Below is an excerpt from an article found at http://www.couponmom.com/ which talks about how strategic shoppers save money using some very simple principles.
I read this last year and started my own “price book” to educated myself on the best price of our family staples between Costco, Jewel, Dominick’s and (will be adding) Trader Joe. We now buy the majority of our household staples only at their lowest price. When we buy items at there lowest price we buy in quantities to last us several months. I added to CouponMom’s recommendation the following: make a list, reduce “snack items” and learn to cook/prepare more than one serving. You can eat the other serving(s) later in the week or freeze for those nights you do not have time to cook.
To date this has reduced our grocer bill by at least $200 a month vs. 2008 levels(that will mean $2,400 this year).
Strategic Shoppers know how to use simple principles that work in any city, at any store. You can use my free website (www.couponmom.com) to make it easy to save money on your favorite groceries, because it does all the work of researching grocery deals and coupons for you. You’ll save money on foods you like and you’ll save time. Strategic Shoppers know prices and they know how to find special promotions. They always buy their grocery items at their lowest sale price, and if they have a coupon they use it to knock the price down even further. They shop at the stores with the best coupon policy, such as a double coupon store, to save even more with coupons. It is not unusual for Strategic Shoppers to save 50% on their grocery bill every week by using this strategy. They may not get all of their items at 50% off, but they’ll save 70-80% on several of their items and that allows them to spend more on favorite items that do not have coupons available. By using Strategic Shopping strategies, they are able to save dramatically without depriving themselves of their favorite foods.
Know prices:
In order to get a handle on your grocery spending, you need to know what the high and low prices are of your favorite items. By tracking their price trends, you’ll learn what their lowest price points are. When they hit that point, you’ll know that’s the time to buy.
Start a simple price book (like a spiral notebook) to compare prices of your most common items at one or two stores for a few weeks. You can start with as few as your 10-20 most common items. Note prices during your regular shopping trips or you check the store flyers in your newspaper. Be sure to calculate the unit prices (per ounce or per pound) to compare actual costs if package sizes vary. After comparing prices for a few weeks, you will most likely see a wide fluctuation in the sale and regular prices of your common items and that will reveal—you guessed it—their lowest price.
When you are able to recognize when your items have hit their lowest prices, you would be wise to buy 3-6 weeks worth of them so you never have to pay full price. When you run out of an item, you simply “shop” from your own low-cost inventory. By the time you are running low on a favorite item, it will most likely be at its lowest price again so you can stock up again.
Monday, March 9, 2009
Tuesday, March 3, 2009
No cards please
OK, at the risk of sounding insensitive, I don't buy and send sympathy cards any more. For that matter, I don't buy and send many birthday cards either ... or friendship cards, holiday cards, get well cards, etc. Truth is, these cards can be insanely expensive -- up to $3 or $4 a pop. They contain "canned" messages and are tossed as soon as they're read.
Instead, I write letters or short notes ... for birthdays, weddings, holidays and, yes, in sympathy. The notes and letters express my own sentiments exactly as I want to say them, they save me a trip to the store, and they are the cost of a piece of paper, an envelope and a stamp.
I think they're way better and much cheaper.
Bob Ray
Instead, I write letters or short notes ... for birthdays, weddings, holidays and, yes, in sympathy. The notes and letters express my own sentiments exactly as I want to say them, they save me a trip to the store, and they are the cost of a piece of paper, an envelope and a stamp.
I think they're way better and much cheaper.
Bob Ray
Saving Energy - Techno Items
For those who missed “The Drain Gang” article in the Home Section of the Chicago Tribune this past Sunday here are the highlights of a very informative article about “the mightiest of the energy slurpers in your home" being the techno products. Recommended actions to save electricy:
1) Turn the brightness down on the TV(s); cuts TV energy use by up to 25%. For newer TV the “standard” or “home” brightness is sufficient
2) Get rid of the screen saver. Can save $50 to $100 in electricity annually.
