the worst case, ask them to reimburse for the fuel costs (traveling to and from work), which could save you $200-300 per month
2) Negotiate (for a somewhat reduced wage or not) a corporate family healthcare/insurance plan (like $500 per month reduced wage, gives you $1,000 per month worth full family coverage). Profit = $500 per month.
If you live in a vacation area, you can also print out pictures with text about your hotel room, color copy them and pay children to hand them out to people in the streets. After 100 contacts, you may have 1 person that wants to rent for 1 week.
Or invite your facebook friends to stay a night, or a week with you.
Renting out a bedroom as a hotel by day is 2-4 times cheaper than a hotel-room.
Suppose you are 60, in 2 years, you may retire (pre-retirement at 62). You still have 5 years of mortgage to pay at $1,100 per month. You have $60,000 of mortgage equity still to pay. You house is worth $250,000.
You sell your house for $250,000 to one of your children. You instantly make $190,000 on the sale (you may still have to pay taxes though). You also do a deal with your relative that you stay for free in the house (they pay the mortgage, or you pay half the mortgage) for another 5 years in the property.
Here is how it works. You cannot get that personal car lease or the car lease is too expensive for you. I get the car lease on my name. It is $500 per month. You would get it at $700 per month or won't get the personal car lease at all. You take a private loan for $5,000 (like student/personal loan) and give this to me as profit. You pay the bank $150 per month for 5 years for the personal loan.
The result: I take the risk for the personal car lease by co-signing with you and earn a quick $5,000, while you drive the car and make the monthly payments to me. In case the car lease needs to be closed (like defaulted) the $5,000 covers the risk because you ask them the cost/penalty to close the lease now. You help them improve their credit score.
There can be many savings when you carpool with the family. Suppose you don’t use a car, saving you $600+ per month in lease payments and car insurance, but instead, ask to drive your parents car like twice per week for $20 per time (or for free or in exchange for a service), the other time you use public transport (or bike), stay at home or carpool with strangers/friends. You will thus be spending less than $200 per month and don’t need to worry for car payments.
If you are with 2 persons, you could get rid of second car, and only use one car. You quickly save more than $500 per month on car finance/lease, insurance, car maintenance. You could also sell current car, or close current car finance/lease and purchase a cheap second-hand (leased) car of $5-$10,000 on credit, and skip the full option insurance, you save hundreds in lower finance/lease payments and hundreds in lower insurance payments.
You could sell your current car, or get to your car dealership and get a cheaper car, or a 5-year old car (usually half as expensive, who cares about the latest model?), or transfer your finance into a (new) car lease. A small penalty could be refinanced in the new lease or finance. The more fuel-efficient and the lower the car maintenance costs, the more you save in the long-run. If you choose a car that consumes half as much and you spend on average $300 per month on gas, you will save $150 per month. Thus, choosing a smaller car, also makes you save on fuel costs and car insurance costs. A car lease rather than a finance could also save you 30-40% more on payments, and also saves you on car maintenance costs. You could also try to get your employer give you a corporate car or negotiate a deal whereby they take over your car (lease) and you provide some part of the lease payments as a somewhat reduced wage.
The idea is simple, instead of you paying $600+ per month worth of credit card payments (like for $20,000 worth of credit card debt at 16% APR), ask a relative to loan you $20,000 by him/her (and you co-signing as loan-guarantee) for a $20,000 loan, and you make the monthly payments for this $20,000 loan.
The result is that your credit card debt is gone, your credit score goes up, and within 5 years, the loan is paid back. The monthly payments may be lower because of APR or you could spread the loan over 10 years, like with a home-equity loan.
To save money on health insurance, you could reduce individual health insurance premiums by shopping around for the cheapest premiums as a combined family plan, this includes boyfriend-girlfriend health insurance. Also, you could renegotiate on a timely basis for health insurance. Search on the internet for cheapest health insurance rates. You are not married with your health insurance company. You could also try to have your employer pay for your health insurance, renegotiate with your company or company a corporate plan with individual plan or family plan. Or get your parents involved to get one family plan, and each person pays its reduced share. If you work at a company, you could negotiate to get a corporate health insurance coverage, that reduces your personal costs with pre-tax dollars.
To save money on health insurance, instead of paying for basic healthcare coverage, only pay for hospitalization. For most people that hardly get sick, are better off paying for their medications and doctor visits themselves rather than depending on an insurance for basic coverage with 100% markup.
