Penny Saved Penny EarnedWhatever your financial goals are in 2012 — whether it is to become debt-free, create an emergency savings account, or buy a mountain cabin — your grandma's advice still holds true. A penny saved is a penny earned. Every single time you save money on something you need, it's as good as earning the same amount of money with your labors.

Saving money on purchases is a great way to increase the bottom line. First, look at the biggest ticket items in your budget. They hold the greatest potential for big savings. How can you save on those?

Mortgage: refinance at a lower rate

Insurance: define exactly what coverage is beneficial and compare carriers, switch if it makes sense (and cents!)

Food: prepare more meals at home and from scratch, use price matching and (double) coupons

Consumer goods: identify needs versus wants, compare prices online to get the best overall deal

Whenever I find a great place to shop at a discount, I let you know about it. I recently found some nomorerack reviews and think this is another source that has great potential.

Every day at noon (Eastern time!), they post new one-day deals. You have the opportunity to buy a few items at big discounts. Once they sell out, they are gone. They get their merchandise from overruns, overstocks, closeouts, and cancelled orders so the discounts can be significant. Everything is brand spanking new and shipping is a flat rate $2.00 per product. (Shipping is to US addresses only.)

nomorerack also has a feature called FriendRack. By inviting your friends to join the site, you earn free products. You use a unique referral code and encourage your friends to use the link to go to nomorerack and register. Your friends don't even have to buy anything to help you on your way to free stuff. That's better than almost any affiliate program out there. Product brand examples are: Apple, Canon, Cuisinart, Sumsun, Panasonic, Sony, LG, Disney, Motorola, etc. Real quality products that you can get without paying a penny.

As always, caveat emptor. While I have read some nomorerack scam articles, my own research has given me a positive impression.

As I write, here are some nomorerack deals I was able to compare head to head:

Rococo Glamour Gloves

$5.00 at nomorerack vs. $7.99 to $9.15 elsewhere

Ted by Ted Lapidus Eau de Toilette and After-Shave Set

$17.00 at nomorerack vs. $19.00 to $26.24 elsewhere

Reversible Bucket Hats

$5.00 at nomorerack vs. $12.99 to $16.95 elsewhere

Silicone Calculator iPhone Cover

Free at nomorerack vs. $3.84 to $4.99 elsewhere

Significant savings!

I'll be checking nomorerack regularly to see what products might be on my must buy list. If I can get them at a savings, that's more money to put to my other financial goals.