What is a Saving Circle?

Every time, we think about friends we generally think about going out or hanging out together. Most activities revolve around spending money. We rarely talked about savings together. That is because we are very protective when it comes to our personal finances. In addition, trusting people with our money is challenging. Nevertheless, co-saving is a powerful tool to reach our goals, whether we want to buy a house, or even to pay for college. Also, it helps people reach common group goals such as birthday gift, or any major collective projects.

Takeaways: What is a Saving Circle?

Saving circles also known as co-saving is a century old mechanism. It is a  common practice in societies without easy access to banking. Researchers and scholars called it rotating savings and credit associations.

Takeaways: How does it work?

This a collective mechanism to save with a group without having a bank account or getting into more debts. The total amount collected belongs to the entire group members.

Typically, a group of people will come together and decides to improve their lives.

 Steps guide to set up a saving circle: Before

a. Find like-minded people

There is no required number. The key here is like minded people make sure you are all on the same page with the same vision, the same values, and objective in life. Also verify the financial aspect to make sure they can afford the monthly, quarterly, or weekly contribution.

As a recommendation, I will keep it under 12 and set weekly or monthly contributions.

b. Draft a constitution

A constitution is a set of rule that everyone abides by. This is a critical component because you are not just juxtaposing people but you are setting up a lifestyle. Those rules will govern how you guys operate it includes meeting time, contribution amount, meeting period, the profile of members, how to set up contribution, how to distribute money, what to do with the money, how the account will be managed, etc…

As a recommendation, set a steering committee of 3 can draft the initial paper that will be presented to all for collective editing and finalization.  Then a legal advice to ink everything.

c. Legal framework

It is important to acknowledge that a saving circle is an agreement between a group of people to execute certain operations. Consequently, it has to be enforced with a legal framework. That is why all members have to assert and accept the rules and regulations that govern the activities. If any member Fail to meet its obligations they will be sanction.

Always get assistance from a lawyer or an experienced person to avoid any disputes. The legal professional will review the constitution to make sure its meet local, state and federal requirements.

Steps guide to set up a saving circle: During

d. Meeting period

You have to set up a time when you all come together for meeting and to discuss all issues related to the organizations. You can share ideas on what to do with the fund or share your current issues. The quality of the encounter is enhanced by making it enjoyable with some social activities. In addition, if the entire saving period is 12 months, everything ends after 12 months. Thus the entire fund plus the interest generated is shared equally among all members.

I will recommend meeting once a month. Then you will have more to share and talk about. The meeting is rotative and hosted by each member.

e. Contribution

The contribution aspect of is the reason why you came together. Every time you meet everybody chips in his contribution. One person can contribute twice if their wish. as an illustration, if you decide to meet every month then every month be prepared to contribute the amount predefined. Then the host gets a chance to take all the money contributed that day minus a retained amount of maybe 1% to 5%. Or you can decide to just keep contributing and to divide the money equally at the end of the circle.

Steps guide to set up a saving circle: After

f. Dissolution

Actually, a saving circle is set for a specific period of time. A dissolution is recommended after you reach the set time. Equally, that leads to interest distribution among all members. However, you can decide to continue as a common agreement.

Before starting the dissolution process, you have to make sure everyone is on board and that’s the direction the majority of members are comfortable. Some saving circles are so well managed that the amount generated as interest made the members millionaires.

Advantages of a Saving Circle

  • Provide monetary access for people with no access to the traditional banking system.

All circles help a lot of people by providing them access to financial security and stability. The money they make can easily be stored in the organization bank account. Typically there is a person that walks around to request for contributions.

  • Access to cheap money

Being part of a saving circle is a great way to save money for any goal. In addition, the money saves if well managed could be placed by all members toward a high-interest rate yielding account.

  • Goals

Usually because of this method members can plan ahead and project them in the future with goals. It could be short term, mid-term and even long term. It is all about planning and joining the right organization. More importantly setting yourself specific goals to achieve, sharing with members so they can keep you on track.

