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Back-to-school shopping: Five tips to save big

Shopping for school supplies can seem daunting. Between the varieties of notebooks, pens, pencils, folders, and more, the choices are overwhelming—and expensive. Let’s face it—no one wants to spend $40 on notebooks that will more than likely be thrown away in nine months. But, there are more ways to save on supplies besides your typical coupons. Try these tips to make your back-to-school shopping a breeze.

1. Find what you already own

Before venturing out to partake in the craziness of back-to-school shopping, look around your home for what you already own. If you already have hundreds of pens, pencils, markers, or crayons, there’s no need to purchase more when you have plenty at your disposal. Plus, you’ll avoid the dreaded begging for the unnecessary 64-pack of crayons—because who needs 64 crayons? No one, that’s who.

2. Wait until you receive a definite list

Avoid back-to-school shopping until you have a definitive list of the school supplies you need. Waiting until you know what supplies your kids need will not only save you the hassle of purchasing anything unnecessary but also prevents you from overspending—kids don’t always need every single item on their list. After school starts, have your child ask their teacher if there are any items they won’t need. By knowing exactly what you need to purchase, you can then take the time to research which stores have the best deals, plus determine a budget.

3. Purchase supplies after school starts

Try to shop for the majority of your supplies after school starts. It’s okay to purchase any essentials before the school year begins, but do the bulk of your shopping the week after school starts. Most stores typically put their remaining supplies on sale, allowing you to make the most out of your money. However, most of the supplies will likely be picked over. If you find an item that is well priced, then go ahead and purchase it because it may not last until it’s time to be put on clearance. If you’re not picky, then wait until stores are desperate to get rid of their remaining school supplies stock.

4. Price match

Dozens of major retailers price match competitors. Retailers want to prove that they have the lowest prices around, so if you’re back-to-school shopping and realize you can purchase something elsewhere for cheaper, ask for a price match. Typically, all you need to do is show the competitor’s ad or use your phone to show where you found a better price. However, most stores won’t price match on items that are on clearance or BOGO. But, retailers differ on their price match policies, so check to see what they will or will not allow.

5. Stock up if you can

If you can, purchase some supplies in bulk. You’ll save yourself from making multiple trips, and you can use supplies the following school year, which ultimately saves you money. Items like pencils, pens, folders, and composition notebooks are great to buy in bulk. However, remember to research where to find the best deals and compare prices per unit to ensure you’re getting the most out of your money.

These tips are sure to make your school supply shopping a piece of cake and help you find everything you need to make this school year the best one yet! Back-to-school shopping doesn’t always need to be a hassle—make the most of your school supply shopping today by switching to a Georgia’s Own Visa® contactless credit card. When you open a new Georgia’s Own Visa Signature®, Platinum, or Student Visa, you could earn up to $150, making back-to-school shopping that much more rewarding.*

*Promotional period begins April 1, 2021 and ends December 31, 2021. Open a new Georgia’s Own Visa Signature® card and spend $1,500 in the first three months of account opening and earn 19,500 points, which can be redeemed for $150 in cash back. Open a new Georgia’s Own Visa® Platinum card and spend $1,000 in the first three months to receive 13,000 points, which can be redeemed for $100 in cash back. Points will be applied within two billing cycles if the account is in good standing. Offer may be withdrawn without notice.

10 smart savings tips for young adults

We all know it’s important to save money, but the way that you should save will vary from decade to decade. That’s because your financial needs change over transitional times in your life. Your income and expenses affect your ability and possibly motivation to save. New financial needs come with lifestyle changes, so let’s talk about smart savings tips for young adults.

In your 20s…

You may be earning an entry-level salary, living alone or with roommates, and for the first time, not relying on parents to foot your bills. Likely, you haven’t been concerned with saving money. But there is no better time to start saving than right now.

Create a Budget – Be sure to include bills you have to pay, weekly expenses like food and gas, along with an emergency fund.

Establish an Emergency Fund – Start contributing now to an emergency fund. This is for a rainy day. It’s always a great habit to have money set aside for an emergency.

Contribute to a 401k – Retirement may be a long ways off, but contributing to your 401k is building your financial future. It is a great idea to set aside whatever your employer is willing to match.

