Personal finance expert, Kelley Keehn has a few basic tips that will save you money long-term.
Begin a Payment Plan
By sending in half your monthly mortgage payment every two weeks, you make the equivalent of one extra payment a year. Following this schedule on a $300,000, 30-year mortgage would save you $77,000 in interest over the life of the loan.
When consumers return products after opening the box, computer, electronics, and appliance manufacturers make any necessary repairs and resell returned goods as "factory refurbished." If you buy direct from the manufacturer's website, this lightly used gear often comes with a warranty.
Ask For a Break
I'm good about paying bills on time, but this year I got slapped with a late fee for missing a credit card payment. When I called to explain the circumstances (a snafu with my online checking account), the customer service rep immediately dropped the late fee—and asked if there was anything else she could help with.
Think about When You’re Spending Money
The cheapest day to fly is Wednesday for domestic travel (the others are Tuesday and Saturday) – alternatively, Friday and Sunday are the most expensive days to travel. The cheapest time to fly is typically the first flight out in the morning. Next best times are flights during or after lunch and flights at the dinner house. The best time to buy airline tickets is Tuesday at 3pm Eastern.
The best time to buy groceries is first thing in the morning – that is when perishable foods are most fresh. Financially, the best day of the week to go shopping is likely Wednesday – that’s the day grocery stores start their weekly discount and coupon programs.
The best time to buy a car is at the end of the month or quarter, since dealers usually operate on a monthly cycle and use that time interval to measure sales. The best season to buy a new car is late summer or early fall, when new-model-year vehicles are available, so buyers can get a better deal on the year-older models.
Try to 24 Hour Rule
For 30 days, promise yourself that you won’t make a single big-ticket purchase without waiting a full day. Next time you see something you like, ask the store to hold it for you until the next day. If you still want it 24 hours later, then it’s yours to buy. Whether your weakness is shoes, gadgets or candy bars at noon, this rule can save you big bucks.