1. Distinguish between "wants" and "needs": Needs like shelter, food, transportation must be met and those are usually fairly easy to identify. It's the more discretionary spending (especially as we enter the holiday season) as to what we "want" versus what we "need". Being able to tell the difference between what we really "need" takes some personal honesty, but can help save some dough too.
2. Start Christmas shopping early: We all dread the long lines at the stores in December. Starting your Christmas shopping early will help you not only catch some things on sale (e.g., end of summer sales), but will also help you avoid some of those crazy parking lots in the month of December!
3. Watch your use of utilities: Some thermostats can be automatically programmed to "step it up" at certain times of the day. Using the automatic timing can be beneficial because it prevents you from getting 20 minutes down to road to only remember that you forgot to cut the air conditioner back that day.
4. Plan (at least some) meals in advance: Planning ahead helps you buy just what you need at the grocery store, rather than stocking a pantry full of items that you aren't going to eat that week anyway.
5. Pay your mortgage down early: I'll spare you the math, but paying a mortgage down early can save you big bucks in the long run. Money that goes to interest (especially at the beginning of a mortgage) is "time value of money". So, reducing the term by paying down the principal before the 15- or 30-year term will definitely save you money because you'll be paying less in interest. Those funds could then be used for college education, travel, retirement, or (get this) invested and earn you a return instead!
6. Bring your lunch to work: Reducing the number of times that you eat out at restaurants can save families each week. This is a practical way to save some money and possibly (probably) eat healthier too!
7. Use coupons: Using coupons at the grocery store can be daunting. But, there are some coupons out there that can definitely help. Typically things like baby diapers and formula are fairly common to have coupons readily available. Do a quick coupon search online before your trip to the grocery store (there's one on HEB's website). The quick check before you go may save you a few bucks each time you go. Over a year period, that could pay for a new pair of shoes. (My wife made me write that.)
8. Try before you buy: There may be a bigger item that you're thinking about getting (like a boat, a tractor, or a trailer). But, it might be helpful to try one out before you actually make the purchase. Consider leasing for a weekend...just to try it out...That way, you'll know whether the maintenance, the storage, etc. is something that you're really ready to tackle.
9. Check out your local library: Rather than spending extra cash at the bookstore, it could save you some money to borrow a book or two from your local library. Libraries also have DVDs and CDs available to borrow.
10. Check your insurance policies: I have personally saved several families some real cash each month by reviewing their policies. As an example, I recently doubled the coverage for one family's home and at the same time cut their premium in almost half! So, reviewing your policies periodically can sometimes really pay off...and can reduce your risk depending on your coverage levels. It's also important to know that there are various discounts available (e.g., teachers, good student, accountants, doctors, etc.), so be sure that you're taking full advantage of any discounts for which you may be qualified.
Call or e-mail me today for a free simple policy review... csimpson@farmersagent.com or 512.686.2904. I'd be honored to meet with you.
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