  • Accountability

It is probably the most critical attribute of any circle. In fact, during the evaluation process, the assertion always starts with a thorough accountability assessment. Consequently, they will check every important aspect of your life. To confirm you have a high level of accountability. Most likely the only way to join an organization is by referrals,

In conclusion

Saving circles might not be for everyone, but it is certainly one of the most effective to reach your financial goal. Today with modern technology more online options are available to ease the process. Apps like https://twine.com or https://www.tandasavings.com are the latest way to save together with partners, family, friends or even strangers.

 

 

How To Make your Electric Bill Lower

Energy can represent a very large chunk of your monthly paycheck. If you factor air conditioning, furnace, heater, and hot water heater. So how can you lower your electric bill? According to the Energy Department, an average American family spends a total of $2200 per year on utilities. Improving your energy utilization can help you reduce your bill by at least 20%. That extra money you can save.

Takeaways: Make your Electric Bill Lower

Electricity bill takes a big portion of a household paycheck every month. The complete breakdown by State could be found in this report, published by the Energy Information Agency in 2017. It goes from $87 to more than $100 per month. Obviously, your personal or family usage play a bigger role in the process. But these are the strategies that you can implement to lower your bills.

How To Make your Electric Bill Lower

  • Install ceiling fans in all rooms: It will help keep the house cool in the summer and warm in the winter. They use less energy than the furnace or an A/C unit.
  • Keep your home sealed tight: this option will protect you during winter by limiting cold weather access in the house. Inspect your attic and your roof for ice dams, check for gaps pipes that go through walls, seal and insulate outlets and switches and check the basement for cracks. In addition, weather stripping around doors will allow air in and out.
  • Turn off electronics: Electronics guzzle power even when they’re off. Plug them into a power strip, then turn off the strip.
  • Motion sensor: They turn off lights automatically so you don’t waste electricity. They also add as timers.
  • Insulation conserves energy: Insulation reduces the exchange of heat through a surface. In a well-insulated home, less warm air escapes from the house during the winter, and less cool air escapes during the summer.
  • Limit electronic devices in your house: You don’t need to have many electronic devices in your house. Fewer devices mean less electricity consumption. Furthermore, you can set time and days for specific devices access.
  • Add solar panels to your home. Going off the grid with solar panels will help reduce your energy bill while installing solar panels can be expensive, the benefits may outweigh the initial cost. Moreover, the extra energy generated from your solar panels can be reinjected in the grid.
  • Wash your clothes at the laundromat once a month: Image when you are using your washing machine all the energy you use.

Other Methods to Make your Electric Bill Lower

  • Air dry your clothes: This might be hard to do on the coldest months, but once it summer, spring, fall or sunny winter you can definitely take advantage to dry your clothes.
  • Daylight: Take advantage of daylight to turn off lights in your house. Take out the curtains.
  • Natural air: Open your windows especially during summer/spring/fall and some period during winter when the weather is not too cold to ventilate your house.
  • Plant trees: Plant trees near your home, you’ll create shade, which will eventually cool off your home as the trees grow. The Arbor Day Foundation estimates that homeowners can save up to 20 percent a year on their energy bill by planting trees around their home.
  • Dress comfortably: Always put on warm clothes during winter or cold weather, cover yourself with blankets, have blankets also in your living room and turn on the heather when it is absolutely necessary.
  • Shower with hot water: Once per day, and no hot water during weekends. In fact, there are numerous benefits associated with taking a cold bath.
  • Don’t buy or rent big houses: Bigger house equals a bigger electric bill. Try to get a house that meets your needs and optimize all the space you have.
  • Always do rounds before going to bed to double check all the house corners to make sure no lights, no unnecessary electronic devices were forgotten on.

Out of the box strategies

  • Shared electric bill: if you live in the same house with adults you can request for each to pay a contribution towards the electric bill. They could be your adult child, cousins, brothers, etc…
  • Limit the number of people in your house: More people more pressure on the resources in your house. The same goes for electricity, if you limit the intake of people in your house, you will be able to control your energy bill.
  • Limit house events: such as parties, community meetings and other events that could drag in large crowd till dawn. You will be surprised by how much energy bill goes up when you host an event. Now imagine you host multiple per year.
  • Take advantage of your chimenea: this is a great way to heat your house especially during winter.
  • Electric heater: Because the normal heater is a more expensive option leveraging electric heater in some specific area of the house will lower your electric bill.

