Top 10 Money Saving Tips We Made

More than one year has gone by since my family and I migrated here in the US. Here are the Top 10 Money Saving Tips which we employed during our first year of stay:

1) We bought second hand family cars. Our first car was paid in cash from the money we acquired selling our cars in the Philippines. The remaining money was used to pay for our second car with the balance costing us $100/month payable in 5 years, interest-free from a loan made with a relative. To date, that is the only loan we have.

2) We rented a fairly new 2-bedroom apartment. We saved a lot in terms of energy consumption, maintenance and even start up furnishings. We get to use the gym (which is surprisingly well-equipped) and swimming pool for free. I think it will take a lot of convincing for me to decide to purchase a house. There is too much freedom derived from renting.

3) We paid our credit cards in full at the end of each billing month. We saved from paying hefty sum in interest rates. It taught us the discipline to live within our means. We only buy stuff that we know we can pay with our available cash. Within six months, our credit rating improved, from a no-credit history to a credit score of 750 (excellent). It also helped that we got an extension credit card a year ago which got us approved immediately by the same credit card company. The other credit card companies simply rejected us because of no-credit history on record.

4) We set aside at least 10% of our income for savings through the 401k. In less than a year of being employed, we've accumulated a savings of at least $4,000. We set aside another 5% for cash savings which we can access in times of emergency. Despite the fact that our annual income is just $40,000 - $50,000.

5) We bought all our furniture and appliances using our credit card to earn points and paid for it with the cash we earned from selling our stuff when we migrated. We bought most of our furniture from Ikea which made everything affordable, at the same time elegant and presentable.

6) We registered as parishioners where our kids were enrolled so we were able to avail of the discount and subsidy of the parish and still got a Catholic education for our kids.

7)We gas up our cars in Sam's Club where it costs $0.10/liter less than the going rate of the cheapest gas station in town.

8) We make good use of the public library. We avail of freebies and discounted rates offered by amusement parks and zoos which gets published in the free magazines in the public library. We borrow books, magazines, DVDs and CDs in the public library also. It's surprising to see updated copies of these, free for the taking.

9) Our cellphone plans are extensions of our relative's plan which in turn are needed in their work. We pay our minimal share of less tha $13/month while their rate is being paid for by the company they work for.

10) We buy stuff from thrift shops and discount stores like Big Lots, Dollar Tree, Gabriel Brothers and of course, Walmart. For non-perishables, we go for bulk purchases in Sam's Club. For perishables, I've learned that buying in small quantities is better because I just threw out 3 grocery bags of expired perishable products from my pantry recently. For rice, it is cheaper to purchase it in sack of 25 lbs from an international or Asian store which may be a long drive for most. So visiting these specialty supermarkets every quarter is an added treat without being expensive. We buy fruits and vegetables from a farmer's market and I usually blanch(immerse in boiling water for a few minutes) most of the vegetables to stop enzymatic degradation and put these in the freezer. That way, I don't get rotten veggies simply because I did not have the time to cook. We purchase chicken whole and I chop and segregate the parts before putting it in the freezer. Meat is also cheaper purchased in bulk from Sam's Club. I just chop it to desired cut and put it in small packages before freezing.