Frugal Mania

Somehow I randomly found this program called Groupon. It’s a gift certificate coupon service that sends you one deal a day for something in your city that is HEAVILY discounted - like a restaurant, clothing store, personal training, comedy shows, etc.

This is available for the following cities: Atlanta, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, New York, Philadelphia, Phoenix, San Diego, San Francisco, Seattle, and Washington D.C.

Inside Tip: The opportunity to buy is only available for 24 hours. So if you see something of interest, you have to buy it that day!

Want to know what today’s deal is? (more…)

1. Do take-out vs delivery or eating in - this way you can save on having to pay a tip
2. Only eat half your meal - If it’s a big meal, only eat half and bring the other half home for lunch the next day. Two meals for the price of one.
3. Share with someone - Maybe you can both get a small salad and then share your entree.
4. Skip the alcohol - You will save a ton if you don’t drink alcohol. In some cases, it can be more expensive than your entree.
5. Find out the weekly specials - Some places have happy hour specials if you come in earlier to eat - check their website.
6. Coupons - An oldy but a goody - flip through the coupons you get in the mail and visit your local eateries.

Any other tip you can think of that I left off the list?

Or be smart and win your dinner for free at trivia night.

e-Rewards, the program that values your time. You’ll earn e-Rewards Currency for participating in market research surveys that are selected to match your interests. You can redeem your earnings for valuable Rewards from a wide array of participating Reward Partners.

Earn credits with companies such as:
AirTran
Delta Skymiles
Macy’s
HiltonHonors
Borders
Pizza Hut
ProFlowers
Blockbuster
Omaha Steaks
and more

If you’re saving up all those airline miles and haven’t decided where to go, check out this list of the Top 5 Must See Countries.

When I bought a home and a car I did not pay the asking price, but this is a common area most people don’t pay full price. But what about other areas: Retail stores, restaurants, hair salons — ever tried it there??

So I challenge you to try it out somewhere challenging and see how it goes.. Here’s some tips too.. (more…)

So when I was living in NYC, I decided I needed to reinvent my closet to have alot more designer items.. However, my income did not seem to allow this, but I had this helpful little plastic card in my wallet that did.

I was speaking to another NYC friend who had the similar problem (as I assume millions of Americans do also - maybe with a different vice). We came up with a solution to stop using them for unnecessary items.. And here are a few tips for you.

1. Give your card to someone else. This way you have to explain to them why you need it and hopefully they can help talk you out of it.

2. Freeze it in a bag of water - By the time it defrosts, you’ll have had time to decide if you really needed it.

3. Put it in an envelope with your long terms goals written on the envelope. One more swipe of that card is money taken away from retirement, car, home, dream vacations, and more.

In the meantime of all this non-spending, here’s a place to get stuff for FREE: http://www.freebiesforus.com/

A savings account at a bank is a joke - besides instill the value of saving, the rate they give you is laughable to the point of not even there.

I have used ING Direct in the past and currently use HSBC. I transferred over when HSBC had a temporary, promotional high rate awhile back.

Wether you go with ING, HSBC, Emmigrant Direct or some other online savings account - not only is it easy to use but it’s a really good idea.

Keep reading to find out their current rates and just how easy they are to use.. (more…)

This idea will not work for everyone but it’s such a good, cool idea.. and here it is:

Go to trivia night at restaurants.

I have some die hard trivia friends that go every week. Most of these restaurants give a gift certificate to the winners of 1st, 2nd, and 3rd place and you can use it towards your bill that night or next time you guys go.

So you’ll learn some random new trivia and get to hang out with your friends. It’s such a win/win idea.

Worried about not winning? (more…)

Today I read a really interesting fact from HSBC on money-saving tips. This one really got my attention:

Bring lunch to work rather than eating out and you may save $5 per work day. In a year that can add up to over $1,200.

That’s a nice chunk of change.. Here are some lunch ideas that are easy and tasty to bring to work. (more…)

Times are tough and everyone could probably use a little extra money. I don’t blame you if you already feel worked enough in your one job and don’t feel like taking on a whole new job. Here are some tips on ways to make a bit extra cash without taking on a second job:

1. Sign up you and your family with market research companies: In almost every big to mid size city, there are a number of marketing research companies. At some point, you will probably qualify for a research plan they are working on. You could make anywhere from $50 - $250 or more.. Each plan pays differently and it usually just lasts about an hour. All companies have needs of all different types of people - different races, ages, sexes, income levels, etc. Do a google search to see what market research companies are in your city and sign up with as many as you can.

Want to know some more tips??

2. Check under Craig’s List volunteer section - Not only can you find some market research studies like mentioned above but there are also often postings for sleep studies, University paid studies, and health studies — and they all pay!!

3. Sell old furniture on Craig’s List -

If you were about to throw away that old couch, bedroom furniture, or entertainment set, why not take some pictures of them and post them to Craig’s List. If you price it cheap, like $50, you’ll probably get it off your hands very fast. You’d be suprised how many responses you get and just how easy it was.

