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	Growing Your Savings How to save money every day Saving big on a small income How to save money every day Small savings on food, clothing and entertainment can leave you with extra cash for big-ticket items. Saving a dollar here and there every day can add up to thousands of dollars in savings over the months and years. Here's how: Trim food costs Buy food at discount food shops rather than more expensive local grocery stores. Compare unit prices on shelf labels. Always select items with the lower per-unit prices. Clip coupons. Some stores will double or even triple the face value of your coupon up to a certain amount. Shop for in-store specials such as day-old breads or meats about to expire. But check closely for freshness. Try generic store brands rather than name brands. No-name cereals, for instance, can be just as tasty as name brands, at half the price. You may have to hunt for them -- stores often place generic brands high up or near the floor. When an item you purchase frequently goes on sale, buy it in bulk -- enough to last until the next sale. Don't shop on an empty stomach. It will be less tempting to load your cart with appetizing pastries, junk food or other delicacies. Create desserts with basic ingredients like flour and sugar, rather than pricier pre-packaged mixes. Brown-bag it to work instead of eating in restaurants -- this alone could save you $1,000 or more a year. Buy clothing out of season You can get great bargains on warm weather clothes when they go on sale in August and September, and on cool weather clothes when stores are trying to move them out quickly in January and February. Shop garage sales, consignment shops and second-hand stores. Save on furniture, appliances and other retail items. Buy at the end of the month, when items that haven’t sold are marked down. Purchase second-hand tables, dressers, desks, couches and chairs. But check carefully for cracks, wobbly legs, working hinges and the smell or look of mold. Make sure table leaves fit, drawers slide in and out and that your purchase can fit through your front door. Don’t worry about unattractive pulls or knobs -- you can replace these inexpensively. Research the price of major appliances on the telephone or the Internet. Also, Consumer Reports publication, available in most public libraries, or online through subscription, provides objective reviews of just about every consumer item -- for price, quality and performance. Buy reconditioned appliances. Look for ones with a 30-day guarantee that have been repaired, cleaned, and road-tested. One important caveat: some secondhand appliances can be less energy efficient than newer models, and could run up your electricity bill. Look for items with minor damage. Most stores will provide a discount, even if it's just a scratch that doesn't affect how the item works or just the package that's damaged. Compare gas prices You can save hundreds of dollars a year on gasoline by comparing gasoline prices at different stations. Or visit www.gasbuddy.com to help you find the station with the cheapest gas in your area. Always pump the gas yourself to get the best discount. Keep your engine tuned and make sure your tires are always inflated to their proper pressure to improve gas mileage. Avoid bank service charges Choose a free checking account or one with no minimum balance requirement. Ask if you can save on service charges by arranging to have your pay or other income deposited directly, or through an ATM. Save by only using ATMs associated with your financial institution -- you are usually charged extra for transactions made through outside institutions. You may be able to earn more interest by moving money from savings accounts into a low-risk certificate of deposit (CD) or U.S. Savings Bonds. Talk to a financial advisor about your situation. Pay bills on time Always pay your bills and taxes on time. Interest charges and late payment fees can add literally thousands of dollars to your expenses every year. Plus, late payment fees on outstanding accounts could lower your credit score and result in your being charged higher interest rates on new accounts or loans. If the money you owe on credit cards and bills has grown beyond your ability to pay, you may be able to reduce your monthly service charges by taking out a debt consolidation loan. Check before using credit cards from retail establishments, or those that offer rebates, cash back, travel awards or other perks -- they may charge higher interest or an annual fee. Reduce your energy costs Arrange for your electric or gas utility to provide a home energy audit. These inspections for energy savings are offered free in most states, and can provide suggestions on how you can save hundreds of dollars a year on home heating and air conditioning. Enroll in savings initiatives offered by your electric utility that help you use electricity at non-peak times, such as load management programs and off-hour rate programs. Buy appliances that use less electricity. Many electricity companies provide rebates as encouragement for buying