Money Saving Tips from Ellie

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• Recycle for Schools: In twelve states, school children are collecting plastic shopping bags and recycling them to earn money for their school through Wal-Mart’s Kids Recycling Challenge found at www.kidsrecycling challenge.com. Enroll your school by August 1st for the 2008-09 school year and save the environment while teaching kids the value of volunteering.
• Entertaining on a Shoestring: Summer is a great time to invite friends over to celebrate the season. Keep your post-party throw aways to a minimum using items in your home to decorate. Bring in candles, vases, pottery and plants from other rooms and arrange them on your main table. Or, bring inside the outdoors: ivy, lavender, honeysuckle or herbs look nice arranged in a bowl or pretty glass. By minimizing waste in your party decorating choices, you can save money and live greener.
• Work Ethics for Kids: Developing a good work ethic is foundational to financial skills. You can help develop this in your kids by encouraging volunteering. You can go to USAFreedomCorps.gov to find dozens of opportunities that are located in your zip code. A recent article in USA Today Weekend noted that kids who volunteer just one hour a week are 50% less likely to engage in risky behavior and have better grades than those who do not volunteer.
• Bike or Carpool to Work: Why not take up a sport that gains you healthy miles and saves you money as it saves you gas? If biking to work is not an option for you, look for ridesharing with people who live in or near your neighborhood to work. You may be surprised how many will be willing to try a carpool, and it can make the morning and afternoon transit more enjoyable, too.
• Unisex Clothing: If you have more than one child consider buying quality clothing in gender neutral styles and colors. Kids outgrow clothes so quickly and you can save cash by passing outfits – gently worn – down from one child to the next.
• Buying A Car: The new car season is coming up and lots of people are wanting to downsize their cars to get better fuel efficiency. Remember your 1, 2, 3’s when it comes to buying the next car: 1) Price – Negotiate the price separate from your trade in value, as if you’re a cash buyer 2) Trade in – After you’ve secured the lowest car price, then negotiate the value of your trade in, using a blue book as a guide 3) Financing – Secure your own financing if possible and don’t buy extended warranties.
• Deal With Disputes: Don’t let the tyranny of the urgent keep you from dealing with disputes regarding medical bills, utility companies or your phone bill. Make those phone calls today! During uncertain economic times, businesses are quick to turn these problems over to a collection agency, which can cost you even more time and money.
• Toilet Tank Trick: When I was a kid, my mom used to put a brick in the back of the toilet tanks to use less water. But the brick deteriorated, and clogged the pipes! Instead, put a liter bottle filled with water in your toilet tank to save 300 gallons of water per month per bathroom (approximately $13.50)! Our family saves 900 gallons per month (approximately $40.50) with this tip! (*Water savings calculation is based on the estimated cost of 4.5 cents per gallon.)
• Toothy Tip - Turn it Off: In some parts of the country, water costs rise as the summer heats up. Have each family member turn off the faucet while brushing their teeth. This saves 25 gallons per person (approximately $1.12 per person) or 100 gallons of water each month for a family of four (approximately $4.50)! (*Water savings calculation is based on the estimated cost of 4.5 cents per gallon.)
• Find Frozen Funds: Some experts say that saving money means cutting back on frozen foods, the opposite may be true. For example, frozen veggies may even cost less and could result in less waste through spoilage. Most families throw away $10 a week in spoiled fresh veggies. Frozen foods give families the option of reduced waste by only preparing what you know your family will eat.
• Protect Your Child’s Identity: Ever received a credit card application for your child? Identity theft is on the rise for children as more parents discover their child’s social security number is compromised when he or she applies for credit in their late teens. To order a credit report on your child, go to www.annualcreditreport.com and see if they have a credit history established yet. In some cases, you may need to prove you are their parent in the form of a birth certificate or other identification, but it will be worth it to make sure your child’s credit isn’t stolen.
• Buying in Bulk: Buying in large container sizes saves money because you are reducing the packaging and handling required by the manufacturer. It is truly worth it to buy in bulk and deal with the minor inconvenience of repackaging the food into meal size bags, smaller containers or finding some storage space. Look for family size packs of all kinds of foods and start cashing in on big, bulky savings!
