The YPN Perspective: 13 Ways to Save Money In A Down Economy

Do you want to spend less so you can pay off debt? Maybe you’re trying to save for your first home or condo? Maybe you’re starting a family and need to cut back on everyday expenses. Here are a few ways to help:

1. Refinance your mortgage – mortgage rates are at all-time lows; 30-year fixed-rate loans are as low as 3.625%. This could save you hundreds of dollars per month.
2. Make sure you’re getting the best rates/service possible from your insurance agent on your auto/home/life insurance – a 15-20 minute “apples-to-apples” review could save you hundreds of dollars per year.
3. Get rid of your landline telephone – more than likely, you’re not using the home phone much now anyways – this could save you hundreds of dollars per year.
4. Instead of buying books/magazines/CD’s/movies, borrow them from the library – this will keep clutter out of your house and also save you money.
5. Buy and sell “used” stuff – forget spending all day hosting a garage sale – utilize Craigslist and eBay to sell your wares – you can also use these sites to nab deals for yourself.
6. Save energy – use compact-florescent light bulbs, insulate your water heater and lower its temperature setting to 120 degrees, have your furnace tuned every few years, lower the temperature on your thermostat during the colder months, use cold water to wash your clothes, use a programmable thermostat to use less energy during the hours you’re at work and use a weather strip around your front and back door.
7. Save money on exercise – instead of purchasing an expensive gym membership, look into memberships at the YMCA or discount gyms.
8. Get a competitive credit card – whether you’re looking for cash back, airline miles, points, gas rebates, or the lowest rate, make sure you’re getting the best card for your situation.
9. Live in a smaller home – doing some “spring cleaning” may help you realize the home you currently live in is plenty big enough; besides, smaller homes often cost less to maintain.
10. Shop after the season – buy seasonal items after they go on sale or clearance.
11. Go out for dinner for ½ price – purchase the Entertainment book at www.entertainment.com and enjoy “buy one, get one” deals all year long at a variety of local restaurants.
12. Save money on gasoline – search for the lowest gas prices by city or zip code on www.gasbuddy.com.
13. Dump the “extras” and switch to basic cable – Dish Network has a great package that is $19.99 for the first 12 months, which then goes to $24.99 thereafter – taxes included.

Whether you’re just trying to save a little cash or you’re forced to make some cuts, hopefully some of these ideas can help you along the way.

Dave Thommes, Liberty Mutual Group
YPN Advisory Board Member