Your savings account is a tool that can give you financial freedom and peace of mind. It provides a buffer in case of emergencies and relieves you of needless worry. When the car breaks down or your child needs to see a doctor, you have the money in the bank when you save on a regular basis.
Even a little savings can add up to a sizable nest egg, especially if you’re saving on a consistent basis!
Follow these money-saving tips to grow your bank account and peace of mind:
1. Brew your own coffee. By brewing your own coffee each morning rather than making a daily run to your favorite premium coffee and latte store, you’ll save a considerable amount of money over the course of one year. As an added bonus, you’ll likely lose weight by opting for a cup of simple, homebrewed Joe rather than a frothy frappe with all the bells and whistles.
* Assuming that your daily premium coffee order is priced between $3.75 and $4.35, you can save between $975 and $1,131 each year!
2. Use coupons strategically. You can maximize your savings by shopping at a grocery store that automatically doubles your coupons. If you truly want to ramp up your savings, deposit the amount you save into your savings account.
* Media outlets, such as NBC and CBS have featured stories where power coupon queens purchase up to $250 worth of groceries for as little as $20 by doubling coupons and shopping strategically. Search their online database of videos to view these clips.
* Some grocery stores, such as Price Chopper, Harris Tetters, Super Value and Kroger’s double coupons up to $1. However, in select locations, some stores only double coupons up to $0.75.
3. Tip jar. When you eat out, you tip your waitress 20% of your bill. Apply the same logic to eating at home. When you cook an especially complex meal, treat yourself to a tip. Keep a tip jar at the counter, and estimate the amount you would have paid for a similar meal at a restaurant and bank 20% of that amount in your “chef’s tip jar.”
* Let’s say, for a meal of pasta for four, you pay $45. Save money by cooking the meal at home, and tip yourself $9 rather than the waitress.
* If you don’t have cash on you, write yourself a check and actually cash it. Alternatively, you can simply transfer the amount of your “tip” to your savings account.
4. Coin operated laundry. Keep a jar in your laundry room and pay yourself $3 every time you do laundry. One dollar to wash, one dollar to dry and one dollar to fold. And, if you’re feeling generous, leave yourself a tip!
* Assuming that you do laundry three times per week, you can save $156 per year!
Saving money can be fun if you’re creative. By implementing these simple, quirky tips, you can put a smile on your face and add a remarkable amount to your savings account throughout the course of just one year!