Watch out for getting your company to pay part of your disability. If you do then you will likely have to pay taxes on the money.
You could get other people live in with you or rent out spare rooms, convert free spaces into bedrooms and rent out to family, friends or strangers. You could also buy a foreclosed (cheap) property, like in a sunny state (like Florida), and convince (grand)parents to retire there while you occupy one bedroom. You could also move to the house of your (grand)parents or family and pay no or little amount of rent, or convince other family members or friends to rent a place together, rather than renting on your own.
You can also solve the retirement problem of your (grand)parents and enjoy a sunny retreat.
Instead of them paying $5,000 per month for retirement home, (grand)child, for example, mortgages a $150,000 foreclosed Florida beach home, thus the retirement retreat for your (grand)parents, (grand)parents cover the mortgage payments like $1,000 per month, they also rent out their own place, for $1,000 per month, so the (grand)child has a property in Florida where he can also live with his (grand)parents (he/she occupies one bedroom) enjoying the sunshine and taking care of (grand)parents so they don’t need to go to a retirement home or save money for a retirement home.
The idea is simple. Suppose your (grand)parents want to retire but cannot find a place to stay (thus find a cheap rental). You purchase (with a mortgage) a foreclosed retirement home in a sunshine state and they pay you a $50,000 lump sum in return for 10-years rent-free stay.
Then the $50,000 covers:
1. It can cover (partly) your expensive credit card debt (costing you $400-$800 per month, you save this money to pay for mortgage payments). Your credit score also goes up instantly.
Take at pre-retirement age (60-62) corporate and private (sponsored) pensions (could be $50,000), together with some savings or not and immediately pay off the remainder of the mortgage, saves you $1,000 per month in mortgage payments so you can retire earlier.
Ask your previous employers including government how much your supplemental retirement income would be (monthly and lump sum), including pensions plans, life insurance policies.
Too many activities. It’s not abnormal now for people to have kids in two or three activities per week each. That’s crazy! Let them do ONE and one only. You will save money on the fees, gas driving there and eating out because you "don’t have time".
The "average" family will spend $300-$500 a month on activities for just one child.
Refinance you mortgage. If you can reduce your interest rate by one percent or more, it is often beneficial to refinance. This is particularly true for those with high rates due to less than stellar credit scores. If your score has improved, you may qualify for a better rate. I would start by asking your current mortgage lender about lower rates. Check out BankRate.com to shop for the cheapest mortgage rates.
You can refinance your mortgage, renegotiate mortgage or convert the mortgage (like with 15 year of payments still to do, convert a 30-year mortgage into a 15-year mortgage).
If your down payment was less than 20%, you are probably paying PMI. Once you have a 20% cushion through reducing your debt and home appreciation (yes, prices do go up from time to time), contact your mortgage company to start the process of removing the PMI.
Private mortgage insurance, by contrast, might cost as much as 1% of the loan balance per year.
This can be a savings of $40 per month!
Also, getting FHA insurance rather than PMI is much cheaper too, if you get a new mortgage. Thus, if you have to have mortgage insurance, FHA mortgage insurance can be the lesser of two evils.
Credit cards go by APR rates of 15% or higher, while a consolidated personal loan may go at only 8%.
However, paying off principal payments (thus excluding interest, or like paying of $10,000 over 5 years is $2,000 per year of principal payments) will be shorter and faster so payments may be higher on principals, but your loans are also payed off faster.
A 10-year consolidated loan further spreads principal payments so you pay less monthly.
Check your credit score: One of the quickest ways to save yourself thousands of dollars is by checking your credit score and fixing errors on your credit report. The three major credit bureaus have big influence on your current interest rates (mortgage, auto, etc.) and improving your credit score could save you thousands a year in interest payments. Right now, Credit Sesame and Credit Karma provide you your credit score 100% FREE of charge (no credit card, no free-trials, no tricks, free for life).
You could get other people involved to help you pay the bills, like get your girlfriend pay somewhat more of the household budget or have her reduce her spending as well so you jointly save more, or convince your (grand)parents to help you somewhat, like help with mortgage, child education costs, rent costs. You could also convince them you drive with their car, so you save on gas or you move in with your parents and give them a monthly pay so you save on rent.
