(UPDATE June 26th, 2008: NCN has reorganized the very, very best money-saving tips in a new post!)
No Credit Needed is calling for everyone's very, very best money saving tip. Here's mine:
Always at least consider buying things used instead of buying things new.
Almost any consumer item will be worth less than it was brand-new. Cars are a great example. Clothes are another great example. Anything you can get at a yard sale, or an auction. Books. Toys. CDs and DVDs. These things depreciate quite a bit after they're bought, so let the first owner of the stuff pay for the depreciation if you can.
In fact, I just looked at a “new” used car yesterday. It was a 2002 Elantra with 54k miles. They had bought it new, and she was interested in a new car — an SUV, actually. Considering the last three cars I've bought had an average mileage in six digits, and my current one (my wife's old car) has 156k, this is a pretty nice car for me to be looking at. Still though, it's probably about half the value it was new, and still runs fine.
Now, this is not to say that everything should be bought used. Computers are an iffy one. Cordless drills are almost a waste of money used, because the batteries go bad, and the batteries cost as much to replace as the drills in some cases. So that's why I say that you should at least consider buying something used. It could be that buying brand-new is better.
We'll see what everyone comes up with for their very, very best money-saving tip!
Hey, since we sell on eBay and our own website, I can certainly agree with this post! 😉
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My best money saving (actually money making) tip is to take advantage of as many 0% APR credit card offers as you can. I should make about 5k this year from them (provided that the money market rates hold up).
Second tip is to sell all of your old stuff on eBay. I made a few hundred bucks last month doing this.
A very good method which I have adopted to make sure that I do not spend money without a cause is to ask myself do I really need want I am about and also seeing whether there is a cheaper alternative which can serve the same purpose,and also when I go grocery shopping is to ensure that I have a shopping list and stick to what is on my list. I also carry out a weekly accounting procedure which will provide me with an indication of how much I have spent and what I have left to spend for the month, but most importantly sticking within my monthly budget.
Join your local Freecycle.org giving group. before you go out and buy something, even something used, why not post a WANTED on your Freecycle? If it's not urgent, odds are someone will have whatever it is to offer you, free of course.
It's also great for getting rid of items, some of which it might have COST you to dismantle, haul, or whatever.
Lately I have started using e-bay market place its a great place fro buying second hand books which I go through quite a lot of. The listings also tell you what condition the products are in and you can pick up some great bargains not just for books.
I agree it's much better to buy a 'nearly new' car also it's cheaper and much greener to keep your car well maintained so it uses less gas and you don't have to replace it so often. Keep the tires at the right pressure and think ahead when you are driving so you can try and avoid speeding up and slowing down all the time. Driving at a steady and not-to-fast cruising speed is more economical if traffic allows.
Definitely go with a used car. A car with 10k miles on it is going to cost at least $5,000 less than the sticker price, though the drop off lessen after that. And your car insurance may actually be cheaper too, since the car holds less value. Thanks for the post!