Want to save a thousand dollars without leaving the house? It’s
possible with these quick, easy tips on everything from credit
cards to audio books. Click the headings below to jump to savings
tips in each area.
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Car
Ditch that expensive airline credit card
What you need:
Driver’s license, credit card and bank account numbers
How to do it:
Annual fees for airline-specific credit cards can run as high as
$95. With these no-fee travel cards, you earn points good on dozens
of airlines, not only eliminating the fee but giving you a wider
variety of airline choices. Apply for the
Simmons First
Visa Platinum Travel Rewards
card or the
PenFed Premium
Travel Rewards American Express
card. To get the PenFed card, you’ll need to join the credit union,
which costs just $15 for membership in Voices for America’s
Troops.
ANNUAL SAVINGS: $95
(based on one credit card change)
What you need:
An excellent credit score — 720 or higher
How to do it:
Go to
www.lowcards.com
and click on Low Interest Credit Cards. Then search through the
offerings and apply. With a high credit score, you should get a
card with a rate in the 7%-to-8% range.
ANNUAL SAVINGS: $346
(switching from an average 14.17% rate to 7.25%, on a balance of
$5,000)
What you need:
Checking account number
How to do it:
Go to your bank’s Web site or call a toll-free number. Link your
checking account to a savings account or a home-equity line of
credit. If you write a check you can’t cover, the bank transfers
funds, saving you overdraft fees of up to $35 each. Cost per
transfer: $10 to $20. The fee is often waived for account holders
with large savings balances.
ANNUAL SAVINGS: $210
What you need:
An online bank account
Cell phone or e-mail address
How to do it:
Click the tab in your online banking account to set up alerts to be
sent to your e-mail or cell phone, or both. You’ll avoid
insufficient-funds fees that can be as high as $35. Other alerts
notify you if your online ID, password or mailing address is
changed so that you’ll know if someone is trying to steal your
money or your identity.
ANNUAL SAVINGS: $210
(assumes six overdraft fees avoided)
What you need:
Savings or checking account
Bank routing number
Bank account number
How to do it:
To shave 0.25 percentage point off your student-loan interest rate,
head to
www.myedaccount.com
to access your federal student loans. First-time visitors will need
to select a password, choose a security image and set security
questions. Log in and click on “KwikPay” to enter your bank account
information. You must agree to the terms and conditions and provide
your electronic signature (your name, password and the date). Be
sure to print your electronic receipt.
ANNUAL SAVINGS: $39
(assumes average loan amount of $25,250, paid back over ten
years)
Total savings this section: $690
Switch to energy-efficient lighting
What you need:
Energy-saving light bulbs
How to do it:
Identify your five most-used lights — those that are on for a
minimum of two hours daily, indoors or out — and replace them with
Energy Star-qualified bulbs. Such bulbs cost more but last much
longer. The price is about $2 for a compact fluorescent bulb, $4 to
$8 for a halogen incandescent, and $10 to $26 for a light-emitting
diode, or LED, bulb. For help selecting bulbs, see “How to Choose:
The ABCs of Efficient Lighting,” at
www.energystar.gov
. New labels make it easier to pick bulbs based on brightness,
light color and use of electricity.
ANNUAL SAVINGS: $70
What you need:
A WaterSense-qualified showerhead
An adjustable wrench and pliers, a couple of rags, a toothbrush,
and plumber’s tape
How to do it:
A WaterSense-qualified showerhead ($15 to about $100) reduces water
use but still delivers a spray with enough
oomph
to wake you up. Unscrew your old showerhead (using the tools and
the rags to avoid scratching your hardware), clean the screw thread
on the pipe with the toothbrush, wind some plumber’s tape around
the threads a few times, and screw on the new showerhead. (See “How
to Install a New Shower Head for Dummies,” on YouTube.com.) Check
with your local water utility to see if you can get a rebate on
your purchase (typically $5 to $10 per unit).
ANNUAL SAVINGS: $44
What you need:
Belkin Conserve Smart AV ($29 at Amazon.com)
How to do it:
The Belkin device is a surge protector/power strip that will
automatically shut off such components as a gaming console,
receiver and speakers when you turn off your TV monitor. Simply
plug the TV monitor into the green master outlet, and when you turn
the TV off, the strip cuts power to peripherals connected to five
of its seven outlets. (The two remaining outlets serve cable
set-top boxes and DVRs that need constant connectivity to download
program guides and record shows.)
ANNUAL SAVINGS: $76
(assumes energy savings on a DVD player, VCR, game console,
subwoofer and amplifier)
What you need:
The interest rate, balance and years left on your current
mortgage
How to do it:
Use the calculator at
zwicke.nber.org/refinance
to determine the optimal refi rate for your situation. Then sign up
at
www.mortgagemarvel.com
to receive e-mail updates as lenders offer rates that meet your
needs. If you want lenders to contact you, sign up at
www.lendingtree.com
.
