Stash away hundreds of dollars
with these simple strategies,
By Lisa Bakewell
Frugal living doesn’t have to be a full-time job. During the next four weeks, devote a few minutes to making small changes to your daily habits. You’ll transform the way you spend and see your funds grow.
As you shop...
1. Compare prices ahead of time.
Don’t waste time or gas hunting for the lowest price. You can save money on books, children’s clothes, home decor and more by checking Websites such as pricewatch.com and shoppingnotes.com before you hit the stores.
2. Give your shopping cart a once-over.
Before you reach the checkout, remove at least one impulse purchase—those candy bars, that 12-pack of soda. Cutting just $10 per week of unnecessary spending adds up fast!
3. Lower your prescription costs.
Before refilling, check out the competition, since prices vary among pharmacies. Log on to pharmacychecker.com or pillbot.com to compare, and look for promotions that reward you with cash back for making the switch.
4. Replace one processed food.
Does your family go through bags of pricey frozen chicken nuggets or pizza rolls? Pick one item and switch it for an unprocessed substitute. For example, making mashed potatoes from scratch twice a week instead of buying a packaged version will save you $60 a year.
5. Punch the numbers.
Don’t assume that a jumbo-size household or grocery item is the best deal. Bring a calculator on every shopping trip—it’s worth the time it takes to figure out the price per ounce.
Around the house...
6. Get into an energy-saving habit.
Put sticky notes at eye level around the house to remind everyone to close the blinds during the day in summer, turn off lights and water whenever possible, and unplug appliances before going out.
7. Change the furnace filter.
You can save on repairs as well as heating and cooling costs, since your furnace will run more efficiently. Learn how at doityourself.com.
8. Seal drafts.
If you live in an old house or apartment building, buy draft stops to slide under exterior and basement doors and around windows. Energystar.gov estimates that proper insulation can cut heating and cooling costs by 20%.
9. Use less soap on your dirty duds.
Today’s detergent is powerful, and too much can be hard on clothes. Unless you’ve been rolling in the mud, try half the manufacturer’s suggested amount.
10. Install a dimmer switch.
Don’t be intimidated—dimmer switches can save hundreds of dollars in electricity costs. Save even more by using compact fluorescent bulbs (CFLs) made for dimmers.
11. Check for drips.
Even the smallest leak can waste gallons of costly water a day. Turn off all the fixtures in your home (including appliances that use water) and check the water meter. If the flow indicator is rotating, you have a leak.
12. Insulate the attic door.
Use a strong adhesive to secure rigid foam insulation and new weather stripping to the inside of your attic door or pull-down hatch. The project will pay for itself in a few months. Find instructions at energysavers.gov.
13. Trim the dryer hose.
Cut the duct to a length that’s just long enough to pull the dryer out a few feet from the wall. A short, unobstructed line will help the dryer run more efficiently, which means you could save up to $25 a year on your electric bill.
In your spare time...
14. Take stock of your family’s needs and wants.
Sit down together and examine each person’s wish list. If something is a need, it stays. If it’s a want, put a time frame or a contingency on the expense. And save on needs by switching to store brands or borrowing the item instead of buying it.
15. Sign up for load management.
Allow your utility company to oversee your home’s power during peak usage hours, and you could save $100 a year without a noticeable change in service.
16. Plan a “date day.”
Leave the high cost of date night for the less savvy folks. Set up play dates for your kids, then enjoy a romantic brunch and a matinee movie.
17. Examine your cell-phone bill.
Opting for an unlimited plan may sound like the best choice for smartphone users, but you might not talk, text or surf the Web nearly enough to cover the extra cost. Dropping your data storage to 2GB alone will save $5 a month with most carriers.
18. Walk a mile.
Chances are you run several errands a week right around the corner—such as picking up your kids from school or a friend’s house. Use your car only for trips beyond a mile, and you’ll improve your health while saving on gasoline.
19. Purchase a discount entertainment book. Take advantage of two-for-one restaurant deals and access to hundreds of printable coupons and discounts online. Get a discount book for half off (normally $35) at entertainment.com.
20. Check out competing car insurance rates.
Go to insurancerates.com to compare costs in your area, then call your agent to see if you qualify for new discounts.
