A Penny Saved is a Penny Earned

I used to believe that the quote from Benjamin Franklin, “A penny saved is a penny earned,” was about putting money into a savings account or other savings method so that my hard earned cash would earn interest. I agree with the principle of saving money in the traditional sense and work diligently to save money in order to grow it. Maybe that is just what Ben was trying to communicate to the people of the 1790s. However, in today’s consumer-driven society and with recent trends in the economy and the rising cost of food and gas I have gained a new understanding of this clever quotation.

a penny saved is a penny earned | ListPlanIt.com
I have discovered that I save money every time I do not spend it. This may sound obvious, but every time I go to the store or browse online, I have begun to think carefully about what I put in my cart. By making a menu plan and a grocery list for a minimum of one week, I reduce my trips to the store. If I can walk out of there with just a few less items, I may have just saved $10. I read somewhere that shoppers spend an average of $10 on unplanned purchases each time they visit a store. If you stop at the grocery store 3 or 4 times a week, you may be spending an additional $30 or $40 a week. That is about $120 to $160 extra every month. If you do not believe me, take a look at your pantry and/or deep freeze. If it looks like you could feed an army for a month, then maybe you could benefit by making fewer trips to the store.

By planning ahead for my daily errands, I can put everything I need by the door. On my way out, I will remember to get the library books for the library, a package to mail at the post office, and a bagged lunch so I can pick up my son for his dentist appointment before we end up hungry and turning to fast food to satisfy our grumbly tummies. If I can make one less trip to town in a day, that may be worth $3 to $5 in gas savings. That is like money in the bank.

My interpretation of this oft-quoted saying has helped me save money and resources as the primary buyer for my family’s food and necessities.

Members to ListPlanIt will find everything they need to better plan and organize their finances in Financial Planning.  Not yet a member?  Join today and start making sense of your money. Or, check out ListPlanIt‘s newly updated Finance ePlanner today and get 20% off with the following coupon code:  FINANCE20

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