Prices today are soaring everywhere you look—a huge frustration for families trying to sock away money for retirement, emergencies, a home and/or their children’s education. Consumer finance experts offer insights into a few savvy money maneuvers that can help you reach your financial goals.
- Ask for Gifts That Save You Money – When someone asks what you want for a special occasion, ask for a membership to the zoo, an aquarium, a children’s theater or museum. A toy or a sweater has a short shelf life. A membership can keep kids happy and occupied for a year’s worth of visits without the need to dip into your pocket.
- Carry Cash – Leave the plastic at home when you head out to shop. You can’t spend what you don’t have, so it’s a good way to stay within budget.
- Invest a Paycheck Without Pain – If your salary is paid to you in 26 pay periods, then twice a year, you get three paychecks instead of two. Mark those times on your calendar to put the ‘extra’ check in an investment or retirement account, or into high-interest savings.
- Cancel Your PMI Insurance – If you’ve been paying PMI, it will be automatically cancelled once you reach 22% equity. But you can contact your lender and request to have it cancelled when you reach 20% equity. Do the math. How much will you be saving?
- Let Debt Repayment Help You Save – Paid off a car? A student loan? Pesky credit card debt? Keep making the payments, but pay them into your high interest savings or transition them to an investment vehicle. The payment is already part of your monthly budget, so chances are you will never miss it.
- Skip the Name Brands – Opting for a no-name product can keep 25% more of your grocery budget in your wallet, according to Consumer Reports. Many name-brand foods and drugstore products contain the exact same ingredients as their generic counterparts, consumer savings experts say.
- Buy Pet Insurance – It’s not that expensive and it can save you hundreds, perhaps thousands, when or if your pet needs emergency veterinarian services.