In conclusion

Saving money on your electric bill is not very easy and it requires the necessary mindset shift. Some of those strategies are pretty simple and easy to implement other require few efforts or help from an expert. But if you put in the time and the effort you will be able to same good money.

How To Save Money for a House : Out of The Box Steps

Buying a house is not cheap. More buying the house of our dream comes at a hefty tag price, down payment, closing fees, appraisal fees, mortgage, maintenance fees, tax and in some cases renovation fees. So how can we save money for a house? Here are some creative tips that can help you achieve that goal.

Out of The Box Steps to save money for a house:

A.Trim your budget:

  • Cut cable
  • Pack your lunch
  • Make coffee at home
  • Cancel gym memberships and all unnecessary membership payment. For the gym, for example, take advantage of all the outdoor activities.

B. Increase your income:

  • Work overtime
  • Start a side business
  • Get a second job even a third job
  • Change job and go for jobs with commissions and bonuses.

C. Join or create a saving circle:

A saving circle is a great way to work towards achieving that goal. Because is a group of like-minded people and the support system provided will keep you on track. Also, they are many saving circle opportunities available out there including organizations.

D.Co-buy a house:

Co-buy a house will not only save you a lot of money but also enable you to get access to your dream house, in your dream location. In addition, because it is a pool resource you can be more ambitious. Obviously, you need to associate yourself with people trusted and reliable people. After, the purchase you can renovate the house and modify it to fit your vision.

E. Renovate the family house: 

One of the most surprising ways to save money is simply by improving your parent’s house. Indeed, if your parent’s house happens to be in the same city, apply for a permit and redesign the house to fit the new paradigm. Actually, this is very effective in many countries around the world. Typically they will just add a new apartment in the family property.

F. Take advantage of high-interest on savings account and leverage the interest.

Some bank will offer a pretty decent interest rate in a savings account if you put in a certain limit every month. Even better if you block the money for a certain period of time usually at least 6 months. Moreover, if you are a member of a saving circle or any other similar program chances to achieve a high interest is bigger.

E. Keep away your ego

This is a very important aspect if you want to save money to buy a house. You’ve got to get a hunter mindset. Because you are in the lookout for any opportunity that can help you to achieve your goal. That is why you don’t have to neglect any opportunity either to make money or to save money. In addition, you need to be willing to take strong action steps.

In summary: How to save money for a house

Saving to buy a house is challenging as illustrated by many available resources. Nevertheless, by leveraging the power of the power you can minimize the risk associated with house ownership before, during and after the process.

 

How To Save Money on Car Insurance

Finding ways how to save money on car insurance while getting good coverage without breaking the bank is one of the top car owner priorities. Indeed if you own an automobile, vehicle insurance is imperative and you’ll be grateful to have it after an accident. However, you don’t want to spend a fortune on a policy. Here are some ideas that can help you save big on your policy.

Takeaways: How To Save Money on Car Insurance

Here are some tips that leverage the power of the community. We will organize these tips into three groups. Group A, explore memberships, affiliated organizations, or family. Group B, weighing alternatives of vehicle ownership and group C financial transactions.

A: Memberships

  • Ask about group insurance: Some companies offer a special price to car owners who get insurance through a group plan. Indeed by aggregating demand, these groups negotiate a discount price on behalf of their members. Find out in your company, school, professional organization, alumni, or faith group.
  • Family discount: Consider asking for a family discount especially when you all get your insurance from the same insurance.
  • Get Cheaper Rates as a Full-Time Parent: Full-time parents will pay cheaper vehicle insurance rates than working parents. That’s because you’re not commuting to work every day.
  • Get Auto Insurance Through Costco: If you’re a Costco member, then you may be entitled to cheap auto insurance. Costco has partnered with Ameriprise Auto & Home Insurance to offer surprisingly cheap auto insurance rates. Depending on your region, Costco may be the cheapest auto insurance, provider. Check with your local Costco representative.
  • Combination homeowners policy and car insurance policy: This is a very smart strategy. By combining two or more policies from the same agency chances are you will save money. If you happen to have separate agencies find out how you can consolidate all the policies through one agency.