3) Turn “off” computers, printers, etc when not in use.
4) Put computers, printers, speakers, scanner on power strip/surge protector and then turn it off. There is “vampire power” that is being used up even when all the equipment is turned off. This could save $40 to $100 annually. There are new strips that allow you to turn off 6 and keep 2 live for things that do need to stay on 24/7; e.g. DVR boxes and networking equipment. And, this practice is also highly recommended for electronic games.
1) Turn the brightness down on the TV(s); cuts TV energy use by up to 25%. For newer TV the “standard” or “home” brightness is sufficient
2) Get rid of the screen saver. Can save $50 to $100 in electricity annually.
3) Turn “off” computers, printers, etc when not in use.
4) Put computers, printers, speakers, scanner on power strip/surge protector and then turn it off. There is “vampire power” that is being used up even when all the equipment is turned off. This could save $40 to $100 annually. There are new strips that allow you to turn off 6 and keep 2 live for things that do need to stay on 24/7; e.g. DVR boxes and networking equipment. And, this practice is also highly recommended for electronic games.
Friday, February 20, 2009
CATALOGS
I love and hate looking through catalogs.
I hate them for two reasons. First, catalogs make me “want things” that I did not want or need before I read the catalog. I end up buying a shirt here, a toy there, an outdoor or kitchen thing-a-bob and more. Each order is small, but they add up to hundreds annually. The second reason I hate catalogs is that if I am busy when the catalogs arrive I put them in a “to read” stack. The stack becomes a “thing I need to do and don’t have time for.” The bigger the stack gets the more I worry about finding time to “look through” the stack.
But, not any longer, as soon as a catalog comes into my house I call/email the company and get off their mail list. Now, I don’t spend money on things that would be nice to have but I do not need, the house is less cluttered, my “to do list” a little shorter, and a few more trees have been saved.
Annual savings for us about $400 over the prior year. For you it will depend on how much you order in catalogs that you do not "need."
I hate them for two reasons. First, catalogs make me “want things” that I did not want or need before I read the catalog. I end up buying a shirt here, a toy there, an outdoor or kitchen thing-a-bob and more. Each order is small, but they add up to hundreds annually. The second reason I hate catalogs is that if I am busy when the catalogs arrive I put them in a “to read” stack. The stack becomes a “thing I need to do and don’t have time for.” The bigger the stack gets the more I worry about finding time to “look through” the stack.
But, not any longer, as soon as a catalog comes into my house I call/email the company and get off their mail list. Now, I don’t spend money on things that would be nice to have but I do not need, the house is less cluttered, my “to do list” a little shorter, and a few more trees have been saved.
Annual savings for us about $400 over the prior year. For you it will depend on how much you order in catalogs that you do not "need."
Monday, February 16, 2009
Gas Bill
In 2007 we decided to participate in Nicor’s Budget Plan program where they supposedly evened out your monthly bills. They informed us, at the time, that it would be $220 per month. Their website says that every 4 months they re-evaluate this charge. Well, for 26 months we paid $220 never reading all the details on the bill nor trying to understand what they were for. So, the MoneySaver in an effort to understand and reduce our gas bill pulled all the bills for the past several years and what I found was --- Nicor owed us $861. Yes, $861 dollars that we had been overpaying.
After a long conversation with the customer service team they confirmed this fact and made no apologize for continuing to bill us at $220 since the budget program is volunteer. I am sorry to say that this took me 3 hours to explore/identify/cancel the service. Hopefully you won't find this same problem. If so, cancel the service.
There are other ways to save money on gas. The gas company’s website has a very user friendly outline description of each item on the bill. Educate yourself. http://www.nicor.com/en_us/residential/understanding_your_bill/features.htm
And, each bill has a blank meter on the back. I encourage you to use this to read your own meter every time a bill comes in. This way you can monitor that you are being changed for the amount of gas you use. I just started this last month and will report back should I find any savings in this action. You can also educate yourself on ways to use less gas. Be sure to review and do as much as you can; we picked up a few new tips.
http://www.nicor.com/en_us/residential/energy_efficiency_tips/default.htm
Program Savings ----- for us $861 annually. For you, the dollar savings will vary by how many of the gas savings tips you can institute to run your home more efficiently.
