Save Money

You want to sav money for college for your kids. How can you get there? What’s involved and most importantly how can you get started? Here are 7 ways to help you reach that goal, of putting money away to save for college for your kids.

7 Smart Ways to Save Money for College

1. Start a 529 plan

A 529 plan is a tax-advantaged savings plan designed specifically for education expenses. By starting one for your child, you can contribute money over time, and the funds can be used for qualified education expenses, including tuition, books, and room and board.

There are two types of 529 plans: prepaid tuition plans and college savings plans.

Prepaid tuition vs college savings plans

Prepaid tuition plans allow you to lock in the cost of tuition at participating colleges or universities, while college savings plans allow you to invest money in a variety of mutual funds and other investment options.

529 plans offer several tax advantages that make them an attractive option for college savings. First, contributions to a 529 plan are made with after-tax dollars, but the funds grow tax-free while they are in the account. Additionally, when funds are withdrawn to pay for qualified education expenses (such as tuition, books, and room and board), the withdrawals are also tax-free.

Each state has its own 529 plan, and some states offer more than one plan. It’s important to research the plans available in your state to determine which one is right for you. You may also want to consult a financial advisor to help you select and manage your 529 plan.

Overall, a 529 plan is a great way to save money for your child’s college education, as it provides tax benefits and allows your money to grow over time.

2. Use a high-yield savings account

If you’re looking for a low-risk savings option, consider using a high-yield savings account. These accounts typically offer higher interest rates than traditional savings accounts, which means your money will grow faster over time.

One of the benefits of a high-yield savings account is that it can help your money grow faster over time. For example, if you have $5,000 in a high-yield savings account with an interest rate of 2%, you would earn $100 in interest over the course of a year.

In contrast, if you had that same $5,000 in a traditional savings account with an interest rate of 0.1%, you would earn only $5 in interest over the same period.

Another benefit of a high-yield savings account is that they are typically FDIC-insured, which means that your money is protected up to $250,000 per depositor, per institution, in case the bank fails.

It’s important to note that high-yield savings accounts may have restrictions or requirements, such as minimum balances or limited transactions, so it’s important to research the account thoroughly before opening one. Additionally, the interest rates on these accounts can fluctuate over time, so it’s important to monitor the account regularly to ensure that you are still getting a competitive rate.

Overall, a high-yield savings account can be a great option for saving money for college, as it offers a low-risk way to earn interest on your savings

3. Set up automatic savings

Consider setting up automatic transfers from your checking account to your savings account or 529 plan. This way, you won’t have to remember to make contributions, and you’ll be less likely to spend the money elsewhere.

To set up automatic savings, you’ll need to log in to your bank account online or through your mobile app.

From there, you can typically navigate to the “transfers” or “automatic payments” section and set up a recurring transfer.

You can choose the amount you want to transfer and the frequency (such as weekly, biweekly, or monthly), and you can select the date you want the transfer to occur.

Setting up automatic savings has several benefits.

First, it makes saving easier and more convenient. You don’t have to remember to transfer money manually, and you don’t have to worry about accidentally spending the money elsewhere.

Second, it helps you stay on track with your savings goals. You can set a specific amount to transfer each month, which can help you reach your college savings goal more quickly. Finally, it can help you develop good financial habits.

By making saving automatic, you’ll be more likely to prioritize saving and less likely to overspend.

It’s important to note that you should only set up automatic savings for an amount that you can afford. Be sure to review your budget and expenses to determine how much you can realistically save each month. Additionally, you should monitor your account regularly to ensure that the automatic transfer is occurring as expected and that you are not over-drafting your account.

Overall, setting up automatic savings is a great way to save money for your child’s college education. It’s easy, convenient, and can help you stay on track with your savings goals.

4. Use cashback rewards

If you have a credit card that offers cashback rewards, consider putting those rewards directly into your child’s college savings account.

Cashback rewards put money back into your pocket from purchases you’re already making. Some examples include Ibotta and Dosh.

