"Savings by the Bell #1"

Who doesn't want to save money?  It's time for Savings by the Bell -  a special installment of SAVED BY THE BELL where we take a look at five ways you can save some cash. Let us know if the advice works for you!
 

SAVINGS BY THE BELL
 

 1) CREDIT CARD BABY:

Have you ever seen a dog chasing its tail? Paying the minimum amount on your credit card bill is the same thing. You won't get anywhere in your battle to pay down debt. Unless you're seriously short on cash, it NEVER makes sense to pay the minimum. Let's say you have a $700 credit card bill. The interest rate on your card is 15% and you've opted to pay the minimum payment of $15.75 every month. If you continue to pay the minimum, it will take 71 months or 6 years of get rid of your debt! In that time, you will pay $354.09 in interest. That's 50% of the original bill! Paying interest is just like throwing your money away. Think about it - what could you do with $354? Interested in seeing how your debt stacks up? Bankrate.com's credit card calculator breaks down the true cost of paying the minimum. You may be surprised!
http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx
 

2) MONEY TALKS:
If you're a savvy shopper, you already know you can save money buying store-brand merchandise instead of name-brand products. In many cases, the quality/taste of the items is the same. The 2014 Deloitte American Pantry Survey says nearly 9 out of 10 consumers found several store brands just as good as national brands. Why? Consumers believe they can save money without giving up anything. Let's take instant oatmeal as an example. When I buy a store-brand, I typically get one box with 12 packets for $1.50 or two boxes for $3.00. Compare that to one box of name-brand oatmeal for $3.69. I don't need to tell you which one is the better deal. The Deloitte survey found that a majority of consumers are hunting for savings. 67% of consumers plan their shopping trips around sales; while 86% have a set of brands they consider and purchase whichever one is on sale.

3) SHE WORKS HARD FOR THE MONEY: 

What's better than getting a discount simply because you're an employee? If you work for a company that offers corporate discounts, take advantage of it. A 2012 survey by the Society for Human Resource Management (SHRM) found the majority of HR professionals (55%) said their employees highly or somewhat valued the discounts. 32% of respondents say they used at least one employee discount a year. The SHRM says the top five employee discounts include computer hardware/software, health/wellness services, goods and services at a specific retail store, entertainment tickets and the organization's own goods and services. I recently took advantage of a 15% phone service discount offered by my employer. I also purchased software and saved $60 with my corporate discount. The savings can certainly add up!


4) PENNY FOR YOUR THOUGHTS:
Do you have loose change in your pocket? I rarely give the exact change when shopping, unless the cashier asks for it. My husband and I put all of our loose change in jars. When the containers are filled up, we go to the Coinstar coin counting machine at the local grocery store. This is a great way to save money, without realizing it. The most change we saved at one time was $600! Once you cash in the money, what should you do with it? While you may want cold hard cash in your pocket right away, that may not be the best move. If you use Coinstar, the company charges a service fee of almost 11%. Want to avoid the fee? Coinstar allows you to redeem the coins for an eGift card for free. The cards can be used for a wide variety of businesses including clothing stores, restaurants, ecommerce and more. Your card will print out on paper, but works just like a plastic gift card. The card has a unique code printed on it and you use the code when paying in the store or shopping online. You can also choose to donate your money to charity. The American Red Cross, the Humane Society of the United States and UNICEF are some of the charitable organizations that have partnered with Coinstar. The donation is 100% tax deductible. Don't want to go the Coinstar route? Some banks offer free coin counting machines if you're a customer. Otherwise the bank will be charge a usage fee.

5) LOYAL:

Want to be rewarded for shopping? Then sign up for a store's rewards/loyalty program.  You can get deals or free items that "regular" shoppers won't get. Programs can range from a discount card at the supermarket - to a loyalty punch card at the car wash. A recent survey by Capgemini says the average household in the U.S. has over 21 loyalty memberships. Many rewards programs are free; however paid programs typically offer more savings and deals. Please don't go overboard shopping! A discount is not an excuse to shop. The Capgemini survey found that 97% of loyalty programs rely on transactional rewards, i.e. a customer makes a purchase and takes their points in exchange for gifts, cash or merchandise. Take my advice: you get the most savings when you aren't "working" for it.

You've just been SAVED BY THE BELL!