Top 10 Tips We Learned From TLC's Extreme Cheapskates
#10: Buy Second Hand
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We’ve seen it time and time again on the show- buying things second hand is the only way many of these people will buy anything at all. In the age of the internet, buying used furniture, home goods or clothing is easier than ever before, with the items you desire just a few clicks away. Not to mention, buying second hand is actually cool! Why would you want something from the latest collection at H&M or IKEA that everyone else will have when you could buy something that’s not only cheaper, but totally unique?
#9: Always Earn Interest
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Where you put the money you have is just as important as how you spend it. If you’re storing all your hard earned cash in a basic checking account, it’s just sitting there. But there are plenty of options to ensure that your money is always working for you. While there are lots of riskier options like the stock market, most financial advisers would recommend getting a high interest savings account. And today, there are even checking accounts that will make your money grow while you are still able to access it!
#8: Look for the Best Deals on Groceries
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On the show, we’ve seen plenty of families get creative about how they get their food. And while we won’t be advocating dumpster diving today, there are lots of ways to save money when it comes to groceries. The biggest mistake you can make is just going to your nearest grocery store without giving it a second thought and buying all your food there. Grocery stores are not all created equally, and now there are apps that will tell you the cheapest place to buy any item you’re looking for. While it may seem like more work to run around town hitting three different stores on grocery day, it can save you a lot of cash!
#7: Be on Top of Your Credit Score
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While many people fear their credit score, it’s not helping anyone to stay in the dark about it. You need a good credit score for many things, from renting an apartment to getting a loan to increasing the limit on your credit card. If your score is low, there are often penalties, and you may not be able to take the financial opportunities that interest you. Luckily, today there are plenty of apps that let you track your credit score so that there are never any mysteries about where you’re standing.
#6: Try a Side Hustle
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Many of the people we’ve seen on the show seem to eschew driving in favor of cheaper methods of transportation like taking public transit or riding their bicycles. But there’s one way in which any super saver would advocate driving- and that’s if they’re doing a side hustle. Whether it’s driving for Uber or Lyft on your days off or working for a food delivery service, there are tons of ways your car can work to help you make money. And even if you don’t drive, there are lots of side hustles you can try too, be it freelance writing, starting an Etsy store or getting into eBay.
#5: Save on Expired Food
We already said that we’re not going to tell you to dumpster dive, and we stand by that - promise. But something we will recommend is eating expired food. Hear us out- it’s really not so bad. As you can imagine, grocery stores will always have some expired food to dispose of, and often they sell it to resellers who put it at a discount because it’s technically past its best before date. Buying from stores like this can give you great savings, and it’s totally safe! The FDA even says it’s okay, and experts agree, saying, "Foods can remain safe to consume for some time beyond sell-by and even use-by dates provided they are handled and stored properly.''
#4: Save on TV
In today’s modern age, if you’re still paying for traditional cable or satellite, it’s time to give it up. That’s a monthly expense that you simply don’t need, especially when there are so many streaming services out there where you can get all your entertainment for a much lower price. Rather than paying for hundreds of channels, home in on what you actually like to watch. While costs can add up if you’re interested in several popular streaming services, we all know that the true savings come when you share accounts with your friends and family.
#3: Always Seek Rewards
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If you’re spending money, you’d better be earning something while you do it. The easiest way to do this is by using a rewards credit card that is tailored to your lifestyle. Want points for discounts at your grocery store? There’s a card for that. Want air miles? There are plenty of cards for that. If your current credit card isn’t offering you anything, it’s definitely time to switch. Even if there is a small startup fee, it can be worth it. No matter which option you choose, there are tons of ways to get perks while you spend.
#2: Look for Cash Back Offers
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When you think of “cash back,” you might be imagining having to mail in cereal box labels to earn a couple of bucks. But in today’s world, there are obviously easier and more efficient ways to do it. While there are still in-store offers like that, there are also plenty of more modern inventions where you can be earning cashback like Rakuten (formerly Ebates), which give you money back discounts when you shop online. No matter where you do your online spending, they almost always have offers going. Waiting for the return to be higher is a smart way to manage your shopping.
#1: Make Saving Fun
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One thing that’s obvious if you watch the show is that for most of the “extreme cheapskates”, saving can be just as much fun as spending. While most people look to shopping for a boost of happiness, it’s possible to shift your mentality and get excited about putting aside money instead. It helps if you have motivation, like saving for a downpayment on a house, a wedding or a big vacation. But even just watching your savings account grow can offer up a whole new kind of high that is way healthier than the one you get from shopping!