I use Dosh to save money when I order takeout. For example, the takeout Chinese restaurant down the street gives me $3 cash back on an order of $20. You can use Ibotta to get coupons and discounts on grocery purchases. For example, you might get $3 off a $4 purchase of Kraft Mac n’ Cheese

I also have a cashback rewards p[program tied to my debit card. On qualifying purchases, I earn rewards which accumulate in a balance and I can redeem for cash or rewards like gift cards, electronics, home goods, and more.

5. Reduce unnecessary expenses

Look for ways to cut back on unnecessary expenses so you can redirect that money towards college savings. This might mean canceling subscriptions, buying generic brands instead of name brands, or eating out less frequently.

One of the easiest ways to save money for college is to simply reduce your expenses. This means taking a closer look at your spending habits and identifying areas where you can cut back.

One way to reduce your expenses is to create a budget.

A budget is a plan that outlines your income and expenses, and helps you manage your money more effectively. To create a budget, you’ll need to track your income and expenses for a month or two, and then categorize your expenses (such as housing, transportation, food, and entertainment). Once you have a clear picture of your income and expenses, you can identify areas where you can cut back.

For example, you may be able to reduce your housing expenses by downsizing to a smaller apartment or house, or by refinancing your mortgage to get a lower interest rate.

You may also be able to save money on transportation by carpooling or taking public transportation instead of driving your own car.

Additionally, you can save money on food by cooking at home more often and packing your lunch instead of eating out.

Another way to reduce your expenses is to look for ways to save money on everyday purchases. This can include shopping for sales and discounts, using coupons, and buying generic or store-brand products instead of name-brand products.

By reducing your expenses and creating a budget, you can free up more money to put towards your child’s college savings. It’s important to be consistent with your budget and to track your expenses regularly to ensure that you are sticking to your plan.

Reducing your expenses is a simple and effective way to save money for college. It can help you free up more money to put towards your child’s education and develop good financial habits.

6. Consider a part-time job

Encourage your child to get a part-time job and put a portion of their earnings towards their college savings account. This will not only help them save money, but it will also teach them the value of hard work and financial responsibility.

Many high school and college students work part-time jobs to earn money for expenses, and this can also be a great way to contribute to their college savings.

Working a part-time job can help your child develop good work habits and financial responsibility, as well as provide them with valuable work experience. It can also help them save money for college by providing a steady source of income that they can put towards their college savings.

There are many different types of part-time jobs available for students, including retail and customer service jobs, food service jobs, tutoring and babysitting jobs, and freelance work. Your child may also be able to find part-time work that is related to their intended major or career field, which can help them gain valuable experience and connections.

When looking for a part-time job, it’s important to consider factors such as the pay rate, hours, and job responsibilities. Your child should also consider how the job will fit in with their school schedule and other commitments, such as extracurricular activities and homework.

Working a part-time job is a great way for your child to save money for their college education. It can help them develop important skills and experience, as well as provide them with a steady source of income that they can put towards their college savings.

7. Research scholarships and grants

Start researching scholarships and grants early, as some have early application deadlines. This will help you get a better idea of what types of scholarships and grants are available, and what your child needs to do to be eligible for them.

Researching grants and scholarships can be a great way to save for college because it allows you to potentially access funding that doesn’t need to be repaid. Here are some steps you can take to start your research:

• Start early: Begin researching grants and scholarships as soon as possible. Many scholarships have early deadlines, and some require you to apply a year or more in advance. Starting early gives you more time to prepare and apply for scholarships.
• Use online search engines: There are many online search engines that can help you find grants and scholarships based on your criteria, such as your field of study, academic achievements, or demographic background. Some popular websites include Fastweb, Scholarships.com, and CollegeBoard.
• Check with your school: Many schools have their own scholarships or grants available to students. Contact your school’s financial aid office to learn about any opportunities available to you.
• Look for local scholarships: Many community organizations, foundations, and businesses offer scholarships to students who live or attend school in their area. Check with your local library, community center, or Chamber of Commerce for information on local scholarships.
• Research federal and state grants: The federal government and many state governments offer grants to students based on financial need or academic achievement. Check with the Department of Education or your state’s higher education agency to learn about any grants you may be eligible for.

