Tips for Saving $$$

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September 2008

The past few months have seen continuing high prices at the gas pump and rising prices at the supermarket checkout counter. Uncertain economic times also make most of us budget conscious. Have you been looking for ways to save a few dollars? Then, this report’s for you. This month I've searched the Web for lots of tips to help you save dollars. The savings can start to add up, the more tips you follow.

Around your home

Heating and cooling. Save money by raising your thermostat in summer and warm weather and lowering it in the fall and winter. Install a programmable thermostat. If possible, take advantage of Mother Nature’s natural air conditioning by opening the windows. If you have a full-house fan that exhausts hot air out of the attic, use it to cool the house.

Start saving $$$ with these tips: Raise your thermostat in summer, lower it in winter. Turn off your computer when not in use and use a power strip to completely turn off home electronics. Make a grocery list, stick with it, and shop less frequently. Borrow DVDs from the library instead of renting or buying them.

Lighting. Replace incandescent light bulbs with compact fluorescents light bulbs (CFLs). Most of the energy used by incandescent bulbs is wasted in heat. CFLs may cost more but they last longer and save energy because they produce less heat. You’ll also find more varieties of CFL bulbs for different applications than were available just a year ago. For more information about CFLs, check out the Energy Star site which includes the Choose a Light Guide.

Dishwasher. Instead of using the drying cycle, air dry the dishes. This saves energy and reduces your electric bill.

Telephone service. The cost of various telephone services and plans can really add up for landlines and cell phones. Do you pay for services or features that you use very little or not at all? Are there cheaper plans that meet your needs? Do you use your cell phone for long distance calls yet have an unlimited long distance plan with your landline? Reviewing how you use your phones and making sure that your phone plans match your usage can help you save. The StraightTalk Report Choosing a Cell Phone Plan to Meet Your Needs and Budget can help you save money on your cell phone.

Cable. Bundled services may not save money if you don't use them. Do you need the specialty packages? Do you use the DVR? Do you need cable at all? Matching the cable options to your viewing habits could help you save more than a few dollars a month.

Internet service. Do you have a high speed Internet connection? Do you have the fastest speed available? For many people, the least expensive service provides a fast enough connection for their web surfing. In many areas, the cost difference between the slowest and fastest services can be as much as $20-$25 per month.

Computers are energy hogs. Turn off your computer when it's not being used, particularly at night and when no one's home. When it is on, use the power management features such as putting the monitor and hard drive to sleep after 15 minutes and the system after 30 minutes. Don't use a screen saver (which isn't needed with today's monitors) because it prevents a computer from going into sleep mode.

Electronics. Many home electronics, such as TVs, DVD players, and DVRs, still draw some power when turned off. Plug them into power strips and turn the strips off when not in use.

Finances

If you regularly forget to pay bills, you may be racking up late fees. Even if you are always on time, try using automatic bill pay. CCU offers Bill Pay through Home Banking. Using automatic bill pay will save on late fees, can help your credit report and you'll even save on stamps.

On the road

Errands. Stop at the grocery store or run errands on the way home from work instead of making a separate trip. Combine several errands into one trip. Several short trips can use twice as much fuel as one trip covering the same distance.

Commuting. Join a carpool, especially if you live a good distance from your job. If you live close to your job, consider walking or riding a bike. If available, take public transportation. If possible, take advantage of flexible hours so that you can avoid peak rush hours. Spending less time in traffic consumes less fuel.

Telecommuting. If your company and job allow it, consider working from home one or more days per week.

Maintain your vehicle. Keep your tires properly inflated and your engine properly tuned. Change the air filter regularly. Change your motor oil regularly and use the recommended grade oil. Performing all of these tasks can increase your gas mileage.

Skip the drive through. Go inside instead of waiting in the drive through lane. This is another way to increase gas mileage. If the drive through takes more than 30-60 seconds, studies show you generally save money by shutting off the engine and going inside.

Food Budget

Cook at home instead of dining out. Use online recipe finders such as myrecipes.com and allrecipes.com to help plan your menus. You can search by ingredient so you can use what you already have on hand.

Make extra for later. Spaghetti sauce, chili, stews, and soups are just a few of the dishes that can be made in quantity, then save the extra and freeze for a quick meal later.

Plan the menus for the week and make your shopping list from the menu plan. Studies show that people who shop using a list spend less. You can also plan your menus using the weekly store ads. But be sure you know the regular price for comparison because not all items in the weekly ad are on sale.

Use coupons but only for those products you use and need. Clip coupons from your newspaper. If you don't subscribe to the newspaper daily, consider subscribing to or buying the Sunday paper which is typically full of coupons. Another option is to go online for coupons. But before you do, make sure that your supermarket accepts online coupons. Always look for a barcode and expiration date on the coupon; if either are missing, the coupon could be a fake. The following coupon sites don't require registration but do require that you download software in order to print the coupons: SmartSource.com, Coupons.com, and CoolSavings.com. You can also check out manufacturer and retailer websites.

StraightTalk tip: If you choose to register at any of these sites, remember to read the privacy policy. You'll also want to use a "throwaway" email address to reduce the amount of spam in the inbox of your primary address. Since most Internet accounts allow more than one email address, create another one to use for these types of sites. You can also get a free email address from sites such as Yahoo! or Google.

Purchase generic or store brands instead of national brands. In most cases, you're not sacrificing quality to save money. So give store brands a trial run.

Compare prices on everything. If you're using a coupon, compare the price with the coupon to the generic or store brands to make sure the coupon really offers a savings. Don't assume that bigger means cheaper. Check the unit prices on the shelf labels to make sure. Also compare prices in different areas of the store – such as cheese in the deli and dairy case.

Prepare it yourself. Instead of buying shredded cheese, chopped fruits and vegetables, and other prepared items, shred and chop it yourself. The savings can be an eye-opener. (When I was a kid, shredding cheese and chopping veggies were kid chores—another savings for working parents.)

Pack your lunch several times a week instead of eating out. This can save both money and gas.

Make a list and stick with it. Impulse buys – those not on your list and items that aren't really necessary – can take a big bite out of the grocery budget. Also, shopping when you're hungry can be costly.

Shop less frequently. The less often you're in the store, the less you’ll spend on those impulse purchases.

Shop without the kids if possible. If they have to tag along, make it a teaching opportunity on saving money.

Eat out less frequently. Take advantage of specials and discounts when you do. A number of websites also offer coupons for discounts to restaurants; just be sure to check their privacy policy well and choose one that does not require personal financial information. (Restaurant.com is one such site that features participating local restaurants.) In some areas, local “discount booklets” are a favorite fundraiser. These can offer real savings if they feature restaurants and other services you’ll use.

Entertainment

Go to the matinee. Matinee tickets are usually less expensive than evening or prime time tickets. Also look for discounts. Many theater chains participate in discount ticket programs, many online; check for your favorite theater. If possible and available, take advantage of special shows for certain age groups with discounted tickets.

Go to the library. Borrow books, audio books, and DVDs instead of buying or renting them.

Movie night at home. Playing borrowed (from the library or friends) or rented DVDs and popping your own popcorn can be a big money saver.

For more information

66 Ways to Save Money from the Federal Citizen Information Center

Saving Money at the Gas Pump: A Bumper-to-Bumper Guide from the FTC

Tips to Help Lower the Grocery Bill from extension.org

Slash your grocery bills from Consumer Reports

Hidden Savings at the supermarket from ShopSmart magazine part of the Consumer Reports family

 

Prepared for Corning Credit Union by Remar Sutton & Associates, September 2008. All rights reserved.