Money-Saving Tips

Buy your electricity when it is on sale l 8 simple ways to save money on energy l Save BIG on phone bills
How to reduce your everyday expenses l How to reduce your car expenses

Buy your electricity when it is on sale

Did you know that your electric company puts electricity on sale everyday? Absolutely! You see, your utility company classifies daily electricity use into on-peak and off-peak periods. During on-peak period, electricity use is at or near the company's maximum capacity. By contrast, electric consumption is very low during off-peak period, so your electric company has a lot of electricity to sell during this period.

To encourage more consumers to use electricity during the off-period, utility companies offer huge discounts (40-50%) on electricity use. To take advantage of this savings opportunity, all you have to do is to adjust when you use electricity in your home, rather than how much electricity you use. This means running your appliances (like washing machine and dryer, dishwashing machine, cooking stove, etc) during off-peak period each day. Being smart about when to use electricity in your home can help you cut your electric bill by up to 50% each month.

In general, off-peak period is from 9pm to 7am weekdays and 24 hours on weekends. To save money on electricity, simply do most of your energy-intensive chores during this period. Examples of household chores you can do during this period include laundry, dishwashing and even cooking.

How do you find out the off-peak rate for your electric company? There are two ways to find out. First, you can call the customer service dept of your electric company and ask for off-peak rate. You may also be able to get the information online. Another way to get the information is to check your electric bill. Some electric companies provide two rows on their bills, one for on-peak rate and the other for off-peak rate.

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8 simple ways to save money on energy

You can reduce the amount of energy you use in your home each month, resulting in savings of hundreds of dollars a year.

Here are a few examples of steps you can take.

1.	Get a home energy audit. Every 2 years or so, ask your power company to audit your home as well as help you find ways to use energy more efficiently.

2.	Go fluorescent in your home. You can save big on electricity by trading your standard incandescent bulbs for more efficient Compact Fluorescent Bulbs (or CFB). Luckily, prices on CFBs have dropped dramatically in recent years.

3.	Buy more energy-efficient appliances. Appliances with Energy Star Sticker are much more energy-efficient than standard appliances, and they meet or exceed energy standards set by the U.S. Department of Energy and the Environmental Protection Agency.

4.	Use energy-efficient roof on your home. There are now better roofing materials that conserve energy. For example, light-colored roofs like white, galvanized metal or cement tile reflect the sun better compared to other roof types. They also cool quicker at night.

5.	Install programmable thermostats in your home. These can cut your yearly electric bill by at least a quarter, especially if no one is at home most of the day. Simply set it to turn on your air-conditioner a half-hour before anyone arrives home. This will help you save big on electricity in the summer.

6.	Fix leaky faucets to save hot water energy. Did you know that one drip of hot water a second amounts to 20 kilowatts a month in wasted energy?

7.	Lower your hot water thermostat. You could save up to 25 kilowatt hours of energy a month by simply lowering your hot water thermostat by 10 degrees but no lower than 120 degrees.

8.	Seal all leaks around your home. Seal cracks and small holes around windows and outside walls. Check for small holes on plumbing pipes, telephone wires, dryer vents, sink and bathtub drains, etc.

Saving money requires doing things differently. Review your budget, find areas where you can cut costs without making major changes to your lifestyle and take action. You will be amazed by how much you can save a month.

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Save big on phone bills

You do not necessarily have to spend hundreds of dollars on phone bills each month. You can enjoy all the convenience of telecommunications without "breaking your bank".

Here are a few tips to help you reduce your monthly phone bills.

1.	Periodically comparison shop for phone services. Every few months, comparison shop for a phone service to see if you're paying too much for your telecommunications services like internet, land line phone and cable/satellite service. If you find a better deal, contact your telecom provider and negotiate for a better deal or switch.

2.	Cancel extra services you don't use. You don't have to have extra services (like call waiting, caller ID, voicemail, call forwarding and three-way calling) if you don't use them. Similarly, don't pay for cell phone block add-ons like text messaging, web surfing and music downloads if you don't use them.

