Friday, June 20, 2014

Simple Money Savings Tips



We all have our own little secret ways to save money - clipping coupons, reward clubs, after holiday sales, even getting tacos only on Tuesdays.  In this episode of Money Minute here are five quick and easy tips that you can use to help save money every day or help pay off debt quicker.

  1.  If you're going to the mall leave the credit cards at home and only bring your debit card. That way you won't be tempted to spend more money than you planned. Works like a charm.
  2. Going to the grocery store? Make a list AND STICK TO IT!!  That is toughest part for me, especially if I'm hungry.  So if I'm tempted I use the #3 tip:
  3. 10 second rule - if I'm tempted to buy something I didn't plan on, I hold it for 10 seconds and try to justify WHY I need it, and if I can't find a good reason in 10 seconds, then I put it back. 
  4. Make a debt calendar. Lay out all your debts and look for the one with the highest interest rate and start making the biggest payments on that debt, once that is paid off then take those payments and apply to the next debt until that's paid off and take the combination of THOSE payments and apply to the next debt. It's an organized way to really make a dent in that pile of bills.
  5. My favorite - Tropical Financial ONLINE BILLPAY! It allows me to keep track of all my bills in one place AND I save money on envelopes and stamps!

These are just a few ideas that I use in my everyday life, but I would LOVE to get some other ideas to share. SO I'm inviting YOU to share your best savings tips with us and the BEST one is going to win a $50 Amazon gift card!

Entering is easy, just email us at: listening@tfcu-fl.org or post a comment on our Facebook page under the post: Simple Money Savings Tips.  We'll be sharing the tips that people enter as comments to this post as well. Hurry this contest ends on June 30, 2014 and we'll post the winner here on July 1st.

^Amy

For a complete set of rules click here.

21 comments:

  1. We have our first entry - came in through email and it's a GREAT one!

    Donna wrote:
    These days taking the family to the movies can get expensive.......AMC offers special prices b4 noon on weekends.......and if you are a member of the AMC stubs you can upsize the medium sodas and popcorn to large for free...and they offer free refills too. Makes the outing less expensive.

    Thanks Donna! You are our first entry into the Simple Money Saving Tips contest!

    ReplyDelete
  2. COUPON CLIPPING

    ReplyDelete
  3. Here's a good one that came in from email over the weekend

    Charmaine wrote:
    The best money saving tip I can recommend; is to set up a direct deposit with your bank in an account that you have limited ATM access. I also recommend not to have a Debit card access to the savings account as well. As my mom like to say "out of sight. Out of mind".

    Thanks Charmaine - you are entered!

    ReplyDelete
  4. Another emailed entry:

    I suggest bundling services. In example, Cable, Internet and phone. Companies usually offer competitive rates when ordering multiple services.

    ReplyDelete
  5. This once is from Ida and came through email:

    Use the Publix digital coupons. You can click on anything, don't have to print, just put your tel# in first at checkout, before debit card. System automatically will apply savings before total. We've saved lots on stuff we buy anyway. If its on sale, it's like a double savings.

    Wow - I didn't know that one, great tip, thanks Ida!

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  6. This is a good lesson for all those itemized bills that came in through email:

    For those people that have Comcast internet, they charge $8.00 per month as a "Modem Rental Fee". You can buy a modem for as little as $60.00. Then you take their modem to your local Comcast office, and they stop charging you the $8.00 monthly fee.

    I bet that applies to the other cable companies too, Thanks for the tip!

    ReplyDelete
  7. This one comes from Dave:
    Take advantage of the fuel savings at local grocery stores. I saved $$1.40 per gallon.

    I noticed at some pumps they ask for a discount grocery card to be swiped, never had the card, but if it saves that much I might go get a card - thanks for the tip Dave!