This article describes ways for you to save money on dining or dine-outs.
No more dine-outs. You have had your days when you were regularly picking up your paycheck. But remember, times have changed. Get on a diet that saves you money. You can also throw a house party, like barbeque at home with the family and save money. Or you could go eat out (restaurant) 1 time per 2-4 weeks instead of once per week.
Here is a comprehensive listing for you to save money on fuel costs:
Drive once per week instead of daily to save fuel, do everything in one single day. Instead of driving every day, try to manage to visit places in one journey, one day, like at the end of the week, thereby reducing fuel consumption in half. You could also drive a cheap car, low fuel-consumption during the week, use the more expensive, more fuel-consuming and higher maintenance-cost car for the weekend only.
This article describes how you can save money with biofuel.
Save about $10 a fillup over premium and get better performance because of the high octane boost of E85.
Not sure how many of you know this or are willing to give it a shot, but I've done it and it works great. 1/2 tank of regular plus 1/2 tank of E85 ethanol. Save about $10 a fillup over premium and get better performance because of the high octane boost of E85. I can swear that the car no longer makes all the loud engine noise it used to make with premium fuel. The hydrolic valve "tappin" noise has been reduced to no noise within a matter of minutes, instead of pretty much never going away (I have the replacement valve lifts, but I haven't installed them yet).
Most of us don’t need to be insured for all losses over $100 on our car, for example. Although we wouldn’t want to pay a $250 or even $500 deductible, we could. If that’s you, find out how much you’d save from raising your deductible. I’ve raised my deductibles on my auto insurance and home owner’s insurance and saved a considerable amount.
Here is a comprehensive listing of ways for you to save money on car insurance:
You can have your car insurance being covered by the person with the cheapest insurance rates, (like grandfather or parents name insurance), or get joint coverage. Renegotiating with your current insurance company or every 6 months shop for cheaper insurance will save you allot of money. This also applies to healthcare insurance coverage.
One often overlooked place to save some money is your car insurance bill. As an agent, I can tell you that the squeaky wheel gets the grease. We don’t have time to requote every policyholder’s coverage at renewal, but if asked to, we will shop their coverage around. Companies are changing rates and adding discounts all the time, so if you haven’t shopped your coverage around lately, you might be surprised how much you could save!
This article describes ways for you to save money on life insurance.
Get the barest amount of insurance you need. There are lots of recommendations on the list for various types of insurance, but don’t buy any of them if you don’t absolutely need them. That means no life insurance if you don’t have a kid or share a mortgage with someone. Even if you do, get the smallest policy possible–that money is supposed to keep them afloat if you die young, not pay for their Caribbean vacations.
This article describes ways for you to save money on vacations.
Get the grandparents or parents involved when going on vacation so they pay part of your bill, order earlier, book direct/online like on websites venere.com, go to cheap countries, or spent only 1 week instead of 2 weeks vacation (like 1 week on vacation abroad, and stay 1 week at home), book your vacation months upfront also saves you money.
Here are your options if you want to save money on water use:
Consider installing a low flow shower head. It will save water and energy in heating the water. Go in shower half the time (like 5 min instead of 15 min) or reduce frequency for taking shower, also prefer shower rather than bath.
Take a bath during the weekend to relax, while during the week, take a shower, this is also quicker. Take shorter showers. Electricity (to heat up water) also costs money.
Energy - turning off the AC might reduce your energy bill anywhere from $50 to $200 a month, you can also put the AC on a timer, only AC on during night, during day or when you are outside, the AC can be turned off. Buy appliances that minimize energy use.
This article contains a listing of ways for you to save money on electricity spending.
Install CFL bulbs wherever it makes sense. These bulbs might cost more initially, but they both have a longer life than normal incandescent bulbs and they both eat far less electricity. CFLs tend to use about 25% of the electricity of an incandescent.
I love that, my wife and I did exactly that. also wanted to add that energy efficient bulbs saved us about $65 a month also.. keep going you are definitely on the right track.
This article contains the most comprehensive listing to save money on heating bills.
You could, during the night, turn heating of whole house turn completely off and heat with electric radiators the used bedrooms only. The electricity conversion may be twice as expensive, but you could reduce your overall energy consumption by 4 times by only heating the bedrooms locally.
Adjust your thermostat: Turn your thermostat up a couple of degrees in the summer and down a few in the winter. Every degree saves approximately 3 percent in energy costs.
