Finding Money to Save

Article By: Monica L. Bonsett
Family and Consumer Sciences Educator

During difficult economic times, we have to become more creative in our quest to save money. Despite the ever-increasing prices of gasoline and groceries, we still must remember to pay ourselves first or we will never be able to save money. "66 Ways to Save Money" (FCS 7152), a helpful fact sheet from the University of Florida provides some great tips. This information was originally published by the Consumer Literacy Consortium and revised by Dr. Josephine Turner, a Certified Financial Planner and professor of Family and Consumer Economics at the University of Florida. Let’s examine some of the suggestions:

• Gasoline—this is a big expense right now as gas prices surpass $3.50/gallon!
  You can save money by comparing prices at different stations and using the lowest-octane gasoline recommended for your car in the owner’s manual. Aside from limiting trips in the car as much as possible, by keeping your engine properly maintained and keeping your tires inflated to their proper pressure you can save $100 on gas a year. Plan trips so that you can conserve fuel.
• Electricity—make sure that any new appliances you buy are energy efficient—it will be listed on the label.
• Telephone service—check with your phone company to see whether a flat rate or measured service will save you more money.
• Food—You will spend less on food if you shop with a list. You can save hundreds of dollars a year if you compare price per ounce or other unit prices on shelf labels.
• Prescription Drugs—Ask your physician to prescribe generic equivalents whenever possible. Pharmacies differ widely in costs for various medicines, so call around first.

The earlier we start learning to save money the better. In 2006, Jump$tart Coalition for Personal Financial Literacy reported that high school seniors scored an average of 52.4% on a basic financial literacy survey. Nineteen percent of all bankruptcies are filed by people under age 25. According to the 2007 Charles Schwab Teen Money Survey, only 34% of teens know how to balance a checkbook. These are not things that we are born knowing how to do—these skills must be taught. And most teenagers want to know how to be successful money managers, according to Charles Schwab’s survey.

The Reality Check Money Camp for teens is a partnership between Extension and Consumer Credit Counseling of Mid-Florida, Inc. This five-day day camp is designed to teach 14-18 year olds the basics of money management: banking, budgeting, and credit.

Registration is going on right now and ends June 6, 2008. The camp runs June 16-June 20, 2008 and is limited to 20 teens. Participants will learn through hands-on experiences, field trips, and PowerPoint presentations. This year’s camp will visit the Federal Reserve Bank in Jacksonville. The cost of the camp is $30/teen. A limited number of scholarships are available because of the generosity of an anonymous donor. Pre-registration is required, please call Cris at 352-527-5701.

All programs and related activities sponsored for, or assisted by, the Institute of Food and Agricultural Sciences are open to all persons with non-discrimination with respect to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions, or affiliations.

For persons with disabilities requiring special accommodations, please contact our office at least five working days prior to the program so that proper consideration may be given to the request. For hearing impaired, please contact the Florida Relay Center at 1-800-955-8770 (voice) or 1-800 –955-8771 (TDD).