The ABCs of Saving Money

Saving money seems like a daunting task, but really, it is as simple as the ABCs.

The ABCs of Saving Money

Here are the ABCs of saving money.

• Avoid phantom energy usage.
If your energy bill is high, look for items using phantom energy. Items that are plugged in but not in use (toaster, coffee maker, hair dryer, TV, chargers, etc.) use energy even if they are not in use. Consider unplugging these devices if you are not actually using them.

• Bring food from home instead of eating out.
Eating out is typically twice as expensive as making your own food, and you can save money by taking your lunch to work or for a day of errand running. When you eat out, you are paying for convenience- not necessarily quality.

• Cashback Programs
If you are already shopping online, join a cashback program to save money you would already by spending. Consider sites such as Ebates.

• Do work yourself.
If you can perform a task yourself, do it. You can save money by taking your time to fix the problem yourself, but if you are not familiar with an area, do research first or consult a professional.

• Establish a saving regimen and stick to it.
A saving plan only works if you are dedicated enough to use it. No cheats, no exceptions, no excuses. Just saving money.

• Find the clearance section.
Clearance sections are typically where the best deals are. From clothing to electronics to food, most stores have one, and you should do a quick glance before checking out.

• Generic is often the same.

Don’t be ashamed of buying generic products. In most cases, the items are made in the same location as name brand products but simply have the store’s label on them.

• Have a side job.
With technology at your fingertips, you can find a side job doing literally anything. From a virtual personal assistant to freelance writing to selling products on a crafting side, so many options are available, and you could use this money to pay down debt or for savings.

• Itemize your food.
Before you go to the grocery store, take the time to actually look at what food you need. There is no need to purchase throw out food simply because you did not use it before it expired.

• Join groups to swap services or products.
Check for groups in your area that will swap services like babysitting or products like clothing or books. You will be able to save money and could make friends in the process.

• Keep it simple.
Every room in your house does not have to be fully furnished and your closet does not need to last you 3 months without repeating a garment. Build up over time and as money allows.

• Loyalty Programs
Most stores have loyalty programs that include discounts, incentives, and free merchandise. Join every loyalty program you can.

• Maximize your debt payments.
Instead of simply making the minimum interest payment each month, try to hit the actual payment (if not more). By paying your debt faster, you will be able to avoid spending money on additional interest.

• Never buy items without comparing the price first.
Comparison shopping is so important when making large purchases such as electronics, furniture, and vehicles, but it is also valuable when you are shopping for everyday items. Many stores will price match, and Wal-Mart has a savings app that scans your receipt and gives money back on products for lower price at competitor stores.

• Overdraft Fees.
Avoiding overdraft fees is a simple way to save money. Frequently check your balance, and do not spend more money than you have.

• Plan out your driving.
Before starting out, make a list of all the places you need to visit that day. You will be able to coordinate driving which will avoid double backing and save gas money.

• Quality over quantity.
Buy well, buy once. Instead of paying a cheaper amount for 2 items that will not last past a few washes, it is more efficient to pay more for an item that will last a few years.

• Roll your spare change.
Even pennies have a purpose and make a difference when you are saving money. At the end of the day, place all of your change in a jar and watch the money start to pile up. When the jar is full, roll your change (or take it to a counting machine), and you will be surprised by the amount you collected.

• Shop secondhand.
Secondhand and consignment stores are full of treasures at discounted prices. You can often find high-quality, designer items for only a fraction of the cost. Furniture, clothing, and books are great items to find at secondhand stores.

• Track spending habits
An effective way to save money is to track your spending habits to see where your money is spent. After determining your spending habits, you will have a better hold on your finances and can help set a realistic budget.

• Utilize resources.
Most cities have a variety of free or cheap resources such as the library and community centers that offer entertainment options, classes, and more.

• Value homemade over store-bought.
Consider making homemade products such as laundry detergent, cleaning products, and most food items. You can often buy supplies in bulk which will lower the price, and if you make the products, you can control what ingredients are included.

• Weatherproof your home and vehicle.
Before each season change, check your home and vehicle for small issues that can be easily repaired before they escalate into large, money-sucking problems.

• Xplain the purpose of saving money to your children.
Children learn from their parents, and saving and spending habits are no different. From a young age, start teaching your children about the value of saving money.

• Y (Why) do you need this?
Ask yourself this question before every purchase. Every dollar spent should be for a purchase that holds true value and is not an impulse decision. If you cannot use the item several times, put the item down and walk away.

• Zip up your wallet.
The best way to save money is to not spend money. Take time to avoid any spending other than necessities and watch your savings add up.

Samantha handles media relations for Caliber Collision, and in her spare time, she enjoys making a difference in her local community by volunteering with several non-profit organizations.