Purchasing Trends

Track every cent you spend: Never leave a store without a receipt. Carry pen and paper to note the snack you bought from the vending machine. Be sure to note the date, the time which aids in spotting spending trends, the item purchased and its cost.

When you do buy something, use cash or a bank debit card that can be used in the purchase as a credit card: Studies have proven time and again that we spend up to 20 percent less when we use cash than we do with actual revolving credit cards.

Using a debit card limits your spending to cash equivalency. Note if your debit card is automatically incurs a transaction fee: Either avoid that retailer or consider it a cash-only location.

Whole Dollars

Save your change every day. Even if it’s just a few pennies, empty your pocket or purse of every bit of coin in it and keep in a jar. At the end of every week, roll it as necessary and take all of it to the bank to deposit. While you’re there, ask for more free coin roll paper; they’ll be glad to keep you stocked.

Before you leave the bank, enroll in a “round up” program if your bank has it. Any purchase you make with your bank card is automatically rounded up to the nearer dollar, and the change is automatically deposited in your savings account. After only a year in such a program, you’d be very surprised how much that one option can save you.

When you purchase with cash, don’t use the coin change you get in return; pay yourself the same way the bank card program does and add all your daily accumulation to that jar for weekly deposit.

Bulk v Unit

Don’t buy designer water, especially by individual bottle. If you don’t like the taste of your tap water, purchase a filtering system: It’s exactly what many designer water products have done to them, just on a larger scale. Fill your empty plastic bottles with filtered tap water and refrigerate. For a refreshing change of flavor, you can add a few drops of lemon juice, unsweetened kool-aid or other low-calorie flavored powder. Every time you pull out and drink a self-filtered water bottle, pay yourself the dollar you just saved. Even allowing the filtering cost, that’s about how much you saved by bottling your own. (You can even use those designer bottles to fool your friends. We won’t tell.) Just be sure to pay yourself that money and not the retailer!

Buy soft drinks by the case. If you like it enough to buy it singly, save money and buy it by the case, which is cheaper per unit than even a 6- or 12-pack. Pay yourself the per-unit price every time you save on the full case. Ditto, any single unit-versus-bulk unit purchase, like cigarettes. Whenever you guy a carton instead of a single pack add that $5 difference to your deposit jar.

Multiple-Level Savings

For every day you either walk, ride a bike or take public transportation instead of driving your car, pay yourself $1. That’s the least you’ll save on gas and still allows for the bus fare or new tires for the bike or a new pair of walking shoes once a year.

Contact your insurance agent and notify him of your reduced vehicle use and mileage: Pay yourself the difference in auto insurance premiums. Consider raising your deductible to further reduce your premiums. Then first pay yourself that deductible difference to ensure you have it always available, then pay yourself the additional difference in premiums.

Once each quarter pay yourself an extra $25 for the oil change you didn’t need, $25 for the brake adjustment you didn’t need and $25 for the antifreeze, windshield fluid and tire tread you didn’t use.

Sharing and Teaching

Be sure to let others know how your savings master plan is progressing. You don’t have to tell them exactly how much you’ve saved—they may ask for a loan if they knew, but if they’re interested in learning how you’ve done it, pay yourself a $50 bonus as a referral fee.

Even if they want to car pool instead of taking public transportation, it counts: Regular, reliable ways to save money is the key. Perhaps alternating weeks of driving and riding or simply contribute to a fuel fund if one prefers to drive often would work. So long as all people involved in the car pool agree, and expenses are reasonable per person—and you spend less than you would driving yourself, pay yourself the difference between independently driving and car pooling expenses.

Summary

These five easy ways to contribute to your savings account only touch the surface of possibilities. Each time you think of an idea, pay yourself a $10 bonus, then each time you use an idea, pay yourself for your brilliance: Consider it a royalty payment!

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1. Not opening the bills. This is a potentially disastrous way to handle bills, with late fees costing you money and your credit rating. Even if you only pay bills twice a month, be sure to open mail as it comes in and organize it by date to ensure deadlines are met. Additionally, opening mail will also allow you to quickly resolve any erroneous charges or other issues that arise on your bills. Even if you know you don’t have the money to pay your bills, not opening them will not solve the problem.

2. Not having a flexible budget. Maybe you have a budget that you plan to revise it in a few months, once you get the car paid off. That’s great – it is necessary to budget for short term goals, especially if you’re saving up for a large purchase or paying off a debt, but don’t forget the big picture. You should also have a plan for the foreseeable future and beyond–retirement planning, home purchase, starting a family. Planning today may eliminate higher, unexpected costs later.

