Wrapping up the Financial Year
As we head into a new year it is a great time to look back over the year financially. Analyze what decisions you made in 2011 that you regretted or were pleased with. Don’t get discouraged over past financial mistakes. The great thing about going into a new year is you can learn from the past. 2012 gives you the opportunity to keep your good habits and drop the bad ones.
Last month we talked about saving money during the holidays, however most of us need to save money all year around on everyday expenses. Let’s review some slight changes in our daily lives that can boost our savings accounts, and start the New Year off with some good savings habits.
Electric
- Automate your energy use. An effective way to lower your energy bill is to invest in a programmable thermostat. The device will cost around $30, however the savings is estimated around $100 annually. You can automatically set the thermostat to raise the temperature when you are not there.
- Put a timer on your water heater. There is no need to have hot water when no one is there.
- Unplug any electronics that you are not using. Plugged in electronics account for around 10% of your bill.
- Upgrade your light bulbs to compact fluorescent lamps. This action alone will save 10% to 15% on your electric bill.
Water
- Take showers instead of baths.
- Only run the washing machine when it is completely full.
- Do not hand wash this will consume more water than using a dishwasher.
- Water your lawn in the morning or after the sun goes down to avoid evaporation.
Cable
- Switch companies.
- Shop for cable online.
- Ask your carrier about bundle packages that include several services for a discounted price.
- Challenge your cable company on any specials or promotions.
- Avoid pay per view.
Groceries
- Make a list before shopping.
- Buy healthy food. Surveys have proven that healthy food is cheaper.
- Review your receipt for any mistakes.
- Check ads and flyers for any sales in your area.
- Buy generic when possible.
- Shop alone. Children and spouses will cost you more money to shop with.
- Never shop on an empty stomach. You are more likely to overbuy.
- Avoid impulse buys, such as the magazines or gum in checkout lines.
- Know your prices.
- Use coupons if you normally purchase the product. Coupons are the retailer’s way of enticing you to buy the product. Don’t fall into that trap.
Gas
- Be sure all maintenance is up to date.
- Avoid rush hour and stop and go traffic.
- Lighten the load. The heavier the vehicle the more fuel it takes to move it.
- Easy on the brake. Slamming on your brake will waste gas.
- Keep your car cool. The sun will evaporate gas.
- Avoid topping off. Topping off is a term used when someone continues pumping gas after the pump has stopped. Once the pump stops automatically the car cannot take any more fuel therefore it is evaporating or spilling out.
- Use your air conditioner instead of driving with your windows down.
- Pay with cash to receive a discount.
Entertainment
- Take advantage of your local library. Libraries now offer a variety of services, such as arts and crafts classes, yoga classes as well as books, magazines and movies.
- Research your community or town. Numerous areas have common areas that they offer free concerts, movies and other free activities within.
- Have a picnic on the beach with your loved ones.
