Author: Eva Baker

15 Extreme Money-Saving Tips

Posted on by Eva Baker

If you’re like me, you know that every single cent counts – even the pennies you find under the couch. But saving doesn’t have to mean being cheap or skipping things you love. Here are 15 creative ways I love using to make my savings pile up.

  1. BOGO Discounts

Gum is my favorite guilty pleasure. But buying pack after pack really adds up. That’s why I only buy when there is a special discount like “buy-one-get-one-free” (BOGO). This can be applied to so many of the regular purchases you make. Wait till they are on sale!

  1.  Texting/Mailing Lists

Some of my favorite stores and restaurants text me their deals and coupons right to my phone. I can then decide on the best options. I also sign up for mailing lists for my favorite stores and let the deals come to me. Plus, most coupons are digital, so they’re always right in my email!

  1.  Thrift Shops

At stores like Goodwill and Salvation Army, you can score incredible deals, like designer shoes and video games for just a few bucks. So many of the clothes are as good as new or brand new with the tags still on them!

  1.  Shopping The Back Of The Store

It seems like the most expensive clothing and trendy items are always placed in the front. So I keep my blinders on and shop the back, where most stores have their sale racks. Try not to even look at the full-price stuff up front! Some of my favorite stores are places like Old Navy and Maurice’s – or any store having a huge clearance sale.

  1.  Research Really Pays Off

When I know exactly what I need, I get on my laptop and start looking. It just takes a simple Google search to compare deals and pick what suits your budget.

  1.  Banning the Mall

Unless there is a huge sale or tons of clearance racks, just stay away from the mall. Typically, the prices are super high. You can find great deals at discount stores like Ross or TJ Maxx if you are willing to spend a little time looking around.

  1.  Dollar Store Finds

You’d be amazed at what one dollar can buy. This summer, I scored super-cute sunglasses for a buck that would’ve cost at least $10 at even a budget-priced store.

15 Ways To Save Your Money

  1.  Turn It Off

Did you know that those who watch live TV actually spend more money? It’s because of all the commercials they watch. Don’t be fooled by the commercials and spend money you don’t have for things you really don’t want and don’t need in the first place.

  1.  Stream Or Rent

Renting or streaming is always less expensive than going to see a movie in the theater. If you stick to streaming services, you can save $20 or more a month. Renting movies with Redbox is perfect if you want to have a movie night with friends.

  1.  Library Trips

Most public libraries have loads of resources for free. Why buy books (or movies, or music) when you can get them for free at your library?

  1.  Split a Meal

I can never seem to finish an entire meal at a restaurant. I usually ask a friend to share with me so we can both save. This is a super simple way to save money and still enjoy a night out!

12.   Drink Water

Soda may be tasty, but $2 to $3 per bottle can really add up. By sticking to water, you can save a few bucks every time – and be healthier, too!

  1.  Local Deals

Discount sites like Groupon are perfect if you’re looking to do something unique. I learned how to paddle board for $40 less than if I had bought it without the discount.

  1.  Clothing Swap

I used to throw away clothing that no longer fitted me. Now my friends and I save our clothing, jewelry, shoes, etc. and have a big swap. It makes for a really fun anti-shopping party.

  1.  Leave The Wallet At Home

Sometimes I leave my wallet at home. This reminds me not to blow through my money just because I’m bored or have nothing to do.

These steps may seem extreme, but they’re necessary if you are really having a hard time getting your spending under control.

 

This article was originally published on centsaiadulting.com and can be found here.

Stuffing Envelopes With Cash Can Be Rewarding

Posted on by Eva Baker

Whenever I earn any money or am given the awesome gift of cash, I keep it safe and secure in an envelope.

You read that right: an envelope. The “envelope system” is a way I keep track of where my money goes, and it even works as a savings account. The envelope system works great for us as teens because it’s a straightforward way to manage cash. Here’s how I use the envelope system, and how you can get started with your own version:

When I was younger, my parents used to hand me a small, five-dollar-a-week allowance in one-dollar bills. They would then give me special envelopes where I could choose how to distribute the money (as long as I put at least one dollar in each envelope).

My choices were between “spending,” “saving,” and “giving.” As the envelopes grew fatter with each passing week, I started to see how quickly my money could be saved up. And when I chose to dip into the envelope, I also saw just how fast it could disappear!

The envelope system showed me just how to manage my money, even if I didn’t have much to begin with.

Even as a teen, I still use a more expanded version of the envelope system to keep track of how much I have saved and where my money goes.

All you need is your cash divided into small amounts (no big bills like 50s or 100s, because, to be honest, I never have bills that large); a few envelopes; a pen or marker to label your envelopes; and a secure place to keep your envelopes. It might be a good idea to keep them in a safe that you can lock or in another such hiding place.

The first step is to look at where your money usually goes, and then make categories like my “savings,” “spending,” and “giving.” Now that I’m working and have a steady income, I receive money every two weeks to put into my envelopes.

Of course, when I was a younger teen, that wasn’t true. Usually, I would have $15 – $25 to put in my envelopes at any given time. Here’s some examples of how I mark my envelopes today:

Money-Envelopes-Sidebar

Clothing/Personal Items and Entertainment

This is my fun envelope where I save for items from a new dress or piece of jewelry to little things like Chapstick and gum or going out with friends.

I don’t necessarily love to shop but my friends and I enjoy seeing a movie occasionally or having a quick bite before we head home. I use this envelope to buy clothing and things that I want like new lip gloss or an album on iTunes. I also use it whenever I want to go out with friends for a movie or to do something fun.

Car

If you’re on the road, you probably already know that driving is expensive. There’s gas, insurance, maintenance, and more. This is one of the biggest expenses a teen can have. It is such a relief to me to have an envelope dedicated just to the expenses I expect to have for my car. I started saving for a car two years before I even had one!

Savings

My two biggest specialty savings categories are my college fund and retirement. I have a goal to graduate without debt. That means starting to save today. As far as retirement goes, it’s never too soon to start saving. Ensuring financial comfort a long way into the future is worth a tiny bit of pain every month.

Giving
From a very early age, my parents taught me how fortunate I was to live the life I have.

Because of that – and because I am a person of faith – I choose to give back some of my earnings each month to my church. That works for me. Others prefer to donate to a local animal shelter, a school, or an overseas charity. Wherever you choose to give your money, make sure it is an organization or cause you feel passionate about.

Temporary Envelopes

There are times when you need an envelope for something temporary because it won’t be an expense that lasts forever. My brother is getting married in a few months, and I’m a bridesmaid. I’m so excited! Of course, there are a lot of things to purchase, so I started an envelope as soon as they asked me. I have to get a dress, shoes, and have my hair done. Plus, I want to splurge and get a manicure and pedicure.  Everything is going to add up, but I’m ready because I started saving months ago. Once the wedding is over, I will throw this envelope away and add any leftover money to another category.

Order of Priority

Just because I have all these envelopes, I don’t just put money into them equally. I prioritize what bills need to be paid before putting away money in my “fun” categories. I start with my “car,” “giving,” and “savings” envelopes. Whatever is left over goes into my temporary “wedding” envelope, then into “entertainment” and “shopping.”

 

The article Stuffing Envelopes With Cash Can Be Rewarding originally appeared on CentSaiAdulting.