After a long conversation with the customer service team they confirmed this fact and made no apologize for continuing to bill us at $220 since the budget program is volunteer. I am sorry to say that this took me 3 hours to explore/identify/cancel the service. Hopefully you won't find this same problem. If so, cancel the service.
There are other ways to save money on gas. The gas company’s website has a very user friendly outline description of each item on the bill. Educate yourself. http://www.nicor.com/en_us/residential/understanding_your_bill/features.htm
And, each bill has a blank meter on the back. I encourage you to use this to read your own meter every time a bill comes in. This way you can monitor that you are being changed for the amount of gas you use. I just started this last month and will report back should I find any savings in this action. You can also educate yourself on ways to use less gas. Be sure to review and do as much as you can; we picked up a few new tips.
http://www.nicor.com/en_us/residential/energy_efficiency_tips/default.htm
Program Savings ----- for us $861 annually. For you, the dollar savings will vary by how many of the gas savings tips you can institute to run your home more efficiently.
Friday, February 13, 2009
PAY BILLS ONLINE
If you are not paying bills on line you are wasting money. At a minimum you can save the financial amount of stamps. But, for people like me, there is bigger savings.
I am embarrassed to say that last year I paid over $150 in late fees and interest for not paying credit cards and other bills on time. The reason was a bad system. Bills would come in and I would put them in the “to read mail” stack… and then I would move the bills to the “to be paid” stack…and then (when I had the time) I would pay my bills all at one time just to realize that at least one had slipped past the payment due date. Then next month there would be a $15 or maybe $35 charge for “late fee” and additional interest.
Today, I do my banking online. It is very easy to do and takes just 15 minutes to set up. As bills come in they do not go into any stacks. They go on my keyboard and the next time I am online the first thing I do is register this bill to be paid (less than a minute). I select the date for the payment to be transferred, I select the amount. No more late fees. Plus, my money stays in an interest bearing account allowing me to make as much as I can on my money for as long as I can. And there is a wonderful side benefit – Peace of Mind! I no longer have to worry about when I will find time to pay my bills.
For the few bills I can not pay online I use the same process and just write the check.
Program Savings depends on how efficient you are now at paying your bills on time. At a minimum you could save $30 annually in stamps and a lot of Peace of Mind.
I am embarrassed to say that last year I paid over $150 in late fees and interest for not paying credit cards and other bills on time. The reason was a bad system. Bills would come in and I would put them in the “to read mail” stack… and then I would move the bills to the “to be paid” stack…and then (when I had the time) I would pay my bills all at one time just to realize that at least one had slipped past the payment due date. Then next month there would be a $15 or maybe $35 charge for “late fee” and additional interest.
Today, I do my banking online. It is very easy to do and takes just 15 minutes to set up. As bills come in they do not go into any stacks. They go on my keyboard and the next time I am online the first thing I do is register this bill to be paid (less than a minute). I select the date for the payment to be transferred, I select the amount. No more late fees. Plus, my money stays in an interest bearing account allowing me to make as much as I can on my money for as long as I can. And there is a wonderful side benefit – Peace of Mind! I no longer have to worry about when I will find time to pay my bills.
For the few bills I can not pay online I use the same process and just write the check.
Program Savings depends on how efficient you are now at paying your bills on time. At a minimum you could save $30 annually in stamps and a lot of Peace of Mind.
Monday, February 9, 2009
THE 2nd STEP TO SAVING
The 2nd Step to Savings is Setting the Goal.
(note: Please read step one first)
You need to set specific targets and goals for saving money, or you will NOT make any significant progress.
Step 1: List all the areas where you spend money. (See Getting Started)
Step 2: Write down next to each how much you spend annually (or guestimate how much).