Don’t Drown in Debt – Now is the time to start tackling those student loans. Be aggressive and seek financial advice for a repayment plan.

Practice Self Control – Qualify for a credit card? Cool. It’s wise to pay your balance in full, follow your budget and live within your means.

In your 30s…

You may have gone through major life changes, like buying a home, getting married, or having children. You are probably more settled, earning more money, and more motivated to save.

Reassess and Adjust Your Budget – It’s important to adjust your budget with any major life change. New job? New mortgage? New family? Reassess your expenses and adjust your budget accordingly.

Grow Your Savings – Make your savings work for you! By putting your money in a savings account or money market, your money can actually accrue interest and make you more money.

Plan for Retirement – Placing 10-15% of your earnings into your 401k is ideal. Consider this to be the cornerstone to a solid, financial future.

Pay Off Debt – Hopefully you set up a repayment plan in your 20s and can now focus on eliminating your debt altogether.

Advance Your Career – One way to save more is to make more! Evaluate your position and ask yourself, could I do more to move up here?

Five ways to save on your electricity bill this summer

Summer is finally here in full force. But, as temperatures start to climb, so can your electric bill. It doesn’t help that Georgia ranks number five in the country for the highest utility costs, averaging $441 per month. However, there are simple ways you can save on your electricity bill—without sacrificing your comfort. Here are five things you can do to start saving on your power bill today. 

Raise your thermostat’s temperature

While you’re at home, set your thermostat to a high but comfortable temperature to keep you cool. When you leave or if you’re asleep, you can increase the temperature slightly higher. Raising your thermostat’s temperature can save at least 10% per year. The smaller the temperature difference between outside and inside, the lower your overall power bill will be. Don’t set your thermostat to a lower temperature than normal. Your home won’t cool quicker, and it could result in a higher bill. 

Switch to a programmable thermostat

More people have switched to programmable thermostats and for good reasons—they maintain a consistent temperature throughout your house, keep your home energy efficient, and save money. According to a study by Nest, using a programmable thermostat saves almost 15% in cooling costs. Also, a huge benefit is that they enable you to set schedules, so you spend less time adjusting the thermostat when you leave your home or before you go to bed. 

Clean your air conditioning vent and unit

A clean air conditioner is more effective than a dirty one. If you’re reading this and can’t remember the last time you cleaned your a/c unit, it’s probably time you should. Filters, coils, and fins should be maintained to help a unit run efficiently and properly. Ideally, your a/c unit should be serviced at least once or twice per year. But, filters should be changed frequently—replacing a dirty filter can lower your air conditioner’s energy consumption by 5-15%.  

Turn on the ceiling fan

This seems obvious, but use the ceiling fan to your advantage. While ceiling fans don’t cool a room down, they create wind that circulates throughout the room, thus cooling you off. During the summer, your ceiling fan should rotate counterclockwise, so cool air is pushed down. If your fan is not rotating the way it should, turn your fan off and flip the direction switch. When you’re not in the room, turn your fan off so you aren’t wasting power. 

Use electricity during off-peak hours

Companies charge more for electricity during peak hours when the demand for it is greater. You can reduce the cost of your power bill by limiting energy use to early in the morning or late at night. You’ll help reduce the load on power grids and save money. From June through September, 4 pm-9 pm are considered peak hours.

Despite the sweltering heat, it’s possible to cool your home without foregoing your comfort—or your wallet. This summer, try these tips and watch the dollars drop off of your power bill.

How to start an emergency fund

Throughout the COVID-19 pandemic, people have recognized the value of having an emergency fund. People have lost their jobs, faced unexpected hospital visits, and more, leaving some struggling to pay bills. Regardless, it’s still crucial to have funds saved in the event of unforeseen circumstances—26% of Americans have no emergency savings, and only 23% have enough to cover six months’ worth of expenses. Follow these tips to help you get started on your emergency fund, so you’re better prepared for the future.

Track your expenses and spending

Before planning how much you should have in your emergency savings, it’s essential to know your monthly expenses. Calculate how much you spend on your rent or mortgage, utilities, and other necessary items. Tracking your spending is tedious, but there are dozens of budgeting apps, like EveryDollar and Wally, to help you estimate your regular spending. 

