Learn How To Manage Your Money Better in The Current Economy...
We recommend that you increase your income and pay your debt off in the most efficient manner possible!
However, we realize that in some cases that is not always possible in the current economic environment.
Therefore, we provide a list of cost saving measures that you may be able to take to improve your monthly cash flow position.
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• Purchase a used car instead of a new one
• Always negotiate based on price when purchasing a car—never payments.
• Get your loan up front prior to going to dealership.
• Consider the total cost of ownership when you purchase a car.
• Thoroughly research the vehicle you are considering purchasing.
• Eliminate all dealer add-on fees other than those that are truly necessary.
• Consider a private car seller—if you are in a strong cash position.
• Always do a thorough inspection when buying a used car.
• Run the numbers to see if leasing a vehicle is more advantageous to you than buying.
• Negotiate the value of your trade-in before you negotiate for the new car.
• Keep your car in good running condition by doing regular maintenance.
• Consider carpooling.
• Use the right octane (gas) for
• Eliminate your expensive annual fee Airline Credit Card
• Lower your credit card interest if you have excellent credit
• Avoid bounced checks and costly overdraft charges
• Set up bank alerts to avoid fraud and other fees
• Sign up for automatic federal student loan payments
• Refinance your home at a lower rate with a good lender by going to quickenloans.com and lendingtree.com
• Consider a cell phone instead of a landline.
• Get the best cell phone deal possible based on your usage.
• Shop around for the best software and internet rates.
• Consider a credit union rather than a bank to avoid/reduce fees.
• Use only your banks ATM.
• Ask your credit card company for a reduction in your interest rate.
• Consider direct deposit and online bill pay.
• Be sure to enroll in your companies 401k or other retirement account—particularly if there is an employer match.
• Buy no-load or low load mutual funds
• Consider an insurer that offers multiple car and home discounts, defensive driving, security and other discounts on home and auto policies.
• Buy term life insurance and invest the difference in savings from whole life.
• Shop your insurance coverage and be sure you are dealing with a highly rated and solvent company.
• Drop comprehensive insurance if your vehicle is not worth that much.
• Try to eliminate your PMI (private mortgage insurance) or MIP (mortgage insurance premium) as soon as possible.
• Avoid specialty insurers—when possible.
• Choose the best health coverage
for you and your family.
• Do small repairs around the house yourself.
• Consider budget or level billing—with your utility providers—will also help you plan your future more effectively.
• Make your own baby food.
• Take lunch to work.
• Buy in bulk when possible.
• Do comparison shopping appropriately by considering unit pricing and generics.
• Grow some of your own food/eat healthy.
• Travel in the off season and shop around for the best airline and hotel deals.
• Consider bread and breakfast, air bnb and other alternatives instead of a hotel.
• Use coupons when you eat out.
• Use the library more.
• Avoid newspaper and magazine subscriptions that you rarely read.
• Use your “imaginative spirit” to find other areas where you can save.
• Lower your entertainment costs by going to fansnap.com
• Unsubscribe from deal e-mails
• Improve your fuel economy
• Use a car buying service to get a great deal
• Spot lower prices shopping online
• Rent designer clothing instead of buying at renttherunway.com
• Scan bar codes when you are shopping to compare prices with other retailers and online stores—when necessary.
• Eliminate your landline phone if you can do so effectively.
• Text for free by downloading the app—if you are a heavy text messenger.
• Eliminate fees on treasury investments by purchasing directly from www.treasurydirect.gov—by doing so you will avoid brokerage commissions, management fees and possible sales loads in mutual funds.
• Slash expenses with ETF’s.
• Avoid taxes on bonds by purchasing municipal bonds.
• Cut your drug costs by considering generics.
• Raise your insurance deductibles.
• Purchase, refinance or sell your home at the right time.
If you are considering purchasing a home or refinancing—you can go to www.quickenloans.com or www.lendingtree.com along with local mortgage lenders in your area—to determine what loan will best suit you—and your family. You can compare closing costs, APR's and Par rates to determine what loan will best serve your—and your family's long-term interests.
• Always have your home inspected prior to purchase or sale.
• Negotiate your rental payment if you are a renter.
• Get a free energy audit for your home.
• Change your filters and make energy improvements in your home, wherever possible.
• Water your yard and plants early—rather than later to avoid evaporation.
• Dress appropriately for the season, and adjust thermostat in your home accordingly.
• Take inventory of where you are spending your money and make cut backs where you can.
• See if you really need an extended warranty.
• Use intelligence in your shopping patterns—such as buying after the holiday— buying at end of the season etcetera.
• Set up a monthly budget—and stick to it—so that you can reach your goals—get family involved.
• Purchase with cash or debit card whenever possible.
• Stop the use of your credit card.
• Don’t shop while you are hungry or tired.
• Use your rebates if you purchase a product that offers rebates.
• Don’t pay for fancy extras that you don’t use or need.
• Have a garage sale—will also help de-clutter your house.
• Workout at home or in neighborhood—either temporarily or permanently.
• Change to fluorescent, halogen incandescent, light-emitting diode or LED—light bulbs.
• Install a water saving showerhead.
• Conserve energy on your electronics by purchasing a Belkin Conserve Smart AV ($29 at Amazon.com).
• Install a programmable thermostat.
• Haggle like an expert (download free applications on your smartphone) with shopping applications at shoppingbythefind, retailmenot, pricegrabber, pounce, goodzer, favado, google shopper, redlaser or shopsavvy.
Scan barcodes when you are shopping to compare prices with other retailers and online stores—when necessary.
Learn how to apply the— "Keys to Success" —in your life