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Boost Your Savings Account... Without Even Trying

By Karl Peidl

Mortgage and Lending

October 04, 2008 10:26 AM

Annual income aside, there's not a person among us who wouldn't welcome the idea of having more money in their savings account. This is the money we use on everything from yearly vacations to family presents. Come holiday time, wouldn't it be nice to have an extra thousand or so dollars at your disposal? Here are a few ideas that can help to make that possible. The best part is you'll hardly feel it!

Bring Your Lunch to Work - The average person spends $6 when they buy their lunch yet only $2 when they pack it themselves. That's a potential savings of $20 a week or $1,040 dollars a year.

Durable over Disposable - Using products like Handi-Wipes (semi-disposable rags) as opposed to paper towels, and a rechargeable razor rather than the disposable kind, can save you up to $200 per year.

Hold an Annual Yard Sale - You should have no problem making at least a hundred bucks. Besides, you'll get rid of all that household clutter in the process. Whatever you don't sell can be donated to charity and used as a tax write-off.

Ask for Discounts - From buying airline tickets to paying a medical bill, always ask if there's a discount to be had. The worst that can happen is you'll be told no.

Get a Library Card - As opposed to buying a book for $20 or renting a DVD for $4, get it for free. If you average 3 movie rentals a month, you'll save yourself over $140 a year.

Watch Those Utilities - Changing over to energy saving light bulbs and low flow showerheads is a great start. Also, most utility companies offer a home audit you can complete online. If not, go to http://hes.lbl.gov/ for a virtual inspection of your home. You may be surprised to learn how much energy (and money) you could be saving.

The good news is suggestions like these are merely a start. Only you know where your household may be wasting money. Find inefficient habits and figure out a solution. Remember, every little bit counts. The final step is when you save money on something, put the savings into an earmarked account. Then leave it alone until it's the appropriate time to use it.

Do you have any tips on boosting your savings?
If so, give me a call and tell me about them!

Licensed Mortgage Banker, NJ Deptartment of Banking and Insurance. Corporation also services CO, CT, DE, FL, GA, IN, MA, MD, MN, MI, NC, NH, NY, PA, SC, TN, VA, & RI.

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Suzanne Champion

N.J. Realty - Westerville Ohio - Columbus, OH

Good little tips! There are so many ways we can save that can have other benefits as well, like the one about making our own lunch, which can be much healthier if we do it right. The key is awareness!

Oct 04, 2008 10:34 AM

Hmm - here are a couple of others I just thought of...at least, we save on these. We have cell phones but no land line. That is becoming a lot more common.

And, we don't subscribe to cable TV, but we have Netflix. We still have plenty of good things to see when we want to, but it's not so costly!

Oct 04, 2008 10:38 AM

Bob and Richelle Ward, Realtors

Coldwell Banker Realty - Newtown, CT

Moving you HomeWARD

Ok - I admit it - I'm the coupon queen. I try not to buy something unless it's on sale & I have coupon for it. I trade with people for coupons, I print them on-line, I cut them out every Sunday & I search for them when I'm shopping. I saved $111 last week on my grocery shopping. Not bad, huh?

Oct 04, 2008 10:47 AM

Karl Peidl

Moorestown, NJ

Accredited Loan Consultant

Suzanne - That's a great point. Making food yourself allows to to control the quality of ingredients. Having just cell phones and no home phone is a growing trend. I notice this quite often when taking a mortgage application.

Oct 04, 2008 11:12 AM

Bob & Richelle - That's very impressive, though I don't think most people invest the time & effort into saving via coupons to that extent. I must ask how often you do your grocery shopping. If you save $111 on every trip, how much is that over a year?

Oct 04, 2008 11:15 AM

Jason Grams

none - Roseville, CA

I have saved so much by packing my own lunch. I started doing this a few months ago and it does make huge difference!

Oct 04, 2008 11:23 AM

June Lewis

Northwood Realty Services - New Castle, PA

Realtor Northwood Realty - New Castle,Pa Lawrence Co 7247304571

I have a tip or two..Check credit card interest rates they may have taken a jump without you realizing it.

Close off rooms to conserve oil or gas- put on extra sweaters

Use cold water wash to wash your clothes. They last longer anyway washed in cold water.

Cut back on cable options. Do you need all the channels?

Make sure your credit cards are paid on time $ 39.00 late payment charge adds up. BTW those credit card companies can change your due date, so they need to be cheched

Sarah Nopp

South Sound, WA

I have recently discovered the discount grocery chain Grocery Outlet. It is a bit of an adventure each time you go- not always the same things. But I can save a huge amount of money on simple things like carckers and soups and cereals, which frees up money for things I prefer at higher quality- like organic meat & eggs.

Oct 04, 2008 11:29 AM

I shop on Wednesday every week. My savings vary per week; however, it's a HUGE amount of money over a year. Say on average, I saved $50/week, that's $200 per month & $2,400 a year! I also do rebates (both instant and mail in). This past week, I received checks in the amount of $7.50, $3.49 and $25.00. These vary all the time, but it's like found money. Lastly, I like FREE samples. I receive them all the time in the mail.

At first, this is very time consuming & you don't save that much right off. You build up the coupons you have and the rebates. It becomes a game - how cheaply can I buy stuff???

Oct 04, 2008 11:36 AM

Jason - every little bit helps.

Oct 06, 2008 04:49 AM

June - Thanks for adding some great tips.

Oct 06, 2008 04:50 AM

Sarah - Thanks a great idea. As long as you are flexible about what you are buying it is a good way to save.

Oct 06, 2008 04:51 AM

Bob & Richelle - Since you trade coupons with others I was wondering if you turn it into a friendly competition to see who can save the most.

Oct 06, 2008 04:54 AM

The competitor I have is myself - always trying to better myself at the savings game!

Oct 06, 2008 07:27 AM

Boost Your Savings Account... Without Even Trying

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