The Insurance Doctor

Month: August 2023

  • Ease the Energy and Save Money!

    Ease the Energy and Save Money!

    I was watching Good Morning America (GMA) last weekend and they have been showing charts of different U.S. cities breaking heat records for that day and their forecasted high temperatures over the next 4 days. 

    Not everyone buys in; however, from the Hoover Dam to Antarctica, I have seen it for myself, and climate change is real!  Last month, I was on vacation in Redding, Northern California and it was 115 degrees the Friday I flew home.

    The highest temperature I have ever endured was 120 degrees in Sydney, Australia in January 2020, during the time there were wildfires across the continent.  I vividly remember standing in the street in front of our hotel and noticing a different type of burning smell.  It was my flip-flops burning on the blacktop!

    When the electric bills come in, I usually don’t pay them any mind, unless it’s summertime as I know they will be higher than usual.  This summer, between rising electric costs and the hottest July on record since the 1800s, many electric bills are setting the wrong type of record with 25-40% increases as we have been constantly running our AC units.

    As my longtime “Financial Wave“ readers know, a dollar saved is at least $1.20 earned, so here are my 11 money-saving tips on your electric bill going forward and throughout the year:

    1. Close Your Shades & Blinds:  Closing shades and blinds can have an impact on energy costs.  For example, using an umbrella outside to shade oneself can bring the temperature down close to 30 degrees.
    2. AC Unit Tips: Use the economy button.  If you already use economy, try turning it up by 1 degree.  Consider not using AC on lower-humidity nights.  Change your filters every year. 
    3. Adjust Your Refrigerator and Freezer Temperature: Set your fridge to 37 degrees and freezer to 0.  This will keep your food fresh, and your fridge and freezer won’t need to work as hard to maintain the temperature.
    4. Wash Clothes in Warm or Cold Water: Not washing in hot water will save electricity, and your water heater won’t need to work as hard. 
    5. Consider Taking Shorter Showers:  Less water to heat and you will also be saving on water costs.  Hot water is usually the 2nd largest expense in powering most homes. 
    6. Adjust Water Heater Temperature: The default water temperature on some heaters is 140 degrees.  Lowering it to 120 degrees can reduce your energy costs as per Nerd Wallet, by 4-22% annually.
    7. Consider Purchasing Energy Efficient Appliances:  If you are already in the market for a new washer, water heater or dishwasher, buy one with the EPA’s “energy star.”  It uses 12% less energy and 30% less water on average than a regular model. 
    8. Switch to LED Lighting:  Lighting can run an average of 15% of a home’s total energy usage.  Save an average of $225/year (more with larger homes) by swapping out incandescent bulbs. Look for the bulbs that also have the Energy Star label!
    9. Install Dimmer Switches:  Dimmer switches allow you to adjust the brightness of the lighting to both set the mood and save electricity.
    10. Consider Using Smart Power Strips: Some of your electronics such as TVs, computers, and speakers never truly power off as they sit in idle or stand-by mode.  The electricity trickle can have a 5-10% effect.  This might not sound like much; however, when you add up all 11 of these tips, there is real $$$$ to be saved!
    11. Request a Power Audit: Many utility providers will often conduct a home energy audit; some will do it for free.  An audit can help uncover issues such as faulty seals on windows and doors or leaky ductwork which can drain your energy.  An audit can also give recommendations on repairs and other money-saving tips.

    Give it a try and heed these 11 tips.  Should we have above-average humid temperatures this fall, you will be well-positioned to save money every month.  

  • Reducing Expenses with Baking Soda?!

    I went to the grocery store the other day and was taken aback by many of the prices.  A 12-ounce bag of Dunkin Donuts for $13.99, are you kidding me?  A box of gluten-free crackers for $6.99 and a bag of Stacy’s pita chips for $5.99?  The government claims inflation has decreased; however, with our Cross Bay and Marine Park tolls going up and congestion pricing on the way, it seems like we have already “bitten the bullet!”

    There is an old saying, “A penny saved is a penny earned.”  I beg to differ on this point.  If you are in the 20% tax bracket, a penny saved = 1.2 pennies earned, because you need to earn 1.2 cents to net 1 penny saved after taxes. 

    There are many savvy ways to reduce expenses and improve your well-being without sacrificing quality.  Using baking soda (AKA sodium bicarbonate) is one of those ways.  If you go into your “medicine cabinet,” most people will find brand names such as Crest, Efferdent, Axe, Dove, Tums, etc.  Many of these products use baking soda or derivatives like sodium hydrogen carbonate, saleratus, or nahcolite, which are all forms of baking soda.  The difference is these “well-marketed” name-brand products are adding toxic chemicals and preservatives that are making Americans sick and lighter in the wallet or purse!

    Many families have that familiar small orange box of “Arm & Hammer” baking soda in their refrigerator to mitigate bad odors; however, there are so many other uses for this inexpensive miraculous white powder, that help keep your body healthy and clean.  See my Top 10 baking soda usage list below and start the savings and feel better:

    1. Helps Your Kidneys: Kidneys remove waste and excess water from your body.  If you have chronic kidney disease, from diabetes, high blood pressure or other causes, acid can build up in your body.  Sodium bicarbonate can help bring body acid levels down, it can also slow bone loss and build muscle.
    2. Fights Cancer: Emergency rooms and hospitals stockpile sodium bicarbonate (AKA baking soda) as a treatment for poisons, cardiac arrest, and other illnesses.
    3. Body Deodorant: Baking soda removes acid or odor molecules, not just in your fridge.  Try either putting some powder under your armpits (if you are ok with white powder residue) in the morning or buying deodorant with sodium bicarbonate as the main ingredient.
    4. Soothes and Softens Your Skin: Have you been bitten by mosquitoes or rubbed on poison ivy like I have?  Mix 3-parts baking soda with 1-part water and smear on your skin for 20 minutes before washing it off.  Another alternative is to take a bath with 1-2 cups of baking soda which will also soften your skin. 
    5. Kills the Pain: Sodium bicarbonate may boost the pain-killing powers of lidocaine which is used for epidurals.  It can also ease sunburn or windburn by mixing 4 tablespoons per quart of water, using a washcloth, and dabbing the infected area.
    6. Fights Stomach Acid: Sodium bicarbonate fights the acid that runs from your stomach to your throat and even your mouth after eating.  It can be purchased as inexpensive chewable tablets.  If you sometimes get an upset stomach with your morning cup of coffee on an empty stomach, mix baking soda into the ground coffee to cut the acidity.
    7. Facial Scrub: This one is not for everybody as it can be abrasive.  WebMD suggests “first washing your face with a mild, non-abrasive cleaner,” then “make a paste of 3 parts baking soda to 1 part water. Rub it in carefully in circles for a deep clean, then rinse with water.”
    8. Cleans Your Teeth: Baking soda removes plaque which is the sticky film of bacteria in your mouth.  Plaque buildup leads to tarter which can trigger gum disease.  Many people are unaware that your mouth carries the most germs in your body; hence, it is crucial to have good oral hygiene.
    9. Clean Your Child’s Toys:  Baking soda is an alternative to harsh chemicals to use to get the grime off your baby’s high chair, trays, and toys.  It does not kill germs; however, it can be used with vinegar to work as a disinfectant.
    10. Freshens Dentures: As a CSA (Certified Senior Advisor), I know that seniors pay the most money stocking their “medicine cabinets.”  Dissolve 2 teaspoons of baking soda in warm water to loosen food and remove odors from dentures.  This also works for bite plates and mouthguards.

    Source: WebMD

    Costco sells a 13.5-pound reusable orange bag of Arm & Hammer for under $20.  Give it a try!  For more tips go to www.armandhammer.com.

    I welcome your comments and if you want friends/family to be added to our monthly e-newsletter (3 articles/1x/month) email ‘Add Them” with their name and email to Rob@InsuranceDoctor.us. 

    Let the savings begin!!!

  • Costco: Cracking the Price Code

    Sol and Robert Price raised $2.5 million from friends and family to open Price Club on July 12th, 1976 in San Diego, California.  It was the first warehouse club only for business shoppers in the United States.  The first Costco was opened in Seattle in 1983.  Price Club and Costco merged in 1993 to become Price/Costco and the name was changed to Costco Companies, Inc. in 1999.

    Costco is one of my favorite companies as they are, in my opinion, a model of a customer-centric company that cares about its shoppers.  They also have a unique business model as they need to make a 15% profit minimum on ALL goods and will change vendors if/when net profit falls below that mark.

    Costco is a wholesaler that specializes in selling bulk items with competitive pricing.  The reason why their pricing is so competitive is that they go directly to the producers, buy in bulk, and pass on those savings to their loyal members.  Take wine for example.  Costco will go directly to the vineyards and negotiate their agreement, which is why their wine is so well-priced.

    \What many people do not know is some of their prices have a special code, based on the last 2 digits of the price.  If you learn to decode the Costco price tag, you can save even more money!

    1. If the Price Ends in .97 Cents: It means the item is on clearance.
    2. If the Price Ends in .88 or 00 Cents: The price was lowered by the store manager.  That means it could be an open box or missing pieces.  Look closely before buying!
    3. If the Price Ends in .49 or .79 Cents: It is a manufacturer’s deal and should be grabbed, as it will not be around for long! 

    When I decided to write this article, I had to call my Uncle Walter Meade, who is the family expert on Costco, and he did not disappoint.  Costco is grouped with Sam’s Club and BJ’s in the top tier of member-only wholesale shopping clubs.  Walter went to the first Price Club in New York State, which was in Holbrook, Long Island at the time, and he now lives 5 minutes from a Costco in Tampa, Florida, which he uses as his supermarket.

    ]Uncle Walters’ Lucky 7 Top Costco Tips:

    1. If You Like Wine, Costco is the Spot: Prices are excellent for bottles, cases, and their wine bottle coolers, which hold 25-30 bottles each.
    2. Beware of Sam’s Club: Sam’s Club is owned by Walmart, and in many cases, Walmart sells the same product for less money.
    3. Consider the Costco Visa Card: Costco has its own money-back Visa Card (formerly with American Express) which pays you back once/year.  Walter typically gets between $1,000-$2,000 back annually. 
    4. Costco Travel and Cruise: Costco has a wide range of travel and cruise deals.  They have deals with car rental companies and offer good pricing and consumer protection. 
    5. Go Kirkland All the Way: Kirkland is a subsidiary of Costco and their house brand.  These off-brand items are not only tasty and delicious, but their quality stands up to their higher-priced competitors.
    6. Costco Tires are Worth the Buy: Walter buys all his tires from Costco, and they include (no extra charge) lifetime tire balancing, rotation and tire pressure service built into the tire price.
    7. What to Avoid at Costco: Anybody who has had to take back items to Costco knows they are outstanding with refunds and exchanges.  Not so much for electronics.  Other items that are not as competitively priced are breakfast cereals, condiments and sauces, flour, milk, eggs, and spices. 

    Costco is a forward-thinking company and in 2020 it purchased a logistics company called Innovel.  Innovel helps streamline the “final mile” for bulky items like televisions, appliances, furniture, and fitness equipment to get to your home.  Innovel serves major retailers and the military with more than 1100 trucks on the road daily and more than 4 million deliveries per year!

    For questions, comments, or topics you are interested in learning about feel free to ask me at Rob@InsuranceDoctor.us.