Set your emergency savings goal

After you’ve gauged how much you spend per month, set your goal of how much you want to save. According to CNBC, less than 30% of households have less than $1,000 saved. That isn’t nearly enough to cover costs in the event of a setback, like a trip to the hospital or unemployment. It’s recommended to have at least three to six months’ worth of expenses saved. 

Develop a plan

Once you set your savings goal, it’s time to form a plan of action. Decide what you’re going to do to reach your goal—that could be anything from setting aside a certain amount of money each week to cutting back on unnecessary spending. You can set goals all day, but it’s crucial to know exactly how you’ll reach them—otherwise, it’s easy to fall off track.

Put funds in an accessible place

How you save is extremely important, but where you save is just as critical—if not more. To make the most of your money, put your funds into a high-yield savings account that allows you to easily make transfers between accounts. High-yield savings accounts have higher interest rates than traditional savings accounts—sometimes 20 to 25 times more. While you earn more money in the long run, it’s important to consider factors such as initial deposit or minimum balance requirements and interest rates.

Start saving

Now that you’ve set your financial goals, how you’ll achieve them, and where you’re going to put your funds, it’s time to start saving. One way to help increase your savings is by setting up automatic transfers—you can set an amount to transfer to your savings each week, every two weeks, or each month. Even if it’s only $50, you’ll be surprised at how quickly your savings will grow. Another great way to increase your savings is by setting aside your tax refund. You can set aside all of it or even just a portion—either way, any amount will help get you that much closer to your goal.

Consider what constitutes an emergency

Now that you’ve started to set funds aside, it’s imperative to decide what constitutes an emergency, so you’re only using your emergency fund for its intended use. This could be unexpected hospital visits, car repairs, job loss, or other unanticipated situations. Defining what you consider an emergency is important so you know your emergency fund is used properly, rather than being spent on frivolous things. Remember, it’s not fun money—it’s money you’re setting aside so you know you and your family will be okay should something happen in the future.

Georgia’s Own is here to help you be prepared for the unexpected—visit our website to get started on your emergency fund today.

What to do with your stimulus check

Under the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, most tax-filing Americans making less than $75,000 per year are receiving a $1,200 stimulus check—as well as a $500 check for every child under the age of 17. Most people are hopeful for this financial relief—but what should you do once you receive your stimulus check? We have a few suggestions to help you use your check wisely.

Use it for expenses

The primary purpose of this check is to help people survive without a source of steady income. Therefore, one of the best things you can do with your stimulus check is to use it for essentials, like groceries, gas, or other expenses you might have. Like a tax refund, it can be tempting to spend your stimulus check on something nice or new—especially because shopping is at your fingertips right now. However, try to avoid spending your check on unnecessary items.

Put it towards your savings

If you have enough money to get by comfortably, saving your stimulus check could be beneficial. Ideally, you should have at least three to six months’ worth of expenses in your savings account for emergencies. Open a savings account if you don’t have one, and hold onto your stimulus check. You don’t need to set aside the entire check, either—even if you save a portion of it, that’s better than nothing.

Pay off debt

Use your stimulus check towards any debt you may have, such as credit cards or student loans. Even though most lenders are offering deferred payments or forbearance, paying off your debt, if you can, is still the most ideal choice. Anything—no matter how big or small—you put towards your debt gets you that much closer to financial freedom.

Donate it to charity

If you can, donate a portion of your stimulus check to a charity. More than ever, it’s important to stick together and support members of the community. Dozens of charities need help—especially organizations like Action Ministries, that are providing meals for children during the extended school break. Or, organizations, like Meals on Wheels, helping high-risk senior citizens that don’t have access to food. Additionally, many groups are collecting money to help people that are out of work in the restaurant industry. This also means that many scams are escalating. Be sure to research and determine that what you’re donating to is legitimate.

Help small businesses

Lastly, if you’re financially stable, consider helping local businesses. Many small businesses are struggling to stay afloat because of the coronavirus. With social distancing measures in place, many local businesses are changing how they operate or shutting their doors altogether. To help local businesses, consider ordering takeout from your favorite restaurant or purchase a gift card from your local beauty salon to use at a later date.