B: Alternatives to car ownership

  • Consider Renting a Car Instead of Buying a Second Vehicle: Some families have two cars. Both parents work in place not accessible to public transport and in different parts of the city, in this case, two cars are a necessity. But if both parents work in the same direction or at places accessible to public transport why having two cars? Consider renting when you need a car for a specific short situation such as vacation, road trip or etc…
  • Carpool to Work: If you don’t like the idea of using a bus or a train as for commuting then consider carpooling to work. You can even carpool to work with your spouse if you work in the same area. Whether it’s with a spouse or coworker, carpooling significantly reduces the number of miles on your car every year.
  • Take Public Transit: The fewer miles you put on your car every year, the less money you’ll pay for insurance. Thus consider taking public transit to work every day.
  • Ride Sharing Services: Ride-sharing services help you to avoid insurance  We’re not just talking about Uber and Lyft or taking taxis everywhere: today, vehicle sharing companies like Car2Go, ZipCar, and AutoShare are available in cities across North America. You can rely on to errands across the city such as grocery, outings or medical visits.
  • Drive a car that’s cheap to insure: Before you buy your next car, check car insurance rates for the models you’re considering. The vehicle you drive affects your car insurance premium, particularly if you buy collision and comprehensive coverage. Safe and moderately priced vehicles such as minivans and small SUVs tend to be cheaper to insure than flashy and expensive cars.

C: Financial transactions

  • Pay your Insurance Upfront: You can save a lot of money by paying your insurance in full upfront.
  • Work with a Direct Insurer Instead of an Insurance Broker: A broker’s job is to find you the cheapest rate on car insurance. However, you typically pay a fee for this service. Sometimes, you can save a considerable amount of money by working with a direct insurer.

Conclusion: How To Save Money on Car Insurance

Unfortunately, car insurance is a necessary expense even though it is costly. However to save on money on your car insurance, whatever your age, social status, and driving experiences there are plenty of ways to save a significant amount of money.

 

How To Save Money on Phone Bill

Learning how to save money on your phone bill will put extra cash in our wallet.  That is because if you are not careful your bill can quickly escalate and take out a hefty part of your monthly paycheck. Can you actually find a way to save money on phone bills? An appropriate answer to the question can be daunting with little knowledge. However, here are some options available that can help you lower your bill.

9 tips to save money on phone bill

1. Add lines: At first, it might sound odds because add lines will actually increase your bill. But splitting with other people will reduce what you each pay. Moreover, the more line you add the better overall price you receive.

2. Use wifi when you can: Data coverages can add up quickly, and some providers charge a premium. Yet make sure you stay within your monthly limit. Consequently try to use wifi connection whenever it’s available at home, work, coffee shops or malls. If you are on the go don’t use your data to download, stream video, music or listen to podcasts.

3. Swap phones with your community: Some plans include the price of a new phone. Try to keep your phone longer and resist calls for a new phone. If you need a new phone just try and swap with another person that might be looking for a new phone but don’t want to pay for it. You can start by leveraging your family, friends and immediate environment.

4. Get a corporate discount: Chances are your company has a partnership with a specific mobile carrier, try and take advantage. Usually depending on the size of your company you can get a very good deal. Nevertheless, the challenge will come from the carrier choice and the duration and the terms of your commitment.

5. Cost-share with an employer: You could conduct business on your personal phone for your employer. This could include phone calls, email, and others. Or you could simply use the business phone for your personal business. Obviously, you want to make sure the company has a cost-sharing policy in place or your employer participate in phone reimbursement.

6. Switch to paperless: Nowadays, companies offer some discount if you switch to paperless billing.  The amount save typically around $5 might look negligible but it can quickly add over the long run.

