17 Easy Ways to Save $1,797 (Part 2)

Sep 6

Written By Eric Gelb

Image sourced by **Kari Shea** **@karishea**

In Part 1 of this series, we revealed seven easy ways to save $1,797. To grab them, click here.

Today, we’re revealing ten more easy ways to save money, year in, year out!

Let’s get to it and help you save more money and create more cash flow.

8. Food, vitamins and medicines – Buy generic brands and store brands.

You could save 20%. Check with your doctor or other health professional to get the right professional advice.

At the same time, sometimes it’s more prudent to purchase the name brand, for example with eye drops. There have been a number of cases where generic brands contained impure water and several people went blind.

Be sure to get the right professional advice! So you can maintain or enjoy better health.

9. Downsize your memberships.

When you’re not using your membership or all the benefits your ‘membership class’ offers, consider canceling or downsizing your membership.

I’m a member at COSTCO® Wholesale. . .

The COSTCO® Wholesale Gold Star Membership costs $60 per year. With the Gold Star Membership, COSTCO does not give any rebates.
The COSTCO® Wholesale Executive Membership costs $120 per year and gives the member 2% back on purchases during the year in the form of a COSTCO® Wholesale gift card (check).
Both membership programs provide two membership cards. I gave the second card to my daughter Rita.

When I joined COSTCO® last year, I signed up for the Executive Membership and paid $120. They offered a $40 digital coupon which reduced my membership cost to $80.
If I had joined as a Gold Star Member, I would have paid $60 and received a $20 digital coupon. This would have reduced my membership cost to $40.
In order to break even on the cost differential (delta) of $40 ($80 minus $40), I would have had to spend at least $2,000 during the membership year. That’s $40 divided by 2% rebate or $2,000.

Given that I live alone most of the time and my children are grown – out of the house – it’s unlikely that I would spend $2,000 at COSTCO® during the year.

One exception to this would be if I purchased a vacation package through their COSTO® Travel agency; or purchased tires for my car.

When my membership expires, I’ll probably drop the Executive Membership and switch to the Gold Star membership. One might argue that I should punt Costco altogether based on my purchasing habits, but I’ not ready to do that yet.

10. Pay your bills on time.

By paying your bills on or before the payment due date, you’ll avoid late fees and should avoid interest expense (assuming you don’t have an outstanding balance on your credit cards).

If you haven’t, put your bills on automatic payment (auto pay). But be sure there’s enough money (good funds) in your checking account to cover the amount of the automatic payments.

When you pay on time, it’s also likely that you’ll improve your credit rating, which is likely to enable you to obtain loans and other financial products at lower interest rates!

11. Group your errands to save time, save gasoline and reduce wear and tear on your car.

Enough said. While you’re at it. . .

12. Run your GPS every once in a while.

Given the seemingly ever-increasing traffic and changing traffic patterns in my area, I started running my GPS, even to drive around town (locally).

A few years ago, I ran my GPS. It turned out that by driving a few blocks to the west, I could save gas and cut my driving time.

Even though I had lived in the town for a few years, I did not know there was an alternate route that bypassed Main Street – the center of town. The new route avoided the rush hour traffic.

13. Join customer loyalty programs.

I am a Big Fan of customer loyalty programs (which we’ll be covering in an upcoming blog post).

Examples include merchant loyalty cards.

Many retailers offer points based on your purchases – The Gap; Banana Republic; Joseph A. Bank; Macy’s; and more. Travel companies including hotels and airlines offer loyalty points.

Speedway Gas currently offers 7₵ off on the price of a gallon of gasoline to Speedway Rewards® members.

The local Nail Salon in town offers a coupon for $10 off any treatment or a Free manicure after 10 purchases. And so on. . .

And as you know, my favorite McDonald’s which offers points on purchases and discounts on food and beverages. I purchase my favorite McDonald’s Iced Coffee for 99₵ using the McDonald’s App and accumulate McDonald’s rewards points which can be used to get free food. When I accumulate 3,000 points, I get a Free McDonald’s Iced Coffee. You can learn more here: McDonald’s.

14. Turn out the lights to reduce your electricity costs.

When you leave a room, turn out the lights.

Use natural sunlight.

While you’re at it, fix leaks and buy energy-efficient appliances (that consume less electricity).

15. Turn down the thermostat a few degrees in the winter and raise it in the summer to reduce your energy costs.

According to Thomas & Galbraith heating – cooling – plumbing, of Dayton, Ohio, “Lowering a thermostat by one degree can reduce your energy costs by around 1-3% per degree for each 8-hour period.”

A nice savings.

In the winter, wear a sweater or sweatshirt. And. . .

In the summer, wear shorts and lighter clothing.

This is an easy way to save on energy.

16. Unplug appliances you’re not using.

Appliances that are sleeping still draw heat and use some electricity, costing you money.

In 2015, the Natural Resources Defense Council estimated that “devices left on 24/7 (even if only on standby) cost the average US household around $165 every year.”

Big Screen TV: I watch streaming from my laptop so I rarely use my big screen TV.
Microwave oven: I do use my microwave oven every so often but unplug it after each use.
Electric Toothbrush: I keep my electric toothbrush unplugged until I need to charge it.

17. Rearrange Your Grocery Shopping to Save Bank!

If you’re minding choosy children or picky parents or grandparents, you know all too well that their eating habits change by the day. More or less.

For my favorite groceries and food items, I tend to buy in quantity so I have a few in inventory. This way, I have an extra jar or two on hand. And when I run out, I don’t have to race to the supermarket.

One of my favorites is Trader Joe’s Organic Unsalted Peanut Butter. I down a teaspoon or two for breakfast almost every day. I highly doubt I could ever tire of peanut butter! But you never know.

Another example is Trader Joe’s “Power of Seven Green – Organic Juice Beverage”, which Joe imports from Turkey. A few months ago, for whatever reason, the taste changed and I no longer like it. Turns out I have three bottles in my pantry. The total cost was $13.47. I don’t know if I’ll drink them or give them to a friend.

Track your food inventory usage so you don’t overbuy. Let the supermarket fund the cost of carrying food inventory.

Absent something like the COVID 19 Pandemic, typically you’ll find ample supply on the supermarket shelves.

Defrost frozen food, for example leftovers, thoughtfully. My business schedule during the workweek tends to be inconsistent. I have evening events and client outings, some of which pop up at the last minute. When I defrost dinner, sometimes, after a few days it spoils, goes to waste, before I get to use it.

Before you head to the supermarket, visit your pantry, refrigerator and freezer. Before you buy, make a grocery shopping list. And buy only what you need!

To Save More Money on Groceries Every Day – click here.

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Put these moneysaving tactics and techniques to work for you.

You’ll save money, create free cash flow and have more money to put to work for you to build wealth!

Why not start today!

See you next week.

Arthur V.