Now that some of us have already broken our New Year's resolutions and enjoyed the forbidden cigarette, chocolate cake or what- ever the yearly pledge may be, let's change our usual purpose to an easier answer and make our financial lives healthier in 2017. Savings add up with the simplest of efforts, as created by the following readers of Mary Hunt's newsletter:
- Save the Lincolns. Put aside each $5 bill you run across. Stick them in an envelope or a hidden desk drawer and periodically deposit the money in a special savings account. One of my friends has saved her Lincolns for years, and most any vacation or unexpected expense that comes around is paid for in advance.
- Use credit cards that earn reward points. For every dollar spent, a number of bank cards offer a minimum of at least one reward point. Just be sure to pay your balance at the end of each month or your earnings won't offset the interest on the total.
- Pocket your pocket change. Coins can become a quick reward if you pay with bills in order to receive loose change. At the end of the day, place all your change in a jar. It will add up in a flash. (I suggest depositing the amount monthly.)
- Unplug for savings. If not in use, unplug electrical devices. If you have three TV sets but rarely watch more than one, unplug the other two. Do the same with an extra computer. According to Mary Hunt's blog, unplugging appliances when not in makes for efficient energy savings. And at the end of each month, deduct this savings and deposit into your special account.
- Ditch premium cable movie channels. Watch regular programming or subscribe to Netflix or the like for under $10 a month - much less than the price of a monthly cable subscription. After the season is over, rent or purchase the movie on DVD.
- Get the best rate. Frequently call all service providers to make sure you're getting the best deal possible. Whether satellite TV, high-speed internet, home or cell phone or a combination of all, most providers will give you a deal, especially if you're a new customer or one who is thinking of canceling service. (I make a point to call at least twice a year and always get a better price for my efforts.)
- Buy in bulk. I'm not necessarily talking about big box-store bulk, such as toilet tissue and cases of soup but, instead, department stores. Out-of-season sales can conserve lots of money by themselves, but combined with bulk purchase savings, the total can soar. One of Mary Hunt's readers purchased winter coats for her daughters at J.C. Penney's big winter sale. Originally priced at $65, the coats had been discounted to $12 apiece. Not only did Mom buy a coat for each girl but also coats for the next year in a larger size, thereby saving over $200.
If any of you come up with more fiscal New Year's resolutions, please email them to me so I can share with other readers.
Contact Ellen Phillips at consumerwatch@timesfreepress.com.