3.	Use only phones that are necessary. Cell phones can be expensive, especially if you're footing the bill for a houseful of users. Determine the phone needs of your family and cancel lines that are not absolutely necessary. Did you know that canceling just one line on your family plan can result in significant savings each month?

4.	Sign up for a plan with free nights and weekends. This way, you can make your weekly calls then. This will help you save money on long distance service as well as help you save cell phone minutes.

5.	Consider switching to an Internet telephone service or Voice over IP (VoIP). This could save you a lot of money if you make a lot of long-distance or international calls. VoIP providers often charge only a flat fee and don't have all the extra charges that traditional telephone companies charge.

As the saying goes- every little bit helps. Do not underestimate the difference these changes can make on your monthly budget.

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How to reduce your everyday expenses

If you really want to keep more of what you earn each month, all you have to do is review your spending habits. There are plenty of areas in your budget where you can make save some charges.

Here are a few examples.

1.	Take your lunch to work. An average meal at a cafeteria cost $4 - $5. By preparing your lunch at home, you could save up to $2 a day.

2.	Carry only small amounts of cash in your wallet. You will be surprised to find out how much money you spend on little things everyday just because you have the money in your wallet.

3.	Use direct deposit for your pay. You will be less likely to spend money if your paycheck goes straight into your account.

4.	Control your use of credit cards. Credit cards encourage needless spending. Use your credit cards for emergencies and necessities ONLY.

5.	Don't go shopping just for fun. For some people, shopping is a way of dealing with boredom or frustration. Well, this turns out to be a costly habit in many cases.

6.	Make it your priority to save. Set your monthly savings goal, write it down and carry it in your wallet or pause as a reminder.

7.	Buy only what you need. Don't buy things just because they are on sale. Make a monthly budget and stay on budget.

8.	Use coupons to save money. There are coupons for virtually everything you need. You just have to find them on your local newspapers or coupon websites.

9.	Use a grocery-shopping list. Avoid impulse-buying. Try store brands. You will cut your monthly grocery bill by at least a third.

10.	Pay your bills on time. This will save you unnecessary charges in the form of late fees, connection fee, high interest rate, etc.

Give your family budget a complete "makeover." Yes, you can pay less for more. Begin today.

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How to reduce your car expenses

You don't have to spend a sizeable chunk of your pay on car expenses each month. These simple tips can help you get those expenses under control.

1.	Reduce fuel consumption. Drive smart by adopting driving techniques that maximize fuel economy. Doing so can increase the fuel efficiency of your car by 15 to 20 percent. These proven money-saving techniques include reducing your speed, avoiding stop-and-go traffic, consolidating trips and errands as well as checking your tire pressure.

2.	Do some of your own maintenance. Performing basic maintenance on your car can save you a lot of money. For example, 4 quarts of oil cost $10 - $25 but the average cost of an oil change at a shop can run anywhere from $30 - $100. It doesn't require any skills to these basic tasks (like check your tire pressure and fluid levels, change oil and filter in your engine, replace your tire, etc) but it costs a lot to have someone do them for you.

3.	Shop around for insurance rates. In some states there are up to 200 auto insurance companies authorized to do business and each can have different pricing structure. Every six months or so, shop around to see if there are better deals to be had. If you find a better deal, call your insurance company and negotiate … or switch.

4.	Reassess your insurance needs. Adjusting your insurance needs can dramatically reduce your premium. For example, raising your deductible from $200 to $1,000 on a comprehensive insurance policy will save you an average of 40 percent or $100 per year on premium. Those with older cars may want to consider dropping their comprehensive coverage. Experts recommend that consumers should consider dropping comprehensive coverage on a car if the annual premium is 10% of its book value or more.

Be creative. Find smart ways to bring your expenses under control; it is worth the effort and time you put into it.

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