Live Debt Free

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How To Save Money (at least $100) Fast

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How To Save Money FastI wrote this article to help people save $100 quickly so they could afford to attend Dave Ramsey’s Financial Peace University.

Whether you’re in need of financial help or just trying to save money fast, these strategies will help make you successful. Read through them with an open mind.

Saving money takes purpose and action so be ready to change and ready to work hard – your effort will be rewarded.

How to save $100 fast

Let’s define “fast” as occurring within one month from today. Follow these steps and 30 days from now you should have at least $100 saved.

1.  Spending moratorium.

A moratorium is nothing more than a suspension of activity.  Stop spending money.  Period.  Make sure the basic necessities of life are covered (food, shelter, warmth, etc.) then stop spending.

2.  Freelance or land some other temporary job.

Nothing makes saving easier than earning additional money outside your normal budget.  If you have skills of some sort you should be able to land a few gigs/month which will enable you to save at least $100.  w00t!

3.  Cancel TV and/or Internet service.

If you tell me you cannot save $100 and I come over to your house to find you watching Entourage, I’m gonna put the smack down.  Quit whining and cancel your cable/satellite TV service.  While you’re at it, cancel your Internet service too… unless you depend on it for income, or something else that is necessary to the functioning of your household.

As mentioned above… you can save money on entertainment every month by signing up for a Netflix free-trial for TV shows & movies, and a Gamefly free-trial for video games rather than renting at a local video store and paying late fees.

4.  Stop drinking/smoking.

Much the same, if you’re partaking in either of these expensive and potentially destructive pastimes while complaining that you can’t save $100… smack down.  Get your priorities in order and knock it off.

5.  Stop eating out and/or going to the movie theater.

One of the first things me and my wife did after embarking upon our debt free adventure, was to eliminate our seemingly insatiable appetite for dinner and a movie nights.  After calculating it out we discovered this dirty little habit was costing us around $500/month.  Ridiculous.  How much are you spending?  Write it down, and stop doing it. (Tip by @ericabiz)

6.  Start liking beans, rice, and tuna fish.

Rice and beans actually taste really good, and tuna fish is considered a luxury by some, and it’s all quite good for you to boot.  How much do you spend on groceries/month?  I’m guessing you could save $100 easily by adopting this little nugget of wisdom.  For good measure, go ahead and throw and apple in there once/week.

7.  Stop buying gifts for others.

If you cannot save $100 in a month then the last thing you need to do is buy gifts for other people.  Trust me, they’ll understand.

8. Apply the Pareto Principle to your possessions.

The Pareto Principle suggests that we use 20% of our stuff 80% of the time, and if you’re anything like me you have entirely too many clothes and other possessions.  I’m willing to bet that you wear 20% of your clothes 80% of the time, and the ratio of use is probably similar with your other possessions.  Instead of storing a bunch of stuff you don’t need, take the clothes to a consignment shop and trade ’em in for a cool Benjamin – hundred dolla bills y’all! (Tip by @2CFC)

9.  Sell something on eBay, CraigsList, or Amazon.

Take some of the other non-clothing stuff from step 7 and sell it online.  Even if you don’t think you own anything worth selling, go through your entire house, I guarantee you’ll find something.

10.  Cancel your home phone.

Unless you need it for business or emergencies, cancel it. Especially if you have or someone in the household with a mobile phone.

11.  Lower your mobile plan and/or drop your data plan.

I know, it’s nearly impossible to live without “your precious” but if Schmiegel can do it, so can you.  Again, do not cancel the service if you need it for business.

12.  Drop your gym membership.

Whether you bought your membership and never go, or if you go every day, cancel it.  There are plenty of work out routines you can do around the house for free.  Don’t worry, your pecs, abs, and delts will be fine with push-ups, sit-ups, and pull-ups respectively. (Tip by @amabaie)

13.  Ride your bike for a month.

If you’re a wuss you can take a break on days when it rains, just kidding, you don’t have to be a freak about it and ride your bike every day, but do ride it whenever possible.  Doing this will help give you the exercise you lost by canceling your gym membership while helping you save money and save the environment – what a deal!

