$$ HOW TO SAVE MONEY ON ALMOST EVERYTHING $$
Hello, fellow Thrifties! If you're here, you probably share my passion for saving money in any way possible. I have put together a list of proven methods to help you achieve just that. Additionally, I make sure to always do the following at the very least!
Comparing prices is now very convenient with online shopping. You can compare prices for both products and services. If you find an item cheaper at a different store but it's far away, you can ask your preferred store if they will match the price. Lowe's is an example of a store that does this. Simply show them a screenshot of the exact same item with the price, size, or model number, and they will match it at the customer service. I recently did this for a specialty paint.
Maintaining a good credit score has a significant impact on various aspects of your life, including potential job opportunities, banking rates, and even car insurance.
Utilize coupons whenever possible, whether from coupon circulars at the grocery store, online sources, or deals on platforms like Groupon. A quick Google search is all it takes!
Consider using Rakuten especially if you do a lot of online shopping. They also offer in-person options that need to be preloaded. By using a cashback credit card, you can earn double the cashback - from both your bank and another from Rakuten. Why not get cashback on items you were going to purchase anyway?
With those basics out of the way, here's some ways to save that you might not know about.
Food:
I did an entire blog post on my tried and true money saving hacks for food costs, if you missed it see it here.
Auto:
If you are trading a half-decent car and don't have a lien on it, you're always going to do better if you sell it privately rather than trading it in. I have done this several times, even selling my children's cars when they were adults. Be aware that if you do this and post on Marketplace or Craigslist, the freaks will come out! If you're able to weed through the scams and nonsense and use common sense when accepting payment, you'll get more than if you trade it in at a dealership. Just be sure you have the time to show the car and constantly answer messages, because it does take some effort.
What if you have a lien on your vehicle but wish to sell it independently? Many dealers offer a courtesy delivery service in which they settle the loan, acquire ownership, sell to your buyer, when you purchase a car from them. You can set your own sale price, but you will still need to handle all the necessary arrangements and find a committed buyer willing to accept this type of transaction. So while some work is involved you'll still get the price you asked for!
Have you ever purchased a vehicle from a dealership and encountered extra charges being added? While taxes, registration fees, and others are necessary, in Pennsylvania, the documentation fee (which is capped at $464) can be negotiated. This implies that you can try to lower or even eliminate it through negotiation. I personally declined to pay this fee when I purchased my Cadillac. Being aware of this gives you a definite advantage in the transaction.
Banking:
Are you paying to have a bank account? If so, you're at the wrong bank! Not only do credit unions have very few fees, but they're friendly, treat you better, and often have better loan rates. It's worth exploring some in your area. I have been banking at Belco for nearly 30 years and love it! They welcome referrals, use my link if you'd like to join!
An alternative choice is high yield savings accounts, which are ideal for individuals who prefer not to lock in their money with a CD or investment. You don't necessarily need a large sum to open this account, as some require no minimum deposit! However, it's important to note that most banks offering higher interest rates are online-only and do not have physical branches. If you are comfortable with online banking, this can be a fantastic choice.
Beauty:
My daughter and I used to visit the nearby cosmetology school regularly for affordable pampering sessions. The prices were very reasonable: manicures cost $8, pedicures were $10, haircuts were $12, massages were $25, and facials started at $15. Although chemical services were slightly pricier, they were still more economical than those offered at traditional salons. We often found coupons in the local Clipper magazine for a 20% discount on any service, making it a fantastic deal! This experience of bonding over beauty treatments is something I will always treasure, and the fact that it was budget-friendly made it even more enjoyable.
Keep in mind that the people working on you are students. While they are supervised, some of our experiences and results were less than stellar.
Another inexpensive way to tackle this is by doing it yourself! So, when my gray hairs started popping up like crazy and salon visits were breaking the bank, I hit up my stylist for the color formula, got some professional supplies online, and DIY-ed it at home. Lucky for me, I had some cosmetology training back in the day, so I wasn't totally clueless. If you're new to this, just be cautious with those chemicals. But no worries, YouTube has tons of helpful tutorials to walk you through the basics!
Car Insurance:
When it comes to saving money, this is the spot to be! Comparing prices and bundling services is the name of the game here. Think about going all in with one provider for your auto, renters, and/or homeowners insurance – it's like a discount bonanza! And guess what? Credit unions are all about those sweet discounts, especially when they team up with other cool companies (thanks, banking gods!). Oh, and if your workplace is hooked up with a national payroll service or a fab employee benefits program, you could be in for even more savings! 💰
Check if your car is worth enough to drop full coverage insurance.
Adjust your insurance coverage based on how likely you are to make a claim.
Lower your insurance deductible to pay less each month.
Make sure your emergency fund can cover any deductibles you might face.
Cable:
Let's dive into simplifying your setup for some smart savings. With all the bundled services out there, things can get a bit tangled up. But fear not! By doing a bit of digging and price comparing, you can find the perfect streaming combo without breaking the bank.
In our case, sticking with our current plan was a win-win. We've got a sweet deal with a mix of channels and premium streaming services that's more budget-friendly than going a la carte. And hey, why not think about getting your own modem? Say goodbye to those monthly fees for outdated equipment and hello to some extra cash in your pocket. Modems are pretty affordable, so even upgrading yearly is a smart move for long-term savings!
Clothing:
I'm all about that thrifty life - 99% of the time, with the exception of splurging on new undies! But let me tell you, my sock game is on point thanks to my Goodwill bin adventures! Snagging high-quality sports socks from brands like Nike and Ralph Lauren is my jam. And guess what? Most of them are practically brand new! These hidden gems end up in the bins automatically as my local Goodwill stores don't sell socks. Curious about the Goodwill bins? Stay tuned for a future blog post where I spill all the deets!
