10 Unusual Ways to Save Money Right Now
October 23, 2023
Written by Kendria Francis | VP/Regional Sales & Development Officer
A hot topic that seems to be on EVERYBODY’S mind is the cost of living. We are seeing huge cost hikes on eggs, gas and many everyday necessities that make it extremely difficult for the average American family to make ends meet. It’s almost starting to feel like middle class is at the very bottom of the class!!
Well, have no fear. Being from a long line of penny saving, number crunching family, I am here to share with you some of the things that I have found helpful in saving money. I have been affectionately named “Coupon Ken” because I don’t spend a dollar without presenting a coupon or scouring the internet for a discount code to use for free shipping or 15% off your first order.
I don’t plan to cut back on doing the things that make us happy because I do believe in the beautiful balance of rewarding yourself for hard work and enjoying life while we have it. I just like to take an approach of “live for today while planning for tomorrow.” You save in some areas so you have the money and freedom to spend it in others that matter to you.
Before we begin, I need you to do one thing. Set a savings goal- a specific dollar amount and what you are saving for. It can be anything, such as a down payment for your first home, your dream car, or maybe that 2-week trip to Paris you’ve always wanted to take. Print a picture from the internet or write your goal on a Post-it, and put it up on your mirror, in your car, and on your desk at the office. The point is to have a reminder of that “thing” everywhere and to understand that your long-term goal has to be bigger than any immediate "want” that will sidetrack you from that goal.
Now, as much as I want to turn each of you into a penny-pinching prototype, I will start you off with some quick and easy tips that could change your wallet from drab to fab.
1. PAY YOURSELF FIRST!!! You may have heard it before, but so many people do not follow it. Allowance is not only for your children!! YOU deserve an allowance. We are trained to pay bills, buy groceries and spend on the kids. But from the great teachings of Robert T. Kiyosaki (Rich Dad Poor Dad), this discipline is essential! An easy way to accomplish this is by setting up a separate money market specifically for your savings goals and have a small portion of your direct deposit sent to this account. You can contact your HR department and tell them you want 5% of every paycheck to be automatically sent to that account. The rest will go to your checking account as normal. You would be surprised how you don’t even MISS that money, but over time, it adds up. The trick is to set it and forget it.
2. Reduce your Monthly expenses - Unplug appliances, lamps, chargers, anything that is rarely used yet is drawing electricity unnecessarily. Reduce the heat/air conditioner by 1 or 2 degrees. Make sure it is on a timer so that it’s off when no one is home during the day, and turns back on when your family returns home. Use ceiling fans as it will help circulate the air in the room, making it cooler when the air is on and warmer when the heat is on. Wash clothes in cold water, switch light bulbs to LED and for goodness sakes, turn off the lights and TV when no one is using them! Keeping the porch light on all night is a thing of the past. Once you go to bed, everything should be shut down!
3. Join Rewards Programs with EVERYTHING! Whether it is your local grocery store, the movie theatre or favorite restaurant chain, most every major retailer now will offer a reward program that will get you free stuff, discounts and extra perks towards future purchases. You’d be surprised how these savings can add up over time.
4. Negotiate lower rates with EVERYONE! Every year, I call my cell phone company, my car insurance and my cable company to find out what new deals they have and/or have them do comparison pricing to keep my business. Usually, with just one phone call, your existing company has a team that is there to retain your business and will work with you, frequently lowering your monthly payment by at least $30 or more which adds up to hundreds and even thousands for the year! If you don’t call in to ask, they definitely won’t be calling you to do it!
5. Bring your own snacks! Whether you’re on a road trip, taking a flight out of town, or just going into the office, make sure you pack your own snacks. Having a bottle of water or favorite beverage along with your favorite snack will stop you from going to the vending machine or paying an absorbent convenience charge for something simple, all because of poor pre-planning.
