ESSENCE
. WORK & WEALTH . YOUR MONEY
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Make Your Day Off Pay Off: 10 Easy Tips to Save More Than $5,000 in Just One Day
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We don’t often advocate missing work, but we’ve found some simple ways for you to make a personal day profitable. Save thousands and get your finances in shape by following this one-day money makeover. By using the Internet, the phone and the Yellow Pages, you’ll end the day with more savings, better spending habits and a solid plan for the future.
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6 Scale back on grocery shopping
Sign up for a membership to a warehouse club such as Costco (costco.com), BJ’s (bjs.com) or Sam’s Club (samsclub.com). You’ll pay between $35 and $100 to join, but according to industry estimates, on certain items, the clubs have prices up to 88 percent less than those at grocery stores and 24 percent less than supercenters like Wal-Mart. Still buy perishables and smaller family portions from the grocery store, says Tawra Kellam, cofounder of livingonadime.com. But those looking for big-ticket items and home-business products can make out quite well.
Annual savings: Approximately $1,400 if you only realize 30 percent savings from a warehouse club, minus the membership fee.
7 Get more out of banking
Try Internet banks such as ING Direct (ingdirect.com) and Etrade (etrade.com), which offer yields of between 4 and 5 percent on savings accounts compared with a 0.76 percent national average. By moving $1,000 from an account earning 0.76 percent to one earning 5.05 percent, you’ll go from making $7.60 to $50.50 per year in interest.
Annual savings: $42.90 in interest by moving money from a 0.76 percent yield savings account to a 5.05 percent yield account
8 Adjust your insurance policies
Compare auto and home insurance rates at lowermybills.com and insweb.com. Keep your home and auto insurance with the same provider to save 5 to 15 percent. Or raise your deductible—the amount you pay first—to save between 15 and 30 percent. With the average annual auto policy at $847, a 25 percent savings could net you $211 per year.
Annual savings: Approximately $200 on auto and home insurance premiums
9 Conserve energy—and cash
Change the filter on your air-conditioning/heating system. A clean filter will cause the system to work more efficiently and use less energy. Then run to the store to pick up fluorescent lightbulbs. By changing all your incandescent lightbulbs to fluorescent ones, you’ll save 30 to 38 percent on lighting costs.
Annual savings: $260 with 20 percent energy savings
10 Cut back on personal-care costs
Get the Yellow Pages and find local beauty schools. You can get the same services of a trendy salon at half the price. The Hair Academy in New Carrollton, Maryland, for example, charges clients in the Washington, D.C., area only $13 for a wash, blow-dry and curl, and $32 for a relaxer and set. “I was skeptical at first about getting a touch-up, but the stylist was closely watched by a licensed professional, and she did a great job,” says Katrina Ruiz, 38, an event planner in Mechanicsville, Virginia, and one of the women who took our challenge. Ruiz will save $320 a year using this hair-care option.
Annual savings: $648 if you get a $40 wash, blow-dry and curl twice a month
HOW DO YOU GET STARTED? GET A MODEL FOR YOUR ONE-DAY MONEY MAKEOVER ON OUR GALLERY BELOW.
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