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Another way to save is to invest in a black and white laser printer. If you watch for them, you can find them for under $50. Here are various examples:
http://www.spoofee.com/index.php?section=search
Laser printers use powdered toner rather than liquid ink. The toner cartridges can cost as much as $60, but one usually lasts us over a year. We figured out how to open one up, so now we just buy the cheapest toner we can find (around $30) and carefully pour it into the old cartridge.
In Windows, you can have multiple "printers" established (yes, even multiple of the same printer). Once you have them established you can tweak each "printer" to have not only the settings you want but you can name it as well. I have several for my Deskjet, one of them is set to B&W and Economode, one is set to color, etc.
That way you can simply select the printer and get the thriftiness you want without going through all the extra screens everytime you print.
You can also buy a refill kit for most of today's cartridges for about 9 dollars ... I think Nu-Kote makes the ones at walmart..the only ones that I have found that you can not refill are some of the Dell Printers... Just write down the cartridge # next time you go to the store and see if your's is refillable...It really isn't that hard to refill them, they come with instructions.
You can also use 'Fast Draft' mode and save even more time and ink. If you are only printing text, the difference is pratically unnoticilbe. Also, never pay more for specialty 'Inkjet Paper'. I use regular photocopier paper and it works perfectly and is MUCH cheaper.