Posts tagged with ‘save money’
First, the bad news:
36% of Americans say they haven’t saved a dime for retirement.
More than a quarter of those age 50 to 64 approaching retirement have yet to start saving.
We’ll leave you with the good news:
10% say they started saving for retirement in their teens.
23% started saving in their 20s and 14% in their 30s.
Time is money’s best friend, so small sacrifices today could make a big difference on tomorrow’s bottom line.
No 401(k) at your work? Don’t let that stop you from saving. Contribute to a Roth or traditional IRA.
Have a roommate? No kids? Save now while your expenses are low.
How to come up with $2,000 out of thin air
Could you use an extra $2,000? Here’s where it’s hiding. Find it and stash it.
· Get free text messaging apps like Text-Plus or Kik instead of paying for a texting plan.
· Sell your unused gift cards. Find a gift card exchange website and sell the cards you won’t use to other buyers.
· Pay attention when grocery items are on sale. Most supermarkets have sales in 12-week cycles. Stock up on items when they’re reduced.
· Most gyms give you the ability to freeze your membership during the summer months. Use these warmer months to exercise outside, freeing up room in your monthly budget.
· If possible, increase your insurance deductibles. If you’ve built up enough savings and can cover a higher deductible, you can save on your premium cost.
· Consider ditching your cable subscription, and watch TV shows on online streaming services or on-demand.
· Ask for discounted rates when shopping for telephone and internet services. Request to be billed promotional prices given to new customers on services you already use.
How have you saved money in a pinch?
Cash is king for scoring discounts
Cash is the preferred method of payment for businesses, so much so that they often reward customers who use cash with discounts.
Discounts can range from just a few percentage points to nearly half off. Sometimes, all you need to do is ask.
Here’s where you can expect to find cash discounts:
Only about 5 percent to 10 percent of independent gas stations nationwide offer cash discounts, says Jeff Lenard, spokesman for the National Association of Convenience Stores. But Lenard advises consumers to be on the lookout for cash deals at the pump.
Customers who pay cash can trim about 2 percent — the merchant’s typical fee for using plastic — off the total.
Just don’t expect a cash deal on anything inside the store. Lenard says convenience store owners don’t offer cash discounts on things like candy and soda.
If you’re out on the town dining at a 5-star restaurant, don’t expect to receive any cash discounts. But if you just want some quick food to-go, you may be able to score some percentage points off the bill.
An informal survey of restaurants around the country found 10 percent is the norm for cash discounts, but a few eateries took as much as 15 percent off the bill.
The more than 20 upscale restaurants that participated in the survey did not offer a cash discount. So customers should stick to restaurants that do a large takeout or delivery business if they want to find a deal.
In some cases, patients can cut their doctor bills in half just from negotiating.
Talk to your doctor’s office manager before scheduling treatment. Often the price reflects an agreement between the insurance company and the health care provider, so it’s not what your doctor actually gets. And that means there’s a lot more room for negotiation than people think.
You have to ask, but some computer repair businesses will happily knock off 5 percent of your bill if you pay cash.
Businesses may not offer this for the sale of hardware or software, but it’s a definite possibility for services.
The rule of thumb for scoring discounts: Customers must be willing to pay cash, and they have to ask.
Smart saving in a low rate environment
Alternatives to low savings rates exist, but they come with more limits or more risk.
Like going out to lunch?
It’s impossible to deny that going out to lunch is a very enjoyable experience … with ambiance, delicious food and good company, it’s a popular mid-day retreat.
But it’ll cost you.
The best way to increase personal savings is to spend less money, and brining your lunch to work can make a big difference in what you save. Bankrate’s lunch savings calculator illustrates how bringing your lunch can boost your bank account.
If you’re envisioning the misery of munching on a measly turkey sandwich in a stale break room, relax.
Taking your lunch can be enjoyable. Meet a coworker or friend who works nearby for a picnic (depending on the time of the year). Or eat at your desk and use your lunch hour to run errands or hit the gym. If your schedule is flexible, take less time at lunch and leave the office a little early.