Save a Penny, Earn a Penny

Some Key Insights Can Save You Big Bucks Every Month

By Stephen Mazeika    

It's no secret that we are a nation of spenders. Americans love to buy whatever they want even if they can't afford it, especially on credit lines and borrowed money. This is a large contributor to why our economy is in the state that it is. As a matter of fact, 43% of Americans spend more than they earn, and the average American home is somewhere in the range of $8-10,000 in credit card debt. Also, further analysis by experts has shown that the amount of money that we save on average has decreased to a negative number, following a trend of steady decline over the last few decades.

All of these contributing factors are making it hard to borrow money at all in the current economy, and consumers need to find ways to start saving what they can, when they can, so we can all slowly improve our spending habits and lead ourselves in the direction of a healthy economy.

5 ways to extra money in your pocket every month

1. Shop Smart

Take advantage of the doom-and-gloom sales forecasts by major retailers and stores for the holiday season. Seek out coupons and discounts on websites such as couponcabin.com, or go to stores’ websites to find out if there are extra ways for you to save on your holiday purchases. Even ‘Googling’ the name of the store can often give you redemption codes that you can use during online checkouts that will discount you anywhere from 10-20% off the listed price.

2. Capitalize on Lower Gas Prices

Remember how painful it was to fill up at the pump throughout the last year or so? Gas prices nationwide have now dropped around 56%, or from $4.11 to $1.80 a gallon in price. Since consumers were able to weather that storm and survive for the most part, capitalize on that money saved at the pump. Instead of spending it frivolously, save it by keeping more cash in your account or put it to good use towards something necessary this holiday season.

3. Eat at Home

Everyone loves Chinese carryout, pizza and breadsticks or a romantic candlelight dinner at your favorite restaurant with that special someone. But oftentimes, consumers don’t realize how much they’re actually spending on these little convenience and pleasure meals. Many times, people are too busy to cook at home or just want a quick fix at work, but these little purchases will slyly catch up to you. You can literally save yourself hundreds of dollars a month by eating in and cooking your own meals from food purchased at grocery stores.

4. Call your Card Provider

Renegotiating your credit card bills is another way you can help save a bundle over the long haul. A simple call to your provider is often the easiest way to secure a lower rate. With a decent credit score and an overall solid history of on-time payments, this process is even easier, and you’ll find your company can be very generous this holiday season.

5. Always Save your Receipts

 A little known secret: save those receipts. It could be money in your pocket, literally. Oftentimes what consumers don’t know is that not only can they help you spot inconsistencies in charges that can help you correct mistakes, but also you can oftentimes bring your receipts in within two weeks of your purchase to get a refund. This refund is available when a particular item you have purchase with a credit card goes on sale within this two week period after you bought it. Check with you provider, but almost always the stores will credit you the difference as long as you have the receipt as proof of purchase.