Just a few years ago, the Smart Cookies were like many women in their twenties and thirties; despite great jobs, they were drowning in over consumer debt.
Inspired by an episode of the Oprah Winfrey Show on personal finance, the five women formed a money club, and together developed strategies for turning their finances around—without sacrificing their fabulous style or social lives. Just one year later, they had dramatically improved their financial situations—and had made major advances in their careers, relationships, and life goals.
Their proven recipe for success has been featured on the Oprah Winfrey Show, MSNBC, and in the New York Daily News and Money Magazine. The Smart Cookies live in Vancouver.Here's an excerpt from their book:
Tips for saving at home•
Talk less. If you don’t use your cellphone that often, see if there’s a cheaper monthly calling plan that allows fewer minutes. Compare rates, not just between packages but between service providers.
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Lose the landline. If you use your cellphone a lot, ask yourself if you really need a landline. If you still want phone service at home, consider switching to an Internet Phone Service (or VoIP). These providers route your calls through your high-speed broadband Internet connection, not a phone line. The quality is comparable but the cost is usually much lower than regular phone service. (Check out nextadvisor.com for a comparison of different VoIP services.)
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Cut the cable. Do you really need all of those cable channels? You could save a lot of money and maybe free up some time by just using basic cable. By giving up cable, Sandra saved both money – $900 a year! – and time. She used the time she once spent sitting in front of the TV to exercise, read, or hang out with friends, activities that proved to be more fulfilling to her than staring at a screen.
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Go paperless. Read your favorite newspaper online instead of subscribing. Or go to aggregate news sites like Google News, where you can read articles from publications all over the globe for free. Many magazines are also starting to post much of their content online for free.
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Be energy efficient. Turn off the lights when you leave a room. Turn the thermostat up in the summer or down in the winter when you’re not home. Try a fan and open a window before resorting to the air conditioner. Unplug appliances when they’re not in use. Switch to energy-efficient bulbs. Not only will you be saving money on your electric bill, but you’ll be helping the environment too.
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Buy in bulk. Cut down on grocery costs by shopping once a week (where you can load up at a large discount store like Costco) instead of picking up a few items every day at the nearest shop. Always bring a list when you shop so you don’t get sucked into making impulse purchases. And try not to shop when you’re hungry and may be tempted by every delicious display.
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Decorate creatively. You can save money by printing out photos you like from the Internet, or photos you’ve taken, and having them framed instead of buying prints. Or go to a fabric store and buy a piece you like and have it framed. Pick up candles and knick-knacks from discount stores or flea markets to add a personal touch. Try craigslist.org, the classifieds, or yard sales to find gently used furniture at great discounts. You can always buy a slipcover for the couch if its color doesn’t match your decor – and for a lot less than it’d cost to buy a brand-new couch. Tips for shopping savings
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Check for discounted display items. When we are making a major purchase, we always ask the salesperson if the store has any of last year’s items on sale or if there’s a display or demo model for sale. This works for cars, appliances, mattresses, furniture, and almost any big-ticket item. You would be surprised at how much you can save.
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Shop in-store then buy online. Last summer Sandra wanted two new pairs of high-end jeans. She went to Holt Renfrew and tried on the style and size that she wanted, then she went on to eBay, found exactly what she wanted, and paid $200 for three pairs of jeans that would have cost a lot more at the mall.
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Prowl the web for promo codes. Once you’ve filled your shopping cart at an online retailer, open another window and type the name of the retailer and “coupon” or “promo code” into your favorite search engine. You should be able to find discounts or coupons that you can use when you check out – saving as much as 30 percent or more.
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Carry the card. If you regularly shop at a particular store, see if they offer a frequent-shopper card. You can join for free and receive coupons (via mail or e-mail) and qualify for special discounts. Some stores give out coupons worth a specific cash amount off your next purchase once you’ve spent a certain amount of money there over time (for example: for every $100 you spend, regardless of how many separate trips it takes to reach that amount, you’d get a $5-off coupon to use within a certain period of time).
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Sign up for sale updates. Most clothing stores and boutiques now send out regular e-mail alerts to customers on their mailing lists about sales and special events. It takes two minutes to sign up, but the savings can be substantial. Another bonus: You can often plan ahead once you know when your favorite stores’ regular sales are, so you can save up your money and then stock up on some of your favorite looks for less.
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Buy some time. If you’re planning to shop in the same mall or retail area for a while, put the item you’re considering on hold for a few hours. Then walk around before you decide whether to go back to the store and buy it. Once you’re out of the environment and have had some time to think about your purchase, you may decide you can easily live without it.
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Scour secondhand stores. Thrift stores, vintage stores, and other secondhand shops are often treasure troves for the savvy shopper. Sure, you have to do some digging, but you can often find designer clothes and accessories at deeply discounted prices. Better yet, drop off some of your gently worn clothes, and you may get an even trade or come home with some extra money as well as extra clothes.
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Go generic. Most grocery stores offer generic or store-brand versions of everything from cocoa to cookies, even diapers and baby wipes. Often the quality is comparable; the generic or store-brand versions are just less expensive because they don’t spend much on design or marketing. If you pay out of pocket for medicine, you should also check regularly to see if generic versions of your prescription drugs are available yet. Under law, pharmaceutical companies must allow generic versions of their brand-name drugs to be sold after a certain period of time has elapsed. (Many health insurance companies now routinely require the use of generics, unless otherwise prescribed, in order to cut costs.)
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