In last week’s introduction to the Saved Savings Challenge, I declined to post specific, hard-and-fast rules. That’s to leave room for each participant to define “savings” in her own way.
As of May 16 I’d set aside $104.09, which I rounded up to $105 and transferred over to Ally Bank on May 31. Since then my savings haven’t been gigantic, but they have occurred – along with some additional questions about the definition of “savings.”
According to the bottom of a recent supermarket receipt, I saved another $107.06 in a single shopping trip. But that’s true only if you think that in a free country a box of Triscuits should cost $4.49 and eggs go for $2.49 per dozen, or that it’s acceptable for a five-pound package of ground beef to retail for $31.15.
This particular grocer generally has higher prices than the one at which we do most of our shopping. Just as department stores mark clothing higher than it should be in order to offer hot deals later on, the store offered a short-term sale and downloadable discounts to bring the Triscuits down to $1.69 a box, the eggs to $1.50 a dozen and the meat to $10.35.
To be clear: Those final prices were pretty darned good for Anchorage. But I don’t see the discounts as savings, because I would never have bought the products at that price. Instead, I’d have waited until they went on sale and then stocked up.
Some people would say, “Hey, point is you wound up paying $1.69 – that’s a pretty skookum deal for Anchorage! If the regular price was $4.49 you really did save $2.80 per box.”
Maybe you would agree. I don’t buy it.
We can make our own rules for this challenge, so I’m not counting the supermarket prices. Yet I will count the $8.97 savings on soft drinks at the drugstore, because normally a 12-pack costs anywhere from $6.99 to $8.99 (depending on where you buy it). Whenever I get close to running out, I search for the best price I can find. In this case, that was three 12-packs for $12.
How do YOU define “savings”?
Your savings may vary. For example, a longtime reader named BethC wondered about whether to include points accumulation on rewards credit cards. Specifically, she mentioned the quarterly points bonuses on the Chase Freedom card. The bonus categories change every three months; right now, purchases made at supermarkets and home improvement centers bring a 5% bonus.
I happen to have the Chase Freedom card myself, and have used it with great success this quarter both for gardening and groceries. However, I’m not counting the points when I earn them. Instead, I’m holding off to count them when I spend them. As in, “I saved $25 on a birthday present for my nephew by giving him a Target gift card and letting him buy what he wants.”
Additionally, I recently opened a Citi Double Cash card, which gives me a point per dollar when I spend and another point when I pay the bill. My plan is to apply the double cash-back against the monthly statements and transfer those amounts over into the bank account I set up for the challenge.
(The separate account is earning 2.2% interest at Ally Bank. Its nickname is “saved savings.” Original, I know.)
However, if BethC – or anyone else – wants to count the points earned as saved savings, that’s fine. I’m just trying to tell people what to do (save!). How they do it is up to them.
Since I transferred that $105 over at the end of May I’ve set aside (on paper) another $18.99 worth of saved savings. My thought is to transfer the money at the end of each month; as noted in the introductory post, I plan to continue this exercise long past the end of June. My daughter has proposed a trip to London, and I would love to pay out of pocket. Since the trip may be pushed back until early 2021, that should give me time to accumulate quite a stash.
Okay, readers: Got any exciting stories to share yet? I’m looking forward to hearing your money hacks.
DH and I started out going on a ‘free’ picnic and came upon a local church celebrating their 20th Anniversary in the same park we chose for our picnic. They invited us to join in their BBQ. We spent zero dollars and had a ball!
https://diaryofamadretiree.com/2019/06/02/sometimes-you-just-gotta-get-in-the-car-and-drive/
NOTE: we plan on sending the church a donation as soon as our no-spend June is over.
I dunno, but I’m trying to decide how to deal with the “Shopkick/Drop/Ibotta type thing. I mean, I redeem them as gift cards. Should I count them? Should I count the four bucks I saved per silky shirt by ordering online for store pickup instead of buying in store-they were shirts I desperately needed? (without being unkind, I truly believe that department stores are their own worst enemy when they do this stuff. Eleven dollar silky T instead of fifteen (times like 4 since I desperately needed and loved the colors)?
I would consider all of those things saved savings. Again, I personally would count Ibotta et al. when I spent it rather than when I earned it.
But you get to decide when to include it. It’s a Saved Savings Challenge, not a mandate. Do it your way and then come over and post about it, please.
Thanks for reading, and for leaving a comment.
