Filed under: Savings, Lynnette Khalfani-Cox
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One out of four Americans plan to make New Year's Resolutions about money, according to a new
survey from Sallie Mae. According to Sallie Mae, 21% of consumers want to save more cash. If you could stand to bolster your bank account, here are four ways to save more money and help you keep more of your hard-earned dollars in 2011:
1. Join a membership organization
Of all my tips to help you save money, joining a membership organization can be incredibly effective and easy. For example, AAA members get
discounts on everything from hotel stays to passport photos. People 50 and older can join AARP and receive
benefits ranging from reduced rates on health and life insurance to savings on shopping, dining, travel and more. Even professional organizations and civic groups offer various financial perks to their members.
2. Extend the life of your car
I know that Beyonce recently reportedly
bought Jay-Z a $2 million sports car, but chances are you're not such a high-roller. Still, if you were contemplating buying a new or used car in 2011, that could cost you thousands of dollars in new car payments, more expensive car insurance and more. Instead, save yourself big bucks by extending the life of your current car -- one of the most important ways to save more money.
With today's technology, it's not uncommon for cars built in the year 2000 or later to be able to log 150,000 to 200,000 miles or so. "Routine vehicle maintenance is the best way to keep your car running," says Jeff Santana, manager of the AAA Car Care Center in Springfield, NJ. "Regular trips to your mechanic can mean the difference between tens of thousands of miles in your car's life."
Also, review your owner's manual for guidelines and service schedules that will tell you how often you should do routine maintenance, such as changing your car's oil, rotating your tires and replacing things like the water pump or timing belt.
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Your Frugal Tips
Calling All Bagel Lovers!
AOL User Bspeonk Says:
"I have learned that if you go to a bagel store after 3PM, they will give you as many bagels as you want for free ... depending on where you go. Put on a smile, and you can [possibly] get them for free. Bring them home, freeze them and defrost one each morning for breakfast."
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Your Frugal Tips
Do Away With the Dryer
AOL User The SnittyKitty Says:
"Two years ago my ex-boyfriend convinced me to give up using a dryer. I haven't missed it since. I have a clothesline in my spare bedroom and a drying rack. My clothes and towels are much softer. I use liquid fabric softener and the apartment smells wonderful when I do laundry. In the winter, it puts moisture in the air. I do not own a dryer now. Some people who do hang clothes will dry towels and jeans for about 5 to 10 minutes first to get the wrinkles out. Not using a dryer saves both electricity and wear on your clothing."
Your Frugal Tips
Calling All Bagel Lovers!
AOL User Bspeonk Says:
"I have learned that if you go to a bagel store after 3PM, they will give you as many bagels as you want for free ... depending on where you go. Put on a smile, and you can [possibly] get them for free. Bring them home, freeze them and defrost one each morning for breakfast."
Your Frugal Tips
Keep it Clean!
AOL User TigersTales Says:
"A clean kitchen encourages meal preparation instead of eating out."
Your Frugal Tips
Baking Soda Saves a Bundle
AOL User Mailboxdepoe Says:
"Baking Soda. Yep, my mom used it all her life, and especially as a young child, living through depression. You can clean sinks, wash your hair -- comes out soft, eliminating shampoos and cream rinse. Brush your teeth and it controls breath. Great in the fridge to eliminate odors. I also clean my ceramic stove top with it. About every fourth cleaning I use the real stuff, as it gives the polished look, baking soda does not. I use it on my jacquzzi bath tub, and shower. Get a big box at Costco, try it and see you can save a lot of money. It even cleans your car battery. Make a paste, put it on the terminals, and watch that stuff just get eaten away."
Your Frugal Tips
Grow Your Own Veggies
AOL User Bjsketti1 Says:
"Grow your own veggies. Don't have a yard? Plant them in 5 gallon buckets."
Your Frugal Tips
Text Book Tightwad
AOL User InLuvandDeath921 Says:
"As a college student with a tight budget, I refuse to buy or sell back any of my books to the store. Most places will buy your practically new books back for a third of the price -- if you're lucky -- and sell them for 4 times as much. I buy from half.com and abebooks.com. Now I pay about $200 a semester on six classes worth of books instead of close to $800."
Your Frugal Tips
Make Weekly Payments
AOL User Pamresch Says:
"You can pay the same dollar amount per month on your loan, but by splitting the amount up to weekly payments, you'll knock more interest off your loan and pay it off sooner without even paying any higher monthly payments. Set up an automatic payment for each week and watch your loan go away more quickly."
Your Frugal Tips
A Cheaper Solution
AOL User LiHelmuth Says:
"Something that works great is adding equal parts bleach and Pine-Sol (about 1/8 cup each )in a spray bottle and fill the rest with water. The mixture works great for cleaning the bathrooms, kitchen, and floors. I have been using this for years. It saves a lot of money and cleans and deodorizes at the same time."
Your Frugal Tips
Why I Love Craigslist.org
AOL User InLuvandDeath921 Says:
"I cannot believe some of the things I have bought through this Web site. If you're just starting out with a new apartment you can find a lot of the basics. I bought a '93 Ford Taurus for $500 (which runs great, by the way). I also bought a mattress, box spring and bedframe all for $40 (practically new) and a TV for $30."
Your Frugal Tips
Time to Unplug
AOL User Virginia Enigma Says:
"... I unplug almost everything around my house when it's not in immediate use. (I unplug the toaster when I'm done with it, the clock radio, the lamps, my cell phone chargers, etc.) My electricity bill was only about $25 this month!"
Your Frugal Tips
3. Re-run your numbers
Everyone should have a good idea about the numbers that are driving his or her household budget, specifically how much money is being spent each month on things like food, utilities, credit cards, insurance, etc.
Go over each of your major categories of spending early in 2011 and contact each creditor you're paying to ask about discounts. Can you shave 10% off your cable bill? Will your credit card company lower your interest rate? And what about your auto insurance? Have you shopped around lately to make sure you're getting a competitive rate? Comparison shopping to lower your existing bills can save you thousands of dollars on an annual basis, keeping more money in your pocket.
4. Do it yourself
Paying other people for services that you can do yourself can get awfully expensive awfully quick. Sometimes it's necessary to pay others for things when you lack the time or expertise to do something -- say babysitting when you have to work, or putting down new tiles in your bathroom. But if you have the ability, by all means, consider tackling certain projects yourself to save cash. Your investment will be spent in time, and not dollars.
For example, there are a host of areas where we pay for services that we can definitely do on our own such as lawn mowing, shoveling snow, basic hair services, manicures or house cleaning. The key is to identify areas where you're shelling out cash that could be better saved if only you could take on various tasks yourself.
All of these strategies, if carefully and regularly implemented, can fatten your bank account not just in 2011, but for years to come. Do you have any tips that help you save money? Please share them below.
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller
'Zero Debt: The Ultimate Guide to Financial Freedom.'
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'