We’ve all seen the “Top Ten Ways to Cut Costs” articles that invariably appear this time of year. Some offer useful and basic tips (buy generic). Other suggestions are more challenging (buy a new home with energy-saving features). So which ones are worth a serious look?
Here are a few I think we can all agree on.
The minor indulgences
If you read a lot, the cost of books and magazines adds up. I’m a sucker for old-fashioned hard cover books. I can’t visit COSCO without indulging in the latest one. (It’s discounted at least!) Add up the price and shelf space of your reading habit. Try using the library to cut back.
I never, ever imagined I’d pay more than $3.00 for a coffee, but McDonald’s has this delicious cappuccino, and it’s really, really, good. That’s ($3.08) X (5 days) X (4 weeks) = ? After doing the math, consider making your own morning coffee. A pound of good coffee costs around $6.50. That means you save after three uses. If you can’t give it up, see if there’s another tiny expense whittling away at your income.
The necessities of life
My brother Neil has a love/hate relationship with technology. He hates the prices of his phone/Internet/cable provider, but loves its products. His solution: negotiate a lower bill. This really works! Call your provider. See what deals it can offer. I called mine, and my bill went down nearly $30 a month. Or, eliminate a service you’re not fully utilizing, like your land line. All the young folks are doing it!
If you’re paying a large premium in order to have a small deductible, think about raising your deductible, particularly if your claims are infrequent.
Breaking bad (expensive) habits
Your shower isn’t a spa. Take quicker showers and save a lot on energy. Also, the best way to lower your health costs is…to get fit and stay healthy. Exercise, and watch the pounds and bills disappear.
Let’s make 2012 a year free of needless expenses. Take a hard look at your bills and see what you can cut! Do you have any easy savings suggestions?
The way I found out how to save lots of money by packing in my breakfast, snacks, and lunch every day. This amount of money add up over 5 days, months, and years, to enough of money to save for retirement.
Pat Harris (Cotton States Ins)
My wife and I save about 70 bucks a week by using couponmom.com for our groceries. It provides you sale items and where to find coupons at your market or local pharmacies. Some items we get free or they pay us to buy the item.
We also have a cash back credit card that has 3% for fuel, 2% on restaurants and 1% on everything else. We will be getting around $250 this February for using this card. However, never carry over a balance to avoid interest charges if so 1% is not going to help if you have a 20% interest rate.
For lunch I use MyFavEats app on my cell phone to find 50% off restaurants within 5 miles of the office. A $5 off coupon is the same as a $5 bill. Just make sure you tip on the amount prior to discount. That new high tech gadget for $500.00 will be outdated in 6 months, do you really need that now?
My parents always taught me that you do not get rich by spending your money. Budget each month and save for your future. At my age I will be lucky to see any social security.
Find a Country Financial advisor to save for Education, Retirement and Life insurance regardless of how much you make.
We bought a gadget called ‘Magic Jack Plus’ for $69.95. The cost of the Magic Jack includes one year of phone service. It works just like a regular land line, just plug it into a power outlet, your computer modem or router, and your phone. Additional years of service are $19.95.
We also dumped our cable service and now get our tv via antenna. We actually have more and better channels to watch than we did with basic cable and it’s free! The HD picture quality seems better, too.
We use coupons at the grocery store – I save them until there is a good sale on an item to get more of a bargain.
I love cold coffee drinks from Starbucks. I’ve learned how to make my own, low-fat version in the blender at home and drink it four days a week. I visit Starbucks as a ‘splurge’ on Fridays.
As far as reading material, the library is the way to go. I can even download e-books through our library’s website for my e-reader.
Shop your bank… what better place to start then where you keep and get your money, check out the fees you’re paying, how much interest you’re making on deposits, and how much you’re paying on loans. Did you know you can refinance an auto loan, auto rates have never been lower and you could save a significant amount, putting extra money in your pocket (or savings account). Also you can consolidate loans, transfer credit card balances and many other activities to take advantage of the low rate environment. Check into a not-for-profit financial institution
Cut those 32oz sodas. I see people who buy them daily & if that is you think: $365 a year.
Hard on your health, hard on the earth & hard on your bank account.
My plea:
Leave a cup and big bottle of juice or pitcher of green tea (or even 2-liter if you can’t give it up) to where every you consume beverages & volla; you’ve saved enough money annually to: feed 8000 people one dish of rice. Or a night in an overly fancy hotel. Whichever works as your incentive.