Monday, November 7, 2011
Money Monday: Don't Waste Your Money
We all work hard for our money, but we also waste it many times without even realizing it. On tonight's Money Monday, 7s Lynn Martinez shows us some simple ways to keep more money in our pockets.
WSVN -- Teresa Verez doesn't like to waste money, that's why she buys generic over name brand whenever she can.
Teresa Verez: "I think it has the same ingredients as the name brand does, and it's the same at a cheaper price then why not?"
Just do the math: This pack of name-brand allergy medication is $11.99. Publix brand allergy medication with the same ingredients and is $7.29.
Name brand oatmeal is $5.07, generic is $3.39. The brand names cost $17.06, generic $10.68. That's a savings of $6.38 on just two items. Imagine if you had a cart full. Using coupons can also drastically reduce your bill.
Teresa Verez: "If you can save a buck or two that helps."
Another quick way to put money in your pocket, stop paying $3 or $4 ATM service fees
Elizabeth Karwowski: "That is wasting money."
Elizabeth Karwowski of Get Credit Healthy says, use your own bank's ATM or get cash back whenever you can. Never pay for a checking account. In fact, some banks will pay you to open one and always make sure your checking account is making interest.
Elizabeth Karwowski: "If you put money in a checking account or a savings account and if you're not making any type of interest on it, I like to say it's the old school way of putting money under your mattress, you're not doing anything."
When it comes to credit card interest rates, pay down those cards. If your credit is good ask for a reduction in your rate.
In fact, always ask for a lower rate on all of your bills. Many companies will negotiate if they think they might lose your business.
Even doctors will sometimes lower their fees if you ask. And finally, if you're looking for a house never waste your money by buying more than you need.
Lori Scott: "Today's real estate shopper is not just aware of what the house is going to cost, but what it will cost over the long haul. The electric bill, the water bill- the lawn maintenance."
It can all add up to savings or dollars down the drain depending on how you spend.
Buying used cars even clothes and furniture can also save you big bucks.
FOR MORE INFORMATION:
47 Simple Ways to Waste Money