Being so concerned about what's going on in the economy, we're trying to be very wise about every dollar that we spend in order to save every dollar that we don't spend. In November, we began seriously cutting things back and here's what we were able to do:
Satellite - cut back to the bear minimum - saved $50/month - $600/year
Home phone service - cut back to the bear minimum (our Internet service is through the phone line, so we have to have the minimum) - saved $20/month - $240/year
Eating out - (this is huge). We were spending around $400/a month eating out. We've cut that to less than $100/month - so a $3600 savings over a year! So, if you ask me out to eat, and I say I can't...this is probably why. We usually limit eating out to once during the week (with a friend or something) and once together (if event that)...we just eat at home most of the time now.
Buying stuff - you know, trips to Target or Walmart, where you just see stuff that you like and buy it? I was unknowingly spending about $100/week on stuff like that. I've cut that back to NOTHING. I just don't do that anymore. That saves $400/month and $4800/year
Diapers - Starting to use the cheap ones - Saves $40/month - and $480/year.
Formula - Switched to the store brand (asked pediatrician about this and she said it was fine). Saved $40/month - and $480/year.
Childcare - Changed from Daycare to in home care. They get amazing care now and save $3000/year.
We also do stuff like turning the heat off while we're not at home during the day. Making sure EVERYTHING we're not using is unplugged. Saving on our electric bill has been huge.
That's over $13,000 in savings over a year. EXCITING!!
Now, we're working on re-financing our house with a better interest rate. Unfortunately when we were getting close to finishing the interest rate rose quickly with all of the Fannie Mae and Freddie Mac stuff going on. So when we locked in, interest rates were at 6.5%. Now they're around 5.1% or less - so great time to refinance and save even more.
What are you doing to save? I'm open to some things we haven't thought of!