ANNUAL SAVINGS: $3,396
(assumes a 30-year fixed-rate loan of $195,000 dropping to 4.2%
from 6.2%)
What you need:
A programmable thermostat ($20 to $160 at home and hardware stores)
Screwdriver, masking tape, pencil and drill
How to do it:
Remove the old thermostat and label the wires according to their
existing connections so that you can match them to the new ones.
(Don’t forget to switch off the circuit breaker.) To see it done,
watch “How to Install a Programmable Thermostat-The Home Depot” on
YouTube.com.
ANNUAL SAVINGS: $180
(net savings using the thermostat’s preprogrammed settings)
Total savings this section: $3,766
Improve your fuel economy
What you need:
Your car keys
$1 in quarters
How to do it:
Every 100 pounds of extra weight in your car reduces your fuel
economy by 2%, so ditch the junk in your trunk. After you’ve
cleaned out your car, hop behind the wheel, drive to your local gas
station, and inflate your tires to the recommended pressure (shown
in your owner’s manual or on the doorjamb). Low tire pressure can
cost you 3% in fuel economy.
ANNUAL SAVINGS: $195
(for a typical midsize sedan)
What you need:
A desire for new wheels
Internet access
How to do it:
Go to
TrueCar.com
and click “Get Your Certificate Now.” In the box on the right,
enter your zip code and select the make and model of the car you’re
shopping for. The lowest price at a dealer near you is displayed at
the top of the page, and you can adjust the trim level, options and
incentives to customize your deal. A graph shows a breakdown of how
good the deal is. Click “Locate Dealers” for the three best prices
in your area and enter your contact information to get a Price
Protection Certificate to take to the dealer. You’ll save an
average of $4,025 off the manufacturer’s suggested retail
price.
ANNUAL SAVINGS: $918
Total savings this section: $1,113
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Next: Shopping and Entertainment
>
Lose your landline
What you need:
The phone number or Web address of your landline provider
Broadband Internet, such as cable or DSL
A cell phone or Internet phone
How to do it:
Call your landline service provider’s customer-support number, or
go to its support Web site, and cancel your service. Before
ditching the provider, however, be sure to have an alternative
residential phone service in place. Options include a cell phone
with reliable coverage in your home, or a low-cost Internet phone
service such as MagicJack, Ooma Telo, Skype or Vonage.
ANNUAL SAVINGS: $516
(net savings based on eliminating the average landline phone bill
of $43 per month)
What you need:
An iPhone or Android phone
A data plan
How to do it:
Search the App Store or Android Market for Textfree and download
the free application, which enables you to send and receive
unlimited text and picture messages using your wireless carrier’s
data plan rather than its standard text-messaging plan. When
prompted, register and choose a separate phone number that you’ll
use to text through the app.
ANNUAL SAVINGS: $240
(assumes $20 per month for unlimited messaging)
Total savings this section: $756
Score the best-priced seat in the house
What you need:
List of plays, concerts or sporting events you want to see
How to do it:
Go to
FanSnap.com
, which checks multiple ticket sites, to buy tickets for a hot
concert or the big game. Once you’re on the site, click on the
live-event category, such as NFL Tickets or Theater Tickets, select
your team or play, and search available events by date, venue or
price. Example: A mezzanine ticket for an NHL game between the
Boston Bruins and the Washington Capitals at the Verizon Center in
Washington, D.C., was $157 plus a $15 service fee from one vendor.
Another charged only $98 plus a $9 service fee.
ANNUAL SAVINGS: $300
(assumes six tickets with savings of $50 on each)
What you need:
The will to act
How to do it:
If those daily-deal e-mail coupons tempt you to buy stuff you
really don’t need, think of how your finances would be better off
without them. Unless you’re getting stuff free, such deals save
money only if you redeem them for things you’d buy anyway. (Were
you
really
going to take those belly-dancing classes?) To take yourself off
the e-mail alert list, open the deal e-mail and scroll to the
bottom. It should include a link that will take you to a page where
you can unsubscribe.
ANNUAL SAVINGS: $180
(assumes an average of $15 per month spent on unneeded stuff)
What you need:
Internet access
How to do it:
Go to
FreePriceAlerts.com
and click on “Download now to start saving.” The free toolbar
downloads in less than a minute and notifies you if a product
you’re viewing online is cheaper at another online retailer. The
tool works with the sites of more than 100 online retailers –
including Amazon, Best Buy, Target and Walmart. While you shop, the
tool searches retail sites and displays an alert that tells you
when you have found the lowest price. The tool recently helped one
Kiplinger staff member save $110 on a new crib.
ANNUAL SAVINGS: $200
(savings of 10% based on $2,000 in online purchases)
What you need:
An upcoming special occasion
A sense of style
How to do it:
Go to
www.renttherunway.com
and sign up for free. Enter the date of your event, your dress size
and zip code, then choose from hundreds of rental dresses and
accessories. Keep the dress for four or eight days; send it back in
the prepaid mailer.
