Savings is More Than An Account: Tips to Maximize Your Dollar
by Sarah on October 17th, 2008
As ShoreBank’s new Online Channel Manager, I’ve just emerged out of post-MBA unemployment and am now immersed in a quest to fully understand economic concerns and ShoreBank’s potential to alleviate them. These two phases of my life have a surprisingly similar theme: frugality. The financial meltdown has intertwined with inflation to stimulate monetary concerns for everyone. However, that does not mean that we still can’t find creative ways to maximize our dollars! Here are a few investment tricks to try as we approach the holiday season(s):
1) Investigate high yield savings accounts, like those at ShoreBank. They are great ways to accrue up to 3.50% APY on your money with minimal effort. With the holiday season approaching, $350 on $10,000 will certainly let you loosen your financial belt by a notch.
2) Do not charge more on your credit card than what you can pay off per month. If the temptation of a credit card is too much for you to resist, try paying with only cash. It is amazing how easy it is to restrict extra spending when you only have $50 in your wallet.
3) Downsize your home. You don’t have to move to downsize. You can raise your income (and ’spring clean’) by creating an inventory of your items and selling unwanted/unused items on Craigslist.org or at a garage sale.
4) When you leave, turn ‘it’ off. Unplug non-essential appliances—even “turned off” appliances can use energy. For example, a plugged in (but “off”) television still uses about 20 watts of power. Also, set your heater to a lower the thermostat when you are out of the house. Turn off the lights when you leave each room. Turn off your computer. It may seem small, but $20 in savings on our electricity bill could buy your dinner.
5) Buy used or at discount. Research Freecycle.org or Craigslist.org for gently used items. Try to shop for your favorite items at discount or outlet stores. You not only save money, but you get the added thrill of getting great deals.
6) Grocery shop every week instead of every month, if possible. Buy only the items you need for that week’s meals. This eliminates overstocking (and overspending.)
7 ) Research free events in your city. The city government often sponsors several events, ranging from pumpkin festivals to musical concerts. Local colleges and universities also provide a number of low cost events that are open to the public. You save money and get exposure to new forms of entertainment!
8 ) Go out at ‘deal’ times. Go out to dinner on nights when they have specials. Go to matinees. Shop on ’sale’ days.
9) Try to spend nothing on one day per month. It is really hard, but surprisingly rewarding if you can do it.
I’d love to hear how much you can save, or your own tips and tricks. At ShoreBank, we want to help you change the world, and part of that involves providing you with resources to manage (and save) your money.
Tags: community development, green banking, high yield savings, recycling tactics, ShoreBank Direct, triple bottom line
Thanks for posting the article, was certainly a great read!
I don’t know if I agree with “Buy only the items you need for that week’s meals.” You can save money if you stock up on items when there are sales. Of course you have to make sure you’ll use the items before they go bad.
That is very true. You can certainly find great savings if you stock up when something is on sale. The biggest caveat, however, is that we as consumers can often buy an item because it is on sale and not because we really need the product. Ideally we should apply the ‘buy only the items you need for that week’s meals’ to the whole month to enable us to both buy when a product is on deal and buy only what we need. I only wish I could plan my meals that far in advance!
Good site I “Stumbledupon” it today and gave it a stumble for you.. looking forward to seeing what else you have..later