Step 3: For each entry write down as many things you can think of that would allow you to reduce that expense. You should include all members of your family on this discussion, even the kids. (Don’t get caught up if you really will do it at this point, just write). You can take an hour and do this all at once, or take one area a day.
Step 4: Sort each list of thoughts into “do able” and “possible.”
Step 5: Take one “do able” each week and do it! Or delegate it to your partner or spouse to do. Start with biggest financial savings opportunity, or start with easiest. The key is to start.
Step 6: Once you have done the “do able” then move to “possible.” Studying what you need to make each of these “do able.” If a purchase of something else or time will make it “do able” then take that action. For example, to lower food cost we need to buy a freezer. We had limited space but found a small size freezer on sale at Sears. The $125 investment paid back in food cost savings in 4 months. To save $1,200 in dry cleaning we moved 5 minutes of each day toward ironing vs. something else.
(note: Please read step one first)
You need to set specific targets and goals for saving money, or you will NOT make any significant progress.
Step 1: List all the areas where you spend money. (See Getting Started)
Step 2: Write down next to each how much you spend annually (or guestimate how much).
Step 3: For each entry write down as many things you can think of that would allow you to reduce that expense. You should include all members of your family on this discussion, even the kids. (Don’t get caught up if you really will do it at this point, just write). You can take an hour and do this all at once, or take one area a day.
Step 4: Sort each list of thoughts into “do able” and “possible.”
Step 5: Take one “do able” each week and do it! Or delegate it to your partner or spouse to do. Start with biggest financial savings opportunity, or start with easiest. The key is to start.
Step 6: Once you have done the “do able” then move to “possible.” Studying what you need to make each of these “do able.” If a purchase of something else or time will make it “do able” then take that action. For example, to lower food cost we need to buy a freezer. We had limited space but found a small size freezer on sale at Sears. The $125 investment paid back in food cost savings in 4 months. To save $1,200 in dry cleaning we moved 5 minutes of each day toward ironing vs. something else.
REFINANCING MORTGAGE
The largest payment you have is your mortgage. So you need to constantly be aware of the interest rate you pay on your loan and that which is available in the market – for refinancing opportunities. The best advice is to have a constant dialogue with a Mortgage consultant, financial adviser or lender. Let the adviser know that you are open to refinancing and at what level.
But, you should stay aware and not just depend on the financial advisor.
Currently the rates are low. A friend of ours refinanced a few months ago and received an interest rate of 4.85%. We are currently are in the process of refinancing. The rates are constantly changing and the variables are many, i.e., the dollar amount you wish to refinance, points or no points, the number of years you want to refinance for, and your credit rating to name a few.
The money saving tip here is “stay aware.” Weekly you should check the local and national mortgage interest rates. It takes just 10 seconds each week. Check in your local Sunday paper where rates are posted in the Real Estate, Home or Business section. There are many websites with this information also. For a quick reference go to http://articles.moneycentral.msn.com/Banking/Loan/Mortgage.aspx to see the national / local rates for refinancing.
Program savings will vary depending on the difference in current and new rate. We hope to save $400 per month; $4,800 annually.
But, you should stay aware and not just depend on the financial advisor.
Currently the rates are low. A friend of ours refinanced a few months ago and received an interest rate of 4.85%. We are currently are in the process of refinancing. The rates are constantly changing and the variables are many, i.e., the dollar amount you wish to refinance, points or no points, the number of years you want to refinance for, and your credit rating to name a few.
The money saving tip here is “stay aware.” Weekly you should check the local and national mortgage interest rates. It takes just 10 seconds each week. Check in your local Sunday paper where rates are posted in the Real Estate, Home or Business section. There are many websites with this information also. For a quick reference go to http://articles.moneycentral.msn.com/Banking/Loan/Mortgage.aspx to see the national / local rates for refinancing.
Program savings will vary depending on the difference in current and new rate. We hope to save $400 per month; $4,800 annually.
