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US News has an article about 5 Little Things You Could Be Doing to Save Money–But Aren’t. And how these small steps could mean more money in your bank account.
We here at BankScoop thought most of these 5 things are ones that you don’t ordinarily think about doing, and decided to pass these tips on to you. Here are the 5, with some of the reasons they say it could save you money (see the bottom of this article for the link to the full article by US News):
Unplug Electronics
Even though your electronics are turned off, they are still using electricity. For example, your laptop, your PC, your DVD player, your microwave, your cell phone charger and more.
Right about now you’re thinking: No way am I going to unplug all my devices after I use them. Who does that?
Probably next to nobody, which is why you may want to consider buying a few power strips or a surge protector with multiple outlets that – and this is key – has an auto power sensor. (A quick window shopping trip through a search engine suggests they can be found for around $30.) Some of these outlet strips will turn off your appliance’s power when it isn’t in use, to stop energy from being drained.
How much you can save. According to the U.S. Department of Energy, if you turned off all or most of your electronics when they weren’t in use, on average, you’d shave 10 percent off your electric bill.
Look at the Bottom of Your Receipt
Pretty much every place you shop shows you the bottom of your receipt and asks you to fill out a survey. Do you ever do it? You could be missing out if you don’t.
Phil Benson, a Vietnam vet who retired about 10 years ago and lives in Bayonne, New Jersey, says that several years ago, he started filling out surveys at the bottom of the receipts he was getting at the office supply chain, Staples. He did it in part because he was a regular customer and was on friendly terms with the manager, who said it helped the store out when the surveys were filled out. In any case, it paid off for him: Six months after filling them out whenever he bought something, he won a $5,000 gift card.
“I bought my wife a laptop, so she would stop using my computer,” Benson chuckles, “and we bought a really nice home safe, and then the next couple years, we just wound up spending the balance on little things. That was fun.”
Sometimes the bottom of the receipts have coupons. Don’t overlook them.
Buy Generic Brands
Doesn’t take much effort to save money here. In fact, if you shop at Target and use their Cartwheel app you will notice that most of the savings are on their in-store generic brand, Up and Up.
According to several studies, you can save as much as 20-30% by purchasing the generic brand over name brand. Sometimes the generic brands are manufactured at the same place as the name brand.
Use Perks You’re Already Paying For
Your workplace may have benefits you aren’t using, your credit card may also. The same with your membership at bulk warehouse stores (like Costco, Sam’s Club, BJ’s), or with your AAA card. For example, did you know you get 10% off purchases at Payless Shoes just by showing them your AAA card?
Occasionally go to the websites to see what perks you are missing out on. Here is one example of missed rewards:
Earlier this year, ThePointsGuy.com commissioned Princeton Survey Research, which interviewed 1,003 American adults, to see how people use travel rewards cards and what they do with those rewards after earning them. Seventy-nine percent of travel credit card holders said they had never transferred credit card rewards points to an airline or hotel loyalty program, despite presumably having those rewards points.
Granted, just because you have accrued credit card points, doesn’t mean you should use them. If you can’t afford to travel, for instance, unless you have a whopping amount of points, you’re still probably going to be overspending. But nonetheless, it’s a good reminder that everyone likely has some sort of perk that they’re paying for, or entitled to receive, and don’t.
Find Strategies That Help You Remember The Little Ways to Save
You would probably do more to save money if you remembered to take the above steps. Here is how one woman does it:
Donna Maurillo, a Scotts Valley, California, resident who works at a think tank, came up with an interesting strategy when she shops.
“At CVS,” she says, “often they’ll have a shelf tag that says, for example, ‘Buy two of these, and get $5 in Extra Bucks.’ If I just stuff the coupon into my wallet, I’ll forget to use it,” Maurillo says.
Instead, now Maurillo takes the two items immediately to the register, pays for them, receives her Extra Bucks coupon and continues shopping. “Then I use the Extra bucks as part of my payment for the rest of my purchase,” she says.
Look for the little ways to save money. It can add up to saving a lot!
Click here for the full article from US News: 5 Little Things You Could Be Doing to Save Money – But Aren’t – US News
