Seven Ways to Stretch Our Money
Buying items at more affordable prices should be viewed as a challenge or even a game. We should adopt the attitude that it is fun to buy quality items on the cheap. Viewing this as a sport would be a helpful concept. There are several money saving concepts and purchase techniques that can be used to stretch our money without limiting our lifestyles. These include:
ENERGY AND UTILITY COST REDUCTIONS
As a nation we waste a lot of energy. Reducing the waste does not reduce our lifestyle - it just gives us more money to enjoy and invest. Use lower wattage light bulbs wherever possible. Too bright of lighting costs too much money. Do not use Halogen lighting or 12-volt lighting systems, as both are not efficient. Replace ordinary 60 to 100-watt incandescent lamp style bulbs with 14 to 28 compact florescent bulbs that produce just as much light with far less energy usage.
Continuously maintaining a full tank of hot water wastes energy. Consider replacing the water heater with a tank-less water heater. These heaters only heat water as needed. Adding solar reflective window film to south-facing windows can dramatically save energy and reduce glare in the house. Consider replacing older single pane windows with new efficient vinyl double pane windows.
GASOLINE AND TRANSPORTATION COST REDUCTIONS
Using a grade of gasoline above or below the engine designer assumptions will result in sub-optimum performance and lower fuel economy. Only use the gas grade that the owner’s manual suggests. Use mass transit whenever possible, save on transportation cost and relax from the stress of driving.
INTEREST COST REDUCTIONS
Since most Americans have debt, most Americans pay interest. Improving your credit score can dramatically lower your interest cost. However most Americans don’t know how to monitor or improve their credit score. Many Americans who think they have good credit simply don’t. Let’s get our heads out of the sand and learn how to manage our credit score. Log on to www.Poor-No-More.com to learn more.
INTERNET TRANSACTIONS
Many items can be purchased on the Internet at a lower price. When seeing a desirable product, stop, go home, and find out how it is priced on the Internet. Often, significant savings can be found. More importantly, the extra time to think about the purchase could prevent us from making an unneeded spontaneous transaction. Impulse buying is a killer.
PRICE GUARANTIES
There are many retail stores that offer price guaranties or price protection polices. These policies state that if they or a competitor offer a better-advertised price, within a certain time frame, they will refund the difference. No one has time to track if better deals are out there but the Internet provides a solution that automates this process. Log on to www.Poor-No-More.com to learn more.
PURCHASE TIMING
Allowing for flexible purchase timing can bring significant savings. Almost everything will be offered at a discount at some time during the month. Why not allow ourselves the flexibility, through personal stockpiling, to wait for the sales?
INSURANCE COST
Auto and home insurance is another area where many of us can save money. Prices vary a great deal in this industry so I suggest getting at least 3 quotes each year. Make sure one or two of the quotes are from a mutual insurance company. These are policyholder-owned companies that don’t have a profit motive and therefore often have better rates and coverage. Also, examine insurance deductible options as higher deductibles often make more economic sense.
These issues are covered more thoroughly in the book Poor No More: Wealth Is Within Reach by Curtis Hill. www.Poor-No-More.com
