America Saves Offers Tips to Help You Save Money
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America Saves Offers Tips to Help You Save Money

Posted on Wednesday, January 12th, 2022 at 7:00 am
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America Saves is a campaign managed by the nonprofit Consumer Federation of America. It motivates, encourages, and supports low- to moderate-income households to save money, reduce debt, and build wealth.

Here are some tips from America Saves that could help you save money:

Save your coins. Putting aside just 50 cents a day over a year will get you almost halfway to an emergency fund. Check with your bank or credit union, and research apps that offer programs that round your purchases up to the nearest dollar and put the difference into a separate savings account.

Avoid purchasing expensive or unnecessary items with a self-imposed 24-hour rule. For any non-essential item, wait 24 hours before purchasing. It is perfect for online shopping where your items can simply be added to your cart to purchase later.

Unsubscribe from marketing emails and texts from the stores where you spend the most money. By law, each marketing email is required to have an unsubscribe link, usually at the bottom of the email or you can reply to any text with STOP, and that should opt you out of their list.

Pay off credit cards in full each month. The miles and cash-back are only valuable if you are not falling into debt or paying interest.

Only use the ATMs of your bank or credit union. Using the ATM of another financial institution once a week could cost you $3 for each withdrawal. That’s more than $150 over the course of a year.

Pay your bills on auto-pay. This ensures they are paid on time, in full to avoid late charges.

Use the library! Libraries offer several entertainment options including classes, e-books, and audio-books. Some libraries even allow you to borrow things like tools and sewing machines.

Brown bag your lunch. The reason you hear this tip so often is that it works! If buying lunch at work costs $5, but making lunch at home only costs $2.50, then in a year you could afford to create a $500 emergency fund and still have money left over.

For more information, visit the America Saves website.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.