15 Easy Tips for Saving
1) Call your insurance agent before
filing any kind of a claim to find out how the claim
will impact your premiums. Generally, a good rule of
thumb is not to submit a claim on a loss that is less
than twice your deductible since the payment you'll
receive from your insurance company is usually not worth
the increased premiums you will likely pay.
2) Pay your life insurance annually
since insurance companies charge you more if you pay
monthly, quarterly or semi-annually.
3) Pay your car insurance semi-annually
rather than monthly or quarterly since most insurance
companies charge fees for making payments more often
than twice a year.
4) Raise your insurance deductibles to lower your
monthly premiums. If you can afford to pay a $500 or
higher deductible should the need arise (which it might
not), you'll save money every month with lower premiums.
5) Rent your DVDs from RedBox kiosks
(often located in McDonald's and Wal-Marts). DVDs are
only $1 per night. Go to www.redbox.com
to find locations near you.
6) Transfer your credit card balances to
credit cards that offer 0% on transfer balances. Select
only cards that have no balance transfer fee. Visit www.bankrate.com
to find the best offers.
7) Refuse to pay bank fees. If you
receive some kind of fee (overdraft, minimum balance,
etc.), then call your bank and ask to have it removed or
you will take your business to another bank. Often, the
bank will refund the fee, at least partially.
8) Multiply your monthly mortgage
payment by 12 to determine your yearly mortgage cost.
Divide that number by 24 and make that payment to your
mortgage company every two weeks rather than once a
month. You'll end up making 26 payments a year instead
of 24 and will have effortlessly made an extra month's
payment at the end of the year. You'll pay down more
principal and have more interest to deduct at tax time.
9) Round up to the nearest dollar every
time you enter a payment in your checkbook. Instead of
entering $23.79 for that stop at the grocery store,
enter $24.00. Round down when you make a deposit.
Instead of entering $1,869.77 for that paycheck, enter
$1,869.00 ($1,865.00 - you get the idea). It makes
adding and subtracting easier, and after awhile, you
will have extra money in your account, almost by magic.
10) Do not go grocery shopping when you
are hungry. Studies show you will spend an extra 10% to
15% on food because you are hungry! You will also buy
things you normally would not.
11) Invest in a rooftop solar water heater. Costs
start around $1,500, and they last longer and cost less
over a lifetime than a traditional hot water heater.
Rebates and tax credits are also available at the state
and local levels.
12) Only turn off your fluorescent
lights if you’re leaving the room for more than 15
minutes. It does use more energy to leave them on, yes,
but turning them on and off reduces their useful
lifetime. Sticking to the 15-minute rule means that
you’ll save money on bulb-replacement costs, which
will make up for the extra electricity costs.
13) Stop using paper towels and invest
in cheap, plain white dishtowels (flour cloth sack
towels). You will save money and save trees, too. Most
commercial kitchens do not use paper towels because they
know the savings brought by using cloth towels.
14) Grocery coupon websites usually only
let you print a coupon once and then make you wait until
they say it is okay to print it again. Instead of
waiting, print a coupon and then make copies of it. You
will be able to use more coupons and save more money.
15) When you are going to be on vacation or are not
going to drive a vehicle for a few weeks for some reason
call your insurance company and suspend the coverage on
the vehicle. An insurance agent friend gave us this tip.
Few people do it because few people know they can. Seems
to be an insurance industry secret.