I decided to count my Shopkick and Survey type extra money only when I cash in. So on the first of June I cashed in for $50 on my Quick Rewards account. So that’s on my June list so far. Also on June list is $5 free I got as a promotional at a local frozen yogurt place. The grand kids spent last week with us and we always take them for frozen yogurt so that was a savings. Also when the grand kids came my daughter brought lots of food to make it easier on us. We had so much leftover that I will not be buying groceries this week. Since my grocery budget is $75 a week for the 2 of us I will put that amount in savings as well. But the truly big surprise was a $300 dollar check we got from our local hospital. About 2 months ago my husband had a short hospital stay for minor surgery. We had to prepay about $350. BUT the hospital said we had an over payment and sent the refund. I consider that a savings since I had no expectations of receiving it. So for now $430 on my list to be added to. Woo Hoo! Good luck to all! Ann
I wanted some new pots for a couple of plants. After a trip to Walmart and seeing the cost, I saved at least $28 plus tax by going home and reusing pots I already had. A little cleanup and they look fine too.
Nice.
I stocked up on TP and sugar at Staples, with a spend $30 get $10 off Staples coupon + a .25 off manufacturers coupon. Then I headed to our new Aldi’s with a spend $30 get $5 off coupon. But I saw a young Mom with several little kiddos in Aldi’s and ended up giving the coupon to her. To paraphrase, sometimes it is more blessed to give than to save. My $10.25 went into my coupon savings envelope to kick off June. I save coupon savings all year.
Here are the results for the aforementioned long time reader BethC.
1. Usually, Friday night is date night around here. But much-missed daughter was visiting for the weekend with her boyfriend, so we decided to make a nice dinner instead. While I gasped at the overpriced flank steak (daughter’s request) that I bought at the grocery store (Costco was out), everything else that I made (flank steak with daughter’s beloved Lawry’s mesquite marinade, green beans, old fashioned potato salad, blondies studded with strawberries and blueberries) was prepared with stuff on hand-much cheaper than all of us going out. Grocery store (Acme) said I saved $43.72, which was 38% of the bill.
2. I signed up for a gasoline savings program called Trunow-it gives you a tiny bit of cash back if you scan your gas receipt. I drive a long distance to work, so after a $1 sign up bonus and 3 fill-ups over the last week or so, I am at $1.47 in rewards-woo hoo!
3. I earned $3.46 from Ebates as a result of a small Kohl’s order.
4. Chase Freedom 1,092 points-also spent 40,000 Hilton points in the last few weeks, but I visited my Mom in her nursing home out of state and opted to use the points rather than paying $370 per night for a Hampton Inn hotel room.
5. I really wanted a Starbucks frappucino, but passed it right by. Got a text from Shopkick tonight reminding me that I have earned 2 $5 Starbucks gift cards on Shopkick, so now I can indulge with no out of pocket the =next time that the spirir moves me.
6. Donna-when you go to London-check out the free afternoon concerts at St. Martin in the Fields Church. They are wonderful. There is a cafe with good food in the basement called “Cafe in the Crypt.” Superb soups!
7. Keep saving those FF miles and points! I got to Paris 3 times that way-once for our 10th anniversary and once for each child o’ mine when they turned 30. Used miles for the flights and points for the hotels. So many wonderful memories-I am plotting to go back!
I have indeed been in the Cafe in the Crypt! Went to a concert there one evening.
You are doing really well. Keep inspiring, please.
My core feeling is that, if your budget is set reasonably – like you usually spend about what you have budgeted for each line item – then coming in under that is savings. However you do it. If I budget $11 for garden supplies this year (because I start my own seeds and already have tools) and I get new gardening gloves that are usually $25 for $11, I haven’t really saved anything – I just accurately estimated how much I was willing/forced to spend for gloves.
But conversely if I usually spend $900/mo on groceries and restaurants, and I cut that down to $800 by “shopping” my pantry and not going out, I saved $100 even if every single item in that $800 was full price or overpriced.
It’s the whole context that matters to me, not the method.
on the other side, I’m currently in budget negotiations/arguments with my husband and he doesn’t want to count retirement or college savings as savings because they’re earmarked for later spending. He only wants to count any gap between take home (since those are both autodeducted) and spending as ‘savings’
I picked up my consignment store balance of $11.25 today, and saved $1.75 on razors (getting them for tax only, as I had a coupon). I cashed in cans and bottles also, and received $4.62 for them. I also will get a $15.00 rebate on medicine for my dog. I also saved a tiny bit on gasoline ($.30) because of a discount card. Adding it in my head, I think it adds up to $32.92.
I am adding the savings to my Roth IRA. Now that I am down to one job, I am trying to “snowflake” additional contributions beyond the regular weekly
ones with found savings.
Smart. Do you know that old poem about little drops of water?
Little drops of water,
Little grains of sand,
Make a mighty ocean
And the pleasant land.
Little words of kindness
Spoken every day
Make our home a heaven
And help us on our way.
A little treacly, to be sure, but the early point is that little drops of water (dollars) will add up to something much bigger (a comfortable retirement).
I agree that it’s up to the individual as to what “saved savings” is – everyone’s situation is different.
