20 rules to live by for cheapskates
Today, to be called a "cheapskate" is more like of a badge of honor. I'm betting a lot of people in Congress would be delighted to be called cheapskates, unlike this situation in the 1920's. And advice columnists today would probably suggest that a guy who doesn't spend too much on a date may be a guy who knows how to manage his money. In that spirit, I consulted my colleagues here at WalletPop and asked them to give me their best advice for living like a cheapskate.
The results were fast and furious. Not surprisingly, our staffers have all kinds of clever ways to save money. Below are WalletPop's 20 rules for cheapskates to live by:
Use technology to help you compare prices and look for coupons. Josh Smith, our resident tech guru and the editor of Notebooks.com, says that if you have a smart phone, "there are plenty of apps that will scan the bar code --- ShopSavvy is one -- and will find the best prices for you. And if you're online, visit RetailMeNot.com and enter the store name to see current coupons."
Think ahead with your child's friends' birthday parties. Bonnie McCarthy, who writes a lot about family and money, suggests that people buy "cool gifts that are age-appropriate to your own darling children." That way, "the next time they're invited to a birthday soiree, you'll have a well-priced gift ready to go." That's a definite help with the "time is money" factor. Plus, if you do buy gifts ahead and really put some thought into it, you might find some good choices on sale, making your inner cheapskate even happier. And you have to love Bonnie's other advice: "Let your child make the birthday card, or craft a simple tag to put on the gift. Unless there's money inside a birthday card, it will be quickly tossed aside by even those with the best manners, and those cards cost upwards for $3 a piece!"
Skip the Groupon and mass e-mail coupon sales. Yes, they're loads of fun, concedes Vera Gibbons, who writes about women and money for WalletPop, but she says, "People are buying all sorts of stuff they never thought they wanted, and there's way too much impulse-buying going on. I know social buying websites like Groupon.com are extremely popular right now, but we're ending up with all sorts of stuff we never thought we wanted, from horseback riding lessons to harbor tours."
Do everything in your power to achieve or maintain a great credit rating for a huge financial payoff.the Money Coach. "People with perfect credit save or earn hundreds of thousands of dollars over a lifetime compared to people with bad credit," Khalfani-Cox says. "How so? Individuals with outstanding credit get the best possible rates and terms on all kinds of loans and credit -- credit cards, business loans, student loans, mortgages, auto loans and so on. They also save money on insurance -- life and auto -- plus, those with stellar credit are better positioned to be hired for good jobs and secure lucrative promotions."
Offer cash. Martha White, a prolific writer who covers a lot of banking and credit card issues at WalletPop, says, "I make a practice of asking mom-and-pop places of all stripes if they'll knock a bit off the sticker price if I pay in cash. I've done this successfully at everywhere from clothing boutiques to auto repair shops." It won't work, obviously, at a national chain, where the prices are more or less set in stone. But if you're dealing with a small business owner who probably resents paying an interchange fee for all transactions made through credit and debit cards, he or she may just go for it.
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