4. Write a blog - Don’t take my job away - but there are tons of blogs out looking for paid writers. Is there something you know alot about? You usually can make your own schedule and write when you get the opportunity.

5. Babysit, house sit, pet sit - This is not the most luxurious option. But if you throw in a few of these you can rack up an extra $50 here and there.

If you haven’t done so already, sign up for free mobile coupons from Cellfire. There are some awesome deals here like a free lunch.

I am so sorry to have left you high and dry, without your regular serving of Frugal Mania!  The simple truth is that the news has gotten the best of me lately and the economic forecast just seems to get worse with every passing hour.

The government is now bailing out private sector businesses at an unprecedented rate and the American taxpayers are expected - as always - to shut up and foot the bill.  Only this time that bill is said to be over a trillion dollars.

That’s $1,000,000,000,000 and guess what?  We can’t afford it.

Unfortunately it looks as though there isn’t much we can do about it right now but since it was the American people who put the politicians in office it is absolutely imperative that we don’t sit on our hands and remain silent.

We’ve got to speak out with our votes this election season. We’ve got to ask tough questions of these people who want to be entrusted with our money and we have got to expect to get straight answers to those questions.

If you are not registered to vote, get off your butt and get it done.  On November 4th, don’t you dare miss your chance to tell politicians what you want and who you think can deliver it best.

Voting is a responsibility and if you don’t take that responsibility seriously no one is going to take your complaining seriously, especially not me.  The government is supposed to be of, by and for the people, so We The People need to start taking the reigns back and fast.

Once upon a time I was not the most responsible person with my money or my credit.  To be totally honest I was actually not directly responsible for some of the dings on my credit report but the one benefit to a failed marriage was that I learned to never allow anyone access to my personal credit information.  I will also never again allow someone to hold a second card on a credit account for which I am responsible.

What can happen when you do?  Plenty.

My credit rating was in the toilet so bad at one point that I was actually turned down for a secured credit card from Bank of America!  You read that right - a bank turned me down for a credit card that I sent money to secure.  If you aren’t familiar with secured credit, here is how it works in a nutshell:

1. The customer fills out an application with basic information such as name, social security number, address, phone ,etc.
2. The customer submits the application along with a check or money order for security.  When I did this, I sent them $300.
3. The credit card company accepts the application and places the security money into an account.  In the majority of cases, the amount you send in as security will be equal to the amount of credit you are initially issued.

In most cases you will be charged an annual fee that the credit issuer will charge to your card when they send it.  When selecting a company for a secured credit card, don’t forget to read the annual fee statement as well as the APR (interest rate) you are being charged.  There are companies that guarantee a 9.99% interest rate for the life of the card whereas many companies will charge as much as 24% even though you are securing the debt with your own money.

As always, do your homework and don’t bother getting a secured credit card if the company does not report to the credit reporting agencies, otherwise you are wasting time and money and who wants to do that?

An article in this week’s Parade Magazine got me to thinking about credit card debt, and how many people around the world fall victim to it without ever intending to do so.  Here are a few statistics of which you may not have been aware:

• According to the Federal Reserve Board, credit card debt in the United States has reached an all time high of almost $1 trillion dollars.
• Between October of 2006 and October of 2007, the amount of credit card debt that was over 30 days late amounted to $17.6 billion, an increase of 26 percent.
• In 2006 it was estimated that there were four credit cards to every adult in the United Kingdom.

While the average new credit card rate has dropped this year, that doesn’t mean you need to jump on the next credit card offer that comes sneaking quietly into your home with the mail.  Here are a few tips to keep in mind when looking for a new credit card or using your existing credit cards:

(more…)

This recent post on Tight Fisted Miser had me wondering about how people think about their spending habits and what frugal might mean to people in various walks of life.

In this post we are going to start at the beginning and take a good look at our spending habits and how we can better make decisions about what is and is not frugal and what areas we are willing to make changes on – or not.

The first step in the process of learning to spend less, live more frugally and eventually save money is to know exactly how much you are spending.  This is probably the most crucial step as well as the majority of people don’t have a true understanding of where their money goes.  The easiest way to accomplish this is to get a receipt for every penny to spend, every time.  Keep the receipts and put them in an envelope.  At the end of each week, take out your receipts and break down what you have spent into categories.  Some of the basic categories I use are:

• Entertainment
• Food
• Fuel and Auto Expenses
• Home Bills
• Reimbursable Expenses

HELPFUL TIP:  One suggestion that may help you better make this sorting idea work for you is to have an envelope for each category you are using and putting the receipts into the correct envelope as you bring them home.

Once you have your receipts sorted you should have a real idea of how much money you spent that week.  Now look deeper, especially into the negotiable expenses like food and entertainment.  Specifically you should look for items that you may not need or could spend less by buying in another way.  Fast food for example, should be eliminated in most cases.  Bite the bullet and bring your lunch from home.  Buy coffee on the way to work?  Stop.  It will cost you less to make it at home and bring a thermal mug with you.  Most offices have coffee and you will survive the commute with a mug you brought from home.