Personally – I do not count the “savings” printed on the grocery receipt as the prices are so inflated, much like you, I ONLY buy when on sale or BOGO (preferably with a coupon!). I DO, however, count my coupons as saved savings 🙂
I am at $14.50 currently between and oil change coupon (Tires Plus always has Q’s on their website, and you can get the one you want texted.) and from Upside App Cash Back from my gas purchase.
I also had the $5 off $30 Aldi coupon, and like the other commenter, gave mine to the woman in front of me with a cartload – sometimes its better to be, what I call, COUPON FAIRY..than to save the $5 myself. She was THRILLED – and I earned a few Karma points 🙂
I have been a coupon fairy myself — and yes, the recipient is generally pretty excited.
Thanks for sharing your story. Stay cool!
My husband is older and a really mild mannered guy. The last time he tried to give a harried looking woman with several children a 10% off your total grocery bill coupon she came unglued, yelling in a loud voice, “You keep away from me!” All he had done was hold it out to her and say that he was not going to use this coupon, so did she want it. I don’t know what has happened in her background to make her react so strongly, but my poor husband will never give away a coupon again. He has done this before with no problem…
Lindsey
I’m sorry that happened to your husband! The lady clearly had problems. When things like that happen to me (and they do)I reread the poem attributed to Mother Teresa called “Do It Anyway” It helps me.
I am welcoming this challenge as I inch toward my retirement date of 10/15. (fast approaching).I managed to transfer almost $150 into a “saved savings” account a few days ago. I saved $60 by putting off a beauty shop visit. I repaired my pedicure and figured my haircut could be put off a few weeks. I have cooked a few meals at home I usually have at a fast food restaurant. We were invited to a pot luck dinner party last Sunday. My dish was from my pantry, so free. Last week I hit the monthly half price sale at my local thrift store and found a few useful items including a much needed mirror for my guest room.
I saved about $20 using coupon savings at two drugstores. I am also considering money earned as a mystery shopper since my expenses (for usually purchased items) are being reimbursed by my employer.
I would love to have a big chunk of money in this account for my first accomplishment as a retired person!
It’s a good thing this is make-your-own rules! I idly looked at a set of patio furniture ($350 for 2 chairs and a little side table!) then looked at my current furniture and decided it was just fine. I didn’t put anything in my savings account but I still felt good about not spending. I always use my gas points and this time I had $0.80 off a gallon. I put the $10.40 price difference in my savings. I did splurge on one thing that netted me the best savings of all – time! Instead of spending 2 hours and $16 at the laundromat to wash our king size comforter, I dropped it off there to be washed for $24.
I had a great week not spending last week due to being sick! Winter has kicked into full gear here in New Zealand and I had a nasty head cold for 6 days. Unable to go anywhere or do anything, I easily saved money! My new saved savings account got $13, while my main savings got an extra $37.
I’ve heard of suffering for your art, but I think that’s taking it a little too far…?
Sorry you were ill, and I hope you are feeling better now.
I was thoroughly bored yesterday. I mean thoroughly. So I thought about shopping. Being near a bookstore and also a place where lotions, colognes, etc. are very overpriced, I thought, well, why not? I hadn’t browsed in ages. As I was approaching the parking lot, reality struck. Do I really need another book? Expensive smells? Not really. So I turned the car toward the library and browsed to my heart’s content for free. Savings? At least 50 bucks.
Then at home, my TV died. Instead of heading to Walmart to spend $500 plus, I called a friend who is a TV nut. He offered me a smaller but still nice one for free. Instead of looking at 55 inches of screen, I now have 32. But what the heck, it’s free.
So I guess I saved a lot.
I’m finding the older I get, the less I want stuff, stuff, stuff. So I am saving more. I wish I’d felt that way when I was younger!
Too soon old, too late smart…But I think that some of us are getting it.
Thanks for reading, and for leaving a comment.
Saved $19.50 on gas (the difference between today’s prices and a few year’s ago high prices), $30 on not buying new pots for my pot plants, and $12.50 in coupons this week.
I cashed in MyPoints for a $50 Nike gift card– teenage sons with size 14/15 shoes means usually ordering shoes online instead of finding their sizes on sale. However, for prom and graduation they wore the same suits and I found good dress shoes for $2 at Gabe’s (funny how no one else bought that size!) and I was blessed to find new looking Rockport dress shoes in size 16 for them at the thrift store. I figure just on the shoes I saved $150, even though they aren’t wearing the Rockports yet they are still growing and I love having the next size on hand for the days that they tell me their shoes don’t fit. Being prepared saves me stress as well as money
Having to replace shoes not just regularly but in harder-to-fit styles…Yeah, that would be stressful. Good on you for being prepared, and for getting them for as little as $2. Wow.