7. Do you need all the extras?: This is an essential question you have to ask yourself.  That is you have to be careful when you are signing your mobile bill contract. Think of insurance, extra data, streaming services, international calls, and other add-ons. They can climb up to $20 per month. That is exactly what I save on my phone bill when I cancel everything.

8. Go without data: This is a more radical approach especially nowadays. But you can evaluate your lifestyle and check if you actually really data 24/7. If you really need data perhaps you can go for the plan you really need. For example, I managed to survive more than 2 years without data. It was challenging but I made it. I simply took advantage of all the free wifi at work, coffee shop, home and etc…

9. Expensive phone: Not sure you really need that. One of the most critical components of a phone plan is the price of the phone. In some cases, it represents more than 40% of the total of your bill. So reevaluate and resist the sweet sales talk and ask yourself if you really that trending phone with those amazing features. More if you can keep your phone as long as possible you are up to save good money.

10. Keep your phone longer: Indeed with today’s pressure on phone companies to keep up with the competition. So they are making new releases practically every month. It could be challenging for the average consumer to resist the trending temptation of changing phones all the time. However the longer you keep your phone the better deal you can get if you absolutely need a new phone.

11. Don’t buy a contract phone: contract phone is extremely expensive. The monthly plan might seem cheaper at first sight. But in the long run, when adding up interest rate it becomes expensive.

12. Switch carriers: Shop around and see who can give you a better deal that fits your budget. You’ll probably find a good offer at less known, smaller carrier. Most of them have some links with the big guy. So chances are you are still going to keep the same benefits. So do your research and shop around.

Takeaways: How To Save Money on Phone Bill

The above tips are not exhaustive but reflect edulers’ contribution to the topic. By implementing those you will be able to save money. As usual, financial empowerment is central to our actions and ideas.

Conclusion:

Choose the right phone plan, is often not regarded as a critical decision. As a  result, people don’t take their time to assess every corner of the decision.  You will want to evaluate many factors when going after a plan especially if you want to save money.

  • Try to determine how much data you can use monthly
  • How many minutes of calling you can approximately do per month?
  • The carrier network coverage
  • The cost of the phone
  • Your monthly budget. I will recommend your cellphone budget shouldn’t be more than 15% of your total revenue.
  • In addition, always monitor your bill.

 

Save Money on Groceries : Grow your own food

To save money on grocery is not an easy task. Especially if we want to maintain a healthy diet lifestyle. Nevertheless If you breakdown your grocery budget, you will notice fresh vegetable especially organic veggies represents a huge part of the budget. As a consequent, by leveraging the space you can substantially reduce your fresh vegetable budget. There are probably many options available but this article will illustrate how you can save money by growing your own veggies.

Takeaways: Save Money on Groceries

This article focuses on the most common veggies used while cooking. Like basil, green onions, tomatoes, carrots, and bell peppers. Even better if you have a garden you really save big. Image how much money you can save every week if you grow these veggies. Below find how you can grow them.

  1. Basil leaf (0.75oz) from $2.49 at a grocery store

Growing basil indoor can be challenging because it should be planted an in well-drained, nutrient-rich soil and it requires good lighting. A plant of basil yields about 9 0z or 7 cups of leaves. That is approximately $30 savings with one plant. You can buy a plant in a pot for approximately $6 and utilize your window sunlight.

     2. A bunch of green onion (4.5oz) from $1.29 at a grocery store

Green onions are the easiest veggies to grow and it grows very fast.  All you need is a container and water. Place the roots down in a jar or glass with enough water to cover the roots. Place the jar on a sunny windowsill and change the water every few days. That is it. You will have an endless supply of green onions all year round. You save anywhere between $5 to $10 per month. Moreover, the quantity will depend on the size of your jar. But you can expect to harvest at least 2-3 times per week

    3. Romaine Lettuce (22 oz) from $2.69

Chances are you are buying a head once a week. Actually, you can regrow it from the stem. Simply place the stem in a bowl and fill it with water. You should see the result within days and complete full lettuce within  2 weeks. But unlike green onion regrowing romaine lettuce won’t provide you with an endless supply. Depending on the size of your bowl you can expect to save good money between $10 to $50 per month. In addition, you are safe to grow your own romaine lettuce.

