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If You Want To Save More Money, Own These Money-Saving Items

If You Want To Save More Money, Own These Money-Saving Items

Did your latest savings campaign end slowly, dribbling to a halt as you realized you weren’t saving as much money as you wanted or needed to?

It happens to all of us – good intentions and determined willpower slowly fade as we fail to meet our savings objectives.  With the right tools, however, maintaining budget-friendly habits and systems is infinitely easier. Support your financial ambitions and save more money by stocking your home, workspace and vehicle with the money-saving items shared here.

Around the home:

Ceiling Fans

Running ceiling fans counterclockwise in the summer and clockwise in the winter can lower both your cooling and heating bills.  The rotation disperses cooled or heated air, meaning less energy is required to establish and maintain the desired temperature in the space.  During moderate heat, the increased air flow from a ceiling fan may mean that you don’t even need to run your air conditioner.  Your budget will thank you, as your utility bill takes a nose dive.  Don’t know how to change the direction on your fan? Get up on a ladder and take a look – most have a switch on the side – or call the manufacturer directly.

UV-blocking Curtains

UV-blocking curtains can drastically reduce both your heating and cooling bills. Now, energy-efficient curtains are available in a variety of colors and patterns, so you can find them to match any decor in local home goods or even hardware stores.  Live somewhere particularly frigid in the winter? Put up liners during cold months to lock heat in even more effectively.  No matter what kind of curtains you have, remember to keep them drawn during particularly warm spells.

Reduced-flow Shower heads

Look for a shower head that allows you to select the flow rate, or one that automatically adjusts.  While it can be a pain to try to rinse shampoo out of long hair with inadequate water, you simply don’t need a high rate of flow for most needs.  Families in particular can save hundreds of dollars each year by installing reduced-flow heads into each of their bathrooms.

Toilets with Options

Think it takes the same amount of water to flush #1 and #2?  You’re right – it doesn’t, and if you’ve never thought about it, time you should!  While graphic, the amount of water used in your toilets each year adds up on your bill.  For about $100, you can install toilets with dual flush options, which means you don’t have to use extra water unless you need it.

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Grocery and Shopping Bags

Regularly ponying up $10 for small trash can liners for bathrooms, laundry rooms, or guest rooms?  Use grocery bags instead.  They’re the perfect size, reusing them is good for the environment, and you already paid for them when you made your purchase.  Grocery bags can also be used to clean up after your pet at the park, or stock your car for emergency spills.

Rechargeable Batteries

Whether your home is full of kid’s toys that eat batteries alive, or you need to fuel flashlights, smoke detectors, appliances, and more, rechargeable batteries make a lot of sense.  While they may require frequent recharging, they will save you over the long run.  Bonus benefit: no more grunts of frustration when you realize that you are out of the type of battery you need.  Remember to unplug chargers when they are not in use; anything plugged in will use energy that you pay for.

Clothes drying rack

Your dryer requires electricity, which can raise your utility bill sky high. Keep the bill in check by doing a bit o’ good for the environment by drying your clothes on a rack or line. Folding drying racks can be found at any home goods or superstore.  Or, hang a rod and line with materials readily found at hardware stores.

In Your Kitchen:

Cooler

Heading out with friends this weekend? Instead of meeting at a restaurant, stock a cooler with items from the grocery store and picnic at a local beach, garden, or park. Coolers really pay off for families who stock them with food from home and bring them to local entertainment venues. Many zoos, aquariums and parks allow you to bring your own food.

Insulated lunch box

Brown-bagging it during the week is a whole lot more attractive (and safe) when cheeses, meats, sandwich materials, fruits, and vegetables are kept at an appetizing and safe temperature for lunch-time consumption.  Look for a soft shell bag that can be compressed to fit inside a large purse or briefcase post-lunch.  Keep your lunch box in your car when not in use, to make it easy to slide leftovers into when you grab dinner on the go.

Coffee Pot

Make the daily runs to Starbucks a thing of the past, and save hundreds, if not thousands, every year. Brewing that cup o’ joe at home in the company of friends could also provide a substitute for costly weekend brunches or catch-up coffees, as well.  For added convenience, select a model that allows you to set a brew time, and wake up to that coffee aroma you love.

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Insulated Beverage Container

Take your second (or third, or fourth) morning cups of coffee on the road with you in an insulated beverage container.  Bonus: that same container can hold smoothies, soups, and other items you prepare yourself to save money.

Blender

Make your own smoothies, juices, baby foods, and more with a heavy-duty blender. Not only will you save money, but you can ensure you get that flavor you like exactly right, every time.  Earn extra savings points by only blending with in-season fruits and vegetables to lower your grocery bill even further.

Crockpot

Think you don’t have time to cook? Toss meat and vegetables in the pot in the morning, turn it to low, and have a delicious meal waiting when you get back from work.  Extras can be frozen for another day, meaning yet another meal you won’t have to cook for.

Glass Food Storage Containers

Available in a variety of sizes, glass storage containers are the healthiest way to store leftovers. Anytime you cook at home, cook extra – not only will you have plenty to toss in that fancy lunchbox the next day, but preparing food in larger quantities means you can buy it in larger volume and take advantage of bulk discounts.

Deep Freezer, or refrigerator with large freezer capacity

Having hefty freezing capabilities means you can buy and cook in bulk, then freeze.  Can’t see yourself ever using pounds of meat or gallons of soup? Split bulk-buying costs with a friend, and ask them to chip in a few dollars to use your freezer.

