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You might think saving an extra $1,000 a year is hard to do, but the little
things will add up. Here are a few tips to help you get started:
• Use an electronic bill pay service.
By paying your bills online, you’ll save on postage and supplies. At an
average of 10 bills per month, you’ll save over $40 per year. Plus, you
reduce the risk of late fees, which can tally up to $35 per account.
• Find a bank that rebates ATM fees or doesn’t charge them. Depending on
your usage, you could save another $100 every year.
• Getting rental car insurance at the rental car agency is unnecessary
if you have regular auto insurance that has coverage for rental usage.
Some of the business credit cards, such as Diners, cover you
automatically when you use your card to pay for the rental. Check your
benefits. Savings can range from $25 a year to hundreds.
• Get a library card and read books for free. Let’s be honest, how many
books have you read twice? Depending on your reading habits, this could
save you $300/year at ($25/month, 1 hardback or 2-3 paperbacks). If you
still insist on buying books, buy paperback.
• Buy a flowering plant instead of cut flowers. It will last longer ($20
in cut flowers/month vs. one flowering plant at $40 - annual savings of
$200).
• Eat dinner out one less time per month ($20/month, you’ll save
$240/year); if there is more than just you, the savings multiple.
• Pack your lunch. At an average cost of $6/day ($1,560/year) to eat out
versus bringing a brown bag ($15/week, $780/year.) you’ll save $780.
• Cut back on the lattes, designer coffees and teas
• Consider a twilight matinee instead of the evening movie. Oftentimes
these tickets are discounted up to half. At two movies a month with an
average $9 ticket price, you’ll save $108/year. Other options: renting
DVDs; do a monthly movie night with friends—pot luck it, the host rents
the movie and you save lots of money.
• Go generic in your brands. Realize that huge amounts of money are
spent on packaging and branding. TP, dish and washing machine soaps,
etc. are all similar. If you want to really check out how they compare,
there’s always Consumers Report to do an analysis.
• Buying new costs lots more money when it comes to equipment and cars.
Once a car drives off the lot…look at a quick 25% depreciation from what
you just paid. Use the Internet to check your prices out.
• CostCo and Sam’s can be great… and you can also spend more money
getting the “deal” and tossing half of perishables away because they
spoil. Better yet to share the “crop” with friends with all pitching in
to the joint cost. Hundreds to thousands can be saved, depending on your
spending habits.
• Start paying your mortgage bi-weekly versus monthly. Over the life of
your mortgage, you will save mega thousands in dollars.
• Open an account that will withdraw moneys monthly from your checking
or savings. It’s the “pay yourself also concept.” You will get use to it
and it adds up quickly. Some on the online accounts, such as those
offered by Capital One High Yield Savings,
www.capitalone.com/investments. Expect a higher rate of
interest than what your traditional bank offers.
# # #
Judith Briles holds
both an MBA and DBA. Prior to her career as a full time speaker and author,
she was a stockbroker with EF Hutton & Co. and headed her own
financial firm. She’s the author of 24 books including Money Smarts:
Personal Financial Success in 30 Days!, Smart Money Moves for Kids, The
Dollars and Sense of Divorce and The Confidence Factor..
Judith lives in Colorado. Her website is www.Briles.com and she can be
reached at Judith@Briles.com.
©2006 Judith Briles, All Rights Reserved
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