How to Save $10k in 2009

MSN Money lists their suggestion on how to save $10k in 2009. They say that in order to do this, most people will need to focus on cutting costs in three areas: housing, transportation, and food.

Their ideas for saving on housing include:

• Get reduced rent in exchange for managing a small apartment complex. Others alternate stays in short-term or inexpensive rentals with housesitting or caretaking gigs.

• Downsizing to a smaller house or a less-expensive area can dramatically improve your financial prospects.

• Having roommates may feel like something you should outgrow, but plenty of people decide the savings more than make up for the loss of privacy.

Their ideas for saving on transportation include:

• Share a car.

• If you must own a car, try to make it a "site of production" rather than just a "site of consumption," as Robin puts it. That means using it to make money, or at least be reimbursed for some of your costs, such as by carpooling.

• You can save more than a quarter-million dollars over your adult life simply by owning cars for 10 years instead of five. You can save even more if you buy those cars used.

Their ideas for saving on food include:

• You can trim an out-of-control food bill substantially by eating out less and making more meals from scratch.

• Combining coupons with weekly sales can chop an additional 25% or more from your bill.

• Purchase in bulk.

At the end of the piece they then list 10 ways to save at least $1,000 a year. Not much new here, but you can check it out if you like.

A few thoughts from me:

1. I'm a big fan of saving money, but you also might want to think about making more money in 2009.

2. I've listed all my money saving (and money making for that matter) ideas in one spot in case you need some more suggestions.

3. If you just want some highlights on how to make more and save more, check out The 10 Most-Hated Money Saving Tips and 11 Great Ways to Earn More Money.

4. I've written waaaaay more on saving money than making money. I'm going to change that around a bit in February and offer one idea for making extra money every weekday. Should be fun -- stay tuned.

Comments

[poor boomer]

This roommate thing is severely annoying me. I'm renting a room in a house with eight people.

Everyone has a life and/or job outside the home except one. She NEVER EVER gets out of the house except to smoke.

Her room is right next to mine. This is extremely depressing and there isn't anything I can do except move, but I can't move because the rent is 65% of my income and I can't save up any money to move in somewhere else.