SofaCoins: get a money saving tip, save a buck. Why not?

Where to put your money....

So, I've been talking alot about sneaky ways to get the most out of your dollar, and occasionally I will mention where I think the best place is to put that extra money might be.  Of course (of course!) this is assuming that you have money to invest, which means you have an ample amount of savings (at least three months' worth of living expenses), you have ZERO credit card debt (as we've all agreed you're not making any money if you're paying 18% on credit cards and fees), and you have money left over.  Should you just keep banking it, with APYs on savings accounts falling on a daily basis?  

 

Here are a few things you could do, if you are so inclined.  Actually, these are just some things I am doing-- do not take this as me giving you financial advice-- just passing on information.

 

--Dollar Cost Average by buying stock for cheap.   I know, people are scared of the stock market right now, and it definitely is not the place for you if you can't afford to keep your money in there for the long term.  But, for stocks you already own, this might be a good time to get your Dollar Cost Average down by buying some more of it while it's cheap.  Right now I'm reviewing my portfolio to see if there's anything I bought in 2005 that I can supplement, and I'm focusing mainly on concrete things like consumer staples and energy, just because I think those things are going to keep being used in the future.  To answer your next question, no, I am not applying this philosophy to financial institution stock-- I have some of that I'm holding, and for now that's all I'm doing with it.   If you want to learn more about stocks, I would highly encourage you to visit the Motley Fool's excellent "Fool's School," which is where I started my investment knowledge journey.

Book Strategies...

This probably won’t totally surprise you since I’m a writer, but bookstores are probably my biggest vice.  I love hanging out in Barnes & Noble, and used to always walk out with more books than I could possibly read all at once.  I know some people’s main vice is expensive shoes and/ or purses (and that’s cool too, as long as your budget can support it and you’re being smart in other areas), but I think it’s safe to say that the majority of my “fun spending” goes toward books and clothes.

Here’s the strategy I’ve come up with to keep myself from going nuts at the bookstore:

1. Become a Barnes & Noble member (it costs $25 for the year, but it saves you 10% on everything including magazines.  Let’s put it this way—last year I saved $150 by being a member, so it’s totally worth it if you love the bookstore as much as I do).   If I’m a member, I can at least keep myself from paying full-price retail for books (ouch!).

2. Make a book list.   You can only read one book at a time (or maybe two), right?  That gives you time to put the book pile down, go home, and order the books from Amazon.com.  I try to limit myself to maximum two purchased books at the bookstore, then order off the Amazon list when I’m done with those.  Impulse book buying is no good!

3. Swap It!  Did you know there’s an awesome website called PaperBack Swap, where you can trade books with other members for just the cost of postage?  Yeah, it sounds awesome,  and I think you should totally join.  I just did. 

4. Become familiar with your local library.  Hey—remember the library?  Well, chances are the one in your town now has Wi-Fi, and DVDs, and audiobooks.  Mine does.  They might even be able to order some new titles for you, if you’re willing to wait a little while to get them.  So, right now, pull up Google if you don't already know where your local library is located.