While the economy may not be as bad as it was a couple of years ago, people are still looking to save money anywhere and everywhere.
This can come in a variety of ways, whether it is through Groupon™ and other coupons or just finding the cheapest brand of milk at the grocery store. With all the craze about deal sites and coupons, however, it’s easy to forget the basics of being smart with your money. Here are five tips to help you save money.
One way to save money is to use gas with the correct octane rating for your car.
If you’re guilty of always using premium fuel in the hopes that your car will perform better, be aware that you may only be increasing your expenses; a car’s engine is made to perform optimally with a specific octane rating, so getting a higher octane rating than what the manufacturer advises is unnecessary. While you don’t want to waste money buying the wrong quality fuel, don’t make the mistake of buying a lower octane gas than recommended either; this can harm your car by lowering your gas mileage and reducing the useful life of your car.
Another way to save money is to have a cell phone plan that actually fits your usage.
The four major phone companies offer various minutes for free, so you may or may not need to pay for 700+ minutes a month.
If your phone usage falls generally on weekends or nights you may consider dropping your plan to the lowest required monthly minutes. This tip would also be useful if most of the calls you make are to other users on your same network. This may sound like common sense, but it could shave off roughly $10 to $20 from your monthly bill.
A third way to keep costs down is to be mindful of expiration dates when you buy perishable goods.
People often pick up milk or eggs without looking at the expiration date and discover when they return home that the product expires in two or three days.
Always take a few seconds to search for the product that has the latest expiration date. Also, check for any fungus or discolorations when buying food items; even if the expiration date has not passed, food should always be inspected before purchased.
An additional way to save money is to be mindful of what ATM you are using to withdraw money; if the ATM you are withdrawing from is not in your bank’s network, you may have to pay a fee of up to $5.
A better alternative if you need disposable cash is to get cash back when using your debit card at grocery or convenient stores. If you’re opening a new bank account, take into consideration which banks have ATMs around campus and which do not.
Lastly, unplug appliances not in use.
You may think that simply turning them off is enough, but even having them plugged in drains some amount of energy. If you won’t be able to remember to unplug appliances when not in use, consider investing in a smart power strip that can detect when appliances are turned off.
If you choose to buy the power strip, it will actually end up paying for itself within a few months because of the savings it will bring on your energy bill.
Even the most financially prudent of us can make these mistakes from time to time. Following these simple steps can help make you and your wallet happy.
