How to Save Money and Live Well
Woman putting coin in purse
As the world economy slows, people need to look for ways to do more with less, Oprah Radio host Peter Walsh says. He shares creative ways to save money, help others and declutter all at the same time.
Woman holding up sweater
Make a little money from all the stuff that's lying around. Designer-label clothing and shoes, musical instruments, collectibles, sporting goods and even car parts can all generate a good amount of money on online auction sites or in consignment stores, Peter says. "Drag it out and make a few dollars—every little bit helps," he says.
Girl in prom dress
Do a little good with your clutter. "Across the country there are wonderful charities that will take specific items and find a great use for them," Peter says. Whether it's an old prom dress, business suit or pair of eyeglasses, your old clothes and accessories can help others in need, he says. "What's clutter to you can be life-changing to someone else," Peter says. "Turn your clutter into a good deed!"
Stack of magazines
Enlist the help of the whole family and collect every magazine and catalog you can find in the house, gather them in one room and arrange them into piles. "As a family, decide what magazines and catalogs you just don't need or read anymore," he says. Go online or call to immediately cancel the subscriptions. "You'll be amazed at how easily you can save some money here," Peter says.
Group of people talking
Chat with friends and neighbors, and figure out how you can save a little money by pooling your resources together, Peter says. Organize a neighborhood DVD library so everyone can borrow movies. "It's a great way to save some money, meet your neighbors and save the price of a movie and crazy-expensive popcorn," he says.
Two women grocery shopping
Organize a few friends or family members for a shopping trip to a warehouse or wholesale store that sells items in bulk. Before you leave the house, make sure you have a list of things you really need, and only buy items that are on the list, Peter suggests. "No bargain hunting or spontaneous purchases," he says. Divide the bulk items into containers and resealable plastic bags for each family. "Enjoy the knowledge that you don't have to find a use for the 4-gallon jar of mayonnaise all alone!" Peter says.
Woman volunteering at a blood drive
Donate some time to a good cause, Peter says. "Dedicate the time that you used to spend shopping to working for a charity or cause that you support," he says. "A little of your time can make a huge difference in people's lives and make you feel a whole lot better in the process. 'More with less' isn't just about hard cash—it's also about stocking up on good deeds and helping others less fortunate than yourself."
Family baking holiday cookies
Peter stresses experiences over stuff. "This holiday season, instead of rushing out to buy more things that no one really needs, consider agreeing as a family to give a little less and enjoy each other a little more," he says. Organize a family get-together or outing that celebrates the spirit of the season, not the flexing of your credit card.

8 practical and achievable steps to declutter your finances