Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
Welcome back to Money Made Easy, where we focus on simple ways to manage your finances and save money. In the latest installment of the series, CNBC Select Contributor Brittany Jones-Cooper walks us through her best tips for rethinking how you manage your money in 2023.
Check out the full interview featured on TODAY in the video below and read on to see some of Jones-Cooper's best strategies.
Plan out your grocery list
Just waltzing into the supermarket without a shopping list is a good way to spend more than you need. Think of all the food you'll need between now and your next trip to the store and list it on your phone (or a piece of paper if you're feeling old-school). Stick to that list once you're in the store, and avoid caving to impulse purchases.
"You should also know that a lot of stores will put the most expensive items on the shelf at your eye level," Jones-Cooper said. "So oftentimes you can save money just by looking down."
Try to take into account what's on sale when making your list. According to The Bureau of Labor Statistics, food prices increased 6.7 percent in May 2023 compared to the same time last year.
However, prices for some items have been falling recently. Meats, poultry, fish, and eggs, decreased 1.2 percent from April 2023 to May 2023, along with dairy and related products and citrus fruits, which declined 1.1 percent month over month. See if those price fluctuations translate into discounts on specific items at your store and maybe adjust what you eat (within reason) for a budget-friendly shopping trip.
Save on everyday purchases with coupons and cash-back credit cards
Coupons may feel old-fashioned, but they can still be a great method for saving money on groceries, gas and more.
For a more modern way to save on purchases, check out cash-back apps and websites like Shopmium and Ibotta. These apps help you earn cash back on everyday items, whether online or in-store. Ibotta ranks as one of CNBC Select's top apps for saving money.
Shopmium
Cost
Free
How to save
Tap an offer on the Shopmium app, then buy your items and keep your receipt.
How to use it
Download the Shopmium app and create an account.
How to receive your savings
Show your receipt in the app, then get cash in your PayPal (offers redeemed are typically processed within two business days).
Terms apply.
Ibotta
Cost
Free
Cash back
Yes
Coupon codes
Yes
Price comparison
Yes
Mobile app
Yes
Works with in-store purchases
Yes
Welcome bonus
None
How to redeem your savings
Redeem cash back once you reach $20 as a deposit into your bank account, PayPal account or for gift cards.
Terms apply.
Pros
- Offers at over 300 participating retailers
- You can activate savings, then shop and save on in-store purchases
Cons
- You can only redeem cash back after you reach $20
- The browser extension is only available on Google Chrome
- After 180 days without redeeming an offer, your account is charged $3.99 for every 30 days of inactivity
Making smart decisions about where to use your credit card (and what card to use) can also help stretch your budget. Jones-Cooper suggests using a credit card that gives you extra cash back when spending on groceries and gas, such as the PenFed Platinum Rewards Visa Signature® Card and Blue Cash Everyday® Card from American Express.
With the PenFed Platinum Rewards card, cardholders can earn 5X points on gas purchases at the pump and electric vehicle charging stations, 3X points on supermarket purchases and 1X points on all other purchases with the card.
With the Blue Cash Everyday card, cardholders can earn 3% cash back at U.S. supermarkets (up to $6,000 per year in eligible purchases, then 1%) and 3% at U.S. gas stations (also up to $6,000 in eligible purchases per year, then 1%). Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout. Terms apply.
PenFed Platinum Rewards Visa Signature® Card
Rewards
5X points on gas purchases at the pump and electrical vehicle charging stations, 3X points on purchases at the supermarket (including most Target and Walmart locations†), restaurants, and TV, radio, cable, streaming services
Welcome bonus
15,000 points when you spend $1,500 in first 90 days
Annual fee
$0
Intro APR
0% introductory APR for 12 months on balance transfers made in the first 60 days after account opening.*
Regular APR
17.99% variable on purchases; 17.99% non-variable on balance transfers
Balance transfer fee
3%
Foreign transaction fee
None
Credit needed
Good/Excellent
Terms apply.
Pros
- High 5X points on gas at the pump and 3X on supermarket purchases
- No bonus category activations
- Good special financing offer on balance transfers
Cons
- 3% balance transfer fee
*0% introductory APR for 12 months on balance transfers made in the first 60 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.
The Blue Cash Everyday® Card from American Express has no annual fee and you may be eligible for bonus rewards on a wide range of common expenditures.
- Up to $264 in streaming service and meal kit credits every year (subject to auto renewal)
- High cash-back rates in popular spending categories
- No annual fee
- The best bonus cash-back categories are capped
- Has a foreign transaction fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply and find out your welcome offer. As High As $200 cash back* after you spend $2,000 in purchases on your new Card within the first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply, and if approved: 1. Find out your offer amount 2. Accept the Card with your offer 3. Spend $2,000 in 6 months 4. Receive the cash back. *Cash back is received in the form of Reward Dollars that can be redeemed for a statement credit or at Amazon.com checkout.
- No Annual Fee.
- Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, your APR will be a variable APR of 19.49%-28.49%.
- Plan It®: Buy now, pay later with Plan It. Split purchases of $100 or more into equal monthly installments with a fixed fee so you don't have the pressure of paying all at once. Simply select the purchase in your online account or the American Express® App to see your plan options. Plus, you'll still earn rewards on purchases the way you usually do.
- Earn 3% cash back at U.S. supermarkets, 3% cash back on U.S. online retail purchases, 3% cash back at U.S. gas stations, on eligible purchases for each category on up to $6,000 per year in purchases (then 1%). Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout.
- Get up to a $7 monthly statement credit after using your enrolled Blue Cash Everyday® Card for a subscription purchase, including a bundle subscription purchase, at DisneyPlus.com, Hulu.com, or Stream.ESPN.com U.S. websites. Subject to auto-renewal.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
2.7% of each transaction after conversion to US dollars
Compare gas prices
Finding cheap gas prices can be challenging but it's not impossible. Apps like GasBuddy and AAA can help you save money on gas by locating gas stations and prices near you.
Jones-Cooper also points out that grocery store gas stations usually have fuel-saver programs to help you save on both groceries and gas.
Join rewards programs for online shopping
Take advantage of any rewards programs offered by the brands you shop from while online. If you're worried that signing up for a rewards program will flood your inbox with annoying emails, Jones-Cooper suggests creating a separate email account designated for these rewards programs.
"I know a lot of people don't like getting those emails constantly," she said. "So, I say start a separate email account where you sign up for these reward programs, so you know where to look for your discounts, but your inbox stays kind of clear."
Look out for free events for the family
Summer means more opportunities for taking a trip somewhere fun, like a museum or aquarium. When planning your outing, keep your eyes peeled for any free hours, days, or events offered for families. Jones-Cooper also notes that National Parks are free to enter on August 4.
If you want to place your child in a day camp this summer but are worried about affordability, you might be able to get some help from the government in the form of a tax credit. The child and dependent care credit allows you to possibly claim a percentage of the expense you paid for the day camp if your child is under 13 and meets other criteria.
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Read more
For rates and fees of the Blue Cash Everyday® Card from American Express, click here.
