10 Ways To Improve Your Financial Situation In Just 15 Minutes

Orro Says:

October 16th, 2007, 5:11 am

point 4 programmable thermostat is great. A pointless waste not to have one and not only saves you money, it is environmentally friendly.

Orro
http://www.dragonlasers.com

Bong Says:

October 16th, 2007, 5:13 am

Hi!

A penny saved is a penny earned. :D We’ve trashed incandescent for 15 years now and banking online, very convenient and less fees.

Jwalant Natvarlal Soneji Says:

October 16th, 2007, 7:56 am

I love the style author has!
Here most of the things are covered and in full detail, and the most important thing is that, small things that can really make change are also covered. It shows his interest and thinking capability in the process of life.
Being an Indian, I guess half of the things don’t apply to me, cause of many reasons, but still it certainly makes a good difference in once living.
Thanks,
Jwalant Natvarlal Soneji

fandd Says:

October 16th, 2007, 8:02 am

Good post. Number six is my favorite. I love using my public library. Through my library’s interlibrary loan system, I can get just about any book I want. Plus, most library systems are on-line so you can request a book right from your computer.

To piggyback on #5, another quick way to improve your financial situation is to review your car insurance policy for discounts. Some companies offer a discount if you take a driver safety course. Depending on what you save, it could be well worth it.

I was also able to raise my deductible because I get a credit that goes toward my deductible for each year I am insured without a claim.

The Dividend Guy Says:

October 16th, 2007, 8:54 am

Google post. For the automatic savings point, I would suggest that people consider index funds to put their savings into. Of course, this depends on what the goals of the savings plan is. If it is an emergency fund then cash is important. If it is savings for retirement, and your retirement is a long ways off (i.e. at least 5 years away, preferably longer) then index funds are simple and easy.

Emma Says:

October 16th, 2007, 10:12 am

This is a great post, I’m going to call my credit card company now and see if it works! I have heard mobile phones are often so keen to keep you as a customer you can call and get a huge reduction in bills.

I need persuading on the light bulbs though. We got some free from our electricity company and they take forever to get bright. It’s so gloomy in our dining room that I don’t like eating in there. Are there any good energy saving bulbs?

Craig Says:

October 16th, 2007, 10:15 am

Be sure and check the price difference between raising the deductible on your comprehensive and collision coverages. Generally speaking, you will save a greater amount with a higher collision deductible. You may not save enough on the comprehensive to justify a higher deductible. In agreement with fandd, you should review your coverages and discounts annually at the very least. Companies are constantly shifting their rates and discounts in an effort to make a profit while staying competitive.

Yes I’m an insurance agent.

Elaine Says:

October 16th, 2007, 11:27 am

Emma - I attended a presentation from a Philips guy at a workshop last weekend, he demonstrated a whole bunch of products that they have. If I understood right, taking a long time to light up is a problem with the ballast, not the bulb, so you probably have a magnetic ballast now and an electric one would fix the problem. He also demonstrated a few CFL bulbs that are more in the red end of the colour spectrum than blue - that is, they give off warmer light. I was pretty impressed, so give those a try.

Elaine Says:

October 16th, 2007, 11:29 am

Oh, also, halogen isn’t as efficient as fluorescent, but it is a lot better than incandescent. Demonstration Guy showed us a few low-wattage halogen bulbs they have. Plus they work quite well with dimmers.

Debbie M Says:

October 16th, 2007, 11:53 am

I would actually lose money if I got a programmable thermostat. I gather that the point is that that you can program it to turn on before you get home instead of having it on all day, and turn it up before you wake up instead of having it up all night?

I just wait until I get home to turn it on, and then turn it off when I leave. I turn it down when I go to bed and turn it up when I get up. I do risk forgetting to turn it off when I leave, but that’s extremely rare now. And I don’t risk having it automatically come on when I’m not going to be there.

And when you come in to an uncomfortable house and turn on the AC or heater, it feels very good to stand or sit in front of the vent. Because you just turned it on, it stays on for a while, feeling quite luscious.

**

I’m not a very good consumer (don’t buy much) but I did recently decide to check whether my favorite places have customer programs, and several did. Quite fun! Some of them even have free events (book signings, festivals) as well as coupons.

**

I totally love libraries, but don’t have good luck with movies or CDs, especially if they are popular and have been there a while. Multi-CD sets (like for foreign language learning) tend to have CDs go missing. And apparently other people like to play table hockey with these disks or strap them on their feet to use as skates because they get very scratched up and dirty.

