How to Celebrate National Savings Day 2020

October 12th is National Savings Day. While we should always be making efforts to save year-round, this holiday is a great way to spruce up your knowledge on savings techniques and find new ways to save a few dollars. Take a look at some of our tips and see what you can incorporate into your budget and savings plans. 

Clip Coupons!

Yes, we’ve all heard this one before, but nowadays people tend to toss those coupon mailers into their recycling bins as ‘junk’ before even looking through them. Digital coupons are awesome and a great way to save money (and trees!) However, there are many coupons in these mailers or free pamphlets you find at the grocery store that aren’t available digitally. If you’re serious about savings, take a few minutes once or twice a week to skim through these coupons and clip the ones you know you’ll use. 

You can even make an effort to organize these coupons in an organizer or envelope if you want to keep good track of them. Just make sure you’re paying close attention to expiration dates, terms and conditions, and quantity maximums. It’s important to follow the guidelines on coupons — many stores can’t process transactions where the coupon’s terms aren’t met or are violated. Remember to be kind to store employees as they’re often limited in their capacity to allow for expiration date extensions or rule-bending with manufacturer coupons. 

Come Up With A Fresh Savings Plan

Is your savings account or emergency fund looking a little drab? Bulk it up by preparing a new budget and savings plan. Sit down with your bank and income information, involve your significant other if applicable, and get down to brass tacks. Where can you make budget cuts? Can you eat out less, or spend less on any unnecessary subscriptions that you don’t use? 

If so, make efforts to spend less on any of these unnecessary expenses. Moreover, come up with a set amount of each paycheck that you can dedicate to savings. This can be a percentage of your paycheck or a flat amount each paycheck, whichever works better for you. Even if you can only spare $20 to put into savings, do so. No amount is too little, and over time those small amounts become large amounts! 

Make an effort to stick to your new savings plan as 2020 finishes out and 2021 begins. By next October’s National Savings Day, see if you stuck to it. If you did, you (and your wallet) are likely to appreciate the results!

See Where You Can Save on Your Necessary Expenses

If you’ve cut the expenses you know you can live without and still want to see more savings, look at your necessary expenses. 

Ask yourself where you can manage to save by seeking out cheaper alternatives or competitive pricing for the same goods and services. Again, no amount of savings is too little, so even if all you’re being offered is a five dollar difference on a new cable plan or a different insurance policy, take it. 

Also, take a look at your grocery bill. Can you buy generic brands to save a few dollars? Have you started that coupon clipping we mentioned? How do the prices at the store you shop at compare to their competitor’s store prices? Take all of this into account when looking at your necessary financial expenditures. 

Look to save in the home, too. Ask your energy provider for an energy audit. This audit will show you where you use the most energy in your home, which will tell you where you need to cut back on energy use. This is not only environmentally conscious, but it’s easier on your wallet, too. 

Remember – Every Dollar Counts

No matter how much you’re able to save each month, or what expenses you’re able to cut, remember that little bits of savings here and there will snowball over time. 

Every dollar counts, even the pocket change. As we celebrate National Savings Day, go forth being conscientious of what you’re spending your money on. Very often, it’s easy to forget about the little things. Companies bank on that mindset of consumer forgetfulness to make even more money. Look closely at those extra few dollars tacked onto monthly subscriptions, delivery fees, ‘convenience’ fees, etc. Try to find ways to eliminate this type of spending because every little bit counts.

Happy National Savings Day!