energy-saving refrigerators, washing machines and other appliances. Set the room thermostat a little lower in winter or a little higher in summer, and lower the hot water thermostat by 10 degrees. Most likely you won't feel the difference, other than in a lower electricity bill. Cut telephone and cell phone costs Check your phone bill to see if you have optional features such as call forwarding that you're paying for but don't need. You could save $40 or more every year for each option you drop. Call all the phone companies that provide service in your area to find the cheapest calling plan that meets your needs. Many companies offer bundled packages that provide savings by combining local, local toll, long distance and other services. Use services that provide discount phone rates by allowing you to punch in a code number before you dial long distance. Avoid operator charges by dialing long distance directly. Shop around for the best cell phone package. And make calls during off-peak hours to save hundreds of dollars every month. Many cell phone companies, for instance, offer unlimited calls during nights and weekends. Quit smoking and gambling Quitting a pack-a-day habit can save you about $2,000 every year. That money could go into savings now and better health down the road. Likewise, lottery and gambling expenditures rarely pay off. Plan vacations well in advance Before going to your travel agent, look for special deals on airline and Internet travel sites. You can then ask your agent to match the lowest possible fare or arrange it yourself online. Purchase airline tickets well in advance, and ask which days of the week and times of the day have the lowest possible fare. The price could drop substantially if you purchase the ticket at least two weeks in advance and/or stay over on a Saturday night. When renting a car, always ask if there are any special offers or membership discounts, such as those available to AAA members, which could reduce the price. And check with your insurance agent to see if you're already covered for collision or other types of insurance before paying extra for coverage you may already have. Back to Top How to save big on a small income Yes, it's possible to save over $10,000 in a few years even on a modest income. Here's how. If you take $100 a month and place it in a high-yield savings account at 4.5 percent, you’ll save $10,000 in just over seven years -- enough for a 5 percent down payment on a $200,000 house. Start this program when your child is born, and when she’s ready for college 18 years later, you’ll have over $33,000! But where are you going to get that $100 a month? If you have a modest income, it may seem like you can’t set aside any money at all. Medium- and long-term savings goals may seem hopelessly out of reach. Don’t despair. You can meet your savings goals -- and you don’t have to live on bread and water to do it. Here’s how you can painlessly start saving $100 a month, whatever your income: Stash your loose change. Remember that piggy bank you had as a kid? Blow off the dust and put it on your dresser. Each evening, empty your pockets and drop all your loose change into it. Once it’s full, roll the coins and deposit the money into your bank account. You’ll be amazed at how fast it adds up. Just three quarters, one dime and one nickel a day will net you $27 a month. Fill the freezer. How often do you come home late and feel too tired to cook dinner? So you call for a pizza, or pack up the kids and head out for burgers. You can avoid paying extra for expensive fast food by planning ahead. Cook large batches of your favorite dishes and fill up your freezer: Barbecue a dozen hamburgers, make a big pot of chili and another of spaghetti sauce. Make up small bags of chopped vegetables that can be microwaved in a flash. If you cut out just two fast-food meals each month, you can easily save $45. Check your credit card rate. If you carry a substantial balance on your credit card, you may be able to save a bundle by obtaining a lower interest rate. That’s easier than it sounds. Competition in the industry is tough, and some card issuers will reduce your rate immediately if you simply call and request it. Others will lower your rate substantially in exchange for an annual fee, which could be much less expensive over the long term. For example, if you carry an average balance of $2,000, and you cut your rate from 18 percent to 10 percent, you’ll pay $13 less interest per month. Cut your utility bills. You can save how much you pay for electricity and natural gas by making some almost imperceptible changes. And we’re not talking about cold showers or stumbling around in the dark. Most people keep their hot water heaters cranked up too high; turn yours down to 120 degrees. Keep your home a little cooler in the winter and a little warmer in the summer -- even one or two degrees can make a big difference. Invest a few dollars in weather stripping and a programmable thermostat. These small adjustments could knock down your energy costs by $15 a month. There you have it: An extra $100 a month you didn’t know you had! Back to Top