A Quarter Saved Is a Quarter Earned

This story is part of the Spring 2012 American Saver Newsletter

No one knows better than Savers how to find the extra dollar here and quarter there that, over time, add up to substantial savings. Here are a few of their favorite savings tips.

"When buying a home, don't buy the most expensive home you can qualify for when applying for a mortgage, and don't try to buy everything you want at the same time, such as new furniture and a new car. Consumers buy too many things too quickly without having time to adjust to living within their new budget."Sheila Vives,Pocahontas, AR

"Rent movies from the local library. It's free! The cost of going to the movies in my area is about $20 for two people. In addition, going to a rental store or kiosk for a movie at $1.50 per night can add up – especially when you are focusing on saving. So, instead of renting movies my husband and I wait until our local library gets the movie that we wanted to see." Ericka Shearin,Washington, DC

"My saving technique was taught to me by my sister: Every week I give myself a certain amount of money to spend on fun stuff like shopping, movies, and going out to dinner. To make sure that I stick to that budget, I take that amount out of my bank account in cash at the beginning of the week. Once the cash is gone, that’s it until the following week. If there’s something I really want to buy that costs more than my weekly allowance, I have to save it until I have enough to buy it. It’s a great way to make sure I don’t lose track of what I’m spending money on, like I might if I were doing all of this on my debit card." Caitlin Thayer, West Hartford, CT

"Do you see a fun family event in your area that you'd like to take the family to? Check the organizers website before buying tickets at the door. Often you can save $1 – $5 by purchasing the tickets online through their website." Danielle Fochs, Tucson, AZ

"As a teacher I spend $1,000 to $2,000 dollars on my classroom each year. Many companies are happy to support teachers with discounts and classroom donations. Local supply stores often give different penny deals to teachers each week at the start of the school year. Instead of $1, I only spend 1 penny for a notebook, pack of pencils, or a bottle of glue with my teacher id! The resources are out there if you are willing to find them!" Cristy Garcia, Austin, TX

"Many people don't know that the pharmacy located inside large warehouse clubs are open to the public. You DO NOT have to be a member to get the savings offered to their members for your prescriptions. The savings can be great. Give the pharmacy a call and see how much you could be saving." Marshal Gilliam,Greer, SC

"Stop using credit cards! Pay them off, close the account, and cut them up. Using cash is a way to prevent overspending and budgeting a certain amount of cash for an emergency fund ensures you will have money saved for a rainy day." Shaun Faulds, Barnegat, NJ

"I bought a crock pot and I put dinner on before I leave for work. This way my dinner is done when I get home and it keeps me from rushing or making a rash decision and stopping for fast food. I sent out an email to others and got some great recipes. I’m saving over $50 monthly." LaWanda Lewis, Cleveland, OH

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Tip of the Day

  • Written by Katie Bryan | November 29, 2013

    Transferring money from checking to savings is the fastest way to #save $500 to $1,000 http://ow.ly/PZR8h 

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