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  8. Kimberly has an AWESOME tip that came through email:

    Beginning in November of each year, I start to save my change. I will do this for a year to use for Christmas money. Anyone can begin in whatever month they choose. However, I find that I like to do my Christmas shopping in November using all of the change I have saved for the past year. I usually save between $800 -$1,200 a year. WOW! What a nice budget for Christmas spending! and no debt!
    To save the maximum possible, if an item is $1.01, give $2.00 and you have saved $0.99 for your Christmas fund. It is surprising how fast it adds up.
    I hope my Money Saving Tip can help you on your way to a Christmas fund.


    Thanks for the great tip Kimberly!

    ReplyDelete
  9. Here's another one that came in through email for those that are good with Excel:

    I use an excel spread sheet for tracking bill paying, as well as tracking and planning the pay off of debt.
    On one worksheet, I have the date of each pay day. I have tracked when my bills are due. I put my payroll at the top, and then the deductions under it. It lets me see my bills and to stay in budget. It is also an easy go to to enter my payments into the bill pay on my TCU account at least a few days before they come out- that way I am never late on a payment.
    Another spreadsheet tracks my debt- on credit cards and loans. I can see the amount owed, the interest on each one, and track the dates I made what payment to pay off. Once paid, I fill in the cells with black. The information still remains, but out of sight- out of mind! :)

    This is a great expansion on the tip we gave in terms of a debt calendar. AWESOME, thank you!

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  10. Jennifer has another "out of sight, out of mind" tip that came in from email:

    My best tip is to have money taken out of my paycheck and put into a savings account. I choose a bank that I don't have a Checking account with so I'm not tempted to transfer money. In just 6 months I saved 1000 dollars because I didn't remember that I had it.

    Thanks Jennifer!

    ReplyDelete
  11. Here's another emailed entry from Edward and boy is he right!

    Only Purchase necessities and cut down on online shopping because you will always find something to purchase at 3 in the morning. now simple way to avoid that is, setting up a credit card limit as well on your debit cards. also if you have direct deposit, have them automatically deposit 7% percent of your payroll to your savings account. Then when you get paid you don't realize you are actually getting 7% sent to your savings. I know its hard to transfer money to your savings once its in your checking account.

    This late night shopping tip is SO true, I hate to admit it but I've been bored and went shopping at 3am before too! Thanks Edward :-)

    ReplyDelete
  12. Here are several GREAT tips emailed from Luisa:

    - Don't go to the supermarket hungry... you will buy more than needed.
    - Bring your lunch bag to work... Buying lunch out every work day can add up.
    - Turn off water will you are soaping or shampooing. Save water, save money.
    - Turn off lights when you leave a room.
    - And I learned today that using the Bill pay service from TFCU will save me $5.00!

    These are ALL great every day money saving tips, thanks Luisa!

    ReplyDelete
  13. Here is a GREAT tip we got from Karen through email and one that everyone has access to, but probably doesn't realize:

    First, having a TFCredit Union account has a number of cost-saving advantages that others have already posted.
    However, when needing to budget, whether retired or raising a young family, your local library is a one-stop place for a plethora of free services such as:
    homework help, unlimited help from a librarian for everything from job assistance to finding your family's roots to learning a new language;computer classes to learn a new program; great reading materials; free movies; free computers for use; free wi-fi; free activities such as story-time, book clubs, seminars and author visits that rival those offered at local book stores. Some libraries even have art galleries featuring local art exhibits with artist receptions - all at no charge and usually within walking distance to your home, so you even save gas. Of course your local taxes support your library and in Florida for every one dollar spent on your library, you receive over $11.00 in services! Now, that's saving money!


    WOW! I hadn't realized my library has ALL that - thanks Karen, great tip!

    ReplyDelete
  14. Here's one that came in through email from Bobby:

    If you have direct deposit, have a percentage (i.e. 10%) deposited right into a savings account.

    Great advice Bobby!

