Five Easy Ways to Save Money
Updated September 03, 2013.
Written or reviewed by a board-certified physician. See About.com's Medical Review Board.
Whether you are rich or poor, sooner or later, your addiction will impact your finances.Shopping addiction and pathological gambling are among the worse for financial loss, but alcohol, drug and other addictions also take their toll.In fact, addiction is one of the main contributing factors to people losing not only large amounts of money, but even their home and their job.
Dealing with your addiction is obviously an immediate priority, but that can take time, and goes through several stages.In the meantime, here are some easy ways to save money and keep your head above water.
I'm not talking about the cup of joe you have in the morning at home, I'm talking about the one you buy from the coffee shop in a paper cup with a logo.You know the one I mean.These typically cost about $4 per cup, which might seem like a small expense for that boost of caffeine and quick warm up (or cool-down, if you like the iced versions).
It is not a trivial expense.Even just one cup a day adds up to about $1,460 per year -- a whopping $14,600 over the course of a decade.Replace this with a cup of hot water from that same coffee house, add your own tea bag, and it will set you back perhaps $60 a year.
If you don't want to waste all those disposable cups, you can purchase a thermal mug for anywhere from $5 from a drug store to $20 for one that advertizes your favourite coffee shop.This might raise your annual beverage bill to $80, which would still save you about $1,380.Might help to pay for a few essentials!
Until quite recently, cell phones were something carried only by workaholics.Then parents started giving them to their kids to keep tabs on them, and suddenly everyone had them.Advertizing has even lured us into thinking of them as a necessity.They aren't.
Your cell phone costs anywhere from $15 per month to $500 per month, with a cell phone typically costing $30-$100, which is an average of $780 per year.It may cost you to get out of your plan, but if you are in debt, it will probably be worth it.
Let's face it, hardly anyone actually answers their phone these days, so you are usually using voicemail or text anyway.If you are hooked on your cellphone, it's easy to go over your minutes, which can cause your bill to skyrocket -- as can using your cellphone when travelling.You will do just fine with a landline and an answering machine.You can even get by perfectly well with email and a payphone for the calls you really have to make.
While many people have quit smoking in the past 30 years, as a reader of the addictions site, you may be hanging on to your little tobacco indulgence with unparalleled determination.Even if the health risks aren't enough to put your off, the fact that you are in financial crisis might.You probably don't like to think about how much smoking is costing you, but it's time.
With a pack of cigarettes costing an average of $5-10, smoking a pack a day is setting you back an average of $2,738 per year.If you are only smoking ten a day -- but really, how many smokers stick to just ten? -- you are spending $1,369 a year.And if you smoke a pack a day for ten years, it will cost a mammoth $27,375.Now, wouldn't that take care of a few debts?
I know quitting smoking isn't exactly easy.But there is more help to quit smoking now than ever before -- you can even get medications to help you quit smoking on your medical insurance in some places.It's up to you, but that's a lot of money to go up in smoke.
I am constantly amazed by how often, when people go through their monthly expenses, they find that eating out, delivery pizza, or coffee shop treats are the culprit for debt.It doesn't have to be a fancy restaurant -- although this can easily cost $100 a time -- but simply the cost of snacks -- see also coffee above -- and fast food, can quickly mount up.And this is a cost that can easily be eradicated.
The first step is adding your preferred snacks and easy meal ingredients to your grocery list.A pack of croissants, for example, will set you back about $6 for a pack of 12, or 50c each, perhaps rising to $1 a piece if you buy chocolate croissants.At a coffee shop, the same croissant will cost you $2-4, anywhere from a 100-400% mark up.
Take out pasta will cost you about $10 per portion, yet it is one of the easiest and cheapest meals to prepare yourself.2kg of dried pasta costs about $3-4, which is 15c per portion, pasta sauce will cost you $5 per jar, or 36c per portion.If you add meat, it will cost less than an extra dollar for the amount you would get in take out pasta.The total cost, without meat, is about 51c, or $1.50 with meat, the preparation time, less than 15 minutes, which ishow long it would probably take you to buy take out pasta, and the same meal in a restaurant would probably come to $15-20, with the tax and tip.
Using this as a guide for the cost-saving of a home cooked vs take out meal, you are looking at about $285 per month, and $3,420 per year -- and that's just counting dinner.
"But I need my car!" I hear you wail.Unless you live in a rural area which has not yet implemented a transit system, "No, you don't," is my reply.Your car is probably one of your biggest money pits, with the cost of the car itself, insurance, gas, oil, repairs, parking etc depleting your available cash on an ongoing basis.
While the idea of sitting on a bus may fill you with dread, it is no worse than sitting in traffic in your car.And there are several advantages -- your journey time will probably be much more predictable.Your hands are free.Your brain is free.You won't be breaking any laws or risking the lives of yourself and others by using your cell phone, putting on your make up, or travelling under the influence.
Selling your car will immediately put anywhere from a few hundred to many thousands of dollars in your pocket.And the cost of a monthly transit pass, if it isn't covered by your employer, will probably be about as much as your current parking bill.If you're on a low income, you may get one for free, and if not, it may be tax deductible.Driving costs vary depending on a number of factors, but according to the AAA, driving costs an average of $9,520 per year.Over the course of a decade, you'll save nearly $100k!
