Blog #700 Saving Money #3

Savings – From Woman’s Day

We’ve been looking at savings – and here are a few more ideas.

-12 Keep your hands to yourself

No, I’m not talking about pulling the ponytail of the person in front of you.  Let’s say you are in a store and you walk by the jewelry counter. Looking is okay.  But there is a higher percentage of buying it the longer you hold it. Maybe you walk by a clothes section and see something that appeals to you.  If you take it off the hanger, hold it up in front of you and try it on, you are at the threshold of buying it. Now if you went to the store looking for clothes, that is okay.  [Aside, I’m going to be teaching one class this fall at a local college – so I am looking for a few more things to supplement my wardrobe]. Also along this line – if you can try it on.  I bought something a month ago that was marked as being my size but I didn’t try it on. I did try it on at home – and it was too small. Mismarked? Maybe. It was at a thrift store and there are no returns, so … I will donate it back!!

-13 Slow down – best mileage is about 30 mph

If you car guzzles gas at 70 mph on the highway you might think of driving 60.  I’m on a street that is marked 30 – but most go 35 or 40 on it. I am not sure how much savings you will get at 30 mph.

Quasi related – leave early enough to arrive slightly early.  For office work, if there is a meeting at 9:00 a.m. and somebody shows up at 9:20 that person will have to be ‘brought up to speed’ – wasting everybody’s time.  [As a professor when a student showed up at my office and said they missed my class – and then asks “Did I miss anything important?” I always wanted to say “YES – the most important day of the whole semester and you blew it”.  Somehow the student expects me to cover an hour of class in ten minutes in my office when they miss class.

Be timely – no late fees – pay in full

Banks, credit card companies, etc. make money by 1) charging interest on late accounts and 2) by charging late fees.  I use my credit card a lot – and I pay it off IN FULL when it is due. Comment. When I worked for a major credit card company we liked it when a customer made their payment immediately when they got the bill.  There is a concept of ‘float’ that they would be using your money and making a little bit as you pay early. Some will keep moving up your payments a few days now and then and get 13 payments out of you in a year.  It is like getting a big tax refund. WOOO – I got a $1000 back this year – which really means I overpaid the government and they had use of my money during that year and finally they can say “thanks for loaning us the extra money”!

Turn clutter into cash (consignment shops)

I don’t do this.  When I am done with something that still has value I will donate it to a thrift shop – particularly a community oriented, helping others thrift shop.  But, if your item is still very nice – like new, putting it in a consignment shop might give you a little money.

Actually Save your savings.

Hey – we have been saving now for three days.  But what happened to that money? Did you put it in a draw to pull out when you needed some fast money – or did you put it in a bank or savings account?

Save 1% more in your IRA

My university matched my IRA for five years and then they paid more of my IRA amount after that.  I kept raising my contribution percentage until I was saving about 10% a year and the college was also paying 10% a year – and over time that became equivalent to 25 or 30 or 35% with interest.

Take public transportation.

On my last job before retirement I took the bus to campus all but two times in three years.  My savings? I didn’t have to pay for gas, oil, tolls and car expenses. I didn’t have to pay for parking (some place have high parking).  AND – the campus paid for the bus (that is, I rode for free with my campus ID). I didn’t have to hunt for a parking place. I could even take a short nap on the way home!!!

And … use recyclable bags and recycle your disposal items.  While you may not directly see the money, it will help you in the long run.  If everybody brought their own bags to the grocery store, they would not have to buy bags.  Those plastic bags would not end up in the landfill. (and more)!!!

Also by reading my free blog, you don’t have to pay for /subscribe to a blog!!!

New topic tomorrow!!!

Karen

Posted by Bruce White

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