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A Quarter Saved Is a Quarter Earned

Written by Katie Bryan · 05 April 2012

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

Saver Story: Learning to Adjust

Written by Super User · 04 April 2012

April 4, 2012

By Katie Bryan, America Saves communications manager

 

This story is part of the Spring 2012 American Saver Newsletter

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves. Originally, Barns had no savings and only had enough money to live paycheck to paycheck, which she described as “very uncomfortable and stressful.” Through seminars provided by Charlotte Saves, Barns learned that she was operating without a budget, that most of her spending was done sporadically, and that the small things she spent money on really added up.

Charlotte Saves helped Barns track her spending better by writing down all the things she bought. Through this tracking Barns realized she paid a $50 late fee for something every month. “I quickly realized I could be saving this $50 towards my son’s college, a new car, or most importantly an emergency fund,” said Barns.

Charlotte Saves helped Barns to be honest with herself as well as the creditors she was working with. Barns cut her spending and set up payment plans to cover her bills. Barns even got her son involved in saving. By saving together they were able to bond and spend quality time together -- all while saving. “It’s liberating to know I have a safety net if anything were to happen,” said Barns “and that I built that safety net with my own savings.”

Barns is working towards finishing school and doesn’t want to end up with a lot of debt, so she’s made paying for school and becoming a homeowner her saving priorities. Without Charlotte Saves, Barns didn’t think she’d have her current goals or the knowledge to save efficiently to reach them.  When Barns first started saving she added $25 per week towards her savings account. Today she is up to around $50 per week. “It was an adjustment,” said Barns. But when she saw the changes even just after 2 months she realized what a difference saving had made.

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Tip of the Day

  • Written by Katie Bryan | December 14, 2013

    Set a goal, make a plan, #save automatically - pledge to #save today! http://ow.ly/ksLWb

Saver Stories View all »

Saving Early: Key to Successful Future

Written by Katie Bryan | October 28, 2013

For Johnnie Lovett, a Young Illinois Saver, saving has been a habit since he was a teenager. “As a teenager, I was responsible for buying certain things with my allowance,”

Read more...

Taking Steps Toward Financial Fitness

Written by Tammy G. Bruzon | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

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Learning to Save

Written by Katie Bryan | October 28, 2013

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

Read more...

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