By Ashlee Ogrzewalla, Manager, Financial Planning & Marketing
Beyond managing your subscriptions and keeping daily expenses low, there are countless creative ways to save more. Each summer, AARP Bulletin publishes “99 Great Ways to Save,” featuring tried-and-true tips to stretch your dollar. Below are 10 categories that comprise some of our favorite strategies that apply to everyone and always make the list.
1) Bank Efficiently
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- Choose credit cards with low interest rates and cash-back options.
- Set up automatic bill pay to avoid late fees.
- Make extra payments toward your mortgage principal.
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2) Cut Utilities
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- Keep your fridge temperature just below 40° F.
- Insulate hot-water pipes for better efficiency.
- Wash clothes in warm (not hot) water.
- Seal windows to reduce drafts.
- Replace old bulbs with LED lighting.
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3) Increase Savings
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- Take advantage of senior discounts.
- Automate transfers to high-yield savings accounts to boost your emergency fund.
- Carefully review medical bills for errors.
- Raise insurance deductibles (if feasible).
- Bundle home and auto insurance for discounts.
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4) Optimize Your Electric Usage
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- Electric companies often charge less during non-peak times, offering a potential reduction of 10% or more on your bill.
- Run the laundry and dishwasher early in the morning or late at night.
- Use smart plugs or timers to automate usage.
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5) Travel Tips
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- Carry an empty water bottle to refill after passing through the Transportation Security Administration, or TSA, checkpoint at the airport.
- Visit national parks during fee-free days.
- Watch for online travel alerts for discounts and safety updates.
- Take advantage of “restaurant week” deals in your city.
- Book airline travel within flexible dates for cheaper fares.
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6) Ink-Conserving Printer Fonts
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- Choose lightweight fonts before printing documents.
- Opt for Times New Roman over Arial or Calibri to conserve ink.
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7) Car Oil Change Sensors
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- Rely on your vehicle’s built-in sensor to notify you when it’s time to change the oil.
- Avoid outdated rules, such as changing the oil every 3,000 miles.
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8) Discounted Gift Cards
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- Use reputable websites to buy unused gift cards at reduced prices.
- Always check the fine print for shipping fees and restrictions.
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9) Comparison Shopping
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- Use barcode-scanning apps to compare prices instantly while in a store.
- Discover whether an item is cheaper elsewhere before purchasing it online.
- Track price drops and get alerts.
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10) Gas Purchase Timing
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- Fill your tank on Mondays, which tends to be the day with the cheapest gas prices in most states.
- Avoid buying gas on Fridays, when prices are typically highest, according to GasBuddy.
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Saving money doesn’t have to mean sacrificing comfort or convenience; it’s often just about being informed and making intentional choices. By adopting a few of these strategies, you can develop more informed spending habits and improve your financial well-being throughout the year. Start small, stay consistent, and celebrate every dollar you keep in your pocket.
Looking for more tips? Your financial advisor is an excellent resource for money-saving strategies and to help you put those savings to work.
IMPORTANT DISCLOSURES: The information provided is based on internal and external sources that are considered reliable; however, the accuracy of this information is not guaranteed. This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards & Co. is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional.