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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 June 1, 2020

How to Pay off Debt Fast Using the Stack Method (A Step-By-Step Guide)

How to Pay off Debt Fast Using the Stack Method (A Step-By-Step Guide)

Whether it’s consumer debt on credit cards, student loans[1], or a mortgage, most people find themselves weighed down by debt at some point in their lives. This can keep us working jobs we hate just to pay the bills and keep our heads above water. By learning how to pay off debt fast, you can release this burden and remove some of the stress from your life.

The Stack Method is one way to do this. Once you understand it, you too can learn how to pay off debt fast.

What Is the Stack Method?

The Stack Method, often referred to as “debt stacking,” requires making a list of all your sources of debt, starting with the debts that incur the highest interest. Then, you make the minimum payments for each source of debt, but when any extra money comes your way, you throw it at the debt at the top of the list. This way, you eliminate the debts with the most interest first, dropping extra costs to a manageable level in a fairly short amount of time.

To get started with the Stack Method, go through these steps and overcome those mountains of debt today.

1. Stop Creating New Debt

Most people do not receive training in handling money and how to live within their means. If you’re in debt, then you’re probably one of these people, and it’s time to bite the reality bullet.

It’s going to be impossible to get out of debt unless you retrain your financial habits right now.

You must make a stand against all the marketers trying to take your hard earned money or offering easy finance. You don’t need more stuff to make you happy. What you need is financial peace of mind.

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So cut up your credit cards or freeze them. I mean this literally. Put them in a container of water and stash them in your freezer. Then, when there’s an opportunity to spend, you have time to thaw out (you and the credit cards) and really decide if you need that purchase.

2. Rank Your Debt by Interest Rate

Make a list of all your debt with amounts and the interest rate. The highest interest rate should be at the top as this is what you’ll pay off first.

Paying off your high interest debt is the key to the Stack Method.

Interest is a powerful weapon, and right now the bank or other financial institutions are using it against you. Interest significantly increases the amount you need to pay back, and often we’re completely unaware of how much that is.

For example, if you have a $10,000 credit card debt at 20% interest where you pay a minimum payment of $200 a month, you will end up taking 9 years and 8 months to pay off the actual amount of $21,680 including $11,680 in interest!

3. Lower Your Interest Rates

You can often lower your credit card interest rates by doing a balance transfer. This means moving your credit card to another bank, where they will lower the interest rate to get your business[2].

Shop around and try to get the lowest interest rate for the longest duration (preferably until it’s paid off completely). Just make sure you’re reading the terms and conditions carefully so you don’t get stung by the new bank in other ways.

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Once you’ve done this, you can order your list of debt again if interest rates have shifted.

4. Create a Strategic Spending Plan

This is where we improve your financial control from Step 1. Take a piece of paper and write down your income after tax and all the expenses that you have. This will include the minimum payments on all your debt.

Look at your expenses, and then rank them in order of importance to you. Look at the items on the bottom of your list and decide whether you’d rather have them or be financially stable. The objective is to create a spending  plan where your expenses are lower than your income.

You also decide how much you are willing to spend on each area of your life. You can allocate amounts for rent, groceries, eating out, buying clothes, and other activities. However, realize that once you’ve spent your allocated money, there’s no dipping into other areas[3].

It also helps to have a “Fun Account” that you can spend on what you like, and an “Emergencies Account” in case your car breaks down or other unfortunate incidents come up.

You also want to include the extra amount you’re going to use to pay off debt in your spending plan.

Can you afford $20 a week? $50? $100? $200 or more? It’s important that you get a realistic number that you can commit to each week without fail, and this is your Stack Repayment.

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5. Create a Payment Schedule

The first part of the Stack Method is to cover the minimum payment on every single debt you have. Any time you miss a payment, you incur fees, and these add up quickly. This also includes making the minimum payment on the debt with the highest interest rate.

Then for the debt with the highest interest rate (your Target Debt), you’re going to add the Stack Repayment from your strategic spending plan. You apply this Stack Repayment and the minimum payment until that debt is paid off in full.

As your official minimum payment decreases, you add that extra amount to your Stack Repayment. So, as your minimum repayment drops, your Stack Repayment increases equally. This will compound how fast you pay off the Target Debt by adding even more to the payments you’re making.

6. Reward Your Progress

You want to track your Target Debt so you can see your progress along the way. You can also decide on milestones that you’re going to celebrate and reward yourself for.

A reward doesn’t have to cost money, but if it does then it comes from your previously allocated spending plan.

This is an important step as it will keep your motivation going when you feel your willpower fading.

Just like you’ve trained yourself to brush your teeth and shower, you can train yourself to manage your money. Feel great that you’re now entering the 10-20% of people who are actually responsible with money.

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7. Compound Your Results

Once you pay off your Target Debt, have a huge celebration and congratulate yourself. Then, you move the Stack Repayment (which includes the previous minimum payment now) to the next debt with the highest interest rate.

This becomes the new Target Debt, and you are using your Stack Repayment amount plus the minimum payment for the new debt.

This is why the Stack Method is so powerful. As you decrease a debt, you actually increase your Stack Repayment amount. This means the second debt will get paid off even faster, the third even faster than that, and so on and so on until you are completely debt free.

8. Be Kind to Yourself

During this process, your resolve is going to be tested multiple times. Maybe you’ll have an emergency like your car breaking down or the need to travel for a sick relative. The important thing is to not throw up your hands in despair and slipping back into your old habits.

Life will test your commitment to your new responsible money attitude, and it’s up to you how you respond. When things go wrong (and I guarantee they will), you need to shrug it off and get back on track.

Show compassion when you accidentally go over your target spending amount and decide to do better next week.

The Bottom Line

The Stack Method is a powerful tool, but it’s up to you whether you use it effectively. If you really want results, then bookmark this article immediately and start working through the steps.

It’s only by the decision you make right now that you will enjoy a debt-free future and live a financially responsible life.

More Tips on How to Pay off Debt Fast

Featured photo credit: NeONBRAND via unsplash.com

Reference

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