Six Great Money Saving Ideas

Do you dread seeing that credit card statement in the mailbox every month?  Or maybe you feel like you need to start putting money away for retirement.  Whether the recession has hit you directly or not, almost everyone is looking for a way to save a few dollars.  Here are six sure fire ways to save more of your paycheck:

Home

• Take advantage of low interest rates and refinance your house if you plan to be there for at least three years.
• Get a roommate to help split some of the expenses.
• Challenge your property tax assessment (note the time deadline to challenge when you receive your assessment).
• Slash home insurance premiums by raising your deductible, bundling with your auto insurance, asking for loyalty discounts, and installing a security system.
• Eliminate premium channels from your cable or satellite TV service.
• Ask your utility company for a free energy audit or do it yourself at energystar.gov.
• Use fluorescent light bulbs instead of incandescent.  They use 75% less energy and last 10 times as long.
• Turn off unused lights, TVs, computers and other electronics.  Put as many of these as you can on the same power strip and flip the entire power strip off when not in use.

MONEY Magazine, September 2009, Cut Your Spending By $500 a Month

Transportation

• Buying your car used and driving it for many years is a great way to reduce overall transportation expenditures.
• Cut your auto insurance premiums by raising your deductibles, getting all the discounts you deserve such as good-driver, good-student, and multiple-car discounts.  Cancel collision and comprehensive insurance on cars older than five years.
• Check into carpools, public transportation, biking or walking, and see if your employer offers any subsidies.

Groceries

• Dining out can account for half the average family’s food budget, so eating more meals at home is an easy way to save money.
• Plan the week’s menu using store ads to see what’s on sale, and then make one grocery store run per week.
• Brown bag your lunches and snacks to work and school.

http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/50ways
ToTrimYourBudget.aspx

Finances

• Only use your bank’s ATM to avoid the “foreign fees” on withdrawing cash.
• To avoid overdraft fees set up e-mail and text message alerts at your bank’s website when bills are due or if your checking balance drops below a certain amount.
• Call your credit card company’s customer service and ask to have your interest rate reduced.  If they refuse consider transferring the balance to a lower interest credit card.  Pay on time to avoid late fees and an increase in your interest rate.

Medical

• Buy your prescriptions through your health plan’s mail-order program, or better yet, buy low-cost generics at chain stores.  Also ask your doctor if they have any sample prescriptions to give away.
• Sign up for your company’s flex spending account and pay for your medical expenses with pretax dollars.

Leisure

• Check out your local library for books, DVD’s, and CD’s.
• Drop the health club membership and go out for a bike ride or walk, and play tennis at the public courts.
• When dining out try these tips:  make reservations for lunch instead of dinner when prices are cheaper, order appetizers instead of full course meals, or eat your meal at home and go out for dessert.
• Catch the matinee at the movie theater instead of the evening show.

These ideas will leave you with more money in your bank account at the end of the month!

Source

Michelle Pastor, MBA and Accredited Financial Counselor

Michelle is available through your EAP for free financial coaching. Request an appointment with Michelle by calling MINES at 800-873-7138.

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