4 days ago
Money saving tips: 7 ways to boost your bank account
(WSPA) – How much are you really paying for groceries and streaming services each month? Answering those two questions could get you on the road to bettering financial footing.
7NEWS Here to Help talked to financial experts and savvy parents about what we can all do to beef up our savings.
If necessity is the mother of invention, mom-of-three Stephanie Lewis has certainly come up with some creative ways to save for her family.
The Duncan, S.C. mother said the biggest savings have been slashing that grocery bill.
'I can get my cart full and not even spend $100, where if I go to the big chain stores, a couple of bags and you're at $100,' Lewis said.
Lewis shops at ALDI, so 7NEWS did some price comparisons.
First, like any grocery store, the true savings is buying the store brand. For instance, 'Fruit Round' cereal is more than three dollars cheaper than the brand name 'Fruit Loops,' plus it doesn't have food dye or high fructose corn syrup. ALDI even has taste testers to make sure it makes the grade.
And when comparing items with other stores, there are notable savings.
On the day we were there, cotton candy grapes were selling for $1.10 cheaper per pound than Publix, grassfed 93% lean beef was $1.50 cheaper than Walmart, and the Organic milk was $1.60 cheaper than Target's equivalent.
A recent report by ALDI compared its private label pricing to other store brands and found that a family of four can save nearly $2,000 a year. When it comes to the more expensive brand-name products, the savings jump to nearly $4,000.
The point is, shoppers like Jeff Schlaudt said, when you choose to buy your groceries at places that offer better pricing, you notice a difference.
'Yeah, it definitely saves us a lot of money. We want to eat that way, organic and healthy no matter where we shop so having that option here for much lower prices is a game changer,' Schlaudt said.
If you want to save money too, tally up what you spend on groceries per week, and do an experiment on how much you would save at a less costly store. For the most success, be willing to bring your own bags, ALDI does not provide them for free, and be open to buying off-label brands.
Of course, Lewis has other saving tricks up her sleeve, like avoiding the cost of too many streaming services. To do that, she rotates between them so she's only paying for one or two at a time.
'Catch up on some TV shows, and then at the end of 6 months have a reminder on your phone, cancel, try something new and it saves you a lot of money,' Lewis said.
As for paying down debt, 7NEWS checked in with Gina Zakaria, who has achieved Instagram fame as 'The Saving Whiz' for paying off more than $100,000 in credit card debt over 5 said to start, transfer balances to cards that offer 0% APR she said to follow a 'reverse budget,' where you pay off a portion of the debt first each month and limit remaining expenses to what's ask your creditors to work with you.'We were able to negotiate those rates down a little bit; a lot of people don't realize that banks actually want to work with you,' Zakaria said.
Now more than ever, there are also ample side gigs that can bring in extra income, from Uber drivers to Instacart shoppers.
The Espositos, who are retired, supplement their income by taking on a tenant.
'We rent an apartment that my husband built, a detached garage, and we rent it to traveling nurses,' Klare Esposito said.
As for your investments, financial advisor Becca Mathis said, make your savings count by storing emergency funds in a high-yield savings account that earns around 5% interest.
She also said to avoid knee-jerk reactions when it comes to your portfolio, including your 401(k).
'When the market is down, sometimes people want to get out. It's scary when you see your investments declining. But if you choose to move out at the botto,m you are more than likely going to miss out on the recovery,' said Mathis.
She also advised that if you want to save more, don't fall into spending pitfalls.
'I think in today's social media world, it's very easy to get caught up and always want more,' Mathis said.
Back at the store, Lewis doesn't just stick to a budget with food. Instead of doing back-to-school shopping before school, she buys supplies and her kids' clothes mainly when sales hit at the end of each season.
'They've got them 75% off, grab it stick it in the closet and it's great for next season,' she said with a smile.
Finally, one surefire way to prevent major money problems is to make building an emergency fund a priority. It's wise to have 3-6 months' worth of expenses saved up so that you don't have to use a credit card or other high-interest loans if your car breaks down or you run into another financial problem.
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