SERIOUS SAVING... DITCH FEES
These days saving money means way more than coupon clipping and dropping that beloved premium cable channel. To truly trim expenses you need to be creative and refl ective. We’ve got some tips to get you started:
Missing a payment can mean late charges, interest rate hikes and dings on your credit score. Solution: Set up automatic payments. Many credit card companies allow you to schedule a fi xed payment on a certain day. Mortgage and auto loan companies are usually happy to auto-deduct your payment each month. Even utilities (like cable, water and electricity) may set up recurring payments.
PROCRASTINATE POSITIVELY
When you walk through a store and see something you had no thought of buying when you went, give yourself a deadline: If you still truly want the item in three days, you can go back for it. You’ll be surprised how often you forget about that must-have moment, but you’ll enjoy the savings from avoiding an impulse buy.
TIME YOUR PURCHASES WISELY
There is a cycle to savings on major purchases. If you follow resources such as
freeshipping.org and Consumer Reports, you can easily become a calendar-smart shopper by knowing when to snap up deals. Here’s a sampling:
• February: Build up your tool collection. • April: Drive home in a new-to-you (read: used) car. • July: Sit pretty in new furniture. • September: Hook up with a new laptop computer. • October: Get a cool deal on home appliances. • December: Go for home theater equipment.
TAKE A “PRODUCTIVE DAY OFF” This idea comes from New Y ork Times columnist Ron
Lieber. He took a day off and spent it online and on the phone working to lower interest rates, fi nd better CD rates and get better deals on rewards cards. He also checked on his current major insurance policies to make sure they were up-to-date and still made sense for his current situation. A few hours of concentrated fi nancial housekeeping can net a big return over the course of a year. For people really seeking to put their money matters in order, it can be a great way to get a good handle on where you stand now, and help you plan for 6-, 12- and 24-month fi nancial goals.
TRY A UTILITIES CRASH DIET
For one month make it your goal to use as little electricity as you can and still live a relatively normal life. For example see how little hot water you can use when doing laundry and dishes, or when you shower. Then compare your bill with the same month in the previous year and see how much you save. You might just decide that a utilities crash diet can help you shed some fi nancial fat.
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