ANNUAL SAVINGS: $1,245
(One rental of a Vera Wang Grand Entrance gown for $250. Retail
price: $1,495)
What you need:
A smart phone
How to do it:
With your smart phone, download one or more shopping apps. You can
try Google Shopper, RedLaser or ShopSavvy (free for Android or
iPhone) and BuzzillionsReviews (free for iPhone). When you’re out
shopping, scan a product’s bar code to find the best prices at
nearby stores and online. Ask a clerk to match or beat the better
price.
ANNUAL SAVINGS: $200
What you need:
Some audio-playing device, such as a PC, tablet, MP3 player or
smart phone
How to do it:
Audio books from major online retailers can range from $7.50 to
$35. But you can go to Web sites — such as Ambling Books, Books
Should Be Free, LibriVox and Project Gutenberg — that offer free
audio editions of the classics. An option for audio books from
bestselling authors is your local library, which may lend audio
books.
ANNUAL SAVINGS: $240
(assumes saving $20 with one free book per month)
Total savings this section: $2,365
|
Next: Health Care and Insurance
>
Dodge fees on Treasury investments
What you need:
Bank routing number
Bank account number
How to do it:
If you like U.S. Treasury savings bonds, Treasury
inflation-protected securities or other Treasury investments, buy
them straight from the source at
www.treasurydirect.gov
(some employers offer them through a payroll-deduction plan).
You’ll avoid brokerage commissions, management fees and possible
sales loads in mutual funds.
ANNUAL SAVINGS: $65
(assumes you had $25,000 in a U.S. Treasuries mutual fund with an
annual fee of 0.26%)
What you need:
A brokerage account
ETF symbols
How to do it:
Log in to your brokerage account, sell higher-expense mutual funds
and replace them with low-cost exchange-traded funds. For instance,
actively managed, large-company stock funds charge an average of
1.25% in expenses. SPDR S&P 500 ETF, which replicates Standard
& Poor’s 500-stock index, charges 0.10%. Actively managed
investment-grade bond funds cost 0.91%, on average; iShares
Barclays Aggregate Bond ETF charges 0.22%.
ANNUAL SAVINGS: $920
(assumes switching $100,000, split 50/50 between stock and bond
funds, to ETFs)
What you need:
A simple desire to cut your tax bill
How to do it:
Buy municipal bonds. Today, muni bond yields are high relative to
their historical yields and to other bond yields. Say you invest
$50,000 in Fidelity Intermediate Municipal Income fund (symbol
FLTMX
). It yields 2.3%, so it would pay you $1,150 in interest annually.
You don’t have to pay federal taxes on that interest. If you bought
a taxable bond yielding 2.3% and were in the 33% federal bracket,
you’d pay $380 to Uncle Sam. You’ll save even more if you buy munis
issued in your home state because you’ll pay neither federal nor
state income tax on the interest.
ANNUAL SAVINGS: $380
Total savings this section: $1,365
Switch to the latest generic drugs
What you need:
Names and dosages of your current medications
How to do it:
Go to your health-insurance plan’s Web site to learn about generics
for the drugs you take and how much you could save. You can also
look up generic equivalents at
www.drx.com
or by using the Medicare.gov Plan Finder. Then ask your doctor if
it’s safe to switch. For example, if you pay the full price for
common heartburn and high-blood-pressure drugs, you can save up to
$147 per month by switching to generics. You can pay less even if
you have health insurance; in the above example, generics would cut
your co-pay and save you $60 per month. A generic version of the
blockbuster drug Lipitor is now available, so be sure to check
prices for it. Also, look for discounts from Pfizer, Lipitor’s
manufacturer, which is trying to retain customers.
ANNUAL SAVINGS: $720
(assumes savings with generics on two drugs within a health
plan)
What you need:
Insurance-policy numbers
Current deductible amounts
How to do it:
Ask your insurance company to increase your deductibles for auto
and homeowners insurance. Raising your deductible from $200 to $500
can reduce your collision-and-comprehensive auto premiums by 15% to
30% (saving 30% is a reduction of $382 on a typical policy).
Boosting your deductible for home insurance from $500 to $1,000
could reduce your premiums by up to 25% — shaving $202 off an
average premium of $807.
ANNUAL SAVINGS: $584
(assumes 30% savings on auto and 25% savings on home insurance)
What you need:
Medical health history
Current premiums
How to do it:
Go to
www.accuquote.com
and answer questions to get price quotes from scads of life
insurance firms. You’ll need to take a basic medical exam before
getting the final rate. Ten years ago, it wasn’t unusual for a
40-year-old man to pay $670 per year for a $500,000, 20-year term
insurance policy. Today, at 50, he could buy a ten-year term policy
for just $485, if he’s healthy.
ANNUAL SAVINGS: $185
Total savings this section: $1,489
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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Save Thousands in 15 Minutes or Less
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