3. Overdoing a Carpe Diem! attitude. This great phrase has led to many good and many bad decisions over the years. While you must enjoy the life you have now, do not seize today so much that you are still paying for it next Christmas. Impulse buys, trips, and other “me” items should be paid for in cash, based on a specified allotment you give yourself. Once your monthly cash is gone, the spending stops and so does your fear of opening the credit card bill next month.

4. Seeking the quick money. Are you attracted to get-rich-quick plans, such as day trading or high risk investments. Yes, you may earn money…but more often than not, you will lose whatever you put into it. Be sure to research whatever investments or financial deals you make and know the risks…and never put any money into this type of venture if you can’t afford to lose it. The same goes for playing the lottery, bingo, and engaging in any kind of gambling.

5. Being clueless about your spending. If you’ve ever taken your wallet out at a register, had no cash, and couldn’t remember where you spent it, then read closely. You need to track your money so you know where it goes and who gets it. One of the easiest ways to identify financial bad habits is by tracking your spending. Track all expenses for one entire month—this means everything from your morning latte and lunch with your coworkers to your rent and vehicle expenses. At the end of the month, review your expenses and you’ll be amazed at what you find.

6. Overvaluing your Rewards card…Yes, those ever-popular rewards credit cards may be great for earning trips and free hotel stays, but did you know that the average Rewards-based credit card has a 2% higher APR than other cards? Also, economists have noted that people may increase their spending and use of the cards as they get closer to rewards they want. So, if you typically pay your card off at the end of each month and you view the rewards as an unexpected bonus, these cards may be great for you; but beware of your interest charges if you carry a balance from month to month.

Regardless of your financial situation, talking stock of how you spend money will reveal some surprises. You can then make an action plan to make changes in your behavior. If you put your plan into play, reevaluate in six month. You will very likely find that your financial outlook is different, you are more aware of your finances, and you have more money to spend.

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Well, don’t worry! There are many things you can do to save money on groceries. And thankfully, you don’t need to look forward to living off of rice, beans, and cup-of-soups. By following these five tips, you can help to save a substantial amount the next time you visit the grocery store.

1. Plan ahead

Planning ahead can have a huge impact on what you spend at the grocery store. Instead of visiting the store every few days, when you decide at the last minute that you want this or that for dinner, plan the entire week’s meals ahead of time and commit yourself to only visiting the grocery store once a week. When you go to the store for last-minute food, you may end up spending more than you need to—or should!—by purchasing “convenience” foods.

To avoid these types of last-minute woeful decisions, sit down at the beginning of each week and write out a meal plan. Decide what you will eat for breakfast, lunch, and dinner each day, and determine what you already have lurking in your cabinets and what you need to get at the grocery store. This will help reduce impulsive spending that can put a serious hurt on your bank account.

2. Keep a grocery diary

It may sound tedious, but by keeping a grocery diary, you can really have a good idea of where your money is going. For at least thirty days, write down every single cent that you spend on food and drink—as well as anything you purchase at the grocery store such as trash bags and tissues. Most people will find that they really aren’t as frugal and cost-conscious as they think they are. We often spend money on sodas and snacks throughout the day that we really don’t need. When you have all of the figures in front of you, you’ll be able to see exactly where your grocery money is going—and be able to be more conscious of what you’re spending in the future.

3. Love your dollar store

Grocery stories worldwide will hate us for saying so, but dollar stores can be serious money-savers when it comes to common grocery items. Your local dollar store carries many grocery staples that you’ll end up buying at a much-more inflated cost at your local grocery store. For example, browse your local dollar store for trash bags, sugar, coffee, milk, toothpaste, toiletries, and household cleaning products. Be sure to compare the items with your local grocery store to ensure that you really are saving some money. A smaller box of trash bags may be offered at the dollar store for a cheap price, but a larger box (at a more expensive price) offered at the grocery store may make more sense in the long run.

4. Don’t shop when you’re hungry

Going to the grocery store on an empty stomach can be the worst decision you can make as far as shopping goes. Your growling stomach will be sure to call you to various foods, and you’ll undoubtedly make several impulse buys that will end up tacking on a good mount of money on your grocery bill. If you absolutely have to go to the grocery store while hungry, be sure to bring a list for what you need to buy—and only stick to your list! Don’t allow yourself to browse the cookie aisle if you’re in no need of them.

