Archive for the ‘Money’ Category:
Cutting Your Largest Non-Fixed Expense – Saving on Food & Groceries
Grocery shopping – you’ve got to do it, right? Going out to eat – you don’t have to, but sometimes it just turns out that way. Believe it or not, the average family of four spends more than $500 on groceries and food each month.
You can easily add another $50 or $100 to your monthly savings by making simple changes:
START by shopping smart at the grocery store:
•Shop with a list and coupons when purchasing groceries. If you purchase certain items regularly, stock up on them when they are on sale for additional savings. One consumer expert says grocery items go on sale about every three months, so buy enough to get you to the next sale cycle.
•Buy in-season produce. Not only is the produce more fresh, but also is substantially cheaper. Consider other options such as the Farmer’s Market or local farmers for fresh vegetables and fruits.
•Avoid convenience food. Pre-cooked, pre-sliced or pre-packaged food is more expensive. Buy a head of lettuce rather than a bag of salad, and create your own “100 calorie” snack packs.
SUBSTITUTE and ANTICIPATE for further savings:
•Eat less meat. Meals with smaller portions of meat, or none at all, are often cheaper and lower in fat than their high-meat counterparts. Consider substituting beans for meat or enjoy pasta with summer vegetables for a few dinners each week to add to your savings.
•Don’t just pack your lunch; bring snacks and beverages with you as well. A $2 snack or water bottle adds up over time. If you’re going to be away from home, be prepared- and save.
AVOID restaurants, but if you must:
•If you’re going to go out to eat, go at noon rather than at night for less-expensive options. Before you go, check the newspaper for advertised specials or coupons. If your favorite restaurant does not offer coupons, consider ordering a salad or an appetizer rather than an entree or sharing a meal with your dining companion.
Make sure to bank your savings! Track your progress towards a savings goal by joining America Saves, and using the America Saves My Savings Tracker for free to record deposits and monitor your progress.
Source: America Saves “Kick Start Your Savings” campaign
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
Subscribe to the comments for this postSeven ways to save $100 or more
We all want to save money, it’s the “how” that creates the challenge! If you’re not currently saving or living paycheck-to-paycheck, you need to start by changing some behaviors. Begin by tracking your spending and making a plan to save. Saving money can be easier once you realize where your money is going.
Here are seven ways that you can save $100 or more in 2010:
•Reduce your cell phone plan or switch to a prepaid plan. Many of us overestimate our cell phone usage. Drop minutes or features you’re not using to add to your savings.
•Walk rather than drive to destinations less than a mile. You’ll not only burn calories, but also save the wear-and-tear on your vehicle.
•Shop around for auto and homeowners’ insurance: Before renewing your existing policies each year, check out the rates of competing companies (see the website of your state insurance department). Their annual premiums may well be several hundred dollars lower.
•Utilize a cash-only spending plan. Unlike using your credit or debit card, you can’t spend what you don’t have on you, and it makes resisting temptation easier.
•Take full-advantage of discounts! Ask your HR department at work to see what discounts or group deals are offered.
•Make your own entertainment by hosting a game night with family and friends. One board game costs less than $20 and produces hours of entertainment. Rather than buy a new game, swap with another family so you both can enjoy some new-to-you fun.
•Ask your local electric or gas utility for a free or low-cost home energy audit. The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year.
Make sure to bank your savings! Track your progress towards a savings goal by becoming an American Saver, where you can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress.
Source: America Saves “Kick Start Your Savings” campaign
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
Avoiding summer spending temptations
As the temperature heats up, so does the temptation to spend. Between vacations and nights out with friends, summer can be fraught with expenses. Saving money and enjoying your summer can be synonymous. Take advantage of the following savings tips to inexpensively enjoy your summer:
Temptation # 1 – What am I going to wear?
• Rather than purchase a new summer wardrobe, host a clothing swap with your friends, family, and neighbors. Everyone can get “new to them” accessories and clothing without having to spend a dime.
