10 Ways to Save While Still Living the Good Life

With the present state of the economy many of us need to scrimp and save to get by, or want to save money for a large purchase such as a house or vacation. I know a lot of people who make much more money than I do, but have nothing in their savings account. Why? I think that for some people sacrificing a few pleasures today for something better tomorrow is like asking them to cut off their right hand. Saving does not come easy for me either, but I’ve discovered a few (relatively) painless ways to save money while still living the good life.

1. The Library – Not Just for Books

Yes, we all know that a library card grants you access to thousands of books, but did you know that you can also rent movies and CDs? The cost of a library membership is nominal (my local library charges $1 a month), and there is no charge for renting books, movies, or CDs. While your local library may not have all of the latest blockbusters, it has a good assortment of relatively new movies, great indie flicks, and of course all the classics. The library can save you a fortune in comparison to what you would pay to go to the theatre or rent movies, and especially if you were to purchase new books and music.  So save money while brushing up on fine literature, films and music.

2. Get Freebies from Newspapers

Try scanning a newspaper for free giveaways. My husband and I stumbled upon a local newspaper that offers free movie tickets if you phone at the allotted time and correctly answer a question about the particular movie. A few minutes Googling the answer and a quick phone call made us the lucky winners of free movie passes. Over the past couple of years we have saved hundreds of dollars. Other freebies include sporting event tickets and passes to local festivals.

3. Brown Bag it

I am guilty of this. I’m often too tired (or lazy) to pack a lunch. But I believe this is the single largest frivolous expense for many people. A typical lunch with a drink costs approximately $8-$10. Assuming you work 5 days a week, you could be draining $80-$100 a week on food! Even if you don’t end up packing a lunch and making your own coffee every morning, aim to do it at least twice a week. Your wallet will thank you.

4. Sleuth out the Specials

Many restaurants and grocery stores offer discounts on certain days of the week such as 10-15% off on “grocery day” or half off selected dishes at restaurants. While these savings may seem minimal they add up over time. You won’t feel strapped for cash if you are able to affordably stock-up and eat a wide assortment of food!

5. Fun (and Cheap) Dates

Spice up your social and love life with inexpensive and imaginative outings. Instead of the usual dinner and a movie, why not try meeting up for breakfast, lunch or coffee? Lunch menus often serve similar dishes as dinner but at a fraction of the cost. Here are a few budget-friendly ideas: cook dinner or bake cookies together, rent a movie (from the library of course), window shop, check out local bands, go skating, or plan a picnic.

Check out my post on 13 Good Cheap Date Ideas.

6. Be a Savvy Shopper

A good rule to abide by is to avoid buying things at full price. There are many options available to buy discounted goods for those who are patient. If you are looking for electronics such as laptops or music players, wait for the back-to-school sales in the summer or the clearances at the end of the year. For clothing, there are so many outlets that offer brand names for less. If all else fails there is always eBay. I was hesitant at first to try out the online auction giant, but I have not looked back since. The brand new BCBG dress I purchased for $60 that regularly retails for $200 made me an eBayer for life.

7. Automated Savings

Are you a happy-go-lucky spender? Saving money each pay cheque won’t hurt nearly as much if it’s a habit. Try setting up automatic withdrawals from your chequing account to a savings account each pay period for a pre-determined amount. You’ll be able to shop guilt-free after you’ve deposited your savings for the period.

8. Green Transportation

The cost to own and maintain a car is skyrocketing and is no longer feasible for many people. Try saving money and reducing your carbon footprint by carpooling, walking, biking or taking public transportation. As someone who used to detest taking the bus to work, I found it was a great place to catch up on sleep and happens to be where I came up with a lot of ideas for articles.

9. Question Every Purchase

Each time you’re tempted to buy that cute shirt or new CD, ask yourself if you really need or want it. Will you still like what you’re about to purchase 6 months from now? A year from now? With clothing I try to assign a dollar value for each time I would reasonably wear something. For example, a classic white button-up shirt for $30 has more “wear value” than a trendy tank top for the same price. If I assigned a wear value of $1/per wear, I could reasonably wear the white shirt 30 times or more whereas the trendy tank might go out of style after only 5 “wears.”

10. Be a Smart Host

If you enjoy entertaining friends and family, you don’t need to blow your budget to throw a good party. Have a potluck or serve hors d’oeuvres instead of a full-fledged dinner party. Alcohol is often the priciest item; try making your own sangria. Simply select a few inexpensive bottles of a light-bodied red or white wine, add apple slices, chill and serve in a decanter. This is much cheaper than purchasing an assortment of booze and adds a touch of class to your party. Remember that your friends and family are there to mingle and have fun—as long as some basic refreshments are provided, most people won’t think twice about the food or drinks.