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A Penny Saved is a Penny Earned “Penny Pinching Pointers” For many young adults, attaining financial stability is no easy task. After paying rent and living expenses, there’s very little left over, which makes it difficult to establish any kind of savings. Furthermore, many young adults are still learning how to manage their finances. It’s easy to spend too much on frivolous items or to keep increasing your credit card debt. But, being a young adult is also the best time to set your own financial goals, and start achieving them. Regardless of where you stand in your life financially, it is always possible to turn your financial frowns upside down! While these penny pinching pointers may not be miracle workers, they will add up, and make a difference over time. Most of these suggestions take only minutes, and they are all easily attainable. Implementing just a few money saving tips into your everyday life, can make a world of difference. After just a few months, you are likely to find yourself saving more money than you ever thought possible. All it takes is that first baby step in the right direction. 1. Bank Account Perks If you’re paying regular fees for your current bank account, you could benefit from researching some new offers. Many banks will offer a sign-up bonus for opening an account or setting up direct deposit. Some will even offer low interest rates to new customers. 2. Too Much T.V. One way to save money is to cut down on the amount of television you watch. There are a lot of financial benefits to this. From less exposure to spending-inducing ads, to a lower electric bill, and perhaps a lower cable bill if you downgrade your subscription. Additionally, you will have more time to focus on other, more important, things in life. If you’re willing to go the extra mile, consider cutting the cable cord altogether. This can easily save you $100 or more each month! 3. Clean Out Your Closet Go through your closets and find anything you no longer use. But, don’t just toss it! You can have a yard sale, sell on eBay or Craigslist, or even donate it 32
for a tax deduction. It’s often a load off your mind too. Why throw away savings? Turn your old junk into new money. 4. Don’t Buy! DIY! If you want to save money around the holidays, birthdays, or other special occasions, homemade gifts is the way to go. Try crafts such as cake and cocoa mixes, candles, homemade desserts, soaps, and so much more can all be made at home for a fraction of the price. Plus, homemade gifts have your special, personal, touch, and that’s something you can’t buy from any store or website. 5. The 10 Second Rule While shopping, anytime you pick up an item, or add an item to your cart, stop for 10 seconds or so and ask yourself, “Why am I buying this?” or “Do I really need that?” If you can’t find a good answer or reason to purchase an item, put it back. This will help to keeps you from impulse buying. 6. Home Cooked Meals Cooking at home is much easier than you think, and way cheaper and healthier than take-out or dining out. Even better, you can easily prepare meals in advance. Casseroles are nice, easy dishes to prepare. Make a few batches and freeze for a quick and easy meal in the future. Preparing a few casseroles or meals at once allows you to buy the ingredients in bulk, which means additional savings. 7. Quit Smoking If you’re a smoker, you know that your habit is not only expensive, but potentially. Ditching the cigarettes will add years to your life and save you a ton of money. You could try to quit cold turkey, or try an anti-smoking product. Whichever path you choose, you will be much better off. Both your wallet and your lungs will thank you! 8. Cut Coupons To save as much money as possible, use the coupons in your grocery store flyer. Doing so can help you save through the initial sale savings and through the use of coupons. Additionally, consider trying the store brands or buying generic. You’ll save a few cents at the time, but you’ll also likely discover that the store brands and generic brands are just as good as name brand. You’ll likely find your regular grocery bill getting smaller and smaller once you begin buying the cheaper brands. 9. Lights Out Keeping the lights on in your home does cost money over time. To save as much as you can, turn off lights any time you leave your house, or even when you leave a room. Turning off lights during the daytime can also help keep your electric bill down over a period of time. The bottom line is if you aren’t using a light, turn it off. Otherwise, you are merely paying more for carelessness. 10. Gently Used You can often find the exact item you want with a bit of clever shopping at gently used equipment and department stores. Make these shops a part of your normal routine. Go there first when looking for potential items, and you will certainly notice the savings. Clothes, for example, often cost pennies on the dollar when bought used, even if they were only worn once. By buying used most of the time, you can save a ton of cash. Article by: Maria Dininno 33
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