But a lovely cheap way to spend an afternoon (using someone else’s air conditioning) is to hang out in the library reading magazines. Bring note-taking materials or money for a photocopier in case you want to record a recipe or other good idea.

Libraries also often have activities like book clubs and neighborhood meetings and may be good places to pick up things like tax forms, neighborhood newsletters, and even financial aid forms.

Rahul Says:

October 16th, 2007, 12:45 pm

Great article,

I’ll get started using these right away.

I actually just saw a commercial for Charles Schwab bank having a checking account that has a 4.00% APY interest rate, PLUS it refunds any ATM fees you may incur when you withdraw from another banks ATM. That’s pretty cool!

Rahul

Eugene Says:

October 16th, 2007, 13:47 pm

Great post! The biggest thing that’s helped me with my finances is simply keeping track of exactly what I spend. It’s really easy, especially with Excel. Granted, it does take some getting used to writing down absolutely every penny in and penny out, but it’s definitely worth the effort!

Bruce Says:

October 16th, 2007, 13:56 pm

As a fellow blogger, when I saw this headline in my feed reader, I clicked on it immediately. The article was a good one and that was a bonus but Kudos!!! to you for that great headline.

The financial advice provided was great also.

Eric Monse Says:

October 16th, 2007, 14:31 pm

Some great ideas. The small things really add up.

Debi Says:

October 16th, 2007, 14:36 pm

Wonderful suggestions! One thing re: cutting back on health insurance coverage - If you have children, please don’t reduce your coverage if it will mean you’ll be less willing to take your kids to the doctor.

Recent news has come out that employees who choose low premium/high deductible plans are not taking their kids to the doctors until they are very sick.

If you choose to save money with a lower premium and higher deductible, please be sure to automatically put that savings into an emergency fund so that you will know it’s available in case of illness or accident.

Jolanda Says:

October 16th, 2007, 16:08 pm

What helped me was making a shopping list for my groceries and only go to the supermarket once a week and then buy for the whole week, only to buy some fresh produce at the end of week if necessary. It brought me a cut of 30% in what I spent while I didn’t get the feeling that I had less.

Padysz Says:

October 16th, 2007, 18:12 pm

A collection of fine life experiences!

lovelydisturbance Says:

October 16th, 2007, 18:42 pm

As a family, we are using some of the mentioned techniques.

I didn’t realize the members program at Barnes N Noble was worth the discounts! Thanks for the tip!

Xander Says:

October 16th, 2007, 18:50 pm

Barnes N Noble membership is never worth the cost. Browse for books at B&N, write down the isbn number, then buy off of amazon.com

Wait until you have $25 worth of books on your list to qualify for free shipping.

Gregor Says:

October 16th, 2007, 19:00 pm

Consider also checking your water heater…many times the heat is cranked up meaning that you are continually heating all the water in the tank to a high temperature…do you really crank the water all the up when you are in the shower???

We found by cranking the water heater down half easily saved us 20% on our gas bill.

One other tip…consider online banks like ING or HSBC. Most offer around a 4% interest rate on checking and savings, and offer most of the conveniences of brick and mortar banks like check/debit cards, online bill payment, and no fee access to ATM machines.

We don’t make a ton of money, but I expect we will collect around $200 this year in interest from our online bank.

grace Says:

October 16th, 2007, 19:54 pm

I visit my local library once a week. However, I will browse at B&N and write down titles I’m interested in and order them at my library. I also love their monthly book sales. Hardcovers are a dollar and paperbacks .50 . When I’m done I donate them back or pass them on.

In addtion to the programmable thermostat, try turning down your hot water heater very low during the summer months. We take cooler showers this time of year and we aren’t heating up a whole water tank. If you have to turn on the cold tap to bathe your water heater’s too high.

lovelydisturbance Says:

October 16th, 2007, 22:14 pm

my mistake. the article referenced borders, not barnes/nobles.

i’d advocate using the local library or shopping at the locally owned book store for gifts.

Nick Says:

October 17th, 2007, 0:10 am

Great article. I’ve got a couple comments:
One, CFL bulbs cost more initially, but in addition to using less energy, they have a longer lifespan as well!
Secondly, setting your tires to the maximum pressure is not always the best idea, as the increased pressure means decreased traction and cushion; less traction is of course dangerous on slippery roads, and less cushion means shorter life for the vehicle, e.g. suspension components.
Still, great article! I need to call up my credit card company tomorrow!