14.  Donate sperm and/or plasma.

Personally there is no way I would sell my sperm, I don’t believe in it and I don’t want a bunch of my offspring running around out there without me knowing anything about them.  But if this sounds like something you could do… I heard there is decent money in selling the lil’ fella’s.  Selling plasma is a little less controversial, and while it might not pay as well as sperm, you can still make decent money parting w/this life giving fluid.

15.  Go couchsurfing on business trips.

Go couchsurfing when on business trips instead of paying for hotels.  Sure, people might consider you weird if you tell ’em about it, but who cares?  If you believe in it, the for Pete’s Sake… do it!  It won’t work out every time, but it will to work out sometimes; and the more you travel the more you stand to save.  What a blessing.

Have you tried all these ideas?

Chances are there is at least one idea above you could use to save $100 fast so what are you waiting for? Without sacrifice there is no reward so muster the courage, step outside your comfort zone, and start saving ASAP.

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photo by rachdian

Pinch a Penny and Find a Dime

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Let’s face it – times are tough.  Thanks to the recession (or whatever they’re calling it these days) most of us have had to buckle down. There are ways to get by, but sometimes people aren’t aware of them so let’s go over a few ways to stretch dollars in tough times.

Loose Change, Tight Dollar

We all know people that leave change laying around, dropped in their vehicles, on floors of their house and outside on the ground.  Then they complain they don’t have money.  How many pennies does it take to make a dollar?  How many dimes?  Ten dimes added together means you have a dollar.  Pick up the pennies and put them in a container.  When you have 100 of them you have another dollar.  One dollar plus one dollar equals 2 dollars!  Look around at what you really need to get by and live.  There are a lot of necessities that cost less than two dollars.

Those pennies, nickels, dimes and quarters aren’t just toss away items.   They are used to make change from dollar bills for a reason.  They have value and should be used to purchase needed items, not just for getting coins in return for purchasing something that costs under the dollar bill provided.

No Laughing Matter

I have friends and family that tease and joke about how I pick any change up that I see laying on the ground or on floors.  The last time I sorted and turned in all my change they didn’t laugh as loud when they saw what it added up to.  Coin sorting machines are in banks, credit unions, stores and at many other locations for a reason.  It’s there for people to turn in their coins to get back the value of them in dollar bill currency and put the coins back into circulation to be used again.

I have a dish that sits on my dryer that I throw coins in.  Look how many times there is a coin in a pocket you don’t know about that you find in your dryer or wash machine?  How many times were you walking around outside in a parking lot or outside of stores and you look down to see a penny, nickel, dime or quarter?  Those pennies you find are more valuable when added together than they are when you put it in your shoe for good luck.  My thought is that a penny found is worth more than a pound and has its own luck just by being discovered to begin with!

I also have change collecting containers on my kitchen counter, bedside the table and on the end table in my living room.  I take all the smaller containers and dump them into one big container and let it keep filling up.  It can turn into a worthwhile hobby that pays quite well.  It doesn’t cost anything to do so there isn’t any ‘investing’ to get the change together, unless you decide to buy a bank or another container to put the change in.  I don’t even do that though, a coffee can or old jar works just fine.

Make it a Hobby

Many people crochet, sew, draw or knit as a hobby while watching TV or just passing the time.  There certainly is nothing wrong with those hobbies and I’ve done each of them myself at one time or another.  But even with these hobbies you have to have the materials to do them and those can cost money too.  How much is yarn, thread, crochet hooks or knitting needles as well as material, paper, pens, pencils, etc.?  When you do get done with one of those hobbies do you get anything of value from them?  You can if you can find someone that wants to buy it from you but then subtract out the cost you have invested to make the item to begin with and how long it takes to find a buyer.