This is a tough sticking point for a lot of frugal newbies – they don’t seem to understand that spending five bucks at the local fast food drive thru every day adds up quickly, and that by packing leftovers or even a sandwich at home to have for lunch can save you a lot of money!

While I am on that particular soapbox, I need to tell you to stop buying bottled water.  Unless you live in third world country with filthy ponds as your only water source you are wasting money.  If you are worried about contaminants in your tap water, get a filter.  They’re cheap.  Work with me here, people.

In order to get a handle on our spending, we have to know what we are spending and make some tough decisions.  It takes dedication and most of all, will power. If you are truly dedicated to improving your financial situation though, it is entirely possible.  Thousands of people are doing it every day and you can too, no matter what your situation is.

What would we do without the phone?  Old Alexander Graham Bell (or Antonio Meucci, depending on your particular school of thought) would never believe what his simple invention has become.  The phone has become an indispensable part of most of our daily lives.

With land lines, cell phones, car phones, smart phones and now VoIP  Internet phone services, being connected is easier (and more expensive) than ever.  What can you do to save money without losing your ability to stay connected?  Here are a few tips:

Home Land Lines

How much do you actually use yours?  In my house there are two calls that come in on my home land line number – my mother-in-law and telemarketers.  Next month we are dropping the land line entirely.  Relax Mom, you have our cell phone numbers.

If you can’t drop the land line entirely, take a look at what you are paying for along with the very basic service. You don’t need the bells and whistles.  Really. In all probability you don’t need long distance on your land line since your cell phone gives it to you for free.  Drop the long distance carrier and you will drop the monthly fees associated with it.

Drop call waiting.  Before it was invented, people got a busy signal, they knew you were on the phone and they called back.  Nowadays people (my mother-in-law) expect you to answer even if you are on an important (telemarketing) call.  The nerve!

Cell Phones

Okay now let’s be realistic.  You are in your twenties, thirties or beyond.  What do you need with 1500 text messages a month?  How many times can you possibly send “OMG!”, “O RLY?” or “SRSLY!” before it gets old?  Drop the text package and save some green every month. OMG.  SRSLY!

VoIP and Internet Telephony

• Skype
  By now we have all heard of Skype; the VoIP (Voice Over IP) Internet phone service that costs next to nothing.  By paying only an annual fee, you are able to make and receive telephone calls through your computer’s high speed Internet connection for no additional cost.
• magicJack
  This is one of the coolest things I have ever seen, and all the kudos must go to by dad who told me about it a few weeks ago.  The magicJack plugs directly into the USB port on your computer and works just as a standard wall jack would with any telephone, allowing you to make and receive all the free phone calls you like in the United States and Canada.  There is currently a free 30-day trial offer going on as well.  The magicJack itself cost about twenty bucks and you are able to use it for a month to try the service for yourself.
• Phonehog
  Sign up and agree to receive advertising offers and you will receive a free phone card and the advertisers pay for the minutes on your card.  A great idea for emergency phone calls when you are away from home.  What about signing up and giving the card to your kids?

Surprisingly (at least to me), I get email from readers on a regular basis asking me for additional information on a post or even posing their own questions.  This is one such question that I found particularly topical for a post here at Frugal Mania:

Dear Frugal Michael,

I’ve been very good about using frugal ideas around the house and your recipes are the bomb!  I do have a question for you though.  My husband and I have been working really hard to get ourselves out of debt and we are finally in a position where we can start putting a little bit of money aside every month or whatever.  We want to start investing or saving but don’t really have a clue where to start except for maybe getting a savings account at the bank.  can you help?

Cynthia in Asheville

Dear Cynthia,

Thanks for taking the time to write!  I was in the same position recently and spent some time investigating my options for saving and growing my savings (both of which are important).  I actually closed my 401k because it wasn’t doing very well and I didn’t have much money in the account anyway.

I considered Certificates of Deposit but the rates are in the toilet – much like the economy is these days.  My grandparents grew their money quite well with CDs but at that time they were earning 14% or higher for a 12 month CD and I can’t get that sort of rate no matter how much I invest.  I do have an account at ShareBuilder and even have a handful of stocks  but the stock market is (you guessed it), in the toilet.  What to do?

The savings account at my credit union doesn’t have a rate of return that was appealing to me whatsoever, so I ended up opening an online savings account with HSBC, and I am now earning a respectable (at least in the current economy) 3.50% APY on my modest savings.

What I recommend is to look at how much you have to invest in savings and try to commit yourself to a set amount each month – even in that amount is no more than five dollars.  That money will grow over time, and with a savings account like the one I set up, you do have an ATM card that allows you to access the money in case of an emergency.

Whatever you decide, definitely start saving for a rainy day right away.  The longer you wait, the closer those rainy days may be!