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3 Simple Money Saving Tips

Oct 3, 2016

If you feel that saving money is a big challenge, you're not alone. A survey found that 62% of Americans have less than $1,000 saved. In fact, 21% of those surveyed don't even have a savings account. Yikes. That number might shock you, but the reality is that many people aren't saving as much as they should be. And while saving isn't always easy, especially if you're on a fixed budget, there are a few simple changes you can make to start saving money.

3 Simple Money Saving Tip

Here are a few easy things you can do to save money (while not drastically changing your lifestyle):

  1. Cook at home. Even though it's more convenient, eating out can cost a fortune. There are special celebrations such as birthdays and anniversaries that warrant an entertaining night on the town. But for your average everyday meal, eating in is the smarter financial option. A recent article compared the prices of common foods at retail vs. restaurant price, and the numbers speak for themselves – restaurants can potentially charge more than two or three times the cost of a home cooked meal.
  1. Pay in cash. One small psychological trick just might help you save more on daily expenses. Debit cards are convenient and easy to carry, but can lack a certain mental accountability when it comes to your savings. You might feel more willing to pay for an unnecessary item if you can't actually visualize money vanishing from your account. Paying with cash allows you to physically see what you're spending, forcing you to think twice about frivolous expenses. If you're trying to make a dent in your savings, start small and choose one week out of the month to use only cash.  Sparing even a few dollars here and there can really add up and leave more for your long-term savings.
  1. Start a designated change jar. Quarters, dimes and nickels have a knack for slipping out of pants pockets, and vanishing into couch cushions or other hard to reach places. Organize loose change by keeping a jar in one designated place in your home. While it might only add up to a few dollars a month, you might find yourself with a nice sum after one year! Are you too busy to count and roll your quarters? Several PFCU branches in the city have a Coin Counter on-site that can easily get your change together. Find out if a branch near you and let us help you count your coins!

Erin Ellis
Accredited Financial Counselor
Philadelphia Federal Credit Union
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