I’ve found that while watching TV or just passing the time I can sort all the coins into perspective containers, putting each type of coin in its own container.   I then start counting them into piles and hand rolling them.  Fifty pennies in a 50 cent penny roll, 20 nickels into a $2.00 nickel roll and so on.

The best thing about passing time using this hobby is the immediate pay back you can get.  You don’t have to worry about buying materials to use.  The banks will give you the coin rolls to use and you don’t have to worry about finding a buyer to sell your coin rolls.

I’ve not only got myself a well-deserved treat occasionally from saving change this way, but  I was even able to pay a bill or buy something needed for home.

So make sure you pinch those pennies and save that dime you find.  It is its own reward.

5 Tips To Save On Flights

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The steady increase in airline ticket prices over the years is making traveling more difficult for the average person. On top of increased flight price most airlines now deal unexpected blows to your pocket book like charging to bring a bag on board. Well, it’s time to fight back – here are 5 tips for snagging a cheaper flight.

1. Be willing to drive first

Especially for those of you living far from the airport, being willing to drive to your destination can save you hundreds of dollars, especially if you have multiple people traveling. Splitting the cost of gas between 2 or more people can make driving a less expensive option. When deciding to drive or fly be sure to factor in all costs associated with flying (parking your car at the airport, baggage charges, taxes, rental cars, etc.) before making your decision. Renting a car and driving to your destination is another possible way to save, and keep miles off your vehicle.

2. Look for connecting flights

A direct flight to your final destination is the ideal way to fly, but it is usually costly. Being willing to use connecting flights can save a bundle. A connection does not need to be directly on your way. For example: If your are flying from Washington D.C. to Dallas a scheduled layover in Cleveland can make the flight more affordable. Just make sure you leave enough time to get from the arrival gate to the connecting gate. Also, account for any delays that may occur. My suggestion would be allowing 2-3 hours per layover… which also allows you to get some work done while you wait.

3. Use two one way tickets

Buying a one way flight to your destination and a one way flight back is another option. It also allows you to price check between airlines, since many times a round trip ticket on one airline is more expensive. Finding two one way tickets may take a bit more time, but it’s time well spent – if you’re looking to save money on travel you must be willing to put in the time. Using websites that search several airlines at once (such as Travel Zoo or Kayak) can help save time, but using the actual airline websites will sometimes yield lower prices… so shop around.

4. Stop short of the final destination

Another way to fly cheap is to book a flight to an alternate destination that connects to your final destination then miss the connecting flight. For example: If you are going from Detroit, Michigan to Birmingham, Alabama. It might be cheaper to book a ticket to Orlando, Florida that has a connecting flight at Birmingham, then simply miss your connecting flight to Orlando. This method can work, especially if the town you are flying into is smaller. Only use this method if you are traveling with a carry on, otherwise your luggage will be take to the final destination on the ticket!

5. Become a Travel Hacker!

Matt’s note: A friend of mine, author and non-conformist extraordinaire Chris Guillebeau, has a goal to visit every country in the world before his 35th birthday (at the time of writing he has successfully traveled to 159 out of 193)! Needless to say, Chris knows how to save money on travel. What’s really cool is that he has written several guides to share all his travel hacking secrets with us. If you’re serious about travel and serious about saving, you need to get his guides; they’re the best on the market. Chris reveals how to become travel ninjas, how to save on frequent flyer miles, and offers bundle prices for those looking to become travel hacking masters. You can find his travel guides here.

Always remember that it takes time to save money on travel – spending more time you usually means you spend less money – so be sure to start researching options several months in advance. A website that I like to use is airfarewatchdog.com. This website offers up the cheapest flights of the day, and you can sign up for emails informing you when an affordable flight is leaving from your local airport. There are many ways to save money on flights, and these tips will help, so use them.

If you know of other ways to save on flights please share.

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