 |
 |
|
|
|
Live Better—Save More |
March 09 |
|
|
7 Tips To Save More Money
You don’t have to be a miserly Scrooge to save money.
In fact, by taking just a few simple actions, you can put more dollars in your savings account. Try these seven tips.
1. Avoid Bank Fees
The money you spend on bank fees could be going into your pocket instead. Here’s how to avoid the most common bank fees.
- Use in-network ATMs to avoid out-of-network charges.
- Most banks now offer free checking accounts for people who sign up for automatic payroll deposits or for those who agree to do most of their banking online. If you’re paying fees for a checking account, shop around for a new bank.
- The American Bankers Association recommends that you don’t pay for overdraft protection unless you absolutely need it. Many banks will let you opt-out of automatic overdraft protection, but you’ll have to ask.
2. Look For Discounts
With just a little searching, you can find a discount on almost any item you need to purchase.
Need a new appliance for your household or small-business office? Don’t pay retail. When you go shopping, look for clearance items or discontinued models that are on sale. You can also ask salespeople for discounts on items that have minor dents, dings or scratches.
Your credit card might be a good source for discounts, too. Many cards now offer savings on products if you buy from certain retailers and use the card to pay for your purchase. Participating retailers often include major office supply stores, big-box chains and others. Check the insert that comes with your monthly credit card statement for offers. Or go online to your credit card’s Web site to search for deals.
3. Use Coupons
Grocery store coupons are popular again. Big time. And a little clipping in the Sunday newspaper can go a long way to saving money on products you regularly purchase.
But don’t stop there. Watch for the ubiquitous Valpak envelope that shows up in your mailbox. It’s stuffed with coupons that offer savings on everything from dental cleanings and DVD rentals to restaurant meals and car washes. You can even go online to www.valpak.com, enter your ZIP code and find printable coupons for products and services in your area.
The Internet is loaded with Web sites that offer free, printable coupons. Use the search word “coupon.” Here are three sites to get you started:
4. Join Loyalty Programs
Plenty of retailers – large and small – offer reward programs for their loyal customers. Sign up and you can receive perks such as:
- Discount coupons for purchases
- Automatic discounts on your purchases
- Notification of special sales
- Frequent buyer rewards that result in free or discounted products and services
5. Rent Instead Of Buy
We’re not talking houses here. We’re talking books, movies and games.
Why spend $20 on a hardcover book or $8 on a new paperback when you can get it for free from the local library. Many libraries also let you check out movies for free, although the titles might not be the latest blockbuster.
But, you can rent recent movie releases, and it costs much less than buying the DVD or heading to the local theater. The same goes for households with kids (and adults) who love the latest video games.
6. Buy Recycled
Thrift stores are the great recyclers. You can find housewares, clothing, books, office furniture and artwork, just to name a few items. And most of the merchandise is in good condition.
Maybe you can’t find a business suit for work or the perfect pair of dress shoes. But, for casual wear such as jeans, shorts, T-shirts and the like, the prices at your local thrift store can’t be beat.
And hey, there’s no shame in buying used goods. Recycling is in. Go green!
7. Improve Your Credit Score
Companies use your credit score to decide whether or not to extend you credit or a loan. Many people understand that lenders check credit scores when an individual applies for a mortgage, credit card, or car or student loan.
But, the New Jersey Society of Certified Public Accountants (NJSCPA) points out that a bad credit score could mean you’ll pay higher interest rates on loans. Even your car insurance premiums could be higher if your score is low. That’s money you could be saving.
Your credit score is calculated by three national credit bureaus: Equifax, Experian and TransUnion. It’s based on your financial situation and your past history of managing your credit.
The scores generally range from 300 at the low end to 850 at the high end. The score you get from each credit bureau may be slightly different, but they should all fall within the same range.
Most people who score in the mid-700 range or higher will likely qualify for the loans they want without having to pay higher interest for credit reports the NJSCPA. If your score isn’t where it needs to be, find ways to improve it. You’ll save money.
Back To Articles
|
