Update to my $150/month challenge

[disneysteve]

On my blog yesterday, I explained that I'm attempting to cut $150/month from our household spending to compensate for the $142/month increase in our escrow payment.

Here's what I've come up with so far in just a few hours:

$16.67/month: I cancelled an online subscription to a site that I really don't use that much anymore. I used to use it regularly but just don't now but I've still been paying for it. If I ever really need it, I can just pay for one month access and then cancel.

$34.63/month: I got a free auto insurance quote today from another company and, if I go with them, I will save this much monthly. I want to get a couple of other quotes and also call my current company to see if they can do any better before I make a final decision.

$5.00/month: This what I'll save by moving my brokerage account to ScotTrade. I printed out all the paperwork and filled it out. I just need to go over to the local office and finalize the transaction. I may be able to do that on Thursday afternoon.

$3.63/month: This is how much extra interest I'll earn by moving the cash balance in my brokerage account to my high yield savings account.

Assuming I do all of those things, that will save us $59.93/month!

I also looked into switching from DSL to cable internet, but that one is a loser. I'm paying $29.95 for DSL and cable would be $42.95.

[Ima saver]

Doing great steve!!

[anonymous_saver]

Great job!

Some other random ideas:

(1) When things are on sale (for example baby carrots) buy a few of the product, wrap it up, and freeze it in your freezer. Yes, some products wouldn't work very well, but it could save a bit.

(2) If you drive a car, try not using the car one day a week. This could save quite a bit! You could choose this day to walk around your town and do errands (if you live in the city), and get a workout at the same time!

(3) If you have a window or wall AC unit, use your ceiling fan at the same time. It may sound like it would cost more because your using two things at once, but it will actually make the AC unit work less hard.

(4) Slowly get rid of non-energy efficient appliances as you can afford them. In particular, getting a new fridge can usually save the most money.

(5) Instead of using gift wrap for gifts, use old grocery store bags, and wrap gifts with the brown side facing outwords. Use markers, glitter, crayons, whatever to decorate. I do this all the time. People usually like the creativity.

(6) If you have pets, then when you see that their food (and litter if you have cats) is on sale, buy a few of them so you can save a buck or two. It would cost less in the long run.

(7) Use both sides of paper that you use from your printer. Print on both sides, or cut in 4's and use as scrap paper.

(8) Clean your house. Sell old stuff. I'm currently doing this (my living room looks like a tornado hit it!) right now and I think I'm going to get a decent amount of money. One thing I suggest in particular is if you went to college and still have old textbooks that you don't use anymore, try to sell them online! I have a few books that are from 2001-2003, and they are still worth $20-$80/each!

Good luck.

[disneysteve]

(4) Slowly get rid of non-energy efficient appliances as you can afford them. In particular, getting a new fridge can usually save the most money.

We've been talking about replacing our upright freezer. We got it in 1992 or 1993. I'm quite sure a new one would be much more energy efficient. Plus, this one still works fine and I'm sure we could get a few bucks for it.

(5) Instead of using gift wrap for gifts, use old grocery store bags

We actually use surplus wallpaper that we pick up at yard sales of flea markets. We usually pay $1-2 per roll and there is way more on a roll than with wrapping paper.

(7) Use both sides of paper that you use from your printer.

Already do this.