Patricia Says:

October 17th, 2007, 0:12 am

Good advice!
About Nr 1, a friend told us to do so. And when we went to the bank, a nice lady told us that we could change banks but they wouldn’t reduce our very high APR. Nevertheless, a few months later we have received a new credit card from the same bank with a lower interest! So, I guess it works!

Gaida Says:

October 17th, 2007, 0:51 am

I shop fortnightly or every 3 weeks. If we run out we just use up what’s in the pantry. I buy fresh fruit, milk & bread usually weekly. It’s amazing how much money you save shopping this way.

I also buy extra when on special eg meat. Divide into portions and freeze.

With house, contents and car insurance… make sure they aren’t covering you for items not needed.. I found this out & of course weren’t entitled to a refund.

Keeping your car regularly services also saves money as everything is running smoothly. When coming down hills I have an automatic car & I usually change down gears so I’m not using my brakes as much. Try to combine your trips to avoid excess petrol costs etc.

Even turning appliances off at the powerpoint saves money.

Using the sun to dry your clothes instead of a dryer.

One of the biggest savings is to pay off, even an extra $20 month off your mortgage. It can take years off your loan.

Before buying anything always ask yourself… Is it a want or a need. If you think you really need it… take a few days to think about it & you might find you don’t really need it after all.

Jeremias X Says:

October 17th, 2007, 1:28 am

I’m so damn poor that most of these don’t even apply to me…especially that credit card stuff. Those things are a rip off. Do yourself a favor and cut them suckers up.

I’ll tell you though…number 7 caught my eye.

The tire store (and roadside service, and possibly the wrecker) is gonna LOVE all the MORONS who follow number 7 as it appears in this article. I tell ya…it seems you left out an admonition or warning for folks from the short bus section…not to EXCEED the maximum pressure no matter HOW MUCH money you wanna save on gas (it won’t be much it’s gonna be high as hell no matter if you could run your poor Goodrich’s at 80 psi…DON’T DO IT) …and it almost sounds like you’re telling them to do just that, if read at “farce value.”

I misunderstood your intention and I apologize for this rant. But I’m bored. Anyhow, I was thinkin’ that just going by the numbers you were throwing out there, and if it’s meant as written to the letter, as I understood it the FIRST time I read it…it’s just BAD advice in general as it will make your tires easier to pop, especially if some idiot inflates it even higher than the max, thinking that it won’t hurt to push it a little. It will, believe me, partner.

Picture this: a balloon, when inflated 3/4 capacity, is a little hard to pop…a balloon inflated all the way…is EASY to pop. Get it? Same principle with a tire. A little more pressure involved and obviously a tougher “balloon”…so just take it as friendly advice from a guy who’s bought too many tires. Please don’t OVERINFLATE your tires. The money you save on gas isn’t worth all that potential trouble. That kinda blowout…at the speeds most folks fly around these days…it could kill ya, bubba. Be careful. On the flip side, not having enough air in your tires will pop ‘em too, due to heat buildup from increased pressure on the low tire on the totem pole (you got 4 of em, think about it…)

Now…I DO ride mine just a hair lower than the recommended but that is because I don’t ever drive that fast…I can’t legally get above 55 anywhere I have to drive in a day’s time here in my county…work or anywhere else…I’m usually cruising at 20 or less on gravel roads. It’s different living out in the country, that’s for sure. Anyhow, hey, it’s good to slow down sometimes and just enjoy life’s bounty, isn’t it?

I also keep the pressure off because, like I said earlier, I run a lot of dirt roads around here. I’d say only 10% of the roads in this county are paved…so I’m becoming accustomed to dealing with these damned tires. Heh. I bet you think I ramble…I do, you should read my blog and see what I have to say about other things, too. Come on, I need more subscribers! (It’s free!)

Have a good ‘un!
http://jeremiasx.wordpress.com

Isobel Says:

October 17th, 2007, 1:46 am

My money-saving tip: Cancel all magazine / newspaper subscriptions.

jen_chan, writer SureFireWealth.com Says:

October 17th, 2007, 2:50 am

My favorite here is number 3. I love shopping a lot, whether it’s for clothes, books or shoes. Often, I come across shops with rewards programs. Others will give you a card once you purchase a certain amount. They can separate receipts. It makes me think back to this one store I liked buying shirts at. The ladies there told me that I can avail of the rewards program by just hanging over x amount of receipts. I didn’t give it much thought and eventually lost the receipts. Too bad. I would have saved a lot if you tally my purchases in one year.

rockstar Says:

October 17th, 2007, 5:12 am

You should NOT be filling your tires to maximum pressure. Air expands when warm, if filled to max when cold you are in trouble. The recommended pressures are in teh door jamb, and should be adhered to - this is a bit confusing as some may decide to run the maximum pressure reading on the tire - definitely a no no.