• Breakfast Savings: Create Your Own Fast Food. When I make muffins, pumpkin bread, banana bread, waffles or pancakes, I make a large batch and freeze them for other meals. Doubling or even tripling a recipe takes very little extra time and it costs less than buying fast food breakfast. Sometimes, my husband and I cook on Saturday morning and get all of the baking done at once. Kids cans just pop the frozen item in the toaster oven or microwave for a tastier, homemade breakfast the next day.
• Energy Saver: There are a lot of easy steps to take to save on energy costs. In many communities, local power companies will perform a free energy survey for your home and provide information about low-cost community programs to insulate your home. Also, make sure that your next appliances, whether large or small, have the Energy Efficient Star Rated approval. You can find out more about Energy Star and efficient products by visiting www.energystar.gov.
• Budget Visually: Sometimes families have a hard time sticking to a budget because they are more visually oriented and it’s a little difficult to keep a running total on how much money you’ve spent for the month on groceries, gas and entertainment. Create a visual budget by putting your weekly (or biweekly or monthly) budgeted cash amount for each of these three categories into envelopes that are marked accordingly. When you see the cash disappearing, it serves as a great reminder as to how much you have left to spend for the week or the month.
• Learn to Be A Professional Saver: Think about saving money like adding to your pay, and you'll be more inclined. After your next shopping trip, sit down to calculate the money you save on each purchase through, energy savings, food eaten at home rather than eaten out, low price guarantees, price reductions and dozens of other ways you save in the store. Get a total and then add 30% to that number (the amount you would normally pay for state and federal taxes and social security if you had actually earned.) Once you have this grand total number, divide it by the amount of time you spent making your list and shopping to get your hourly “wage.” You will then have an idea what you’ve “earned” being a smart shopper and be more inclined to look for savings the next time you shop!
• The List: Research indicates if you shop with a list and stick to it you are likely to spend as much as 30 percent less than listless (pun intended) shoppers. It also saves gas on multiple trips to the store to get something you forgot!
• Food Storage: The most unnecessary waste of money is the kind that comes from allowing food spoilage. Invest in some quality food storage containers and routinely make a quick shelf check in your refrigerator or on the pantry shelves to make sure the product is not approaching its expiration safe date.
• Watch Your Deductibles and Mortgage: Make sure you don’t over insure your car or home. If you have money stashed away to meet a higher deductible in case of an accident, why pay more every month? Also, take a good look at your selling price and the value of your home vs. what it would cost to rebuild – it doesn’t have to be 100% of the value. Take an afternoon to compare policies and prices online for your insurance and you might be surprised at what you find.
• Buy Brands But - Don’t be brand specific every time. There are times when buying the generic or “private label” brand will save more money than buying a major brand—and the quality is still there. Make it a habit to compare regularly!
• Buying in Bulk: Sometimes the family size of a product can save bundles of cash and also save our environment because we buy less packaging in larger sizes. If you have too much of a product, like pretzels, that may go to waste by buying the larger size, but look also at working with friends and family to “split” your bulk items, saving you both money.
• Gas Mileage—Strategize and Slow Down! Planning a summer or weekend trip? You can map out your vacation road trip by the cheapest gas along the route. Go to the Department of Energy’s gas pricing website for prices by city and state. Did you also know that driving a little slower saves you on gas mileage?
• Save on Medications – Go Generic – These are as effective and safe as brand name drugs, but cost 30 to 80 percent: less. Wal-Mart currently charges $4 for a 30-day supply of more than 360 generics. If your prescription is managed by a pharmacy benefits manager, check for additional discounts.
• Entertainment and Online Offers: There are many web sites that offer entertainment specials at your fingertips, simply by entering your zip code. You can find half price dining out options, discounted theater tickets, dry cleaning deals and even free oil changes if you spend a little time on the web to look around.
• Credit: Once you’ve improved your Fair Isaac Credit Score (FICO score), you can get discounts on the APR you’re paying on existing debt by simply calling your credit card company and asking for discounts. Find your free FICO score by visiting https://www.annualcreditreport.com, a web site sponsored by the Federal Trade Commission.

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