Burn Money!

DCU's vision is that all members achieve their financial goals. We believe that unbiased, detailed consumer education is essential for you to achieve your financial goals. Why are we different? Read it here.

By Will from Holland

You may be burning money without knowing it. Here’s how: We waste money buying everyday items—big or small—without thinking. We also waste money when we don’t get value out of items we already have and don’t use.

Here are extra tips on creative and easy ways to save—and make—money regularly on everyday items:

• Drink bottled water? You should never buy it one bottle at the time. Single bottles cost a dollar or more. Buying 32 bottles at a discount house can cost you around $4.19. Savings: 27 dollars.

• Drink coffee or tea regularly? Why spend $1.75 or more on a cup of coffee or tea when you can make your own? Just place your homemade coffee or tea in an insulated mug and take it with you. This will cost you about $1.25 per cup. Savings: 24 dollars (in a month at five cups a week).

• Like to eat out? Your best option is to have friends in for snacks before heading to the restaurant. This will allow you to split your entrees and desserts. Afterward, you can invite your friends to come back to your place for an after-dinner coffee or tea. Savings: 50% on each meal.

• Don’t mind eating at unusual hours? Take a look at restaurants that give you discounts for eating early or late. If you eat at unusual hours and share your entrees, you will really save money! Savings: 25% on each meal.

• Want a snack? You should skip the vending machines. Buying snacks in bulk can save you a lot of money. A bag of nuts can cost fifty cents in bulk and a dollar at the vending machine. So buy your snacks in bulk and place them in your backpack. Savings: 10 dollars (in a month at five snacks a week).

• Need a haircut? If the cut is simple, ask a friend to do it. Haircutting sessions are a great way to bond. If the cut is more complex, skip your normal hair salon and find the closest hair school. Most hair schools have their own salons. You can find one in your area by searching “cosmetology schools” on the internet or in the Yellow Pages. Savings: 50% (compared to a normal hair salon).

• Need a new outfit? Buying a new outfit at a department store can be costly. Campuses are surrounded by thrift shops and second-hand clothing stores. You can get great outfits at these stores. Big tip: look for a thrift shop in an upscale neighborhood. Savings: 20% (compared to department stores).

Now it is time for you to decide: burn money or find "free" money by making good decisions? You make the choice.

Be sure to let us know any of your money saving tips! Email me. See you next month!

Cheers, Will.