By taking the time to research grants and scholarships, you may be able to significantly reduce the cost of your college education. Be sure to carefully read and follow the application instructions for each scholarship or grant you apply for, and don’t be discouraged if you don’t receive funding from every opportunity you pursue.

Top money skills you have got to have as a millennial to live richly. Not sure about you, but am I the only one that wants to get rich in 2020?

Living rich is about being wealthy but not necessarily the way you might be thinking.

Sure, living rich can be about having a ton of money and living a super luxurious, wealthy lifestyle but it’s also about being rich in culture, rich in family and support. And just having and leading a rich and fulfilling life.

Learning money skills is fruitful for all walks of life and for everyone from people working fun retirement jobs to teens earning a side hustle, young adults, millennials, and more.

I’m gonna share some top money skills to help you get there and yes money can help you become wealthy as well as live rich in other ways and I’ll teach you how. Keep reading.

Top Money Skills Required for a Rich Life

Did you know that becoming rich doesn’t mean making more money necessarily?

There are a ton of ways that you can change your lifestyle and habits to help you become rich, like saving money.

You want to be be financially mindful and make small changes to help you grow your wealth and ultimately become rich. This post will show you some small ways to save money and grow your wealth in the process, like investing in meal prep containers instead of buying disposable plastic bags, for example.

These methods will beef up your wealth in no time. Take a look!

For more on money-making and money-saving hacks, check out these posts:

• 17+ Online Weekend Jobs for Extra Money
• 5 Things This Millennial Did to Pay Off Her Car Loan in 6 Months
• 10 Easiest Things to Flip

1. Money Skills #1 | Save Money

It’s all about using practical money skills.

The first step to building your empire is do you have money in the bank can you do that by saving money. Regardless of how much or how little you might be making you can still save.

Here are some tips and tactics to help you start saving money beginning this month.

• Start a savings account
• Pay yourself first
• Budget
• Savings goals
• Check your progress
• Keep pushing

Open a Savings Account

The first step to starting to save money is to actually have a savings account.

So if you don’t have a savings account make sure you open one. A savings account can be opened with your local bank or you can check with an online bank to open a savings.

I recently joined Chime which which is an online bank and I absolutely love them. Here’s my link if you want to join Chime and if you refer your friends and they open direct deposit, you both get $50 so if you let them share them.

Pay Yourself First

when you get your paycheck, make sure to automatically distribute a set amount of money to your savings account. This is called paying yourself first.

So the whole idea is that when you get paid the money will instantly hit your savings.

And there’s no work that you have to do at all. You won’t touch the money and you will just start saving on auto pilot.

It’s a really easy way to start saving money. It’s automated and you won’t be tempted to spend that money.

Put Yourself on a Budget

Budgeting is so crucial to your savings plan. Budgeting is really simple and it’s all about monitoring your spending habits so you don’t overspend. This can help you avoid living paycheck to paycheck. You also eliminate the stress that you have revolving around money.

Try Mint. This app is so awesome. It’s free and easy to use. I use Mint myself and love it!

Create Savings Goals

Creating goals is a good way to start moving toward objectives that you have in the future. So if you have a goal of saving say $10,000 make that a savings goal and start moving towards that.

Check in on Your Results

there’s really no point in making goals for yourself if you don’t check in. You have got to monitor your results and see how you’re doing along the way so, don’t forget to check in periodically and see how you’re doing.

This does give you some great motivation to keep pushing and moving toward your savings goals. This could be something as little as checking your results once a week or once a month. It’s super easy.

Keep Pushing Yourself

This one is simple, just keep pushing and moving forward. There may be obstacles that fall in your way but you can get through it and you can meet your goals. There are tons of ways to save, like getting free Netflix (one of my favorite hacks) to satisfy your entertainment needs.

2. Money Skills #2 | Get Life Insurance

It’s one of those things a lot of people put off but the truth is, sometimes when you need it the most, it might be too late.

