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Posts Tagged ‘Saving Money’

3 Easy Year-End Moves to Save Money on Taxes

Before the New Year arrives, don’t let holiday festivities and year-end work responsibilities distract you from an important task: making smart tax planning moves that can save you money in 2012.

Here are three easy things you can do before December 31, 2011 to lower your tax bill when April 2012 rolls around.

Continue reading “3 Easy Year-End Moves to Save Money on Taxes” »

7 Ways to Save on College Textbooks and Supplies

Author: The Money Coach

College textbooks and supplies can be among your biggest back-to-school expenses.

According to the College Board, during the 2010-11 school year, the national average cost for college textbooks and supplies was $1,137. Those expenses are second only to the money students and their families must dole out for tuition and fees.

Fortunately, there are some ways to cut costs on college textbooks and supplies. As you head back to school this semester, use these seven tips to save money on your college textbooks and supplies this semester. Read the rest of Lynnette’s article on BlackEnterprise.com

Ideas to Save Money on Gasoline

Author: The Money Coach

If you’re like me, you’ve definitely noticed that you’re paying higher prices at the pump to fill up your car.

Since we’re all trying to save a buck, here are 10 ways you can save money on gasoline:

1: Consider an “off brand” gasoline station.
You may be used to buying gas only from Chevron, ExxonMobil, or some other well-known oil company. But many experts will tell you that gas is gas. For example, experts at AAA in California did blind testing of “brand name” gas versus “off brand” gas and found no difference. They tested samples of each type of gas for fuel economy, emissions, performance and drivability – and they were exactly the same. Unlike a few decades ago when cheaper gas was harmful to your car and its performance, that’s not the case today. Why? Regulations requiring cleaner, better performing fuel apply to nearly all gas companies. So that no-name station offering gas that’s 10 cents or more cheaper per gallon may be worth a try.

2. Fill up when you are not under the gun.
Why fill up your gas tank when you’re on empty, rushing to work, or under the gun? If you do, chances are you’ll hit the first station you see – which could be the most expensive. Instead, identify the cheapest station in your area, then filler up.

3: Identify “deal days”.
Find a gas station that offers a break on specific days of the week (i.e. 10 cents off Tuesdays, etc.) and routinely patronize that business.

4: Calculate the savings achieved by driving across a state border.
For example, buying gas in Northern New Jersey is typically a lot cheaper than New York. If you work, shop or visit the next state, can you fill up there?

5: Use Turnpikes and Parkways.
In New Jersey, where I live, turnpikes and parkways are regulated by the State governments and so are the gas stations there. They can only change their rates on specific days of the week. The same may apply in your state. If so, be sure to fill up before the normal day that price hikes kick in.

6: Lose weight, save gas.
What are you towing around in the trunk of your car? Are you willing not to carry a spare? Or can you avoid lugging around so much stuff to minimize gas consumption?

7: Keep those tires inflated.
Studies show this leads to better fuel efficiency.

8: Slow down speedy.
Like to gun your car engine? Why not just toss a few dollars out the window, same thing.

9: Find the owners manual.
Your owners manual can tip you off to several ways to operate your vehicle at maximum efficiency, including making the most of your gas use. For instance, circle the octane, memorize the octane, and buy the recommended octane — today and forever.

10: Gimme something.
Check your credit card rewards programs for incentives to buy a particular brand of gasoline over another. Your credit card may offer frequent flier miles or cash back for your gas purchases. Don’t forget to pay off the balance in full each month. Also, beware of gasoline cards. They may offer you a deal (like 5 cents off per gallon) for filling up with their brand of gas. But they usually make up for that by charging you higher than average interest rates on the card.

Here’s a bonus strategy:

11: Cut something else.
Place this one under unconventional wisdom. Companies are notorious for cutting in one place to make up for rising costs in another place. You can do the same thing. For example, figure out how much you are paying now to fill up compared to what you were paying before the Libyan Oil crisis. For example, a car with a 20 gallon gas tank might be running an additional $7 per fill-up and since the owner commutes, might fill up 4 times per month. That amounts to an additional $28 bucks out of your pocket. Now, find multiple small cuts you can make to your budget that total $28. Maybe give the DVDr back to the cable company and save the extra $10 per month. Cut your Nexflix subscription down to 1 DVD at a time instead of 2. Put a ban on demand movies in your household and forgo popcorn and soda in the movie theater in favor of bringing your own, cheaper goodies. Put a family ban on going to see 3-D movies (They’re too expensive anyway). Skip buying a nonessential but convenient household item. Bye bye body wash, hello bar of soap. Get it?

If you take a few minutes to think about, and plan for your gas consumption, you’ll find plenty of crafty ways to save money at the pump.

Earn Extra Cash to Pad Your Emergency Fund

Author: The Money Coach

By Lynnette Khalfani-Cox, The Money Coach

Do you have enough socked away to cover your bills should you get slipped a pink slip? Typically I would say you should have enough savings to cover three times your monthly living expenses, but given this economy and the skyrocketing unemployment rate, six or nine months worth of savings is more ideal.

Here are three ways to earn some much-needed extra cash to help pad your savings.

Get a second job. I realize that most people already work really hard, and might even be covering for recently laid-off co-workers, but if you can fathom the idea, consider getting a second job or part-time work, even if just for three months. This may seem like a burden, but trust me, the time to build your emergency savings fund is before you actually need to tap it.

Start a part-time enterprise. Whether you turn a hobby into a cash-making business, sell new or used products online, or stuff envelopes for another business, the key is for it to be a no-cost or low-cost venture that can be operated exclusively from the privacy of your own home. Why these characteristics? For starters, you don’t have the money to buy tons of products. You also don’t want to have to hire anybody or lease space. You want to keep all the money you earn, right?

Squeeze money from your residence. Whether you rent or own, getting a roommate or housemate is another way to generate income. If you can tolerate having an extra person around, you’ll likely find takers willing to lease out a spare bedroom or space in your attic or basement, especially given the high rate of people being put out of their homes these days due to foreclosure or inability to get a mortgage for their own place. However, before forging ahead if you’re a renter, be sure you’re not violating any clauses in your rental contract by letting someone else live with you.

— Adapted from “Day 22” chapter of my book, Zero Debt: The Ultimate Guide to Financial Freedom.

Ask The Money Coach

Posts Tagged ‘Saving Money’

3 Easy Year-End Moves to Save Money on Taxes

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7 Ways to Save on College Textbooks and Supplies

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Ideas to Save Money on Gasoline

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Earn Extra Cash to Pad Your Emergency Fund

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