How to Save Money

Audra Lowe: In an ideal world, we'd all like to take a chunk of our weekly paychecks and stash them away into savings. But reality sets in very quickly, and most of us unfortunately live paycheck to paycheck. So how can we save without feeling deprived or even feel punished? In today's s Your Money, Pam Kruger host of Money Track is going to show us how we can actually wind up with hundreds of dollars in just 30 days. Welcome back Pam. Pam Kruger: Thanks Audra Lowe: Good to see you again. Pam Kruger: Yeah. Audra Lowe: Just 30 days, huh? Pam Kruger: 30 days. Audra Lowe: Don't take much. Pam Kruger: Give me 30 days. Audra Lowe: Okay. There are a few easy steps that you say you can really find a lot of extra money there and one of the first things you say is to conduct an energy audit in your house. Pam Kruger: Right. Audra Lowe: How much money can you actually save there? Pam Kruger: This is huge. And you've been hearing about this a lot for a reason because it works. You can call your electric company, you can call your gas company and ask a representative to come to your home, and look for all the places where you are leaking energy and suggest you some things like as simple as hey, run the dish washer after hours, turn them like in the middle of the night right before you go to bed instead of like during peak hours. And if you do all the things that are on their little checklist, you'll be amazed. Audra Lowe: Because they know what to look for, right. I mean -- Pam Kruger: Oh, they do this all day long. And they can save you between at least $30, $60, maybe even a $100 a month if your house is large and old and drafty. Audra Lowe: Wow! Okay. Pam Kruger: It's unbelievable Audra Lowe: And that adds up -it's a lot of money, just going out the window, literally. Pam Kruger: These are savings tips without tears. I would never make you cry ever. Audra Lowe: Don't make us cry. We know your money makes you cry. Alright lowering your car insurance premium which a lot people are starting to say hey, I didn't realize how much money I was just giving away to meet it. Pam Kruger: When you sign up for your car insurance, you have got a million of other things going on. You are not paying attention to the fact that you are deductible might be 250, if you just change that and increase it 500, then your premium every month will go down and that savings and premium alone is enough to pay for the difference. Audra Lowe: Exactly. Pam Kruger: -- in the collision. But when was the last time you used a car fix? Did it cost $250? Audra Lowe: Right. Pam Kruger: I don't think so. It's more like $950. So that can save you. I mean on a yearly basis, probably a couple of $100 a year right there. Audra Lowe: Wow! And also maximizing your employment benefits. And I know you always, always say this is a big thing that people need to pay attention to. Pam Kruger: And if you're lucky enough to have a job. Audra Lowe: Yes Pam Kruger: And you are lucky enough to have benefits, hit up your Human Resources person, take you know 20 minutes one day and just run through the checklist and make sure that every free benefit that is available to you, you're tapping in to like flexible spending accounts and health savings account, because you can even pay for daycare for your kids. Audra Lowe: Right. