Autumn Money Saving Tips

Now that the fall is here, it is a good time to tighten up your budget before the holiday spending splurge!  Christmas and Hanukah shopping can get out of hand if you let it.  Heed these money-saving tips to avoid overspending:

1. Consider Installing LED or CFL Lights Where Possible: New lighting technology has come a long way the past decade.  LED (Light Emitting Diode) lights can last for years without replacing them.  Although it costs more now, you will save big money going forward.  You can save about $45 per year for every 4-5 bulbs you replace.  You can replace a room or 2 at a time and enjoy the savings!  CFL (Compact Fluorescent Lamps) are a less expensive option that are more energy-efficient than traditional incandescent bulbs.
2. Try to Quit Smoking:  I know this is a tough one; however, now that the summer barbeque (and drinking) season is over, now is time to take care of business!  A pack of cigarettes per day habit costs over $2,000/year!
3. Buy Offseason Gifts:  If you see something offseason on sale you know would make a great gift for someone, buy it and keep it in a gift drawer or closet for future use.  You will be glad you did when the holidays arrive, and you have a head start.  There will be product shortages during the holiday season.  You will be 1 step ahead!
4. Cancel Unused Subscriptions:  Go through your credit card expenditures and checkbook and see where you can cut expenses.  Whether it is a hardcopy newspaper, unread magazines that are piling up, or excess television channels, now is a good time to “Trim the Fat!”
5. Make a Grocery List BEFORE Shopping: Did you ever go grocery shopping when hungry (or “Hangry) and wind up with much more than you had planned on buying?  Try making a list and eating a full meal before heading to the supermarket.
6. Buy in Bulk: One of the easiest ways to start saving money is to buy in bulk!  Stores such as Costco, BJ’s and Sam’s Club are a good place to start.  Items that have a long shelf life like paper goods, cleansers and detergents can be bought in bulk.  Families can also alternate shopping runs and share the savings.
7. Use Government Rebates to Get Solar Panels:  There are new 2021 rebates that can save thousands of dollars (depending on what zip code) of discounts to get solar panels installed in your home.  Sometimes, it can be FREE!  There are many companies that specialize in solar.  They can visit your home, and depending on the slope and measurements of your roof, you may qualify for a FREE or deeply discounted installation.
8. Brew Your Coffee at Home: This is a good time to make a switch to less expensive coffee and home brewing.  Coffee is usually less expensive at supermarkets and specialty stores, such as Home Goods.  An average cost of a Starbuck’s coffee in New York is about $4.50-$5.00.  The average cost to brew at home is 30 cents per cup.  If you do the math, 2 cups per day (5 days/week) of Starbucks is about $2,500/year.  That is your IRA (Individual Retirement Account) money for the year!
9. Look for Veteran and Senior Discounts:  These discounts can add up.  All active Military and Veterans are eligible for a 10% discount at Lowe’s!
10. Add an Extension to Your Computer if you Use Chrome:  There are several extensions (you only need to choose 1) you can add to your chrome browser.  I prefer using “Honey.” These extensions will automatically search for better deals before you pay for your online purchases.

Saving money is not difficult as it is more about changing habits.  This can be done in baby steps, and you will be amazed at how much you can save.  An old adage, “a dollar saved is a dollar earned” is an understatement, because it is after-tax money.  If you are in the 20% tax bracket, a dollar saved is equivalent to a $1.20 earned.  Try these tips and let me know how you are doing!