DRY CLEANING
Before kids my husband would iron his own shirts and I would wash almost all my clothes except silks and nice work suits. (Activities left over from the “poor after college just starting out years” – you remember those). But, last year we spent on average $100 per month on dry cleaning. Our excuse was “We have kids now and don’t have time for laundry or ironing.” The reality was we had just gotten lazy.
Step One: Have the ironing board & iron set up ready to go.
Step Two: Pull out of the dryer while it is hot (many items won’t need ironing).
Step Three: Iron as you need (then it is 5 minutes or less and not another major hour long job that needs to be done). The night before after the kids have gone to sleep or in the morning.
Step Four: Started reading the labels; wash what is washable. For me that was almost every sweater, blouse and slacks that I had been dry cleaning.
Step Five: Stop throwing everything in the dry cleaning pile before checking to see if it is even dirty.
And, when you do dry clean, do price checking and go where you get the best price for those items you do the most; i.e. men’s shirts.
We added 5 minutes every day to iron one shirt and/or blouse and then one extra load of laundry each week. We are saving $80 monthly and $960 annually.
Step One: Have the ironing board & iron set up ready to go.
Step Two: Pull out of the dryer while it is hot (many items won’t need ironing).
Step Three: Iron as you need (then it is 5 minutes or less and not another major hour long job that needs to be done). The night before after the kids have gone to sleep or in the morning.
Step Four: Started reading the labels; wash what is washable. For me that was almost every sweater, blouse and slacks that I had been dry cleaning.
Step Five: Stop throwing everything in the dry cleaning pile before checking to see if it is even dirty.
And, when you do dry clean, do price checking and go where you get the best price for those items you do the most; i.e. men’s shirts.
We added 5 minutes every day to iron one shirt and/or blouse and then one extra load of laundry each week. We are saving $80 monthly and $960 annually.
MAGAZINES
You might be able to cancel some subscriptions and still read the magazines.
Talk to your friends and see who pays for which magazine subscriptions. Then form a “swap” deal. I have one with my “babysitting” co-op family. When we baby-sit we also exchange magazines. This is best with neighbors or friends who you see frequently. If you are an article saver then just photocopy the article. This process also works well in office settings.
Most important, be sure that the magazines don’t just pile up and become another item on your “do to list.” If you don’t read them regularly then cancel them and catch up during your visits to the doctor’s office.
Program Savings, depending on the number and type of magazines, could range from $12 - $100 annually.
Talk to your friends and see who pays for which magazine subscriptions. Then form a “swap” deal. I have one with my “babysitting” co-op family. When we baby-sit we also exchange magazines. This is best with neighbors or friends who you see frequently. If you are an article saver then just photocopy the article. This process also works well in office settings.
Most important, be sure that the magazines don’t just pile up and become another item on your “do to list.” If you don’t read them regularly then cancel them and catch up during your visits to the doctor’s office.
Program Savings, depending on the number and type of magazines, could range from $12 - $100 annually.
MOVIES / DVD / VIDEO TAPES
Here are several recommendations which will save you money if your family likes to watch movies at home.
1) Create your own "movie rental network" with movies you already have. Invite neighbors, family and friends that you see frequently. Take 10 minutes and type out the movies you have. Exchange the lists with your "movie network." Label your DVD/video tapes with those free address labels you get in the mail from various fundraisers. If you wish, you can keep a log of who rented what when to help you keep track. The borrower pick-ups and returns the movie within 7-10 days.
2) Go to your library, where the rental is $1 or sometimes free (great for kids and old classics).
3) Go to your local resale shop where Video Tapes cost $0.50 - $1.00 apiece and DVD’s are $1 to $3. This is best for kids and adult classics but I have also found a few current movies. There are usually more video tapes than DVDs. (Then you can add these to your collect that you loan to friends and neighbors). 4) Use only “free” On-Demand
5) Use Netflixs or Blockbuster via mail if you are a 2 movie per month household – if not, then you are not saving money.