Jason Litka Says:

October 17th, 2007, 8:44 am

Number 7 is so wrong it’s not even funny. On top of increasing the possibility of a blow out (pressure increases as temperature rises), you’ve just cut the life span of your tires in half (if not more), made the ride significantly harsher, and decreased your vehicle’s handling abilities by decreasing the size of the contact patch, all just to save a couple percent on fuel.

In short, do not fill your tires any higher than the values listed on the door plate (usually on the side of the driver’s door) or as is recommended in the vehicle’s manual.

T Says:

October 17th, 2007, 9:34 am

Maybe I’m missing something … what exactly is wrong with #7? It says to look in your car manual for the recommended pressure - isn’t that what you’re all saying to do?

Jason, you say “Number 7 is so wrong it’s not even funny.” and then “do not fill your tires any higher than the values listed on the door plate (usually on the side of the driver’s door) or as is recommended in the vehicle’s manual.” but the first line of #7 in the article says “Look in your car’s manual and see what the recommended maximum tire pressure should be on your car”

What exactly is the complaint? What am I missing?

Kim Says:

October 17th, 2007, 9:37 am

PLEASE dispose of your CFL bulbs properly! They can’t be thrown in the trash like regular light bulbs… they contain mercury. Check with your local recycling program about CFLs. If your local community doesn’t recycle them, you can mail them away to places that will dispose of them safely.

So many consumers don’t know this (who reads the fine print on light bulb packages??) and IMO, the manufacturers didn’t do enough education when the bulbs first went mainstream.

Paul Says:

October 17th, 2007, 10:40 am

Dude, why buy books at Barnes & Noble at full price or even at 10% discount (after paying $25 to join their book membership)?

I buy all my books at swap meets ($1 to $3), library “friends of the library book stores” ($0.50 to $1.50), and if I really want a book I can’t find, I buy used on Amazon Marketplace (often books are offered for sale for anywhere from $0.01 to $4.00, plus $3.99 shipping and handling). I recently bought “The Time Traveler’s Wife” for a total of less than $6, including shipping and handling.

Otherwise, Mr. Zen Habits, I really like your blog. Sometimes you write entries on topics that numerous other people have already written - and I bet you do research by reading their entries and then rehashing them for your blog, but hey, it’s all good. You’re making money and bringing issues to peoples’ attention.

Joe Says:

October 17th, 2007, 13:14 pm

This is directed to Debbie M:

What you do with the thermostat is a terrible idea if you’re seeking to cut your electric bills and run your system efficiently.

I live in northeast Florida, near Jacksonville. The temperatures range from the upper 80s to upper 90s between may and October.

In 1985, we moved into a new house which was equipped with central air controlled by an air-to-air heat pump. When the weather begen to get very warm, we had a habit of shutting the air conditioner off when we left in the morning. My wife would turn it back on when she arrived home in the early evening. Our electric bills looked like the national debt. For an 1100 square foot house, we had bills in the $150-200 range…way too high for the house and the time.

What we learned was that we were better off leaving the air on all the time and simply raising the temperature a few degrees when we left. When my wife came home, she would lower it to something comfortable. When we began doing this, our bills in the summer dropped by more than one-half.

The problem with turning the system off, especially in an area with extreme temps, is that when you fire the system back up, it has to work a lot harder to cool off the house. If I shut off in the morning, the interior of the house might get into the mid-80s by the middle of the day. When we resume the A/C and ask it to cool down to 73 or 74 degrees, it has to run constantly for a longer period to get to those temps.

Therefore, you’re better off setting the thermostat up about 5 degrees, and letting it moderate the interior temperature when necessary, rather then all at once. Remember, even in hot climates, the temperature falls as the sun goes down, so the system doesn’t have to run all night.

The reason programmable, digital thermostats are so great is their accuracy (a manual unit can have a flux of up to three degrees from what it reads). And they allow you to set the system up to run at different settings at different times of the day. For example, you could have the system come on at 6:00 at 72 degrees as you dress for work. At 9:00, the setting could go up to 78 for a few hours (keeping the system off). If you arrive home at 5:00, you can program the system to come on at 4:00 and begin lowering the house to 74. As the evening goes on, you can raise the temperature to meet the outside conditions.