Many people think getting life insurance is complicated and stressful. It really isn’t, especially if you go through a simple-to-use carrier like Ladder.

They guide you through the process to help you figure out the right kind of life insurance for your situation and with affordability in mind, policies start at just $5/month.

Can’t beat it.

Click here to learn more about getting your life insurance set up.

3. Money Skills #2 | Check Your Credit

You get one free credit check per year.

Make sure you’re taking advantage of it. Checking your credit every year is a great practice to have to make sure your credit report is free of errors and your credit is maintaining and improving over time.

I personally use credit karma to check my credit, but there are a ton of other places we can go to get free credit reports to you.

Now, your credit report is free which means you can see the contents of your credit like your accounts and balances but your credit score may not be free so if you’re curious about your score you may have to pay a small fee to see that when you check your credit annually. I just wanted to share that says there’s no surprise there.

If you find that you have weak credit and you want to improve it, that’s definitely a great decision.

You won’t use your credit all the time but in life you will probably need credit for those large purchases like buying a house or buying a car.

How to Build Your Credit

And if your credit is poor, that could mean literally adding hundreds of dollars to your monthly payment or worse, not qualifying for that asset (house or car) at all.

You don’t wanna find yourself in that position so if you have bad credit I highly recommend that you get with a credit repair company to help improve it. I do have a recommendation for that, it’s the company Lexington Law.

I have many friends and family members that have used Lexington Law to help rebuild their credit.

You pay them on a monthly basis and they have several plans to fit every budget so you can definitely find an affordable option for you.

You won’t be paying them forever. The goal is to work with them to help eliminate credit errors, dispute inaccuracies, get bad credit items off your credit report and other strategies and tactics that they use to improve your credit.

They have a helpful app where you can monitor everything and they email you often throughout the month to keep you updated on how things are progressing.

They also tell you when late items or negative reporting items have been taken off your credit report and they track everything so you can see how your score and credit is improving over time. You can check out Lexington Law here.

4. Money Skills #3 | Reducing Your Spending

The truth is we all spend money unnecessarily sometimes. And many times it is those little purchases right under your nose that you don’t even realize are drying up your bank account every single month.

There are ways to reduce your spending and live richly, be happier, eliminate stress, and gain peace of mind.

First, track your spending. This can be challenging to do manually so I recommend you use an app. I use the Mint app which I also use for budgeting.

They put all of your spending into different categories and they’ll alert you when you’re spending more for the month so you can back off of that.

Like, for example when the pandemic hit, like a lot of people I was buying a lot of food. I wasn’t necessarily hoarding or stocking up but when something in life is out of your control, sometimes you want to try to gain a little control in any way you can and for me that was through making sure my family had plenty of food.

The whole idea of this was really to eliminate the need to go to the grocery store often.

Before, I would go grocery shopping around once a week but I had to change that to around once every month to month and a half, just so I didn’t have to make frequent trips and be around people so I could stay healthy.

Other ways to reduce spending:

• Lower your utility usage
• Cut back on subscriptions (like subscription boxes, etc.)
• Cut the cable (we went from $200+ per month to around $30 with streaming providers like Hulu and Netflix)
• Cook at home
• Stop eating out
• Enjoy no-spend weekends
• Exercise at home
• Do your hair and nails at home (no more salon visits)

These changes do not have to be permanent so don’t panic but they are easy ways to cut your spending so you can start saving more and moving more quickly towards your money goals.

5. Money Skills #4 | Invest

Investing is so much fun. If you’re a beginner and new to investing, don’t let it overwhelm you. Investing is just a good way to have your money work for you and today there are more and more tools and apps than ever to help you start investing easily.

I really like Acorns. You can sign up for Acorns for free and it helps you invest your spare change. So you link it to your bank account and it kind of works on autopilot, investing your spare change for you.

They have a really neat app to help you monitor everything too.

