Josh Elledge - Chief Executive Angel
Save More of Your Hard-Earned Money Everyday
That blessed first Monday of September – Labor Day – is coming up. And whether or not you get to take off that day, everyone has good reason to save more of their hard-earned money everyday! In honor of Labor Day, I’ve rounded up 10 of my favorite money-saving tips.
Here are 10 ways on how you can save more of your hard-earned money everyday.
- School (and work) lunch: Every school year, there’s a decision to make: buy or bring lunch? Unequivocally it’s been proven less expensive to pack lunch than to buy it. Especially since you have tighter control over what’s in the lunch. Food that just gets thrown away is a huge waste of money. Same goes for work lunches. You know you’ll eat what you buy at the company cafe or drive-thru but it’s still always less expensive to pack some leftovers.
- Add to your retirement account (or start one): If you’re not already contributing to a retirement account, you need to start one. If you already are, up your contributions this fall. Even a few dollars is better than nothing. The value of compound interest and time is something you don’t want to be passing up. Having a growing retirement account is one of the best ways to have something to show for all your working years.
- Magic Money Month! August is a “Magic Money Month” (okay, my name for it) but it’s that month where you get paid three times. That is, if you’re paid every two weeks. This happens only twice a year. Now, the question is: What to do with that “extra paycheck”? First of all, don’t forget, it also means that we’ll be pretty far into September before you get paid again. So make sure you’re budgeting appropriately. But, once you’ve got that covered, I recommend paying down (or off) some debt, putting into a retirement account, funding your emergency fund, or starting your holiday gift-shopping early. Any of these are a great way to put that money to work for you. Whatever you do, plan how to spend it so you don’t just blow it.
- Open an interest-bearing account. There are always expenses that are only periodic, such as once a year or once every 4 months. For those expenses, consider an interest-bearing account to hold your money until you need it. Not only is it an ideal way to make sure you have the money when the time comes, it’s a great way to earn some interest in the meantime.
- Cook at home. Making dinner at home is much less expensive than eating out or hitting the drive-thru. You can make a filling meal from only a few ingredients and even have leftovers for lunch. For example, a large family-sized package of chicken can be cooked and turned into more than one meal. Use some for one meal and then set some aside. One large shredded chicken breast will make several simple quesadillas when you add some salsa and cheese. Cook up a side of rice and another dinner is done!
- Create or replenish an emergency fund. One of the worst things you can do is to not have any kind of emergency fund. Things happen. Stuff breaks. Without an emergency fund to catch these unexpected expenses, you find yourself using credit. And debt costs you. Save more of your well-earned income with an emergency fund. To start, set aside at least $500 to catch smaller emergencies like minor car repairs.
- Use coupons and coupon codes. It may be harder than it used to be to find paper coupons but saving digitally is easy. Search for coupons and coupon codes online, on store apps, and via “clip to card” offers. Most major retailers offer these now and clipping coupons to a store loyalty card takes only a few clicks (or taps).
- Shop at pharmacies. I’ve trumpeted the benefits of shopping for health, beauty, household, and even the occasional food item at pharmacies for years. But you can’t walk in and buy just anything. Follow the sales, clip the digital coupon offers, and take advantage of the special incentives. You’ll land deals on items your family uses daily for pennies on the dollar. My two favorites are CVS and Walgreens.
- Earn cash back and points. Anytime you shop or search or watch videos or play games online, you should be earning cash back. Use Swagbucks regularly to be earning for the things you’re already doing anyway.
- Shop clearance and discount. A little planning ahead can save a family hundreds over the course of a year. Keep a running list of things to watch for. Think of family use and gifts. This effort will especially save your a lot of money heading into the holiday season soon. The sooner you start shopping, the easier on your budget and the more time you have to find bargains.