My programmable unit has cool and heat settings (heat pumps do both), and can be programmed by the day or week.

One more hot water heater tip: once a year, power off your heater, close the water valves and drain it from the tap, located near the bottom of the tank. Most have a hose attachment for this very purpose. This will remove the deposits of mineral deposits, sludge and rust than can collect at the bottom of the tank, hurting efficiency. The hose allows you to drain the water away from your house.

Clark Says:

October 17th, 2007, 14:11 pm

Thanks for reminding me that Netflix has to go.
…and oh! How good I feel that my cell phone contract is over! I need to do some serious shopping around for the next one.

Boris Says:

October 17th, 2007, 16:31 pm

Sounds nice but practically to achieve all these steps a person has to be very very aware, which in normal case is not so easy. So just for saving some bucks you have to spend some of your precious time to achieve these steps which otherwise you can spen on earning money.
Earning money is much better than saving. It depends upon person to person what he prefers.

Smoother Says:

October 17th, 2007, 19:02 pm

Online savings accounts are great. I recently got a Capital One Money Market Account. 5% APY which is 4.8% APR or something. Anyway it’s decent and they don’t charge ATM fees (although the ATM might charge you). Seems slick so far. I know there are a few… HSBC, ING Direct, blah blah blah. So far I like ING Direct because of their customer service and Capital One because I know they’re big and so far things are good with them. And Clark, you say Netflix has to go? If you still do watch movies you might want to check out Blockbuster Online, it could be more convenient if you live near one.

Miss Cellania Says:

October 17th, 2007, 20:53 pm

Replacing 14 light bulbs with CFLs will save you $100 in a year? But it will cost that much to buy them! Have you ever dropped one of those $7 bulbs? I have. I’ve also found too many duds that burned out within a week. My 48″ flourescents still seem to be the best bargain.

Leo Says:

October 17th, 2007, 21:31 pm

I also don’t understand the objection to #7 (fill up your tires). Trent says to fill them up to the manual’s recommended maximum … he’s not saying to fill them up beyond that. If you fill them up beyond what’s recommended, yes, that would be dangerous.

As for CFLs, I’ve found them to be pretty reliable. And you can get them for less than $7, so it will cost you less than $100 a year to buy them. Not to mention that they last much longer than the cheaper ones, so you’ll probably save $100 the second year without buying new ones.

Adam Says:

October 18th, 2007, 14:41 pm

It always surprises me when people recommend canceling premium cable channels to save money. Why not just cancel your cable? Some people treat their cable like a utility. If you’re trying to save money, cut the cable.
Regarding airing up your tires, look on the tire, not the manual. Many tires have max pressures above the stock tires. If you’ve replaced your tires, the new tires may have 44psi ratings, versus many tires with 32-35psi. But, USE A GAGE. I’ve worked at gas stations and tire shops. Overinflation is a quick way to ruin a tire, and the cost a lot more than $85. Oh, to those people who think if you fill your tires to the recommended pressure they will blow when the heat up, you’re simply wrong. Heat will add 2-3psi, really no biggie.

Jeff Says:

October 18th, 2007, 17:30 pm

Regarding tire pressure: do _not_ look at what the tire says. This is the maximum allowable pressure, and you shouldn’t be near it. Look at what the car says (usually on the driver door-jam) — this is the recommended pressure based on your particular car, and has been specified by the manufacturer.

For example, my car says tire pressure should be around 35 PSI; the tires have a max pressure of around 50 PSI. If I put my tires near 50 PSI, I’d have a much harsher ride, worse tire wear, low grip, and a high chance of blowing a tire. Instead, I keep it right around 35 PSI for the best balance between ride, grip, wear, fuel economy, etc. as calculated by my car manufacturer.

Fampi Says:

October 31st, 2007, 4:44 am

Great list.

Best homes Says:

October 31st, 2007, 8:34 am

All these ways are good, but wanna so much to spend money without thinking: How much is left? Have i enough money? ::deep sigh::

Portia Says:

November 11th, 2007, 12:25 pm

Yay! This reminded me that I needed to cancel my dial-up service because I recently signed up for DSL. This is going to save me almost $120 a year!

April Says:

April 26th, 2008, 11:25 am

Using the bulbs really does help.

I heard about this two years ago. I changed all my light bulbs to the energy efficient ones. They are more expensive. I got three bulbs in a box for about $8.00. But it did work. My electric bill has been a lot cheaper since then. Great post.