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For most Americans, saving money
is a necessity of everyday life. We clip coupons, watch for sales, and hope there's not
too much month left at the end of our paycheck. Today, the challenge is how
to reduce spending on a longer-term basis. Here are some money-saving tips
for everything from vacationing to laundering!
Airline Fares
Make sure your trip includes a Saturday evening stay over and purchase your
tickets in advance. Consider using alternative airports and keep an eye out
for fare wars.
Auto Leasing
Don't decide to lease a car just because the payments are lower than on a
traditional auto loan. The leasing payments may be lower because you don't
own the car at the end of the lease.
Auto Insurance
Raise your deductibles on collision and comprehensive coverage to at least
$500 or, if you have an old car, dropping this coverage altogether.
Life Insurance
If you want insurance protection only, and not a savings and investment
product, buy a term life insurance policy.
Checking
Select a checking account with a low (or no) minimum balance requirement that
you can, and do, meet.
Credit Cards
Pay off your entire bill each month or use a check, cash or debit card for
purchases.
Mortgage Refinancing
Consider refinancing your mortgage if you can get a rate that is at least one
percentage point lower than your existing mortgage rate.
Telephone Service
Check your phone bill to see if you have optional calling services you don't
use. Dial your long distance calls directly.
Food Purchases
Shop at the lower-priced food stores. Convenience stores often charge the
highest prices. You will spend less on food if you shop with a list.
Prescription Drugs
Use generic drugs whenever appropriate. When taking a drug for a long time,
consider using a mail-order pharmacy.
Around the House Savings:
Use compact fluorescent bulbs. They last 10 times longer than
regular lights.
Set your water heater to 120 degrees F.
Set your thermostat to 68 degrees, or lower if you're away from home
or asleep.
Keep your showers to five minutes or less and switch to lower-flow
showerheads.
If nobody's in a room, turn off the lights and any computers, stereos,
TVs or other appliances.
Use toaster-broilers or the microwave whenever possible instead of the range.
The refrigerator should be kept at 38 degrees F., and the freezer at
10 degrees.
Try using the cold-water wash cycle, and use the coolest dryer setting
you can. Only run the washing machine, and the dishwasher, when they're full.
Make sure your home is insulated, and that all doors and windows are
sealed properly.
If you have a fireplace, keep the damper closed when you're not using
it and use a glass screen to minimize heat loss.
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