by All too often articles on savings come down to giving something up…but what if we told you that you could keep enjoying what you are doing but if you made a few small adjustments that you could actually enjoy a greater amount of savings? You might be trying to find $50 in your budget or maybe you would like to find even more.
Read on to find out a few key ways to save that can help you monthly.
Tip #1: Pick Up Your Own Food…like Pizza
With the world going more and more to convenience and micro transactions in the form of services such as GrubHub, Postmates, etc. it is easy to get lost and think this is just the way it is. Of course we are never ones to argue that there is a time value of money factor, but have you looked at what your convenience is costing you monthly?
For example in my family Friday night is the night we commonly enjoy ordering food and most often that means it is pizza night. While we have ordered from local establishments we also order from the national chains (i.e. Domino’s, Pizza Hut, etc.). Take for example when you order from Dominos in my neighborhood you can expect to pay the following:
- Delivery fee: $4.99 (not a tip)
- Tip: $5-$7 (definitely need to tip the driver)
That means that each week if I ordered pizza for delivery then I would be spending about an additional $10 a week or $40 a month. You might think “well that isn’t that much” but the reality is that the Dominos is only a few minutes from my house and often I can stop to get the pizza prior to going home. While the amount is small on a per order basis it can really eat into money that you could use to save additionally or even use for additional opportunities to eat out.
Tip #2: Use Your Credit Card Points System
When you first started on your path to financial freedom it is possible you had credit card debt and now you might even avoid credit cards to avoid going back in debt. While credit card debt can be crippling, effectively using a credit card can be a way to gain extra dollars for savings each year.
Take for example a simple rewards card from Bank of America. You can earn points as you spend and with one card program you could earn the following:
- 1,000 points = $10
- 1-1.5 points per dollar of spend
Consider for a moment that you put common expenses such as gas, eating out and groceries on your credit card each month and pay it off (to avoid paying interest charges) and you could easily be spending $1,000 a month. That means you can get an extra $10 a month or $120 a year back for expenses you are already incurring.
Tip #3: Costco Gas
In the Los Angeles area the line for Costco gas is traditionally long. I have to admit that this is not a tip either one of us follow; however, because the savings possibility is there we felt it necessary to share. Costco purchases their gas efficiently and passes those savings on to its members. Costco gas can be .20 to .25 cheaper per gallon. Consider the following potential savings:
- (18 gallons * .20) = $3.60
- $3.60 * 4 weeks = $14.40
With an average commute, at least in Southern California, filling up weekly is certainly a reality and if you can get your gas at Costo you can save some money each month. Even if you aren’t inspired by saving $14+ a month consider that filling up at Costco could pay for one of your monthly subscription services (i.e. Netflix) to allow you to enjoy some guilt free entertainment.
Tip #4: Recycling Can Really Add Up
You might be recycling weekly along with your trash services, but what if we told you that your recycling can provide you additional savings? Yes it is a bit of a hassle to gather the recycling, but the reality is that you are paying for the recycling rebate when you make the purchase which means the act of recycling is getting a bit of a rebate.
For us we use recycling as a way to help our kids learn a bit about savings by depositing the recycling checks into their savings account(s). We gather the recycling (generally every 4-6 weeks) and take it to the recycling center. Our kids get to see that we have gathered it over the given time period and we show them the check from the recycling center. On a good period of recycling it can be $30 and when you do that over the course of a year that can be $270-$350 If you don’t have kids then you can use it for your own savings program.
Tip #5: Grocery Store Member Program
Since we all need to buy food you might as well save a little while doing it. Yes we get it that being part of a rewards program means they are tracking your spending behaviors but it can add up to some serious savings on each shopping trip. Take for example a favorite chip of Joe and I (Fritos). At my local Vons if you are buying a 9.25oz bag of Fritos then you can save $1.49 on the purchase (see below). While this might sound small saving $1-$2 on any given item can certainly add up on each shopping trip.
There are many ways to save and help you to achieve your best financial future. Saving often comes down to looking at common expenses and determining if there is a way to accomplish that goal in a manner that has greater financial efficiency. These ideas are just the start of your path to greater savings; look at your common expenses today and determine if you can get to your goals with a few minor changes.