    ReplyDelete
  15. This came in last night from email from Maggie and just made me smile:

    I could list many, many, many generic, money-saving tips that involve using common sense and logic when wanting, or usually needing to cut back or save funds, but the NUMBER ONE way to educate yourself and develop lifelong, smart and effective money-saving habits, therefore exponentially increasing the value of YOUR OWN dollar, is to bank with Tropical Financial Credit Union. From the ease of your day to day, time-saving banking, friendly, knowledgeable and highly efficient customer service, excellent car purchasing deals and home loans, best competitive interest rates on credit cards, CDs, accounts, etc., and everything under the sun to help, support, and educate your consumer and/or entrepreneurial members in all money matters, Tropical Financial Credit Union ALWAYS goes above and beyond.
    MY VERY BEST money-saving tip for EVERYONE as an over 20 years faithful member: DO all your banking with TFCU, and TEACH YOUR CHILDREN to DO THE SAME!

    Thank you Maggie!!!

    ReplyDelete
  16. This one came from Jennifer through email and can help with your health as well as your pocketbook:

    Consider cutting way back on food expenditures if you want to pay off debt faster. We were spending 1,000 a month on groceries and cut it in half this month. Skip restaurants and pricey meat and cheese and instead buy eggs, pasta, rice, veggies in bulk for cheaper meals. You’d be surprised how it will help not only your wallet but your waistline as well!

    Thank you!

    ReplyDelete
  17. When I would make out checks to pay the bills,I always put the next dollars worth in my paybook.that way I always had more money than I was paying out.At the end of the yr,Sometimes it would be a nice little nestegg for xmas.

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  18. Ooooo, that last one was a good one! We had a few more that came in over the weekend. This one came in from Linda Thursday night:

    This tip is not for those who are sticklers for balancing their checkbook and it drove my husband crazy. When I entered the amount in my checkbook, I rounded off the amount entered. Example: If the amount of the check was $55.50, I entered it as $56.00. By doing this, I always had more money in my checking account than I thought. Of course, it is impossible to balance your checkbook. Twice when we moved, I had to close the account and there was several hundred dollars extra.

    lol we don't want to drive our spouses crazy, but it's a nice cushion to have and I bet he wasn't as mad once he saw that extra money in there! Thanks Linda :-)

    ReplyDelete
  19. This one came in Friday night from Dean via email:

    Next raise you get at work take half or all if you can and have it deposited in a separate account, before you make plans for the extra money or even see the increased amount, act as though you never got the raise and you will be surprised how fast it will build up

    Great tip - Dean, hopefully everyone reading this gets regular raises and they can give it a try.

    ReplyDelete
  20. Contest is now over, stay tuned for the announcement of the winner! We will be revealing it here and on our Facebook page this week!
    In the meantime if you're looking for another way to save money check out this week's special of a FOURTH off for the FOURTH! https://www.tropicalfcu.com/fourth/

    ReplyDelete
  21. We had SO many great tips, it was so hard to choose just one. BUT the one that resonated with so many of us in credit union land was actually the last sentence of this tip that came in from Maggie through email:

    "I could list many, many, many generic, money-saving tips that involve using common sense and logic when wanting, or usually needing to cut back or save funds, but the NUMBER ONE way to educate yourself and develop lifelong, smart and effective money-saving habits, therefore exponentially increasing the value of YOUR OWN dollar, is to bank with Tropical Financial Credit Union. From the ease of your day to day, time-saving banking, friendly, knowledgeable and highly efficient customer service, excellent car purchasing deals and home loans, best competitive interest rates on credit cards, CDs, accounts, etc., and everything under the sun to help, support, and educate your consumer and/or entrepreneurial members in all money matters, Tropical Financial Credit Union ALWAYS goes above and beyond.
    MY VERY BEST money-saving tip for EVERYONE as an over 20 years faithful member: DO all your banking with TFCU, and TEACH YOUR CHILDREN to DO THE SAME!"

    Maggie - teaching your children to use a credit union can help them save $50,000 over their lifetime just by doing their banking at a credit union like Tropical Financial Credit Union from the age of 18 - retirement. So just by doing everyday banking you're saving money with a credit union! THANK YOU TO EVERYONE WHO ENTERED!!!! Maggie a $50 Amazon Gift Card is headed your way!

    ReplyDelete

Thanks for your interest and comments!