6. Money Skills #5 | Pay Off Debt

Work toward paying off your debt. If you’re deciding between saving and paying off your debt, saving should always be done first and paying down your debt should be done second.

But if you have extra money available, throw that toward your debt so you can pay it off that much faster. I paid off my car loan in under six months. I read stories of others paying off student loans and mortgages and other kinds of debt quickly too.

Refinancing and Consolidation to Lower Your Debt Load

You can also consider refinancing or consolidating your debt.

I did this with my student loan several years ago and it helped me lower my payment and drastically reduce my interest-rate. So it was a win-win all around.

Keep in mind, every time you refinance, you don’t necessarily save. Although you may have a lower monthly payment, if you extend your term that means that you are paying more overall in the long term. Though, this may be a necessity for some who are struggling to pay bills every month.

Like if you can refinance a car loan to lower your payment by $100 every month and you need that hundred dollars for living, by all means do it and when you get back on your feet you can look at paying that down over a quicker pace to make up for anything.

Simple Trick for Payment Relief If You’re Struggling

And, if you’re struggling or living paycheck to paycheck, a neat tip a lot of people don’t know is to actually reach out to their creditors.

Your creditors are on your side, believe it or not.

They want to get paid and if you talk to them to keep them in the loop, letting them know what’s going on, they can assist you by offering payment options, payment delays, forbearance or other ways to help you keep the account in good standing, keep your services, and pay your debt.

Money Hack for Debt Payoff

Ask this company to pay your credit card bill this month. Not, just the minimum payment, the whole bill!

Think about all the debt you racked up on that card, funding your vacation last year, attending your bestie’s destination wedding, “treating” yourself to a great Christmas, etc. Now, breathe a sigh of relief at the opportunity to have this website pay off your entire bill!

Curious how it works?

Is your credit card company ripping you off?

Do you have an insane interest rate or pay a monthly or annual fee? Credit card companies get rich off consumers. There is a way out though.

A company called Even could pair you with a company that pays off your whole bill, as early as tomorrow!

Here’s how it works: Even will match you with a loan that’ll cover your credit card tab. Use that loan to pay off your debt, then make monthly payments to repay the loan. Easy!

The benefit is lowering your monthly payments and help in paying off that debt a lot faster! And, no credit card payment this month! Bonus!

Even Financial is free and easy to get started with.

You can actually check online to see what you qualify for, in about 60 seconds (and it doesn’t affect your credit score).

No waiting in a bank lobby to speak with a personal banker.

No hanging on the phone, waiting in a queue to talk to a representative.

Find out instantly, online, painlessly with Even.

Is it worth it?

We think so.

And, you can stop kicking yourself for indulging in buying that 75 inch TV for yourself as a Christmas gift to you!

This Woman Saved Almost $2,000 Instantly

Imagine going from paying $200/month to $50!

That’s a huge savings, at $150/month.

What could you do with $150/month?

• Save it
• Pay it toward other debts
• Stash it away in your retirement account

Through consolidating your debt, this could be you!

By refinancing, she was able to save money, lower her interest rate and save money on the spot.

Not to mention, she skipped a month’s payment, which got put right back into her pocket.

Want to see if this will help you get rid of your credit card debt? Visit Even’s website and get an answer in under a minute.

7. Money Skills #6 | Side Hustling

Oh my gosh, getting a side hustle is something you definitely want to do!

Its a top money skill to keep in your back pocket.

With a side hustle, that means that you’re making more money you can save, save faster, invest more and pay off your debts more quickly.

If this is an option for you, definitely jump on it.

My First Side Hustle

Shortly after college when I landed my full-time job, a few years into it I found myself wanting to make more money.

Although I wasn’t struggling or living paycheck to paycheck I just wanted more so I took on a side hustle and that was copywriting.

I did that for several months until I landed my side hustle in online retail which ended up affording me the opportunity to quit my day job because I was making so much money in that side hustle! I won’t go into that story as you’ve probably heard it before.

I mentioned it often on a blog but in a nutshell I started an online store while I was working my 9 to 5 and about a year into it I was able to replace my day job income so I quit that job and ran business full-time!

