Save $500 in Just 30 Days
By Angela Ebron
With bills, groceries, the mortgage—everything, really—money seems to be spent two seconds after you make it. At this point you’d probably be happy to save $50 in a month, much less $500. But don’t give up on that savings goal just yet. Financial expert Pam Krueger, creator and co-host of PBS’s MoneyTrack and author of The MoneyTrack Method, has a painless plan that will put an extra $500 in your bank account in 30 short days. She even does the math to prove it!
Life’s Little Luxuries
You don't have to give up small luxuries, like mani-pedis. Next time, just get a buff and polish instead of the full treatment. Your nails will look great, and if you do it twice in a month you’ll save about $44, including tip!
Bank Fees
Audit your bank statements. Take a look at all of them for the last year and add up what you paid in total fees. Then, information in hand, head straight to the bank and ask to speak with the manager, who has the authority to negotiate and cut fees drastically. Typical savings over one year can easily be $100 or more. If you start this month, you can add the first $8.33 or so toward your goal.
Energy Costs
You can find ways to reduce your gas and electricity bills by calling your utility company and asking them to conduct an energy audit of your home. Put the recommendations into action and you’ll likely cut your monthly bill by a third. Add another $25 toward your goal.
Dining Out
Most restaurants go overboard with portions. So next time you're dining out, share the entrée with your spouse or pal. If you eat out twice a month, you've already saved yourself $47 this month.
Car Insurance
Most people don't realize that they can and should raise the deductible on the collision coverage from, say, $250 to $500 a year in order to lower the premium. The savings from making this one change can easily amount to $39 a month.
Groceries
If you just don’t have the time (or patience) to clip coupons, then make a little game out of shopping for sale items or weekly specials and plan your meals around them. At the time, the price difference on each item might appear miniscule. But you’ll be amazed at how much you can slash your food bill in 30 days. Typical savings is $100.
Cable TV
Call your cable provider, tell them you’re considering changing to satellite and ask what "new offers" they have. Most big cable companies will find a way to shave approximately $26 a month off your bill just to keep your business. If you don't ask, you don't get it!
Trash Collection
You’ve probably never thought about it, but you should. Your trash is cash to your local garbage service. Just by shopping around for a new pickup service, you can cut your monthly garbage bill, saving an estimated $9.65 a month in the process.
On the Job
If you or your husband has a flexible spending account or health savings account available, opt in! These are special accounts that allow you to pay for everything from daycare to prescriptions, glasses, cough drops, even tissues using before-tax dollars. Over a year's time, this will save you a bundle on out-of-pocket expenses. In one month, a family of four can easily save $62 on everyday items.
Cash in the Closet
Be honest, you probably have a few things shoved in the back of your closet that haven’t seen daylight in years. Clear it all out. Take stuff you no longer wear to a consignment shop or have a yard sale. This is truly found money! And don’t forget to hit your kids’ and husband’s closets too. If you have one big blowout this month, you could easily raise a few hundred bucks. Rather do a bit at a time? Then divide the total cash you get during the year by 12 months and it’s realistic to add $55 to your 30-day goal.
Credit Cards
You have the power to negotiate the rate and the fees you're paying. Call each of your credit card companies and threaten to change companies, transfer your balance to a different card or close your account. That’s usually enough to get their attention. Typical monthly savings for someone carrying four major credit cards is about $23.
Kids’ Juice Boxes
Sure, they’re convenient, but they can also be quite pricey over a year's time. Instead, fill reusable bottles with lemonade or juice from home. If you have two kids, this small move alone will save you a whopping $35 a month!
Spare Change
Every week, check purses, pockets, briefcases, backpacks and anyplace else you think of for all the pennies, nickels, dimes and quarters you can find. Then cash in coins for dollars. Over one month you're likely to "find" $29!
TOTAL: $502.98
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