If you go shopping once per week, instead of running errands all week long, you will spend less on unused groceries, you only spend on needed groceries and you save money on reducing travel costs, thus fuel and car maintenance costs.
Also, by using a shopping list, you reduce grocery spending by 30%, you only shop for the necessary rather than going around the store and buy items you don’t necessary need.
This article contains a comprehensive listing of ways for you to save money on food and groceries.
If you have a family, it is probably cheaper not to buy ready-made foods and prepare meals yourself. Don't waste money on prepared foods. Instead, prepare meals ahead of time and freeze them, or double a recipe when cooking, and freeze the second for a hectic day coming up. If you purchase the ingredients in bulk and cook in bulk you save money, however if you live alone and have to buy all the individual ingredients per meal, it may be more interesting to buy ready-made food.
Use email instead of mail to communicate, as much as possible, and use internet faxes, thereby reducing your phone/fax bill, mail costs (stamps, envelopes) and traveling time to the post office.
Also use an internet home-banking, reducing time spent going to the bank and back. Reply on invoices to pay by email and fax (as confirmation) instead of by mail, unless you need to send registered letters.
This article describes ways for you to save money by using the internet.
You can surf for products on the internet for cheapest prices (instead of shopping in department stores buying the electronics), get discounts on grocery products, rebates, get coupons, find out discounted products for stores (like Wallmart offers on the internet). Like if you choose to buy a flat-screen this year for $1,000, you may find the same model for $200 less or find rebates or discounts at several stores for $200, that’s $15 per month saved. Or you can regularly shop for the lowest insurance rates on car, mortgage, health.
1. Here is a new way to save more money at the grocery store. Before, when I would find a coupon online, I would print it and use it. Recently the bright idea of printing the coupons and then copying them came to mind. Most websites with grocery coupons will only let you print them once and then you’ll have to wait until they say you can print again. Well now, I print the coupons and make a couple of copies for the next time I need them and keep them till they are expired. I make copies of the coupons for things I buy every time I go to the grocery store and that way I can compound my savings. Last week I saved $18 dollars off my grocery bill. Not much but I’d much rather have that money in my pocket than in Wal-mart’s.
Learn your children to become (more) frugal too, including your loved one. If they cut down on spending or spend smarter or shop smarter or have them find ways to save money, you will easily save $50-100 per month on the family budget. It also doesn’t make sense if you are a frugal guy and your girlfriend spends it all. Learn to be savers, you whole family and learn them the value of money and have them enjoy building up savings instead of debt.
Buy children’s toys at discount stores like Big Lots — they get lots of items at deep discounts. Also, use Dealtaker.com to shop around if there is one particular item a child really wants.
You can make money by helping other people get a job, you could ask $500 for your work once they found a job thanks to you.
You help this person get a resume, search on job websites for them, create introductory letters, reply for them by email in regard to companies that request more information, help them look for jobs that pay more, drive them to prospective employers, give them advise how to sell themselves to a prospective employer. If you can do that for 2 persons per month, you can earn $500 each thus $1,000 per month.
This article contains a comprehensive listing for you to save money on phone, television, internet and cable communications.
Check out the internet for the cheapest phone, cable and internet plans.
Also, use an internet fax service instead of buying fax and pay communication costs (see for example fax87.com, or efax.com)
Downgrade your phone services: When's the last time you used call forwarding or had a three way chat? Only use services that are absolutely necessary. Take advantage of free long distance with your cell phone if possible. Consider using VoIP or a cell phone to eliminate your land line.
This article describes ways for you to save money on college or university.
You can have your children go to public college or community college the first 3 years, then the last 2 years to private college if you think that is worthwhile the cost. You will save the first 3 years $10-20,000 per year in college costs per student. Also see, save $50,000 (per child) - go to a public college first
If you both have a house (or apartment) fully paid off and have $250,000 in savings and want to retire, it is wise not to sell the house in order to live on the interest of your sold house and your $250,000 in savings. Many people do that, but that's a mistake.
Interest on capital yields only 2-3% per year maximum, while inflation goes at 3-4% per year.
It is wiser to keep the house (or apartment), it is an appreciating asset (over 20-30 years, which beats inflation), then rent out the house for lets say $1,000 per month, while you slowly deplete your $250,000.