Wake up your savings with these piping-hot tips, inspired by Stacy Johnson’s Top 10 list on Money Talks News. Our three faves:
- Avoid buying new. Okay, certain things you must buy new (underwear comes to mind)—but the bigger point is that most consumer goods lose value the minute you purchase them.
You know that’s true for cars—but look around your home: the $400 table that might be worth $50 at a yard sale—ditto for dishes, coats, rugs. This doesn’t mean buying ragged items from your local thrift to save, but rather tapping into the growing network of consignment shops, auctions, swap sites.
- Don’t take the first offer. The initial price—for a hotel room, delivery fee or doctor’s visit—is set high, Johnson asserts. Although a Consumer Reports study found that 46% of women hate to negotiate, Johnson points out that just asking (not bickering) can net you steady savings on multiples fronts, throughout the year.
- Set a higher deductible. The standard deductible offered by your home, health or car insurance plan is typically set low—and requires you to pay higher premiums. Hmm, guess who gains there? Raise your car insurance deductible to $1,000, for example, and save 10%-20% on premiums.
Waste not, want not. Where can you stop throwing away cash?