Overdraft Protection
Almost everyone has at one point or another had an insufficient check. Most
banks charge $20 per returned check, which if not careful with your account,
can quickly add up to a lot of money. If you have a savings account, consider
adding overdraft protection onto your checking account so if you ever go into a
negative balance, the money would automatically be covered by your savings.
Most banks offer this service free.
72. Bank Accounts
Make sure you work with a qualified banker that can set up the “right” kind of
account for your type of spending. There are numerous options specifically
designed for people that write a good number of checks versus those who do
not. Check with your existing bank to ensure you have what you really need
and if they are not willing to work with you, change banks. In general, credit
unions are good options. Their rates are typically lower and because they are
employee owned, you can find better options.
73. Organization
You may be wondering what being organized has to do with saving money but
in reality, it has a lot to do with it. For example, if you miss a credit card due
date by one day, you will be charged anywhere from a 15% to 25% penalty.
The same would be true for taxes. Missing one simple date can cost thousands.
You need to be organized so you know the exact dates your bills are due as
well as keep all receipts, contracts, etc. in an orderly manner.
74. Good Health
You need to make sure you take care of yourself physically. Missed dental
cleanings (every six months) can lead to gum disease or tooth decay that can
cost thousands to fix. The same is true for your health. After trying home
remedies or over the counter medications, if you still do not feel well, see a
doctor. It is far better to pay the doctor visit than to let your simple summer
cold turn into pneumonia.
75. Automobile Care
Keep your car oil changed, tires rotated, and overall care up-to-date. First, the
$30 for your oil change will save wear and tear on your car, which could result
in significant money. Second, you need your car to get to and from work. By
not having your car in top working condition could put you in a bad position
when it comes to required transportation.
76. Vacations
While Paris, England, or Germany offers excitement, they also cost money to
visit. Unfortunately, people on a regular basis forget about the United States
and even the very state in which they live. One man had lived in Arizona his
entire life. At age 50, when asked by a friend what the Grand Canyon was like,
he was unable to answer because he had never been there. The next time you
get ready to plan your family vacation, look around where you live and consider
an exciting road trip that will not only be educating but cost effective. A
vacation does not have to be expensive to be fun and memorable.
77. Annual Maintenance
Make a list of all annual maintenance items for your home such as air
conditioner, heater, hot water heater, etc. Once again, being prepared and
working in a proactive manner can save you unnecessary expenses. If you
take care of your air conditioner by getting an annual tune up then you lower
the risk of something going wrong during the hot summer months when it will
be quite costly to repair.
78. Borrowing Money
Unless you have an emergency, avoid those enticing advertisements to lend
you money at incredible rates. Banks and lending institutions make it much too
easy to borrow money and especially during the holidays, they flash all their
great advertisements drawing people in. Afterwards, you have borrowed
money that you could have done without and now you are locked into a fiveyear
repayment contract.
If you want a new car or boat, it is better to save. If
you do need a new car, avoid brand new cars, which lose massive amounts of
appreciation the minute you drive off the lot. Instead, look for something a
year or two old where you will still have a nice car but much more in line with
an appropriate cost.
79. Repair versus Replace
Instead of spending $1,000 on that beautiful new couch, you might consider
one of two options. If your couch frame is still good, you might spend $300 to
have it recovered or purchase a quality slipcover for $100. Your couch will look
brand new for much less, than it would to replace. Another example would be
if you have a lamp that you want to replace. Consider painting it and adding a
new shade rather than spending money to buy a brand new one. Perhaps you
have a washer, dryer, or refrigerator that is running a little sluggish. Find out
the cost of repair over that of purchasing a new one. Even if you have an
appliance with the wrong color, businesses offer fantastic paint jobs. With a
little creativity, you will be amazed at how much can be repaired, thus saving
you money.
80. Dining Out
Eating out can be expensive. Rather than stop eating out, simply cut back and
look for options of two-for-one. Restaurants of all calibers offer weekly specials
and if you check in your Sunday paper, you can often find special bargains.
You might even think about signing up as a Mystery Shopper on the Internet
where you can eat at fine restaurants free or at a huge discount just for writing
a report on the food, service, and cleanliness.
Stay tuned for Tips 81-90 ! cheers and Merry Xmas!
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