50 WAYS TO SAVE YOU MONEY (PENNIES) REALLY SMART TACTICS FOR MAKING A BUCK GO FURTHER THAN YOU EVER EXPECTED.Byline: Jesse Hiestand Staff Writer That penny on the sidewalk . . . You want to just keep walking. But wait. Sure, it's a lowly penny, wielding less purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. every year of inflation. But with a tiny effort, it's a penny saved - and one earned. There's no shame in being frugal fru·gal adj. 1. Practicing or marked by economy, as in the expenditure of money or the use of material resources. See Synonyms at sparing. 2. Costing little; inexpensive: a frugal lunch. and more ways to save money than you probably imagined, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mary Hunt Mary Hunt (1830-1906) became one of the most powerful women in the United States temperance movement promoting Prohibition of alcohol. As Superintendent of the Women’s Christian Temperance Union’s Department of Scientific Temperance Instruction she worked from the grass , editor-in-cheap of the Cheapskate cheap·skate n. Slang A stingy person; a miser. cheapskate Noun Informal a miserly person Noun 1. Monthly, based in Paramount. ``A cheapskate, as I define it, is one who has a balanced, honest and dignified approach to money management,'' says Hunt. So here is a compilation of 50 money-saving tips from her group and others to save you a few bucks in the new year. FOOD AND MEDICINE 1 Use coupons and faithfully bank the savings; then earmark earmark taking a piece out of the edge or center of the ear with a punch as an identification mark. The shape of the mark may be registerable under local legislation. that savings for a special event like a vacation or for holiday shopping. 2 Compare price-per-ounce or other unit prices on shelf labels, then stock up on those items with low per-unit costs. 3 Take advantage of grocery store's pledges to match a competitor's price by checking newspaper advertisements and using them when shopping at other stores. 4 If buying items in bulk regularly, join a discount warehouse. 5 Consider using generic rather than name-brand drugs since they are typically less expensive; first consult your physician and pharmacist pharmacist /phar·ma·cist/ (fahr´mah-sist) one who is licensed to prepare and sell or dispense drugs and compounds, and to make up prescriptions. phar·ma·cist n. to see whether this is appropriate. 6 Pack your own lunch, snacks and drinks. UTILITIES 7 Save on energy costs by making sure any new appliances, especially air conditioners and furnaces, are energy-efficient. 8 For phone service, check with the carrier to see whether a flat rate or measured service plan will save you the most money. 9 Buy phones instead of leasing them and check the monthly bill to see whether you have optional services that aren't really needed. 10 Close drapes drape v. draped, drap·ing, drapes v.tr. 1. To cover, dress, or hang with or as if with cloth in loose folds: draped the coffin with a flag; a robe that draped her figure. at night to keep cold air from getting in; keep windows shut tight. 11 Take showers instead of baths to save money on water and energy bills. AROUND THE HOUSE 12 Install a furnace temperature regulator and turn the heat down 10 degrees while you are sleeping. 13 Turn your water heater down to 120 degrees. 14 If you know when you are using your hot water for showers, dishes, laundry and other tasks, put the heater on an appliance timer. 15 Use lower-wattage lighting when possible. 16 Use basic cleaners like vinegar, baking soda baking soda: see sodium bicarbonate. , bar soap and ammonia. 17 Use old newspapers for cleaning glass and windows. 18 Consider growing some of your own food, getting a jump on the gardening season by starting plants indoors in potted pot·ted adj. 1. a. Placed in a pot. b. Grown in a pot: many potted plants in the study. 2. Preserved in a pot, can, or jar. 3. Slang a. soil placed in empty egg cartons An egg carton is a container designed for carrying and transporting eggs. These cartons have a dimpled form in which each dimple accommodates an individual egg and isolates that egg from eggs in adjacent dimples. . 19 Roses love crushed egg shells, which also keep snails out of the garden. 20 Use tabs off aluminum cans to hang pictures by tacking them to the back of the frame. 21 For sewing, use leftover candle stumps as pin cushions, which also makes needles slide into fabric smoother. 22 When buying furniture, consider items that can be used in several rooms so tables, chairs and lamps will never be wasted if you move them around. 23 Save money by making cosmetics do double duty: mascara Mascara (măs`kərə, mäs`kärä), town (1998 pop. 80,797), NW Algeria. The town is also known as Mouaskar. It is an administrative center, a garrison town, and a marketplace, noted for its white wine and for its trade in can be used to line eyes with a small eyeliner brush; lipstick can be used as blush. 