Temptation # 2 – What am I going to do for fun this summer?
• Don’t spend your savings to see the summer blockbusters. Consider hitting cheaper matinees or borrowing recent flicks for free from the library.
• Look for free festivals or outdoor concerts in your area. Check newspapers, bulletin boards, your local library and search engines (type “free events” and the name of your city). Don’t forget to take advantage of the fun at the Finney County Fair!
• Network shows are on vacation for the summer, so take a break from the TV! Cancel cable for the summer and add the savings to your bank account.
• Be a tourist in your own city. Check out local museums, boutiques and art galleries. Spend a day at the Zoo or the Big Pool in Garden City.
Temptation # 3 – Where are we going to eat?
• Host a BBQ or potluck rather than go out to eat. With each guest responsible for a side-dish and their own beverage, you can enjoy the weather and company without sacrificing your pocketbook.
Make sure to bank your savings! Track your progress towards a savings goal by becoming an American Saver. You can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress.
Source: America Saves “Kick Start Your Savings” campaign
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
Kick start your savings this summer!
For beginning and more advanced savers, nothing is more important than an emergency fund. As the cornerstone of your savings plan, an emergency fund is your protection against unexpected, but inevitable, expenses.
• Step 1- Figure out your goal & a place to save. Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. That’s because maintaining emergency savings of $500 to $1,000 allows you to easily meet unexpected financial challenges such as a car repair or medical bill, and avoid high interest, short-term loans. With your emergency fund goal in mind, decide where you want to save it. Do you need to open a savings account? Do you want to add to a savings account you already have? Determine your goal and where to keep your emergency savings.
• Step 2 – Save automatically. Have a portion of your paycheck, as little as $10 or $25 or $50 a month, transferred automatically from your checking to savings account. Individuals who save automatically are more than six times more likely to be successful long-term.
• Step 3 – Track your progress. By becoming an American Saver, you can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress.
If you’re not sure where to find the money to start saving, cutting down expenses can be easier than you think. Institute a “no-spend day” and for each dollar you don’t spend, add to your emergency fund. Come back next week for even more ways to save on everyday expenditures!
Source: America Saves “Kick Start Your Savings” campaign
“Knowledge for Life” provided by the Finney County Extension Office and K-State Research and Extension.
Get more of your tax refund throughout the year
It is nice to get a big refund at the end of the tax year. But, if you think about it, that refund means you were lending the government your money interest-free all year. If you would like to get at least part of your refund throughout the year, there are two things you can do:
1. Reduce your withholding. If you are getting a large tax refund, your employer is taking too much money for taxes from your paycheck each pay period. To start getting some or all of the extra money now, change your withholding rate. Ask your employer for a new W-4 form and instructions for changing your allowances. By having less withheld you will get more of your money during the year. But rather than spending it each month, put some of that “extra” money into a savings account where it will earn a bit of interest– something Uncle Sam didn’t do for your money previously.
2. Apply for the Advance Earned Income Tax Credit. This is an option for lower-income working families with children at home. Qualified taxpayers could get up to $1,500 in equal amounts in their paychecks throughout the year. How? Fill out a W-5 form to get the the Advance Earned Income Tax Credit. To be eligible for the advanced credit, you must qualify to claim the Earned Income Tax Credit– by having at least one qualifying child and making less than about $33,000 a year. See IRS publication 596 for more information about eligibility for the Earned Income Tax Credit and how to get the credit in advance in your paychecks throughout the year.
CHANGE YOUR SPENDING HABITS TO PLAN FOR A SMALLER REFUND! If you have developed a spending pattern that counts on a big tax refund to pay off bills or make big purchases, remember that you will now be getting your refund throughout the year. Adjust your spending to stay current on your bills month by month and save ahead for any big purchases, because now you’ll have more money each month and less at tax refund time.
For more information about changing your withholding or getting the EITC in advance, see the IRS website, visit with a tax volunteer at a VITA or TCE site, or visit with the tax preparer of your choice.