Use store receipts to assist in savings
A couple of days ago I commented on a post over at I’ve Paid For This Twice Already… called “Five Concrete Ways To Pay Yourself First“. My message was a reiteration of some advice that I had heard some time ago regarding taking savings from coupons and promotional pricing at stores and depositing it into a savings account as a “savings trick”. After posting the response, I did some checking, and realized that there are quite a few stores that pretty much automate this process unknowingly.
It used to be that you would have to physically check a store receipt and manually tally up all of the discounts taken on various purchases (which is still the case at Office Depot as I discovered when I checked the receipt for my company stationary purchase I made last week). However, I have been noticing that stores are beginning to do the work for you now.
At the bottom of receipts (click on graphics below to enlarge), many stores are now providing a total of not only the purchase amount, but also of the savings as well. This makes the task of figuring out how much to transfer to savings much easier, and therefore should make it that much easier to put away those savings.
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By taking the money which would have been spent if it had not been for coupons and store promotions, and instead putting it into a high-yielding savings account at regular intervals (weekly or monthly being the most effective periods so as to not let the receipts pile too high, get misplaced, or accidentally trashed) any savings plan/emergency fund will be significantly accelerated. This can be done for any type of store–the above receipts represent grocery, retail, and drugstores–and should be done even if the store does not summarize the savings for each purchase. The whole point of using coupons and shopping on sale is to save money, and what good is saving money if you aren’t putting it to work for you?
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