24 Don't waste money on expensive facial creams; try instead a plain jar of cold cream. HOMEOWNERS 25 Lower the cost of homeowners or renters insurance by seeking out a low-priced, licensed insurer; ask the state insurance department for typical prices charged by different licensed companies, then call at least four of the lowest-priced to compare. 26 While monthly payments might be higher, save tens of thousands of dollars in interest charges by shopping for the shortest-term mortgage you can afford. 27 Save on interest charges by shopping for the lowest-rate mortgage with the fewest points. 28 Consider refinancing your mortgage if you can get a rate that is at least one percentage point lower than the existing mortgage. BANKING AND MONEY 29 Use ATMs from banks that don't charge a withdrawal fee. 30 Select a checking account with a low or no-minimum balance requirement and request a list of all terms and fees charged on these accounts. 31 See whether the bank will drop or lower check fees if paychecks are directly deposited by your employer, which itself offers convenience, security and immediate access to your money. 32 To earn the highest return on savings (annual percentage yield) with little or no risk, consider certificates of deposit (CDs) and treasury bills or notes. 33 Pay off your entire credit card bill each month, or at least as much as you can above the minimum payment, to save hundreds of dollars a year in interest charges. 34 Reduce credit card fees by getting rid of all but one or two cards. 35 Take advantage of tax deductions Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. on your tax filing. Those include student loan interest, traditional IRAs Traditional IRA An IRA that is not a Roth IRA or a SIMPLE IRA. Individual taxpayers are allowed to contribute 100% of compensation (Self-employment income for Sole proprietors and partners) up to a specified maximum dollar amount to their Traditional IRA. , home mortgage, charitable contributions charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. , state and local taxes, real estate and personal property taxes, and medical expenses. 36 If considering a whole life, universal life or other cash value policy, plan to hold on to it for at least 15 years since canceling it after only a few years can more than double your life insurance costs. AUTOMOBILES 37 When buying a new car, comparison shop by calling at least five dealers for price quotes and letting each know you are calling the others. 38 Consider making a large down payment or even paying for the car in cash if you have significant savings since this could save thousands of dollars in finance charges. 39 For used cars, compare the seller's asking price with the average retail price in a ``Blue Book'' or other car guide found at many libraries, banks and credit unions. 40 Simply keeping the engine tuned and your tires inflated to proper pressure can save money on gasoline. 41 Save money on car insurance by talking to Noun 1. talking to - a lengthy rebuke; "a good lecture was my father's idea of discipline"; "the teacher gave him a talking to" lecture, speech rebuke, reprehension, reprimand, reproof, reproval - an act or expression of criticism and censure; "he had to your agent or insurer about raising the deductible on collision and comprehensive coverages to at least $500 or, if you have an old car, drop those coverages altogether. TRAVEL 42 Round-trip fares can be lowered by as much as two-thirds by making certain the trip includes a Saturday evening stay-over, and by purchasing the tickets in advance. 43 When renting a car, check with your automobile insurance carrier and credit card company in advance to avoid duplicating any coverage offered by the rental car company. 44 Compare the cost of traveling by air with renting a recreational vehicle, which can save on motels and meals; also check the cost of traveling by train. MISCELLANEOUS 45 Send messages by e-mail when possible to save on postage. 46 Eliminate unnecessary expenses like special cable television channels, lottery tickets and unnecessary magazine subscriptions. 47 Break costly habits like smoking, gambling and eating out every night. 48 Don't buy on impulse. Delay purchases until you have shopped around for the best deal. 49 Learn to do things instead of hiring - for example, children's haircuts, home or auto repair, gardening and home remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling . 50 See movies at afternoon matinee mat·i·nee or mat·i·née n. An entertainment, such as a dramatic performance or movie, presented in the daytime, usually in the afternoon. screenings. SOURCES: Consumer Literacy Consortium's 66 Ways to Save Money; www.allthingsfrugal.com; The Cheapskate Monthly |
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