Written or reviewed by a board-certified physician. See About.com's Medical Review Board.
Whether you are rich or poor, sooner or later, your addiction will impact your finances.Shopping addiction and pathological gambling are among the worse for financial loss, but alcohol, drug and other addictions also take their toll.In fact, addiction is one of the main contributing factors to people losing not only large amounts of money, but even their home and their job.
Dealing with your addiction is obviously an immediate priority, but that can take time, and goes through several stages.In the meantime, here are some easy ways to save money and keep your head above water.
1. Coffee
I'm not talking about the cup of joe you have in the morning at home, I'm talking about the one you buy from the coffee shop in a paper cup with a logo.You know the one I mean.These typically cost about $4 per cup, which might seem like a small expense for that boost of caffeine and quick warm up (or cool-down, if you like the iced versions).
It is not a trivial expense.Even just one cup a day adds up to about $1,460 per year -- a whopping $14,600 over the course of a decade.Replace this with a cup of hot water from that same coffee house, add your own tea bag, and it will set you back perhaps $60 a year.
If you don't want to waste all those disposable cups, you can purchase a thermal mug for anywhere from $5 from a drug store to $20 for one that advertizes your favourite coffee shop.This might raise your annual beverage bill to $80, which would still save you about $1,380.Might help to pay for a few essentials!
2. Cell Phone
Until quite recently, cell phones were something carried only by workaholics.Then parents started giving them to their kids to keep tabs on them, and suddenly everyone had them.Advertizing has even lured us into thinking of them as a necessity.They aren't.
Your cell phone costs anywhere from $15 per month to $500 per month, with a cell phone typically costing $30-$100, which is an average of $780 per year.It may cost you to get out of your plan, but if you are in debt, it will probably be worth it.
Let's face it, hardly anyone actually answers their phone these days, so you are usually using voicemail or text anyway.If you are hooked on your cellphone, it's easy to go over your minutes, which can cause your bill to skyrocket -- as can using your cellphone when travelling.You will do just fine with a landline and an answering machine.You can even get by perfectly well with email and a payphone for the calls you really have to make.
3. Cigarettes
While many people have quit smoking in the past 30 years, as a reader of the addictions site, you may be hanging on to your little tobacco indulgence with unparalleled determination.Even if the health risks aren't enough to put your off, the fact that you are in financial crisis might.You probably don't like to think about how much smoking is costing you, but it's time.
With a pack of cigarettes costing an average of $5-10, smoking a pack a day is setting you back an average of $2,738 per year.If you are only smoking ten a day -- but really, how many smokers stick to just ten? -- you are spending $1,369 a year.And if you smoke a pack a day for ten years, it will cost a mammoth $27,375.Now, wouldn't that take care of a few debts?
I know quitting smoking isn't exactly easy.But there is more help to quit smoking now than ever before -- you can even get medications to help you quit smoking on your medical insurance in some places.It's up to you, but that's a lot of money to go up in smoke.
4. Eating Out/Take Out Food
I am constantly amazed by how often, when people go through their monthly expenses, they find that eating out, delivery pizza, or coffee shop treats are the culprit for debt.It doesn't have to be a fancy restaurant -- although this can easily cost $100 a time -- but simply the cost of snacks -- see also coffee above -- and fast food, can quickly mount up.And this is a cost that can easily be eradicated.
The first step is adding your preferred snacks and easy meal ingredients to your grocery list.A pack of croissants, for example, will set you back about $6 for a pack of 12, or 50c each, perhaps rising to $1 a piece if you buy chocolate croissants.At a coffee shop, the same croissant will cost you $2-4, anywhere from a 100-400% mark up.
Take out pasta will cost you about $10 per portion, yet it is one of the easiest and cheapest meals to prepare yourself.2kg of dried pasta costs about $3-4, which is 15c per portion, pasta sauce will cost you $5 per jar, or 36c per portion.If you add meat, it will cost less than an extra dollar for the amount you would get in take out pasta.The total cost, without meat, is about 51c, or $1.50 with meat, the preparation time, less than 15 minutes, which ishow long it would probably take you to buy take out pasta, and the same meal in a restaurant would probably come to $15-20, with the tax and tip.
Using this as a guide for the cost-saving of a home cooked vs take out meal, you are looking at about $285 per month, and $3,420 per year -- and that's just counting dinner.
5. Car
"But I need my car!" I hear you wail.Unless you live in a rural area which has not yet implemented a transit system, "No, you don't," is my reply.Your car is probably one of your biggest money pits, with the cost of the car itself, insurance, gas, oil, repairs, parking etc depleting your available cash on an ongoing basis.
While the idea of sitting on a bus may fill you with dread, it is no worse than sitting in traffic in your car.And there are several advantages -- your journey time will probably be much more predictable.Your hands are free.Your brain is free.You won't be breaking any laws or risking the lives of yourself and others by using your cell phone, putting on your make up, or travelling under the influence.
Selling your car will immediately put anywhere from a few hundred to many thousands of dollars in your pocket.And the cost of a monthly transit pass, if it isn't covered by your employer, will probably be about as much as your current parking bill.If you're on a low income, you may get one for free, and if not, it may be tax deductible.Driving costs vary depending on a number of factors, but according to the AAA, driving costs an average of $9,520 per year.Over the course of a decade, you'll save nearly $100k!