5. Don’t throw away leftovers

Even if you only have a small amount of food leftover after a meal, throw it in a plastic bag or container and save it for a snack. Keep in mind that every time you throw away food—no matter how small of an amount—you are throwing away money that you worked hard for. Often, leftover foods can be used for soups, stews, casseroles, or stir-fry. You’ll find that your creativity will go wild using up those leftovers!

These are just five ways to cut down on grocery spending—and they’re sure to work!

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Katrina Robinson is a guest writer who typically writes about ways to save money on car insurance as well as ways to live frugally without sacrificing too much.

Grocery Gouging
It is safe to say that the grocery store is an area where we tend to spend the most money that we don’t need to every month, particularly since, for most families, the grocery bill is the highest non-fixed expense. There are many ways to save money at the grocery store, potentially cutting your bill by up to 50% or more!

• Grocery shopping starts at home: plan out all meals for the week and go spelunking through your drawers and cupboards for the necessary ingredients. Any items that you do not have, but will need for that week’s menu should go on the list. Take this list to the store with you and STICK WITH IT: No impulse buys!

• If you don’t clip coupons, it’s time to start now. While the Sunday Press may seem like the best place to find coupons, there are more places than ever before to obtain these little savings miracles; the internet is teeming with coupon sharing sites and social media that are focused solely on getting you coupons. Before the next shopping excursion at your local grocery store, search online and through the paper for coupons that are on your shopping list.

• Buy generic, off-brand items instead of brand names. You will save money, and will often be using the exact same product as you would have had you bought brand name.

• Leave your kids at home when grocery shopping. Children are great at running up a grocery bill by adding additional items to the cart. And it’s much easier to say no to yourself, than to your kids.

Utility Understanding
Think about your last utility bill…

Was it higher than you thought it would/should be? If so, then you are among the majority of consumers who have seen huge increases in their utility bills due to steadily rising energy costs. There are many small steps you can take to reduce your energy costs and subsequently lower your utility bills.

• Replace your light bulbs with compact fluorescent ones. One fluorescent bulb has a lifespan 13 times that of its incandescent cousin. Plus, fluorescent bulbs use 75% less energy, which will translate into savings when you receive your next electrical bill.

• Energy experts suggest setting your thermostat at 78° F in the summer and 68° F in winter. While these temperatures are uncomfortable for some, wearing extra clothes or using a fan to add comfort to these temperatures can cut your energy bill by 3% per degree. Thus, if you normally have your thermostat set at 70° F in the winter, you can save $6 a month by making a two-degree change.

• Insulating your attic is the easiest and most effective step you can take to lower your utility bill. Those who have done so reported savings of up to 15% on their utility bill due to less use of the thermostat caused by the trapped heat.

• Unplugging all appliances that are not in use can cut your electricity bill by as much as 5%. Even though they are “off,” these household items still suck a small amount of electricity just by being plugged in.

Fixed Bill Bumbling
Some of your fixed bills like your mortgage, car payment, and insurance premiums stay relatively fixed with little wiggle room to change them. However, since now you are being proactive, there are some things you can do to cut these costs a bit.

• Refinancing a loan can not only cut your interest rate significantly, but can also lessen your monthly payment.

• Examine your fixed monthly bills and decide if any of them can be lessened:

o Cable TV package

o Cell phone plan

o Gym membership

o Netflix

Saving money is a lot like riding a bike: Once you learn how to do it, you will never forget. However, it is up to you whether you ride the bike at all, or leave it in the garage to eat up more of your precious, hard earned money.

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Cynthia Waverly is a stay-at-home mother of two and regularly writes about personal finance, specifically the power of coupons. Aside from freelance writing and parenting, Cynthia enjoys making her way to each of America’s wonderful national parks.

A general rule of thumb is to have enough money saved to cover your daily living expenses for at least three to six months in the case of job loss. That will keep your head above water while you are out searching for new employment. You just know the day you get laid off will be the day the refrigerator decides to call it a career. Add to that a figure that might cover an emergency home repair or hospital visit. It is hard to predict just what may occur and what it will cost, but a well thought out estimate will help you decide how much your fund should be.