6. Skip the expensive coffee shops! That $6-$8 that you’re spending on the latte every day is REALLY throwing a monkey wrench in your savings. Discipline yourself to make coffee at home or drink the free coffee that is usually available to you at the office. You can even purchase fancy creamer at the grocery store and leave it in the office fridge and at home so your can create that “Caramel Macchiato” experience for basically free! By doing this, you can save yourself hundreds of dollars each month that can be redirected to that savings goal!
7. Cancel subscriptions that you don’t need. Go through your bills and see if there are any extra services you signed up for in the past that you just don’t need. You’d be surprised how many monthly subscriptions, gym memberships and added insurance “protection” plans that you pay for monthly and never use. I knew a friend whose dog had passed away 3 years ago (may Muffins rest in peace) and yet he was still paying for the doggie health insurance!
8. Pack your lunch. The unusual part about this is to halve your meals. When you eat dinner, take half of it and put it in Tupperware. This will not only save you $10-$15 dollars a day on lunch, but it will also help with portion control and help you fit into that outfit you’ve been working on getting into for the past 3 years!
9. Order a water! At a restaurant, the fastest way to run up a tab is to order a cocktail, glass of wine, or even a soda. Instead, order a glass of water. It’s healthier and almost certainly cheaper. If you really want to get fancy, order a side of lemon or lime. Squeeze a splash of it and open up 2 Splendas. You have instantly made yourself a delicious glass of lemonade for the cost of Free Ninety-nine!
10. Learn the power of saying “NO.” This is the most important rule and the hardest so I’m going to take some time with it. Those cool headphones you were eyeing, the pair of black shoes that you have 100 versions of in your closet, all keep popping up on your social feeds. Ask yourself, do you really need it? This can be very hard; I can justify buying anything with 4 simple words, “Girl, you deserve it.” If this strikes a chord with you, here are three tips:
a. Put a strip of scotch tape over your credit and debit card and write a little love note across your card that says… “Don’t do it!!!” LOL...Being able to resist impulse shopping is a huge mindset shift that will not only save you money but will create better spending habits overall.
b. If that doesn’t work, I want you to try something else. Calculate the cost of your next large purchase and divide it by the amount of your hourly wage. For example, if you want a $300 pair of shoes and you make $20 dollars an hour, you can ask yourself, are these worth needing to work 15 hours for? Most of the time, they’re absolutely not.
c. If all else fails and you still want to make the purchase, practice the 24 hour rule. Wait a day. It’s funny how after you’ve gotten pass the rush and the initial excitement of the purchase, the fairy dust wears off and all of a sudden, those shoes magically are not that magical!
As I’ve said before, these all may be small adjustments, but together they can make a mighty impact, especially with consistency and diligence. Over time, you will see the impact they have on your money market account, and you will also notice how this mindset will transfer over to all areas of your life. You will start catching the matinees when your favorite movie comes out. You’ll keep kitchen towels by the sink to avoid using 30 sheets of paper towel when you’re cooking and cleaning. You may even start saving the condiments, plastic wear and napkins from restaurants in no time! I hope these help you on your journey to Paris, and if not, maybe the extra cash will allow you to super-size some “French Fries” a bit more often!!!
About Kendria:
Kendria Francis, a resident of Hasbrouck Heights, joined Kearny Bank as a Vice President / Regional Sales & Development Officer in March of 2022. In this role, Kendria is responsible for providing sales-related oversight, coaching, and direction to a dozen Kearny Bank branch teams in northern New Jersey and New York City as they cultivate a more thorough understanding of each client’s needs and preferences, and seek opportunities to further strengthen client relationships.
Kendria has over two decades of professional experience in financial services; her varied responsibilities have included managing one of the largest branch locations in New Jersey at a Commercial bank and serving as a licensed Personal Banker.
A Howard University graduate with a bachelor’s degree in business administration, Francis is a member of the Kearny Bank ChangeMakers, Sisters of the Arts, Jack & Jill of America, and The Links.