10 Easy Ways to Save Money During the School Year
Raising a family isn’t cheap! So while you can’t put a price tag on the joy and love that kids bring into our lives, Mighty Mommy shares 10 easy ways families can start saving money today.
Right now, millions of families across the country are all focused on a common goal: transitioning their kids from vacation mode to a brand new school year. And along with getting back into more structured school-year routines, we’re also spending more time and money shopping for supplies, new clothes, electronics, and a multitude of other odds and ends that our kids will need to kick off another year of learning and adventures.
One thing we can all agree on is that it costs families a small fortune to take care of even these basic back-to-school necessities–never mind everything else that will come up throughout the rest of the year, even for one child.
According to a business report from CNN Money, it will cost an estimated $241,080 for a middle-income couple to raise a child born last year for 18 years, based on a recent U.S. Department of Agriculture report. That’s up almost 3% from 2011, and doesn’t even include the cost of college. These staggering figures can truly take your breath away, and as a parent of 8 kids (three of whom are in college,) I know that raising kids ain’t cheap!
To help, I am sharing 10 easy ways you can start saving money today. Whether you have one child or 8, if you begin implementing some of these simple strategies, you will soon hear some extra “ca-ching” in your bank account.
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Tip #1: Save on Energy Costs
The average U.S. household spends about $1,900 a year on energy costs, according to the U.S. Department of Energy. And the DOE says that anywhere from 5% to 10% of your residential electricity is sapped by devices that are plugged in 24 hours a day.
Experts say that while most plugged-in appliances generally only eat up low levels of electricity (just about a watt or two). some electronics–like computers and TVs (which most of our families are plugged into nearly 24/7)–consume a lot more power, even when they’re just in standby mode. And it’s the cumulative effect of having so many devices plugged in around the clock that can really add up–hurting your efforts to be both eco-friendly and cost-conscious.
So here’s a quick rundown of a dozen household appliances and electronics you should unplug to save both energy and money:
- Desktop computers
- Laptop computers
- Televisions
- DVD players and VCRs
- Modems
- Cable TV boxes
- Cordless phones
- Stereos and radios
- Coffeemakers
- Lamps
- Toasters
- iPods and electronic gadgets sapping energy from a plug-in transformer
We started by unplugging our toaster, phone chargers, and laptop computers, and within six months, we had saved nearly $450 on our electric bill! Ca-ching!
Tip #2: Book, CD, and DVD Swap
You can very easily and cheaply swap the books, CDs and DVDs you’ve grown bored with others, via the internet. Just use sites like Paperback Swap, and clean out your media collection by trading them with others online. You’ll soon get a flood of new books (or CDs or DVDs) to enjoy, mailed right to you–for free. Ca-ching!
Tip #3: Stop Buying Bottled Water
If you are looking for a simple way to help the environment and save some money, then cutting back on bottled water is a great place to start. Recent statistics show that the annual spending in this country of bottled water is 11.8 billion dollars, and that the number of plastic bottles used per person annually is 167 bottles!
We now buy reusable, insulated bottles, made from recyclable products, that our kids use throughout the school year for sports, or even just at home. This has helped us cut that cost out of our weekly grocery budget without giving it a second thought. Ca-ching!
Tip #4: Forget Movie Theater Concessions
If you think the price of movie tickets is bad, then you need to take a good look at how much the popcorn, soda, and other goodies at the concession stand are going to set you back. My family usually takes in a movie once every couple of months, but before we go, we stop at our local drug store or dollar store and get our favorite treats to bring with us. Yes, I know we aren’t supposed to bring in food from home when going to the theater, but the majority of families I know bring in items like granola bars, mini-sized candy treats, or juice boxes or water to make it affordable. Ca-ching!
Tip #5: Save on Groceries
Your monthly grocery bill is most likely one of the biggest line items in your family’s budget. Clipping coupons is an obvious way to save some cash, but that usually only applies to name brand packaged foods. You could buy generic, but that still comes in a box or a can. What about trying to feed your family fresh food on a budget?
Rather than spending hours and hours on extreme couponing, try “practical couponing.” To get started with practical couponing, professional coupon blogger, Jennie Sanford, suggests finding a coupon blog that collects all of the weekly coupons for you, so all you have to do is print them out. Check out DealPro to find a local coupon blog in your area.