Once you have established the minimum of how much your fund should be, it will be necessary to fund it. Just saying you are going to do it will not do you any good if an emergency arises and your account is empty. It might be wise to have several hundred dollars in cash at home. That gives you something until you can get to the bank to get what you need. Do not hide your cash under your mattress or in the freezer. When on the hunt for quick, easy cash, those are the first places where a crook will look. I would tell you where I hide my emergency cash but a crook might read this and know where to look.

Open a bank account and deposit something into it regularly. Even if it is only a dollar, at least it is something and it will add up quick. Throw your change into a jar every night and once a month take it to the bank and turn it into currency. Put some or all of that into your cash fund at home. If you have the opportunity for overtime perhaps ear mark some of that money to your emergency account. If you hit the lottery for a few bucks, think about saving some of that for a rainy day.

When your bank account has a reasonable amount of money in it, you may consider investing a small portion of it. If you can find a high interest bank account, open one. Just be sure you do not tie too much of your money up in an account you may not be able to get too quickly.

When your emergency fund is at the level you want it to be, maintain that level. You may decide to keep adding to it but at a slower pace. If you have to take something out, be sure you put it back in.

1. Eating out.
I know. You’ve heard it before. Eating out frequently is one of the most commonly cited money-drainers. But this is so for a reason we love to eat out. But as anyone knows, eating meals at restaurants on a regular basis is more than twice as expensive as dining in. Still, if you want the restaurant experience, and you don’t feel like cooking, a good option is to pick up ready, freshly made, family-style dinners at grocers like Whole Foods. It’s cheaper and healthier than going out and you don’t have to cook to enjoy something tasty and balanced.

2. Going to the movies.
While the cinema is a great social experience, it’s also a costly one. Adding up ticket prices, snack prices, transportation, and parking, the total comes out to a price that’s simply not worth it. Never fear, however. You can still have the full movie experience without going to the movies. All it takes is a little effort. Most movies in theaters can be found online for free. Once you’ve found your flick, get a PC or Mac TV adapter and plug the computer into your TV. Invite some friends or your sweetheart over, throw some popcorn in the microwave, and voila! You’ve got the cinema experience without the hefty price tag.

3. Bottled Water
Although a seemingly small percentage of your weekly expenditures, paying so regularly for such a basic necessity quickly adds up. What’s more, there are millions of bottled water varieties, some of which are outrageously priced, that make empty marketing claims to draw customers. Artisan water, flavored water, imported water from abroad you name it, it’s out there, and it’s out to drain your pocketbook. Tap water is perfectly healthy, it’s free, and if you buy a filter, it can taste just as good, too. Filtered tap water is a great alternative to its bottled counterparts, and it’s better for the environment, too.

4. Snack-sized packages.
Is there a difference between 12 baby carrots in an individual-sized package and a bag of carrots in which you take out 12? Not really, except the price. These little fun-sized, portioned snacks are way pricier than their alternatives, and they don’t really add that much convenience to your life. If you think that maybe you’ll lose some weight if you buy everything that’s already apportioned, think again. A new study indicates that those who purchase 100-carolie packs of snacks only end up eating more, not less. So do yourself a favor and skip the ad claims of convenience and easy weight loss. Buy in bulk and you’ll see how much you end up saving on what amounts to the same thing.

Don’t get me wrong accumulating money is successfully accomplished by mindfully setting aside funds each and every month, by investing, and by making wise decisions about your career. At the same time however, it only takes small leaks to sink a big ship. By being aware of smaller expenditures that you don’t realize you are spending so much on, you can make saving money a much easier and relatively painless process.

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This guest post is contributed by Angelita Williams, who writes on the topics of online college courses. She welcomes your comments at her email Id: angelita.williams7 @gmail.com.

Psychology Today recently published an article that discusses studies indicating that we tend to spend more when we are in bad mood. When we are feeling unfulfilled, we seek to fill the emptiness by engaging in different behaviors. Spending is the most common behavior, simply because unlike drugs, excessive drinking, or other risky behaviors, spending money is perfectly legal and does not carry the same sort of social stigma that the former behaviors do.

One study cited in the article was headed by a Harvard professor of public policy and management, Susan Lerner. In the study, a group of test subjects viewed a sad film about a dying boy’s mentor, and another group of participants viewed a neutral film about the Great Barrier Reef. At the end of each movie, the participants who viewed the sad film reported that they would be willing to spend 30% more on a highlighter set as compared to the group that watched the neutral film.