    4. Organic bell peppers ( red) from $1.59 each

Bell peppers can be extremely expensive depending on the variety and on where you buy them. But to grow them you will need the appropriate soil, space, and light. However, you can leverage always your porch or your garden. You can save a substantial amount of money if you grow your own peppers. Your total saving could reach $50 per month.

In conclusion, growing your own food or regrowing  food will:

  • Trim the grocery bill you can expect to save from hundreds of dollars to even thousands per year.
  • Supply you with fresh, healthy organic food.
  • Build a healthy life.
  • Possibility of having a zero dollar spend on grocery if you push the idea further.

If you can utilize your kitchen, porch, garden. You can always check community gardens around you.

 

 

 

How To Pay for College Tuition on your own

How To Pay for College Tuition on your own

How to pay for college tuition is every student most pressure question? whether you are in school or just finish school (student loan). However thanks to many helpful tools you can find a solution that meets your needs.  Yet, we want to share some tips in the spirit of edulers a community-centered platform.

Make money to pay for college

  • Drive for a ride-sharing company: if you drive and own a car this a solution that can prove to be highly effective. Indeed, you can make up to $600 per week if you are aggressive.
  • Tutoring: Most people I know do this already. Because it is probably one of the most effective ways to make easy money in college.
  • Join a saving circle: Saving circles are amazing, as they pretty help you get the funding you need to pay for college tuition on your own. Chances are some saving circles have free resources such as scholarships or grants for members.
  • Launch a business: Think of something students will need regularly such as coffee, tea and establish yourself as their main direct supplier and build your community. In addition, the revenue generated can help you pay for college tuition on your own.
  • Storage service for your school mates: You have some students that are moving out but need a temporary storage place for their belongings.

Save money for your education

  • live off-campus and share a room: Living off campus can save you big. Living in a shared apartment and sharing a room will help you save money. In addition the further you go from the campus the cheaper rate you can have.
  • Volunteer for research: There is a very interesting case that could be made here. Indeed, some researches really pay well. In the short run, it will help you to alleviate some basic expenses. Plus, they are not time-consuming.
  • Rent for free: In the city, they are many people looking for help in their house. Thus, you can join a rent for help program where you can perform some home duties in exchange for a free place to stay.
  • Volunteers for community-oriented centers such as churches or not for profit. In exchange, you can get access to food pantries

Alternative strategies

1. Choose colleges that offer tuition-free programs

There are colleges that offer tuition-free programs. Because, they have implemented generous either merit-based full scholarships, work-study, and fellowship programs. Moreover, some of those colleges have received enough endowment to cover the tuition cost of some if not all students.

Faith-based colleges

Privately endowed research university Research university

Music

Community college

  • Deep Springs College:                California

Others private colleges

public research university

Military

2. Apply for grant

These are a great way to cover your cost. Unlike loans, you don’t have to pay back. Typically, grants for colleges are merit-based. Furthermore, they can be awarded based on ethnicity, religion, or other background criteria. Usually, they are two types of grants: private and federal.

Federal grants

They are either federal or state governments. Nonetheless, they are a form of financial assistance where the U.S government redistributes its resources to eligible. Just follow these steps to find the perfect fit.

  • Fill out the FAFSA

You will need to fill out the Free Application for Federal  Student  Aid (FAFSA). Also, there are so many reasons to fill out a FAFSA. But for the purposes of grants, you have to fill out a FAFSA so that the colleges can figure out the extent of your eligibility for financial aid. Nevertheless, it is on on a first-come, first-serve. Thus, you have to fill the form as soon as possible.

  • Discover your expected family contribution (EFC)

Your EFC is the amount your family is presumed to pay for college based on financial information. Despite whether they actually intend to pay that amount. Normally, students with higher EFCs are likely to receive loans rather than grants but don’t be discouraged.

  • Disbursement options

You can choose to get a single lump-sum payment or disbursement of equal installment.