I personally love connecting with coupon sites on Twitter and Facebook like The Krazy Coupon Lady, who tweets out deals on all kinds of household and grocery items all week long. Ca-ching! Also see: 5 Tips to Make Meal Planning Easier
Tip #6: Stalk Online Sales
Sign-up to receive emails from your favorite online websites. I shop the sales at Old Navy, Target, and Kohl’s all year long. There are many stores, such as Kohl’s, who offer in store “bucks,” which can be used like cash to save you lots on an annual basis.
Another wonderful on-line site that I regularly use is Zulily.com. The great deals you find at Zulily are limited-time offers; new offers launch every day, and most last 72 hours. And when you sign up for free, you receive daily emails with previews of upcoming merchandise. I found this a great way to save money on back-to-school clothing for my kids this year. Ca-ching!
Tip #7: Visit the Library Regularly
The library isn’t just a place to get books–it’s also a free place to do all sorts of things. You can learn foreign languages, use the internet anonymously, check-out movies and DVDs, get free or discounted museum passes, read the local paper for free, and keep up on community events. And if you don’t have any late fees, it won’t cost you a cent! Ca-ching!
Tip #8: Credit Card Tips
Call your credit card company and ask for a rate reduction. Take any of your credit cards that are carrying a balance, flip them over, and call the number on the back. Tell them that you want an interest rate reduction, or you’ll take your business elsewhere. If the first person you talk to won’t do it, ask to talk to a supervisor. If you have a $5,000 balance, even a 3 percent rate reduction saves you $150 a year. Hey, it doesn’t hurt to ask!
Remove your credit card numbers from your online accounts. It’s easy to spend online when you have your card information stored in an account – just click and buy. The best way to break this habit is to simply delete your card from the account. That way, when you’re tempted to spend, you’ll be forced to spend the time to look for your card– and this will give you time to stop and think about the purchase, before you do anything on impulse. Ca-ching!
Tip # 9: Car Maintenance Saves Money
With all the driving parents do to shuttle their kids to their many activities, keeping up on some basic car maintenance can definitely be well-worth your while. In addition to regular oil changes, clean your car’s air filter. A clean air filter can improve your gas mileage by up to 7 percent, saving you more than $100 for every 10,000 miles you drive in an average vehicle. And believe it or not, cleaning your air filter is easier than you might think—just follow the instructions in your automobile’s manual.
Pump up those tires. Did you know that for every two PSI (pounds per square inch) that your tires are below the recommended level, you lose 1 percent on your gas mileage? Most car tires are five to ten PSI below the normal level, so that means that by just airing up your tires, you can improve your gas mileage by up to 5 percent. Ca-ching!
Tip #10: Banking, Cable, and Service Plans
Utilize online bill pay with your bank. This serves two purposes. First, it keeps you in much closer contact with your money, as you can keep a very close eye on your balance, and be in much less danger of over-drafting. Second, it saves you money on stamps and paper checks by allowing you to just fill in an online form, click submit, and have your bill paid.
Improve your credit score. A good credit score can save you thousands of dollars in interest on everything from a home loan andcar loan to school loans and credit cards. If you’ve never focused on your credit score before, the place to start is to get your FICO score. Once you know where you stand, you can begin to improve your score and lower your interest payments.
Get a rewards card. There are many reward cards that pay out in cash, or points that can be redeemed for travel or products. Many of these cards don’t have an annual fee.
Cancel the cable or satellite channels you don’t watch. Many people with cable services are often paying for a premium package, but rarely watch those extra channels. If you aren’t watching HBO, etc. all the time, it might be more feasible to rent a movie–and put the cash back into your own pocket.
Get rid of or pass on extended warranties. A $125 two-year extension plan on a $300 product just isn’t worth it. Ca-ching!
For more money savng tips visit my colleague, Money Girl.
Do you have a money saving tip that has been helpful to your family? Share your thoughts in the comments section at quickanddirtytips.com/mighty-mommy, or post your ideas on the Mighty Mommy Facebook page. or email me at mommy@quickanddirtytips.comcreate new email. Visit my family-friendly boards at Pinterest.com/MightyMommyQDT.
Photos of coupons, family with piggy bank, and savings crossword courtesy of Shutterstock.
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