Happy New Year! Letâs hope 2012 proves to be a frugally prosperous year for us all. While we ponder what our New Yearâs resolutions will be for the ensuing year, here are a few money-saving ideas that may get you off to a good start.
1. Refinance your mortgage. The interest rates havenât been this low in my lifetime. If you donât have a mortgage, you might want to think about getting one. The savings on lower-interest rates can be reinvested elsewhere. Have you seen all the advertisements lately on reverse mortgages?
2. Use a Smartphone App for cheap gas. There are a number of free Smartphone applications that will tell you the cheapest gas prices in a 5-mile radius of your location. This really pays off if you are traveling, since the gas stations nearest the highways are usually higher in price.
3. Use your Smartphone as a price scanner. Again, there are a number of free Smartphone applications that use the camera on your phone as a price scanner. Just scan the product codes on the items in the store and the Smartphone app will tell you if there is a cheaper price in another store in the area. You may not even have to go to the other store if the one you are in âmatchesâ the price of the competitor.
4. Donât think generic is always cheaper than name brands. Just because the item in the store has a generic label and is marked âon sale,â donât think it is always cheaper. Make sure you compare the price and quantity to name brands that just might be cheaper.
5. Avoid Illinois Toll Roads. Effective January 1, the tolls doubled on Illinois toll roads. If you donât have an I Pass, now is the time to get one. Save 50% off the toll price when you use I Pass. Alternatively, use the back roads if it doesnât add too many miles to the trip.
BONUS TIP: Restrain your Compulsive Buying. The holiday buying season is over. Curb your urge to buy by waiting another day before buying. Do you really need that new car? Donât feel sorry for the auto dealers, they had a banner year in 2011. Best wishes for a frugal and prosperous 2012.
Keep those letters coming, folks. Send your ideas to: The Frugal Forum, P.O. Box 693, Huntley, IL 60142 or by email to: thefrugalforum@gmail.com