In light of this evidence, it may be good to seek to be aware of your mood before going out and being in situations in which you’d be spending. Just like it’s a bad idea to go to the grocery store when you’re hungry, it’s a bad idea to go shopping when you’re feeling down.

Another way to curb spending habits is to think about other areas in your life outside of finances that could use improvement. For example, if you are unsatisfied with your job, if you feel as though waking up in the morning and just the thought of going to work puts you in a bad mood, taking the time to consider and achieve a career switch could give you the forward momentum you need to get out of your rut. If you aren’t yet ready for a career change but want to work on something that drives your passions, take up an old hobby that you’ve let slide, whether it’s a playing an instrument, cooking, or simply reading more.

Another area in which people commonly can stand to improve is in their relationships with friends and family. Think about a friend or family member whom you’ve lost touch for a while, and give them a call or write them a long email update. Simple communication with loved ones is often a great way to enhance our mood and overall well-being.

Taking the time to actively combat bad moods before they get the better of you will in turn increase your day-to-day satisfaction. When you are more satisfied with your life overall, you’ll feel invigorated to put more energy into your work and relationships instead of wasting your time and money on spending. Even though it may seem far-fetched that simple mood enhancement can save you money, think about it the next time you buy something you don’t need, and note how you feel. You’d be surprised by how a little self-improvement can go a long way toward building your nest-egg.

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This guest post is contributed by Roger Elmore, who writes on the topics of hotel management degree. He welcomes your comments at his email Id: rogerelmore24 @gmail.com.

Going green is not at all difficult. It consists of simply going through some practices and, even simple sacrifices, which would not largely alter one’s life. If it could change one’s life, it is in fact for the better.
Going green saves money. And to prove it, let us look at some of the basic practices we can use in our daily dealing that will not only help the planet, but will also help our pocketbooks.

First you should switch off the light when not in use. Electricity is energy. And when we save energy, we save the environment because we are saving the harnessing of more energy which would entail more usage of environmental resources, could be water, wind, heat and etc. Reduced monthly bills on electricity dues will naturally result.

Lessen the use of paper towels or totally give it up. This may prove to be a challenge to a lot of us. But it is not that life and death-difficult. This is because there are just so many earth-friendly alternatives. Using clean rags or reusing old, torn clothes will be the easy trick. This way there will be less paper to use, less trees cut down and therefore more green to the earth. Plus, you will not have to buy these towels.

Use reusable bags. Ditching the plastic grocery bags and even paper bags, even if they are recycled, will save you money. There are grocery shops now that provide the incentive of earning some points if you use reusable bags. Aside from that, there are also moves to charge extra for any additional plastic bags. Plastics are not all friendly to the soil where they settle in the long run because they are not biodegradable.

Shop for second-hand goods and sell or donate your used goods too. This will create a cycle that will simply reduce the need of manufacturing new things, amounting to additional prospective garbage. Second hand are always cheaper than brand new too. Because if you really think about it, everything will get old anyway and soon, you will be changing things again, right?

These are just some basic but very easy going green tips and at the same time money-saving exercises.

One of the most effective tips to save money that anyone can offer is to create a consistent money-saving plan for every paycheck you receive. Putting aside twenty or thirty percent of your earnings immediately into your savings account will give you a basic amount of money saved every time you receive payment. Set a percentage as soon as possible and try to use the accumulating total only for emergencies.

Nowadays, many people praise the use of energy-saving light bulbs and other resource-conserving items. You can save money on your electric, gas, and water bill just by cutting down on how much of these resources you use. Switch to eco-friendly light-bulbs and heaters, and don’t forget to turn off the water and the lights when you don’t use them. Just by performing simple tasks like these will save you a surprising amount of money on your next bills.

Be sure to plan carefully at all times before making purchases. It is important to limit how many impulse buys you make if you want to save money in the long run. Consider the purchases of luxury items carefully and determine if it’s really a necessary buy to make. A little research goes a long way on purchases, especially ones that will cost you a significant amount of money.

One of the trickiest but necessary ways to save yourself money is to stay out of debt. By paying off any loans that you may have now (student loans or home mortgages) you will guarantee peace of mind for the future, where you won’t have to worry about the debt of those loans growing and eating away at your saved funds. Buying insurance and setting away money for use under the specific conditions the insurance provides is also a great way to save yourself money. Always prepare for the future now to not concern yourself with it later.

These are just some of the many ways you can save money. By keeping in mind these simple tips, you’re sure to see a growth in your bank account within the first few weeks.