With the economy still struggling, America is becoming a country of savers. At least that's what the experts say. But saving money is about more than just skipping a few lattes and shopping on the clearance rack -- it's a lifestyle and an art.
How savvy are you at saving money? Take this quiz and find out if you're a super saver, or letting your wages go to waste.
Using the "automatic withdrawal" option to pay bills from your bank account is a key way to save.
Correct Answer: True
Automatic withdrawal, or pre-authorized payments, allows you to pay for your bills by getting the money automatically taken out of your bank account. This means that you won't need to buy envelopes and stamps, and you will pay your bills on time - which means no late fees!
You've purchased a beautiful front door from Home Depot for $1000, but the sales associate tells you the installation fee will be $800. It would be cheaper to:
Correct Answer: Look for a local carpenter.
If you look for a local carpenter, they will most likely be much cheaper than Home Depot, and you might even be able to bargain with a carpenter.
When is the best time to buy fruits and vegetables in order to maximize your savings?
Correct Answer: In Season
Fruits and vegetables are cheaper when they are in season. Just do some research before you head to the store to figure out which fruits and vegetables are currently in season. Sometimes you'll be able to tell just because their prices are much lower than others!
You will save more money if you buy non-grocery items such as painkillers, contact lens solution, etc. at a grocery store.
Correct Answer: False
You will end up spending more money when you buy non-grocery items at the grocery store than if you were to go to a pharmacy or appropriate store for such items.
Where are the highest markup items at the grocery store usually placed?
Correct Answer: Chest Height.
The most expensive items at the grocery store are usually placed on the shelves at chest height. This is because they are more likely to be in your direct line of sight. For cheaper items, look on the lower shelves.
You bought a $40 blender that offers a $5 mail-in rebate. You put it in the mail weeks ago and haven't gotten anything back. What should you do?
Correct Answer: Contact the company handling the rebate.
A rebate can take up to 6-8 weeks to return. If it has been longer than that, it is safe to contact the company that is handling your rebate to check on its status. In some cases, your rebate can be denied because it was not filled correctly, sent in time, or some another reason.
If you redeem a rebate, make sure you follow its instructions exactly! You can even make a photocopy of your rebate for assurance.
You'll spend 20 percent less if you pay for items with cash instead of credit.
Already when you pay with a credit card, you are considered "in debt." Then, interest rates will make you end up paying more than the original item actually cost, especially if you don't meet your regular payments!
It's time to shop for a wedding dress but you don't have a lot of money. What's the cheapest way to walk down the aisle in your gown of choice?
Correct Answer: Look online to see if there are boutiques in the area that will let you rent your dream dress for a lower price.
If you want to maximize your potential savings, try renting your wedding dress! You will be able to look like a princess when the big day comes without having a huge hole in your wallet.