The COVID-19 stimulus package is a tremendous help for many people, and we hope that these tips will help you make the most out of your stimulus check. If you need further financial assistance, please click here to see how Georgia’s Own is helping members during this time of need.

15 ways to save at the grocery store

It’s natural to waltz down grocery store aisles and add everything you see to your shopping cart. Strategically placed products catch your eye and make you think you need them immediately. Overspending at the grocery store is a habit that’s difficult to break—but, it can be done. Here are 15 ways you can save during your next trip to the supermarket:

Check your pantry

Before you head to the store, check to see what you already have. There are websites and apps, like Supercook or Cookpad, that allow you to find recipes based on ingredients. Depending on what’s in your pantry or fridge, you could make meals with what you have and avoid going to the grocery store altogether.

Make a grocery list

Compile a list to be sure you’re purchasing the essentials, and stick with it. Don’t stray from your list—you’ll spend more money than you intended.

Compare stores

While you’re determining your list, create a grocery store comparison chart. Pick your essential items, choose your stores, obtain the prices, and compare. It’s an invaluable tool that will ultimately save you money.

Use coupons

This seems obvious, but using coupons can help tremendously. There are dozens of websites, like coupons.com, that have free, printable coupons. Also, be sure to read your local store’s circular—it promotes items that are on sale. In addition to circulars, look for digital coupons that are store-specific.

Don’t shop hungry

The golden rule of grocery shopping: don’t shop hungry. According to Psychology Today, when you’re hungry, you overload your shopping cart with items you don’t need. Your brain focuses on finding its next food source, so you grab everything appealing within sight. To combat this, be sure you’ve eaten before you go. You’ll avoid the temptation of grabbing unnecessary items, and your wallet will thank you.

Leave the big spenders at home

Whether it’s your kids or your spouse, there’s always someone adding more than you need to your cart. It’s not always easy to say no, so avoid the situation entirely by leaving your big spenders at home, if you can.

Keep a running tally of your cart’s cost

Steer clear of the dreaded, “I spent how much?!” when you make it through the check-out line. As you add items to your cart, keep track of the running cost. It doesn’t need to be exact—just a rough estimate.

Avoid eye-level items

It may be easier to grab the first option you see, but scanning the shelves is critical. Stores use the motto “eye level is buy level” for a reason. We look at items that are eye level, so that’s where grocery stores place the most expensive items. Look for cheaper items on higher and lower shelves.

Don’t purchase pre-cut food

It’s often simpler to purchase ready-to-eat salad and fruit, but that’ll cost you more in the long run. You won’t receive as much, either, and pre-cut food doesn’t stay fresh for long. Trust me—just buy the head of lettuce and make your salad. It’ll take less than ten minutes, and you’ll save money.

Ask for a rain check

Did someone get too greedy during the BOGO sale? You can ask your store for a rain check on items that sold out during a promotion. If your grocer allows it, you can snag the item once the store restocks.

Don’t always buy in bulk

It appears cheaper, but buying in bulk isn’t always the best choice. Sometimes, depending on the unit price, it can wind up being more expensive. If you’re debating whether you should purchase items in bulk, it’s crucial to check the unit prices and compare them to see if you’re saving or spending more.

Try generic brands

Don’t be afraid to try the store brand. It’s often just as good as the national brand but a fraction of the cost. If you don’t like it, most grocery stores will allow you to return it and get your money back or swap for the national brand.

Shop in season

If you’re purchasing produce, be sure to buy items that are in season. Not only is it fresher and tastier, but it also costs less. It’s all about supply and demand. When produce is in season, there is an abundance—therefore, it costs less per pound. Compare that with something out of season—there is less of the product in-store, so it’s more expensive.

Pay with cash

When budgeting, cash is king. Paying for items with cash allows you to set a budget and stick with it—once your cash for an item runs out, that’s it. Finance expert Dave Ramsey swears by this method. Bring enough money to cover your groceries for one trip. If your total runs over, take items in your cart out. It’s hard but better than ruining your monthly budget.

Changing how you grocery shop can have a notable impact on your financial well-being. By shopping sensibly, you can stick to your monthly budget, as well as reach other money-related goals you may have. Try one, or some, of these tactics next time you’re at the grocery store—you’ll be amazed at how much you save!