The biggest challenge with money saving products is that sometimes the savings received is not worth the extra cost. Case in point is the electric automobile. I love the idea in concept, and truth be told, I have taken a Tesla for a test drive (awesome!) and the more modestly priced Nissan Leaf (still awesome) but could not bring myself to buy either because the extra cost came nowhere near the savings in gas, particularly since the car still needs to be charged, and this costs money.
This is the case with many money saving ideas and gadgets – they can’t pay for themselves. They are often a great idea, but when the rubber meets the road, the savings just isn’t there. Why is that? It comes down to three things:
- they take a lot more work,
- the product is gimmickee and doesn’t actually get used when it comes home, or
- the gadget does not perform as advertised.
Not so with the Deductions.TAX 10 money saving products below. Not only will these pay for themselves, but they will do so right away – we define “right away” as in less than 3 months! The best part is that the savings continue for years to come!
10 Money Saving Products
Food Vacuum Sealer
Model: FoodSaver Vacuum Sealer V4440 2-in-1 Automatic System
Cost: About $150 for the unit + $50 a year in bags – about $80 a year if you own it for 5 years ($150/5+$50).
Savings Per Year: $2700*
Payback Period: 1 month
Savings Fold: $2700/$80 = 34X
Food spoils because oxygen allows bacteria to grow. Remove the oxygen and you remove the engine for bacteria growth. A vacuum sealer removes the air from the bag (i.e. the oxygen) keeping the product fresh for up to 6 times longer.
* statistics from Foodsaver and assume that buyer buys in bulk, buys on sale when possible and uses what they buy.
1 Cup Coffee Maker
Model: Keurig K55/K-Classic Coffee Maker
Cost: About $100 for the unit + $0.52 per cup – about $210 per year if you keep the unit for 5 years ($100/5 + $0.52 x 365)
Savings Per Year: $700
Payback Period (assuming 1 regular cup of coffee per day at a cost of $2.50): 3 months
Savings Fold: 20X
For many people, coffee is an essential part of their day. The problem has historically been the difficulty of cleaning the pot after each use. The Keurig takes care of this – there is no pot. For the savings calculation, we assumed the lowest possible $ amount. i.e. you only buy basic coffee at the coffee store (no specialty drinks, which the Keurig is known for) and assume you drink only one cup. If you like specialty drinks or drink more than one per day the savings go way up.
Smart Power Strips
Model: Smart Strip LCG-3MVR Energy Saving Surge Protector
Cost: about $40
Savings Per Year: $240
Payback Period: About 2 months
Savings Fold: 30X
A smart power strip saves you money by turning off the power when the attached device is not in use. Plug in your computer and its peripherals or your entertainment center and watch the savings grow. Also, the smart power strip is designed to minimize phantom electricity use. The unit uses one watt of electricity when fully engaged and ¼ watt when the devices are powered down.
Padded Hangers
Model: Whitmore Satin Padded Hangers
Cost about $2 each
Payback Period – at $2 each, probably after one wear. Note, the higher the value of the article of clothing, the bigger the payback
Savings Fold – 100X++ it’s safe to assume you can add 25%+ to the life of your garments.
Padded hangers are not new, but in a society where everything is disposable, they seem to have gotten lost in the background. That’s too bad, because for those people that own an expensive article of clothing (like that once in a lifetime cocktail dress), you want to keep it like new as long as possible. Ironically, really-expensive clothes tend to have a much shorter lifespan than cheaper clothes (you cannot wear the same cocktail dress once a week for 52 weeks and have it look “new” but you if you wore a pair of jeans and your favorite t-shirt over the same period of time, you’d be fine).
A Good Tailor
Cost: varies
Payback Period: Immediate
The difference between a great off the rack suit and a “so so” one is the way it’s cut. Great off the rack suits are 80-90% of the way shaped before altering, so so ones need more work to look good. Great off the rack cut suits are also generally expensive. “So, so” suits need some meaningful alterations to make them work. At the same time those same type of buyers are looking for a bargain – so they don’t want to pay for expensive alterations. This means they usually walk around wearing a “tent.” Enter the great tailor. A great tailor can take a badly cut suit and make it great. Yes, it will cost more money, but in the end, you will get a terrific suit at a fraction of the price, and most people won’t know the difference!
A great tailor is not just for suits. I bought a golf shirt at Old Navy the other day for $12 and had the bottom shortened ($20) so I could wear it untucked. It looks much better than the $80 shirt with the polo player on the chest because it fits perfectly.
When you consider your tailor your money saving partner, just about anything is possible when it comes to clothes – you are limited only by how good you want to look and how much you want to spend. So, buy well-constructed modestly priced clothes and have them tailored. You’ll save a lot of money and look better in the process.
Motion Sensing Light Detectors
Model: Lutron Maestro Sensor Switch
Cost: About $20
Payback Period 2-3 months on average
I went down to the basement this morning for the first time in a few weeks. I was frustrated to find that my ceiling lights were fully on. When I left the basement to go upstairs a two weeks ago. I remember thinking I’d be right back. That was 15 dollars ago… Motion sensing light detectors are great for rooms that are a little out of the way and tend to get forgotten. Think about the basement, attic, home office and walk in closets.
High End Rechargeable Batteries
Model: Eneloop Rechargeable Batteries
Savings per year: varies based on use
Cost: quick charger $25. Batteries – about the same as branded high end single use batteries.
Payback Period: two or three uses
Savings Fold: 1000X+
Today’s rechargeable batteries are not the same as those in the past. Back in the day you could only recharge a battery 10 or 15 times before it was depleted. Today, the technology has been perfected (your smart phone has a rechargeable battery) to recharge 1000+ times. This means if you are constantly using batteries, then the rechargeable option will save you thousands of dollars. You will need both the batteries and the charger, but the batteries are no more expensive than a good branded option.
Brita Water Pitcher and Filter
Model: Brita Large (10 Cup) Water Pitcher with Filter
Cost: About $25 with 1 Filter
Payback Period: 1 month or less
Savings Fold: 40X
What’s the difference between Brita Water Filtered Water and Desani? Hard to tell in my opinion. They both offer filtered drinking water that is pure and fresh. The difference is that Desani costs about $2 a bottle and Brita about $0.01 a glass. So, if you want great tasting water and don’t want to pay $2, get a Brita System.
Netflix
Cost $8 per month
Payback, 1 weekend or less
Savings Fold: 1000X+ depending on the size of the family – this could be massive
There are a lot of services out there that offer pay per movie viewing. Netflix however, offers one price for all the “on demand” TV shows and movies you can watch – plus their own series like House of Cards, Stranger Things, Orange is the New Black, etc. The downside is that, unlike Apple, they don’t offer movies and shows right after they are finished at the theater, or in the case of tv shows, right after they air for the first time. The good news is that most get to Netflix eventually…
Board Games
Model: Monopoly
Cost: about $15
Payback – 2 plays
Savings fold: 100X+
Families spend a lot of money entertaining themselves “out of the house.” Board games bring the family together in a way that can’t be replicated. The best part is that the more challenging the board game, the less the other distractions (texting, etc.) find their way into the activity – keeping the family focused on the family and not the outside world for a few hours.
Look for future updates on money savings products elsewhere on this site.