Money Saving Tips that you can Use Every Day – Part 2

Welcome back for Part 2 of our money-saving tips 3-part blog series. A lot of the tips that we offered in Part 1 were quite general but the tips that we will be giving you today will help you save money on more specific things such as prescription drugs, your banking services, insurance of all kinds and even the costs you pay for transportation. So, without further ado, let’s get started.  Enjoy.

  • If you have just seen your medical doctor and you’re going to need a prescription ask your MD to write you a prescription for generic drugs if possible. This can literally save you hundreds of dollars over name brand medications that do exactly the same thing.
  • If you are going to be taking prescription drugs on a regular, ongoing basis shop around to find the store, supermarket or pharmacy that offers your specific drug at the lowest cost.
  • Just as you can  save money by buying the generic or store brand you can do the same with your over-the-counter medications, vitamins and other health product needs.
  • Make as much effort as possible to never bounce a check. The $20 to  $30 expense just isn’t worth it and the savings easily add up to a $500 emergency savings fund.
  • Maximum effort should also be used to reduce your credit card debt as early as you possibly can.
  • Unless your bank has an excellent ATM service policy don’t use ATMs to get cash because the ATM fees can be quite high.
  • Once a year you should reevaluate your automobile and homeowners insurance, as well as check rates from competing companies to see if you’re paying the best price.
  • Speaking of insurance, raising your deductible will lower your premiums by several hundred dollars a year. Of course if you do have a claim you will lose a bit more but statistically speaking the savings will outweigh the loss.
  • If your children are grown and on their own or if your spouse works you might want to consider dropping your life insurance coverage. Use whatever money you save to fund your retirement account or an emergency fund.
  • Get into the habit of shopping around for gasoline. An easy way to do this is to get an app on your mobile phone that will tell you where the cheapest gas is, such as the GasBuddy app.
  • If you live in a city or town that has public transportation such as subways and or buses you should use those much more often than you use a taxicab.
  • When searching for airline tickets make the extra effort to really search diligently. Also, start your search well in advance and check every day to see if you find a special deal that will sometimes pop up on a carrier’s website.
  • If you and your spouse are living alone and don’t receive a lot of visitors you should definitely consider moving into a smaller home or possibly even a condominium or apartment. Put the money that you make on the house sale into your retirement fund and do the same with the money that you will save on maintenance costs.
  • Whenever possible live as close to your work as you can. If you work from home at least two or three days a week you can save a tremendous amount of money. For example, if you drive 5000 miles less this year than last year you will save approximately $1000.
  • When it comes to home repair you should definitely compare contractors and, if possible, use one who successfully did a job for a family member, friend or neighbor. Also, insist on a written quote that is guaranteed not to change and don’t pay in full until you are satisfied with the work that was performed.

Wow! Even we were surprised by the amount of excellent information that we came up with for part two. We hope that you can take away from this blog a little bit of advice that will help you and possibly a lot of advice. We also would like to invite you to come back soon for Part 3. See you then!

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