For going to the movie theatre go to live movies early during the day for lower fares and better seats. Ticket price saving ranges from $1 to $3 under evening ticket prices, great for family shows.
Program Savings estimated to be $100 annually (for us).
1) Create your own "movie rental network" with movies you already have. Invite neighbors, family and friends that you see frequently. Take 10 minutes and type out the movies you have. Exchange the lists with your "movie network." Label your DVD/video tapes with those free address labels you get in the mail from various fundraisers. If you wish, you can keep a log of who rented what when to help you keep track. The borrower pick-ups and returns the movie within 7-10 days.
2) Go to your library, where the rental is $1 or sometimes free (great for kids and old classics).
3) Go to your local resale shop where Video Tapes cost $0.50 - $1.00 apiece and DVD’s are $1 to $3. This is best for kids and adult classics but I have also found a few current movies. There are usually more video tapes than DVDs. (Then you can add these to your collect that you loan to friends and neighbors). 4) Use only “free” On-Demand
5) Use Netflixs or Blockbuster via mail if you are a 2 movie per month household – if not, then you are not saving money.
For going to the movie theatre go to live movies early during the day for lower fares and better seats. Ticket price saving ranges from $1 to $3 under evening ticket prices, great for family shows.
Program Savings estimated to be $100 annually (for us).
BABYSITTING
This idea came from Parent Magazine. It’s called Co-op babysitting. You watch a friend’s kids one weekend night and then they will watch your kids another. As with all babysitters the sitter goes to the kids' home so that they can be put into there own beds and then you take your kids home with you. This can be a one time event or an ongoing program (i.e. one month you watch their kids the other month they watch yours, etc.). I do both types so that almost every month my kids are watched at least once at “no cost.” Plus, as the kids get older you can do “sleep-overs” and really enjoy your night out.
Program Savings $35 per month ($7 per hour for 5 hours) and $420 annually.
Program Savings $35 per month ($7 per hour for 5 hours) and $420 annually.
Friday, February 6, 2009
THE 1st STEP TO SAVING
The first step to saving significant money is knowing where the money currently goes. To do that, set up a simple Excel sheet. I will forward a template if you email me at MoneySaverQuestion@gmail.com. You can edit to fit your family’s expenses. I can hear you now; “Who has time for this?” My answer, “You do - if you seriously want to save money.” You truly can’t save when you do not know how much you spend. Plus it makes you feel good when you can actually document the dollar savings (like the weight loss from a diet).
Every morning I take the receipts from the day before or notes of cash spent and type them in (it takes 5 minutes each day). Then, once a month, I take 30 minutes and enter the check book and charge card statements.
Don’t go back in time – that is a waste of time. Just start today and go forward.
Every morning I take the receipts from the day before or notes of cash spent and type them in (it takes 5 minutes each day). Then, once a month, I take 30 minutes and enter the check book and charge card statements.
Don’t go back in time – that is a waste of time. Just start today and go forward.
INTRODUCTION / PURPOSE
Welcome to How did YOU Save Money Today.
The purpose of this blog is to share small or large ideas (short-term or long-term) that helped you or someone you know save money.
Six months ago I actively set out to find and invent ways to save money. As I read and began to talk to people, I found that every article, every person had at least one action that saved them money. As I tested these ideas and had successes accumulate. I noticed that some serious money was being saved annually. I now want to share these ideas and learn about more ways to save money.
So, please comment on, use and pass-on the tips here. Most importantly, please add your own tips and comments.. Let's save $$$$$$
The purpose of this blog is to share small or large ideas (short-term or long-term) that helped you or someone you know save money.
Six months ago I actively set out to find and invent ways to save money. As I read and began to talk to people, I found that every article, every person had at least one action that saved them money. As I tested these ideas and had successes accumulate. I noticed that some serious money was being saved annually. I now want to share these ideas and learn about more ways to save money.
So, please comment on, use and pass-on the tips here. Most importantly, please add your own tips and comments.. Let's save $$$$$$
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