FrugalWorld

Here you'll find hundreds of money saving tips in a variety of areas.

20 Frugal Resolutions for the New Year

Use financial software. Financial software is like budgeting on steroids. With it you can easily track and run reports on your investments, checking accounts, credit cards… everything having to do with your household finances. Quicken is the king of this software category, but some free alternatives include GnuCash (http://www.gnucash.org) and Money Maker Ex (http://www.codelathe.com/mmex/).

Pick a bill, any bill. Debt can seem overwhelming if you try to take it in all at once, but there are tricks to get around this. One is to just select one bill to pay off over the next year and make that your main goal. Break the remaining balance of the bill into monthly chunks and stick it in your budget. At the end of the year, you have one less bill and more money to put towards the next bill. Rinse, repeat.

Wants vs. needs. The old standby still rings true when it comes to purchasing something: is this something you need, or just something you want? Insert this into your shopping thought process, and you’ll be surprised how much you really “need” (and how much you’ll really “save”).

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Brainstorm ways to save. Sit down and engage in a brainstorming session to come up with ways to save money, cut expenses, or bring in a little additional income. What would you like to do? Start a garden? Launch a small business? Throw a yard sale? Change over to compact florescent bulbs? Learn how to sell something on eBay? Make a list and try out one a month.

Trim your utility expenses. We all get them: bills at the end of the month for the electricity we’ve burned through, the water we’ve used, the gas/oil/etc. we’ve consumed to heat our houses. What can you do about them? Shut off unused lights, install a low-flow shower head, turn the thermostat down… the ways to save are endless, and while they may only equate to a few cents, they quickly add up, month to month. Check out our Utilities section for more money-saving ideas.

Cut expense “fat”. Many things you pay for are on a tier service system, where the more you pay, the more service you get. Think cable charges, Internet service, your phone plan. Make sure you’re really using all you are paying for, or select a lower tier to realize real savings on a monthly basis. Trim everything to the bare minimum, and cut out those expenses for things you really don’t use much (ex. daily newspaper) or those things that are duplicated (ex. Netflix vs. movie channels).

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