Besides hitting up yard sales, thrift stores, and consignment shops, why not consider selling or consigning items you no longer need? It's a win-win! Some cool spots like Plato's Closet, Uptown Cheapskate, and Once Upon a Child even pay cash upfront, so no waiting around for sales. While you might not rake in as much cash as with a yard sale, it's a hassle-free way to declutter. And if they pass on certain items, you can always hold your own yard sale!
When shopping for trendy kids' clothes at Target, you'll love the hassle-free one-year return policy on their exclusive Cat & Jack collection! No matter the condition or fit, you can easily exchange or replace items. Just hold onto your receipt for smooth transactions.
Cleaners and Crafts:
Don't overlook the fantastic strides that Dollar General and Dollar Tree have taken in their departments! While Dollar Tree (now $1.25) remains a budget-friendly choice, Dollar General offers exciting perks like digital and paper coupons, as well as a loyalty program. Plus, you can enjoy a $5 discount on Saturdays with a minimum purchase. Embrace the savings and convenience these stores provide!
Entertainment:
This is another example of where your employee benefits program comes in. Many offers discounts on travel, amusement parks, concerts, various services, and even movie tickets! You can also find discount amusement park tickets at local grocery stores and rec centers. The library system in my area also offers free passes to local attractions that can be signed out with a library card. They even lend out decorative cake pans and circuit machines! Chances are your library system offers similar perks, all for free or for the low cost of a library card!
Travel:
Be sure to explore and take advantages of all the perks a credit union membership and employee benefits program offers in these areas. When it comes to lodging, I'm all about Airbnbs for those extended stays. Plus, they often come with a price tag that won't break the bank! Just remember to peek at those fee details – some spots sneak in hefty cleaning charges, while others keep it chill with no extra fees.
Staying in an Airbnb lets you soak up the local vibes and even whip up your own grub. Feeling lazy? No worries! Just pop by the nearby grocery store and snag some ready-made meals – easy peasy!
Credit cards:
Want to snag a better rate? Maintain a higher credit score! Your bank or credit union should always be your first stop but that doesn't mean you can't shop around - they all come with different perks and rules. Watch out for those sneaky annual fees (I steer clear of those), and think about stuff like APR and late fees. Plus, lots of cards offer cool rewards like cash back, travel points, and gift card choices.
Paying bills:
Take advantage of your bank's awesome free bill pay service! It's a total game-changer! Say goodbye to buying stamps, envelopes, and checks unnecessarily. This service is not only a money and time saver but also makes life easier by getting rid of all that manual record-keeping and balancing your check register.
Medical:
It's hard to believe that I only started using Able Pay last year. If you're not familiar with it, you should definitely check it out! I'm able to save $5 to $10 on each copay and even more on costly medical expenses. Here's how it works: you sign up, choose a default payment method and term (you can opt to spread out payments). The discount you receive will depend on your chosen default. When you visit the doctor, simply present your Able Pay card. They will treat it as a secondary insurance and bill them directly. They will then be paid through your default method, allowing you to see your discount in real time! While not all doctors are part of the network, new providers are constantly being added. With a high deductible and numerous medical bills, this has truly revolutionized my healthcare expenses. Plus, if you sign up using this link, both of our accounts will receive a bonus – a win-win situation! Once you're a member, you can refer your family and friends to earn even more!
Medication:
Dealing with the rising costs of medication has been quite a journey for me lately, especially after a switch in insurance plans. But hey, I've found some savvy ways to tackle this challenge! These strategies have been a game-changer, helping me keep more cash in my pocket while staying on top of my health
Here's how I'm saving:
Using the mail-in pharmacy service from my insurance for a 90-day supply of meds
Opting for Walmart's $4 for 30 days or $10 for 90 days deal on certain medications
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Check out Good RX and Mark Cuban's discount pharmacy before going through insurance. Sometimes Good RX has better deals, plus they show prices from various pharmacies so you can pick the best one for your wallet!
When times got really hard, I asked my physician for samples. If they have them, they will give them out freely. Also, inquire if there are any pharmacy promotions you can take advantage of. When I asked my GI doctor this, he presented me with a savings card plan that paid the copay for my medication for five years! It only stopped when a generic version became available. Had I not asked, I wouldn't have gotten it because they never offered it!
Free tax prep:
If there is a Vita program available in your area (usually thru United Way), consider utilizing it if you qualify based on their income criteria. Knowledgeable volunteers are equipped to help you maximize your refund, handling the preparation and filing process at no cost to you!
PMI Insurance:
So, here's the deal with Private Mortgage Insurance (PMI). Basically, it gets automatically axed when your loan-to-value ratio hits 78% of what you paid for your home or when you hit the halfway mark of paying off your mortgage (like around year 15 of a 30-year loan). You can also ask your lender to ditch the PMI once your mortgage balance is about to dip to 80% of your home's initial value. Usually, this change is sorted out in your mortgage payment through escrow, giving you a little break on what you owe. My tip? Keep paying the same amount and put what you used to pay for PMI toward your principal. Even tiny extra payments can add up big time! Get an amortization schedule from your lender, especially if you're early into your loan. Tossing more money at your principal can seriously slash the interest you'll end up paying. By upping your monthly payments, you not only cut down on interest but also speed up the time it takes to wipe out that loan!
Property Taxes:
Homeowners, remember to apply for a homestead exemption to save big on your property taxes! It's super easy – just fill out a form. This awesome tax break lowers your home's assessed value, meaning you could save a ton on your taxes every year. Don't miss out on this opportunity – I've done it for all my properties and saved a bunch!
Do you have a money saving hack? Comment below, I'm all ears!
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