21. Keep up with car-maintenance appointments.
Look in your vehicle’s manual to find suggested maintenance dates, and schedule them for the year. You can avoid costly repairs, plus regular oil changes and properly inflated tires can save you $100 a year in gas.
22. Arrange a ride to work.
Plan to share a ride with a co-worker or take a bus, a train or a bike to work. You’ll save about $5 per ride (or $260 a year if you do it once a week).
23. Discuss ways to save.
Share financial goals as a family, and let each person contribute ideas for cutting costs. Kids are never too young to learn about money. Plus, being open about finances is likely to make you less wasteful.
24. Institute a weekly “no spend” day.
Limit your family’s spending to six days a week, then get creative with free family-fun ideas, like having game night or a friendly competition to see who can create the best meal from your pantry.
With your finances...
25. Bank for less.
Call your bank and ask to switch to a free checking account with no minimum balance. If your bank doesn’t offer that option, consider a credit union; interest rates tend to be higher and fees lower. Or sign up for a free, interest-bearing checking account at an online bank.
26. Pay all bills on time.
Late credit-card fees can average $28 per bill, so missing a due date puts a dent in your funds. Add each bill’s “send by” date to your calendar or agenda, or sign up on the company’s site for an auto-pay option or to receive e-mail reminders.
27. Look for lost treasure.
It takes just a few minutes to visit missingmoney.com and see if you have any unclaimed accounts, safe-deposit-box contents, dividends, uncashed checks, utility refunds or insurance policies in your name.
28. Cancel overdraft protection.
The average overdraft fee is $27 (almost as much as the average bounced check fee, which is $30). To avoid that trap, spend a few minutes every week tracking your spending—including debit-card purchases—in an old-fashioned check register. You’ll be glad you did.
29. Plan your weekly withdrawals.
Using an ATM that doesn’t belong to your bank can cost you about $3.75 per transaction—almost $200 a year if you do it once a week. If you’re in a pinch, buy a small item at a drugstore and get cash back.
30. Find out your credit score.
The higher your score, the more you can save in interest on credit cards and loans. Get a free report once a year at annualcreditreport.com, check your score anytime at creditkarma.com, and look for ways to improve (or maintain) it at myfico.com.
Frugal living doesn’t have to be a full-time job. During the next four weeks, devote a few minutes to making small changes to your daily habits. You’ll transform the way you spend and see your funds grow.
As you shop...
1. Compare prices ahead of time.
Don’t waste time or gas hunting for the lowest price. You can save money on books, children’s clothes, home decor and more by checking Websites such as pricewatch.com and shoppingnotes.com before you hit the stores.
2. Give your shopping cart a once-over.
Before you reach the checkout, remove at least one impulse purchase—those candy bars, that 12-pack of soda. Cutting just $10 per week of unnecessary spending adds up fast!
3. Lower your prescription costs.
Before refilling, check out the competition, since prices vary among pharmacies. Log on to pharmacychecker.com or pillbot.com to compare, and look for promotions that reward you with cash back for making the switch.
4. Replace one processed food.
Does your family go through bags of pricey frozen chicken nuggets or pizza rolls? Pick one item and switch it for an unprocessed substitute. For example, making mashed potatoes from scratch twice a week instead of buying a packaged version will save you $60 a year.
5. Punch the numbers.
Don’t assume that a jumbo-size household or grocery item is the best deal. Bring a calculator on every shopping trip—it’s worth the time it takes to figure out the price per ounce.
Around the house...
6. Get into an energy-saving habit.
Put sticky notes at eye level around the house to remind everyone to close the blinds during the day in summer, turn off lights and water whenever possible, and unplug appliances before going out.
7. Change the furnace filter.
You can save on repairs as well as heating and cooling costs, since your furnace will run more efficiently. Learn how at doityourself.com.
8. Seal drafts.
If you live in an old house or apartment building, buy draft stops to slide under exterior and basement doors and around windows. Energystar.gov estimates that proper insulation can cut heating and cooling costs by 20%.
9. Use less soap on your dirty duds.
Today’s detergent is powerful, and too much can be hard on clothes. Unless you’ve been rolling in the mud, try half the manufacturer’s suggested amount.
10. Install a dimmer switch.
Don’t be intimidated—dimmer switches can save hundreds of dollars in electricity costs. Save even more by using compact fluorescent bulbs (CFLs) made for dimmers.
