Your Daily Savings Tips

This post is Part 19 of our 21 part series designed to help you find ways to spend less and save more.  With this post we’re up to 59 tips you can already bank on, and on track to finish our series in three weeks as originally planned.  Here are today’s tips you can put to work immediately:

Don't bury your head in the sand. Start saving today.

57) Start a savings plan today. It won’t pay to cut expenses if you don’t manage to put aside some of the money you earn in the process and allow it to accumulate.  Savings are a critical element of any successful financial plan.  Experts suggest saving up an emergency fund equal to a minimum of six months of your regular income.  If you make $2000 a month, that’s $12000.  If you make $5000, that’s a $30,000 fund.  While an amount that large can seem like an impossible goal, you don’t have to do it all at once.  Try putting something aside every month.  Start today.  Remember:  Even a small savings is better in an emergency than no savings at all.

The surest method to start saving is to set up an automatic transfer from your checking account.  On the day you deposit your paycheck, have the bank transfer a preset sum to savings—for example, you could start with $100 or the most money you think you can afford without having to dip back into your savings account during the month.  You can set up an automatic transfer yourself if you do online banking.  Even if you start with only $10 a month this will add up over time.  And don’t forget interest!  Yes, today’s passbook savings interest rates are puny, but they’re bound to go up again.  Also, to be sure you beef up those savings whenever you find there’s a little extra in the budget—just make an extra deposit direct to your account.  If you already have an emergency fund, you might also want to have separate savings accounts for special purposes, like traveling or purchasing furniture, appliances, cars or other big ticket items.

This truck is past due for a car wash.

58) Wash your car. When the weather is at its worst, it’s easy to want to skip washing the family car.  Unfortunately, all the grit and grime that accumulates on the finish can cause micro scratching that dulls and mars the protective coating over your paint job.  Though car washing companies have an interest in saying so, they often make the claim that washing the dirt from your vehicle is a terrific way to protect your investment.  In this case, we tend to agree.  With a new car costing thousands, it pays to keep it in top form.  Another related tip:  Don’t forget to vacuum up the interior.  It’s easy to let dirt and clutter accumulate inside a car.  What many people don’t realize is how much stuff gets picked up by shoes or stray items and transferred into to a vehicle’s interior.  Ultimately, you can create a dusty and in some cases moldy environment that does a real number on sinus and allergy sufferers.  Do yourself a favor and try to make cleaning your car a regular part of your maintenance routine.

When was the last time you checked your oil?

59) Change your oil at regular intervals. In the previous tip we learned why it’s important to keep your car clean.  One other critical car maintenance tip is to change your engine oil frequently.  Oil coats and protects your engine parts by reducing friction.  That cuts wear and tear and that, in turn, saves you the cost of repair.  If it’s been awhile since the last oil change, remember new oil works far better to protect your engine than old, dirty oil so go ahead and have it changed.

It’s a good practice to check the manual that came with your car.  It will tell you what kind of oil the manufacturer recommends you use and how often they suggest you change it.  Most auto experts suggest an oil change every 3000 to 5000 miles.  Some oils are designed to last longer so it matters what type you use.   These days, many new car dealers may offer free oil changes for the first 100,000 miles or more when you buy a new car.  There’s a reason they do this: Less wear and tear on the engine directly translates into less chance your car will require warranty service.  That saves them money and saves you the hassle of getting your car fixed as often.  If your dealer doesn’t offer free oil changes, you can often find great coupon savings in those direct mail envelopes that come stock full of deals every week.  It’s worth sorting through them to find one.

Please tell your friends about us and come back tomorrow for 3 more tips!

By Bob Anderson

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