Chalkboard

Create a grocery list as you run out of items, as well as any other items you need to stock up.  Stick to the list during weekly errands to minimize impulse spending; numerous studies show that shopping with a list can drastically cut your bill.

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In Your Office:

File Folder, Envelope, Paper Clips, Binder

… or whatever is most useful to you in tracking and logging receipts for all purchases and expenditures.  You can’t save more effectively, if you don’t know where your money is going in the first place.  Analyze your spending habits at several points during the month to allow for time to correct for any wayward expenditures.  At the end of each month, scrutinize ways to improve your savings rate even more.

Internet at Home

Shop online retailers, or the online warehouses of your favorite stores, for virtual discounts and deals.  Don’t want to shell out more for wireless? Talk to your phone provider – many smartphones can be used as a hub, within the limits of your data plan.

“Smart” Power Strips

If you use a computer at home, or run multiple devices like a laptop, printer, stereo, and so on from your desk, this item is a “must have.” The power strip focuses power usage on the devices you’re actually using, reducing the energy sent to the others and negating “phantom charge.” While some consider unplugging energy from gadgets you’re not actually using to be a waste of time, consider that the charges aren’t so “phantom” when they show up on your bill.

In Your Living Room:

In-Home Entertainment Subscription

Regularly shelling out $25 to see the latest movie on the big screen? For far less, you can have unlimited entertainment at home through Netflix or similar entertainment options.  At-home entertainment can also be a great option for a date night or fun evening in with friends that saves you all money.

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In Your Garage and Yard:

Patio or In-Ground Garden

Whether it’s a single planter with basic herbs on a windowsill, pots of tomatoes on your porch, or an extensive in-ground plot, gardening will cut your produce bill.  Having plants around may also reduce stress and improve the overall quality of your living environment, cutting doctor’s bills and the need for that stress-busters class you pay for each week.

Loose Change Jar

Every penny you lose is a penny that could be spent reducing debt, contributed to an emergency fund, or otherwise constructively employed. Keep track of them and give yourself a visually encouraging boost with a loose change jar in an easily accessible location.  Decide how you’ll use the money before you toss in the coins, and delight at how quickly it adds up.

In Your Wallet:

Library Card

Make Barnes & Noble (and their expensive, tempting coffee bar) a thing of the past by checking out books at your local library.  Many libraries also maintain subscriptions to popular magazines.  While you may not be able to check them out, you can enjoy them at the library.

Membership to a Warehouse or Bulk Discount Club

If you turn up your nose at the thought of bulk shopping, it might be high time to check out your nearest Costco or Sam’s Club.  These retailers often carry organics, clothing, household goods, furniture, and office supplies.  If you truly can’t use anything in bulk, or lack room to store it, split the membership with a friend and buy items you both use, together.

Bonus Savings if You Have:

A Friend or Co-Worker Willing to Ride Share

Always drive yourself? Consider teaming up with a friend during weekend outings, or better yet, find a coworker who can help your commute.  You’ll save money in gas, mileage-based insurance and, over time, vehicle maintenance.

Thirsty for more tips and tricks? Check out these 55 Practical Ways to Save Money Efficiently.

Featured photo credit: Kristina Zuidema via flickr.com

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Last Updated on July 10, 2020

The Definitive Guide to Get out of Debt Fast (and Forever)

The Definitive Guide to Get out of Debt Fast (and Forever)

Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

Identifying All of Your Debts

The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

Here’s how you can get started identifying your debts:

1. Own Your Debt

Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

2. Make a Debt Tracker

It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

3. Get Your Debt Number

Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

Prioritizing Your Debts

All debt is not created equal. It’s imperative to understand that there are different types of debt.

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1. Understand Bad and Good Debts

Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

There are three main types of bad debt:

  • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
  • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
  • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

Good debt is identified as investments in your future. Here are three common types of good debt:

  • Student Loan Debt
  • Mortgage Loan
  • Business Loans

2. Decide Which Debt to Pay off First

Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

3. Don’t Pay the Minimum Amount

Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

Removing Obstacles to Pay off Debt Quickly

Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

1. Set a Reminder to Track Your Debt

“If you can’t measure it you can’t manage it.” -Peter Drucker

It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

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Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

Set weekly and monthly goals so you can have short term wins and keep the momentum going.

2. Hide Your Credit Cards

If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

3. Automate Everything

Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

4. Plan Ahead

Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

5. Live Cheaply

The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

  • Live with roommates
  • Cook dinners and prepare lunches for work instead of eating out
  • Cut cable and choose Netflix or Amazon Prime
  • Take public transit or bike to work

Finding the Lowest Interest Rates

The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

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1. Maintain a High Credit Score

Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

  • Never miss a payment
  • Don’t exceed 30% of your credit limit
  • Don’t sign up for more than one card at once
  • Limit hard inquires, like auto-loans and new credit cards
  • Monitor frequently with free credit-tracking software

2. Find Balance Transfer Offers

Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

How to Get Rid of Debt Forever

Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

1. Keep Monitoring and Adjusting

Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

2. Earn More Money

There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

Here are some examples of ways to earn more money:

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Talk to Your Boss

Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

Start a Side Hustle

This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

Build an Online Business

There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

3. Celebrate Your Wins

As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

4. Set New Financial Goals

Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

Conclusion

Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

More Tips on Getting out of Debt

Featured photo credit: Pepi Stojanovski via unsplash.com

Reference

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