And in its peak I was making up to $30,000 per month.

This happens all the time to entrepreneurs all over the world. Their side hustle outpaces their day job and when this happens, you’re in the awesome position to leave your day job and many people do. And so that’s how it went for me.

Skills That Make Money

Do you have these skills that make money?

• Excellent communication
• Well-organized
• Fast typist
• Basic computer skills

The core practical money skills can help land you a ton of different side hustles.

Here are 13 online weekend jobs to check out for side hustle income.

8. Money Skills #7| Invest in Real Estate

I’ve already touched on investing a bit up above but this is a little different and it’s about investing in real estate. Many people think that you need a ton of money to invest in real estate. Real estate investing goes beyond flipping houses or buying foreclosures or tax liens. You can actually invest in real estate with very little money with sites like Fundrise.

Fundrise let’s you get a piece of the pie by investing in a real estate portfolio with very little money up front. This is a cool way to make a lot of money with little investment to start. This company really gets me excited and I recommend you check them out.

Other Ideas to Up Your Money Skills and Upgrade Your Life

Instantly save an extra $500 per month. Here’s a deep dive how to do just that!

Why Save Money?

Saving money provides so many benefits, from more peace of mind, money aside for a rainy day, a cushion to help break the blow when an unexpected expense arises, etc.

Last summer my husband needed 3 root canals?

Ouch! Do you know how much one root canal costs?

Mine a few years ago was $1,000 WITH dental insurance.

And, I needed a bunch of small repairs done to my car (in the same summer) in order to pass state inspection, including tires, brakes, etc.

That put me back almost a $1,000.

These are life things.

It happens to everyone.

Nobody is immune.

So, when you have to make an emergency trip because of a funeral, or you have to pay that car insurance deductible because somebody hit your parked car in the grocery store parking lot, or your need to pay medical expenses, or other reasons, a SAVINGS ACCOUNT WILL SAVE YOU!

Saving is good.

And, it’s pretty easy to do.

Here are 22 effortless ways to save $500/month! And even more ways down below how to save $1000 fast!

How to Save $500/Month Starting This Month

You can save more by making more and by saving more. Making more money means you have more disposable income, that you can put towards savings, among other things.

And of course, saving money helps you save, right?

Making Money Money to Save More Money

1. Take surveys (this company is popular and a fun, free way to make money daily)

2. Start an online store (I opened a little e-commerce store and made around $500 my first month easily, on 1 hour per week)

3. Start a blog (I went zero to $1,000/month in just 4 months on my first blog)

4. Freelance writing

5. Freelance graphic design

6. Digital marketing

7. Get an online job

8. Get paid to shop (with this cashback website)

9. Monetize your social influence (start getting paid to be a social media influencer)-this training shows how to reach $10,000/month working with brands 

10. Write ebooks

11. Create online courses

How Can I Save $1000 Fast?

12. Save money on groceries with

17. Move (move in with roommates or move back home temporarily)

18. Sell your car (and take public transit or bike/walk where you need to go)

19. Set up your direct deposit to pay yourself first

20. Create a budget – I use Mint

See where your money is going. Track spending patterns. Avoid going over budget and more.

No spreadsheets needed.

Do it with your phone using the Mint app!

21. Track your spending

22. Get a personal finance app

Increasing Your Income by $1,000

Increase your income by $1,000/month by consolidating your debt. Hang on with me for a sec, let me explain.

First, think about your debts. You have…

• Credit cards
• Student loans
• Auto loan
• Personal loan
• Other loans possibly

Each loan or credit account has an interest rate and monthly payment. If you combine them all into one, you can likely lower your interest rate, and lower your monthly payment.

I did this my student loans a few years ago and went from $200/month or so to $50/month!

Let’s look at an example..

• 1 credit card 10% $2,000 balance
• 1 student loan 5% $10,000 balance
• 1 student loan 11.99% $8,000 balance
• 1 auto loan 8% $5,000 balance

The average of the interest rates is 8.74%.