  • CSS profile:

You can also fill out a CSS profile to get access to grants as well as scholarships.

list of grants

  • Pell Grants: they are awarded solely on your financial need.
  • Academic Competitiveness Grant: Merit and need-based grant for college freshmen and sophomores.
  • Supplemental Education Opportunity Grants (FSEOG):  federal grants that help low-income undergraduate students 
  • Teach Grants: a good option for students who agree to teach for four years at an elementary or secondary school that serves low-income families.
  • Iraq and Afghanistan Service Grants: for students whose parent or guardian passed away as a result of military service in Afghanistan or Iraq after September 11, 2001. 
  • National Science and Mathematics Access to Retain Talent (SMART) Grant: for college juniors and seniors on the basis of need and merit.

Private grants

  • The Education Support Award from the Patsy Takemoto Mink Education Foundation: This award helps low-income mothers.
  • Grants from companies/organizations: companies are looking for help to advance a key project. Likewise, those grants can go up to millions. Typically, they are research grants or project experimentation or prototype testing.

3. Apply for scholarships

4. Launch a crowdfunding campaign

They are multiple stories of students funding their college degree through crowdfunding campaigns. For instance, read this great story of Elijah “E-Jayy” DeVaughn on gofundme.

5. Get a student loan

Student loans can be tricky. But ultimately they are useful. That is why it is advisable to have a full understanding of the implication before sign in.

Conclusion

They are ways you can leverage to pay for college. But, you have to get out there and put yourself out of your comfort zone to make it happen. Yet, no matter what option you choose always keep in mind your long term goal.

 

How To Save Money On Groceries : Group Shopping

How To Save Money On Groceries

Saving money on groceries is a top priority every time we receive our paycheck. That is because it is an uncompressible expense. Even though they are many strategies to reduce your grocery budget. We felt empowered to share with you the below strategy that revolves around building a strong community. Indeed group grocery shopping if well though with reliable people can be a win.

How does it work?

  1. Find a reliable person or group of people. It could be your roommate, your neighbor, your co-worker or your family member.
  2. Agree on a routine shopping date
  3. Set an individual shopping list
  4. Analyze the list and check common products such as toilet papers, fresh produce, rice, meat, etc…
  5. Make a separate list of common products.
  6. Determine the quantity each need and prorate the budget accordingly. For example, you can buy a box of paper towel then proceed with various allocations.
  7. Choose a leader who will do the purchase on behalf of the group
  8. The bill is split according to the group agreement
  9. After the purchase, you can start sharing with due respect to each person’s requirement and needs.
  10. Evaluate how much you have saved yet the tradeoff is higher because you put in the time and energy.

Takeaways: Saving Money On Groceries

  1. The strategy will enable at least 10% savings on grocery shopping. Nevertheless, it would be extremely hard to convince people to join. By showing upfront all savings they can make, chances are the mindset will shift. It is all about value.
  2. You will save money and the environment because it will eliminate or reduce waste as an unintended strategy.
  3. You will be exposed to additional options and more products possibilities because of the saving realize.
  4. An increase in your disposable income.

An Innovative Approach to Budgeting: The Saving Canvas

The saving canvas was inspired by the business model canvas. It will help you make a budget that works. Surely, the goal is to break down all your spends. That is because we consider your budget as a set of blocks. Visualization can help eliminate non-essential spends and aid you come up with alternatives. Hence, mastering the saving canvas will assist you to map out and to design the most effective budget.

Takeaways: How to Make a Budget That Works

  • Key spending: the block represents all transactions. You will unravel all your spendings to look at a granular level. Don’t forget every aspect or activity.
  • Resources. They are either monetary or time. Sometimes, we tend to only focus on the financial aspect of budgeting. So including time will go a long way.
  • Reasons for spending: Here we answer the question “why do you need this?”
  • Payment methods: Card, cash and time.
  • Alternatives: Do you have alternatives that provide the same level of satisfaction?
  • Total spending: quantify all your spendings
  • Total alternative: quantify all the alternatives
  • Saving: This is the difference between alternatives and savings.

However, you will not achieve all the intended goal, if you don’t dedicate yourself.

Learn How to Make a Budget That Works with The saving canvas

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