Money Management

3 Money Saving Tips for 2011

Your money and your time are your greatest financial assets; when you waste either unnecessarily you’ve placed yourself into a no-win situation. You, your family members, and your colleagues deserve the best in life, and that just doesn’t happen when your fritter away your money and time on things that just don’t support your success. By applying the following tips, you can make a big difference between going broke and saving plenty of money in the year 2011.

Take a good hard look at the number of monthly contracts to which you’ve committed your personal or business finances

Seriously think about the number of contracts you commit to each month. Are they all necessary? Do you really need that $80 membership at the gym, subscriptions to catalogues and a premium television package? If the answer is no, cut them and don’t think about re-opening them until your economic state is in slightly better shape.

There are some contracts that you simply cannot avoid paying, however, which is fine. But there are some contracts that you can easily expunge from your life without removing the commodity that comes with it. For example, do you really need to pay for your cell phone on a yearly contract? Or could you downsize the calling plan and get a pay-as-you go contract that allows you to regularly re-evaluate how much money you really need to budget for your cell phone service?

Sometimes contracts are the best option, but have you really thought about the amount you’re paying for the contract? For example, think about your heating company. Are there other companies that offer the same thing at a lower price? Consider searching for different companies using price comparison websites.

Accept that you can look fashionable without robbing your piggy bank

According to research, 80 percent of generic products are just as good as the branded ones. Dress your kids better with affordable and stylish clothes. A $100 sweater may look nice, but so can a $30 sweater on sale.

Start reducing your monthly shopping expenses by taking better advantage of available rebates and coupons

Coupons are a great way to budget and cut back on expenses. Taking the time to clip those coupons for your clothing and grocery transactions is an awesome way for you to save money and cut your monthly household costs.

This is a guest post by Stephanie Mojica. She is a writer for, where she specializes in helping consumers with money management and money saving tips. She’s also a business success and prosperity coach and author of “How One Writer Shifted from Settling for $12 an Hour to Prospering at Over $90 an Hour.”

Comments (12)

  • 3 Money Saving Tips for 2011…

    By applying the following tips, you can make a big difference between going broke and saving plenty of money in the year 2011….

  • Mostly like the first two. I am not a coupons fan even though I know I could save a lot. I prefer reductions of the spot and being aware of discounts without actually “cutting” coupons. For the second point, I would also suggest outlets that offer very cheap brand clothing.

  • I’m becoming a coupon fiend! Going to buy a printer so I can get as many coupons as possible, take advantage of rebates, and thinking about getting a PerkStreet account for my cash back :)

  • Many times those additional packages come as add-ons – especially for cable and phone services – and we do not know we are paying extra for them, and keep paying that monthly bill. It’s only when we look closely at the bill, that we realize how much extra we may be paying those companies in the name of “premium” services.

  • Thanks to everyone for the positive comments. I look forward to interacting with all of you again in the future!

    Peace, love, happiness, and prosperity,

  • Taking a look at your bills each month is a huge help if you need to save because there are always ways you can cut corners and save. Easy one – try looking at your cell phone bill and actually understanding it. I found fee after fee when I looked at mine last year and realized as well that I wasn’t even using half of my mintues, but all of my texts – a contract forced me to keep this stupid deal for a year longer. A few weeks ago, I decided that I would be going prepaid from now on and gave Straight Talk a try. It’s a new Walmart brand (or so I thought since its actually a part of Tracfone) and they have a pretty good unlimtied use deal for $45 and I was paying nearly $70 for 400 minutes with ATT. I found cheaper deals, but I liked ST’s phone selection and their network was great. I think of people paid more attention to a bill like this one, they would be surprised just how much they waste.

  • For money saving tips, I would recommend get a prepaid cell phone and get rid of your contract phone. This way, you don’t have to worry about overage fees and you can buy the amount of minutes you need. TracFone, the prepaid company I use, also has international calling for the same price as local calls so it makes it easy to keep in touch with friends that are studying abroad.

  • The getting rid of monthly contracts one is a good one. I actually changed my old cell phone service over to a prepaid one so I can pay as I go with no contract. Its called StraightTalk and it offers different plans, but I just use the $45 unlimited one and get all the talking and texting I want for a flat rate price. The savings are fabulous and its one less bill I have to worry about at the end of the month. 2011 is off to a great start :)

  • Since we’re already in the spring, I guess the best way to think about savings is toward the summer and holidays – the next big money times in my life. Quick cuts here and there can really help save bits and pieces that add up over time – easy one is a cell phone bill. People always say go prepaid, go prepaid for savings but you need to analyze your usage and make that decision. I switched to Net10 prepaid because I wanted the unlimited use option I couldn’t afford with ATT unless I paid nearly $100 and now I pay $50 – on the same network. I tried to get my girlfriend to try and Net10, but the unlimited plan actually cost her more since she isn’t as big a talker as I am – the $25, 750 use was a much better option. If Net10 ever decides to create a family plan, I think that would be the most appealing option.

  • I also saved quite a bit by switching to Prepaid. I use to pay $40 for an unlimited plan thinking that it’s the most cost effective and I never have to worry about high phone bills since I can talk/text all I want and it’s still going to be a fixed $40 a month. Turns out that I barely use my phone so I’m paying extra for nothing. I made the switch to TracFone and now pay less than $10 a month!

  • If your water is bad, a money-saving option is to filter your own water instead of depending bottled water. Shop for a low cost water filter. One of those Pur or Brita filters can go a long way to reducing your grocery expenses. If you are planning to organize a picnic or a backyard barbeque, use a cooler pitcher filter instead of packs of bottled water.


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