What if you could combine all those debts for an interest rate lower than that?

Or, what if you could negotiate your balances lower to reduce your payments?

These are just some of the options that may be available with this company.

Are you tired of debt controlling your life?

Debt is hard to ignore.

It’s easy for your debt balances to balloon out of control and take over your entire life. It can feel overwhelming and become more and more difficult to fend off the collections calls.

How can things change?

You have to find a company that can work on your side to help you reduce your debts.

These professionals have these amazing accolades:

•  TopConsumerReviews – rated #1 for Debt Consolidation
•  TopTenReviews – rated #1 for Debt Consolidation
•  ConsumersAdvocate – rated #1 for Debt Consolidation
•  ConsumerAffairs – rated #1 for Debt Consolidation
•  40,191 reviews on ConsumerAffairs with a 4.83 out of 5.00 rating
•  24,642 reviews on TrustPilot with a 9.4 out of 10 rating

What People Are Saying Working with Them…

Best decision I’ve ever made!”

They really care about “you” and making your life easier. They answer all of your questions and are very detailed.

    

“Helped me settle my debts that were choking me.”

National Debt Relief helped me settle my debts that were choking me.

    

Getting Started..

 

Is it really possible to get $1,000/month back every month through debt consolidation?

Absolutely!

Want to find out how?

Fighting debt is one of our top money skills.

Don’t delay. If you’re serious about finally taking control of your debts, you’ve got to check out National Debt Relief. Click here to learn more about how they can help you and click here to get a free quote.

Final Word

There you go, 7 money skills to help you level up your life. What do you think about these money skills? Practicing any not on the list? Comment below to let us know!

For more on money-making and money-saving hacks, check out these posts:

• 17+ Online Weekend Jobs for Extra Money
• 5 Things This Millennial Did to Pay Off Her Car Loan in 6 Months
• 10 Easiest Things to Flip

Credit Firm

Respondent

Rakuten

Acorns

Chime

Everyone loves to get something at a discount. I mean, who doesn’t seriously L-O-V-E a good deal?  However, one thing we all need to learn is how to discern if a deal really is the good bargain it seems to be.… A good deal has to actually be a good deal.

The Truth About Shopping at The Dollar Store

If you like to shop at a dollar store you might be making the mistake of assuming any item for a dollar is a good deal but that might not be true.

Here are a few tips to review before your next trip to the dollar store to make sure you are getting the real deals that are offered.

Make a List.

How many times have you run into a dollar store to pick up a couple of items and $76 later, you come out, hands full, with stuff you never intended to buy. You need a list of items to buy so you can avoid mindless shopping and blowing your budget on items you just don’t need!

What items should be on your list:

• Office supplies
• Art/School project supplies
• Books
• Cleaning supplies
• Home Décor
• Party Décor
• Small Door Prizes
• Stocking Stuffers
• Hostess gifts (bath & body lotion, wash, pretty scented items)
• Beauty Products (shampoo, soap, hair accessories, hair spray, cotton swabs, and etc.)
• Batteries (they seem to last just as long as more pricey brands

What should NOT be on your list:

• Medicine, (from a financial perspective alone, 8 pills for $1 isn’t a good deal!)
• Toys
• Plastic Wrap
• Paper products like paper plates, cups, toilet paper- quantity and quality issues make this a no deal.

Something else you should not have on your list is any item you have not priced out prior- for example, food.

A can of vegetables seems like a great buy- it’s just a $1, right? But had you shopped at your grocery store, you could have gotten them for .50 cents or less on sale. It turns out that isn’t such a great deal after all. Another great example of this is meat. Our local dollar store sells bologna, ham, turkey, etc. for $1.

But it’s a 1/8 of a pound so I am paying $8 for a pound of meat! No. Again, any item that you have not calculated at a comparable price at another store should not be bought at the dollar store. Chances are you will be overpaying.

Something to remember; always check the quantity of any item you are buying. $1 for a product simply packaged smaller is not a good deal, even when it feels like it! Run the numbers before you shop!

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