11. Check for drips.
Even the smallest leak can waste gallons of costly water a day. Turn off all the fixtures in your home (including appliances that use water) and check the water meter. If the flow indicator is rotating, you have a leak.
12. Insulate the attic door.
Use a strong adhesive to secure rigid foam insulation and new weather stripping to the inside of your attic door or pull-down hatch. The project will pay for itself in a few months. Find instructions at energysavers.gov.
13. Trim the dryer hose.
Cut the duct to a length that’s just long enough to pull the dryer out a few feet from the wall. A short, unobstructed line will help the dryer run more efficiently, which means you could save up to $25 a year on your electric bill.
In your spare time...
14. Take stock of your family’s needs and wants.
Sit down together and examine each person’s wish list. If something is a need, it stays. If it’s a want, put a time frame or a contingency on the expense. And save on needs by switching to store brands or borrowing the item instead of buying it.
15. Sign up for load management.
Allow your utility company to oversee your home’s power during peak usage hours, and you could save $100 a year without a noticeable change in service.
16. Plan a “date day.”
Leave the high cost of date night for the less savvy folks. Set up play dates for your kids, then enjoy a romantic brunch and a matinee movie.
17. Examine your cell-phone bill.
Opting for an unlimited plan may sound like the best choice for smartphone users, but you might not talk, text or surf the Web nearly enough to cover the extra cost. Dropping your data storage to 2GB alone will save $5 a month with most carriers.
18. Walk a mile.
Chances are you run several errands a week right around the corner—such as picking up your kids from school or a friend’s house. Use your car only for trips beyond a mile, and you’ll improve your health while saving on gasoline.
19. Purchase a discount entertainment book. Take advantage of two-for-one restaurant deals and access to hundreds of printable coupons and discounts online. Get a discount book for half off (normally $35) at entertainment.com.
20. Check out competing car insurance rates.
Go to insurancerates.com to compare costs in your area, then call your agent to see if you qualify for new discounts.
21. Keep up with car-maintenance appointments.
Look in your vehicle’s manual to find suggested maintenance dates, and schedule them for the year. You can avoid costly repairs, plus regular oil changes and properly inflated tires can save you $100 a year in gas.
22. Arrange a ride to work.
Plan to share a ride with a co-worker or take a bus, a train or a bike to work. You’ll save about $5 per ride (or $260 a year if you do it once a week).
23. Discuss ways to save.
Share financial goals as a family, and let each person contribute ideas for cutting costs. Kids are never too young to learn about money. Plus, being open about finances is likely to make you less wasteful.
24. Institute a weekly “no spend” day.
Limit your family’s spending to six days a week, then get creative with free family-fun ideas, like having game night or a friendly competition to see who can create the best meal from your pantry.
With your finances...
25. Bank for less.
Call your bank and ask to switch to a free checking account with no minimum balance. If your bank doesn’t offer that option, consider a credit union; interest rates tend to be higher and fees lower. Or sign up for a free, interest-bearing checking account at an online bank.
26. Pay all bills on time.
Late credit-card fees can average $28 per bill, so missing a due date puts a dent in your funds. Add each bill’s “send by” date to your calendar or agenda, or sign up on the company’s site for an auto-pay option or to receive e-mail reminders.
27. Look for lost treasure.
It takes just a few minutes to visit missingmoney.com and see if you have any unclaimed accounts, safe-deposit-box contents, dividends, uncashed checks, utility refunds or insurance policies in your name.
28. Cancel overdraft protection.
The average overdraft fee is $27 (almost as much as the average bounced check fee, which is $30). To avoid that trap, spend a few minutes every week tracking your spending—including debit-card purchases—in an old-fashioned check register. You’ll be glad you did.
29. Plan your weekly withdrawals.
Using an ATM that doesn’t belong to your bank can cost you about $3.75 per transaction—almost $200 a year if you do it once a week. If you’re in a pinch, buy a small item at a drugstore and get cash back.
30. Find out your credit score.
The higher your score, the more you can save in interest on credit cards and loans. Get a free report once a year at annualcreditreport.com, check your score anytime at creditkarma.com, and look for ways to improve (or maintain) it at myfico.com.
Happy Saving, and to save some serious cash with your tax returns, turn to Lewis CPA, the preferred Naperville Tax Preparation services provider. Call and make your appointment today.
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