No
matter who wins the election in November, it looks as though
our economy could take quite some time to recover. Meantime,
with gas, food and other prices escalating, we all need
to find ways to stretch a dollar without feeling constantly
deprived.
One of the first steps financial
experts advise is to get out of debt. Pay off anything that
is not tax deductible. A helpful book on the subject is
Liz Pullman Weston's "Deal with Your Debt," $12.23
at Amazon.
While not every cost-cutting measure
is right for everyone, the constant reliance on credit cards
has desensitized us to the value of money. If we start using
cash, we are much more inclined to ask the two important
before-purchase questions.
"Do I want it?" and "Do
I really need it?" If you do use a credit card, choose
one without an annual fee that also lets you save toward
gifts or airline miles, but always pay off the full amount
each month. Another surefire way to slow down your spending
is to follow a strict budget for a few months. You will
also be surprised to see how much some of the "extras,"
like a café latte or a small impulse purchase, can
add up.
Using grocery and manufacturers' coupons,
although time-consuming, can save quite a bit of money as
long as you are purchasing the brands you really prefer.
Many of my friends also like to buy
in bulk, and although I have tried this from time to time,
I find the effort involved in the shopping itself and the
lugging and storing such large quantities, is not worth
the savings to me. Instead, I look for the store-brand equivalent
of many food and drug products, which can often save a third
of the usual cost.
We love to eat out, so I studiously
track down all two-for-one coupons, find out about "early
bird" specials and use other cost-cutting measures
such as having wine or coffee at home (drink charges can
really inflate your bill), order two appetizers but split
one entree, and eat out at lunch time when the same menu
is less costly than at dinner.
Val and I also like to try different
kinds of food and the New Haven area is blessed with many
inexpensive ethnic restaurants. Thai, Greek, Turkish, Indian
and Chinese food are often a better buy than the so-called
American chain eateries.
Savings on clothes can be accomplished
in several ways. While admittedly I enjoy an extensive wardrobe,
some of the items have seen duty for many years as I am
a staunch believer in buying really good quality but in
neutral colors and classic styles that span seasons and
always look good.
You can do this on a budget by buying
in outlet stores and consignment shops as well as buying
off-season when stores have their best sales. But don't
buy what doesn't fit or what you aren't sure you like, just
because of a low price.
A good buy should coordinate with your
other clothes and make you feel great when you wear it.
Read labels carefully, look for the fiber content and purchase
items you can launder yourself to save on expensive dry
cleaning. If ordering from a catalog, watch for "free
shipping" specials.
Lastly, if you haven't had an energy
audit, it can prove an excellent and painless way to save.
Replace old light bulbs with the new miniature fluorescents,
lower the thermostat on the furnace as well as the temperature
setting on the water heater and add insulation, especially
in the attic.
One way to motivate yourself
and your family to save is to make it a challenging game
and to decide on some worthwhile "rewards."
My mother always kept a "quarter
jar" by the kitchen sink and we put in our leftover
quarters at the end of the day. I still recall with pleasure
some of the Broadway shows we saw with those saved up quarters.
Admittedly, today quarters might only buy a movie, but the
basic premise still holds true.
Jean Cherni
is founder of Senior Living Solutions, a retirement advisory
service. Contact her at jeancherni@sbcglobal.net or
15 The Ponds, Branford 06405.
H. Pearce Company REALTORS®
is a full-service real estate company with more than 100
agents and branch offices in greater New Haven and the Shoreline.
Corporate and & Commercial offices are located in North
Haven, where the company was founded in 1958. All listings
can be found in color on the web at: www.hpearce.com. |
