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Welcome to Debt & Financial Advice |
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Ways to Save Money – Debt and Financial Advice |
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I recently had a conversation about money with my 20-year old niece; to be more precise, we spoke about ways to save money. When I asked her for her money saving ideas, she replied, “If I had any, I would, but I don’t so I can’t.” I took this to mean that she often finds herself short of cash; if she had a surplus, she would consider ways to save some of it. This young woman works 20 to 30 hours per week while attending college full-time. Although she does not earn a fortune, she seems to have sufficient money for clothes, concerts, and travel, so I suspect what she meant was, “I spend on things I want, and when I’m done spending, I don’t have any left to save.”
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Many of us frequently find ourselves in similar circumstances: we pay our mortgage and cell phone bills on schedule; we regularly use the money in our pockets to pay for those special things that enrich our lives; but somehow, we neglect to make a habit of saving money. With this in mind, I did a bit of informal research, trying to uncover relatively painless ways to save money. It turns out this challenge (“Give me three ideas for saving money”) can be interpreted in a couple of ways. As consumers, we can select and purchase goods and services with a more critical eye on savings; and when we succeed in keeping our money in our pockets, we can place it in an account or a fund to make it grow.
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My research uncovered many clever and easy ways to save money every day as we conduct our personal business. It takes a bit of diligence, planning, and determination, but it is possible to come out ahead. Let’s start with a piece of basic advice from several different correspondents: pay cash. Buying on credit is an exercise in instant gratification (you got to take those great shoes home and it didn’t put a dent in your wallet), but eventually, you will pay, and the final price will be higher than the original price of the shoes. So if the item you are buying isn’t critical and you do not have the money in your pocket, wait. Other bits of saving wisdom:
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- Go to the grocery store with a menu and a list. You will purchase items you need to prepare meals and snacks, and you will resist the temptation to buy something just because it’s on sale (be honest with yourself – very few dishes call for bamboo shoots). You’ll save time, money and, in some cases, an extra trip to the gym!
- Purchase store brands. You may be amazed at the difference in cost, and the quality is usually comparable.
- Shop sales. Department stores, big box stores, grocery stores all advertise weekly sales. Pay attention to the ads. And when you visit the store, be firm with yourself – if you are shopping for a new suit on sale, stay away from the shoe department.
- If your grocery store sells gas, use your shopper’s card or points to purchase gas there. It can be as much as a dime cheaper than the cheapest gas station.
- If you can afford it, pay more than the minimum amount on your monthly credit card bill or mortgage. That extra $25 or $50 will add up to savings in the long run.
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Once you begin saving money as a consumer, consider where and how you want to stash it and watch it grow. Most important - start saving now. When you put even a small amount each week in an interest-bearing account, the savings accumulate. For example, if you open a savings account with $25 at 6 percent interest, and you deposit $25 every month for the next ten years, you will have saved over $4,000. When you break it down, that is $6.25 every week; you probably collect that much change from coffee each week! At the end of the day, throw your loose change in a jar; at the end of the month, sort it, wrap it, and take it to the bank. The benefits may be twofold: you will be adding to your financial future, and some people find that rolling coins is therapeutic, like knitting. |
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Thank you to Colleen Morrison for this “Ways to Save Money” article.
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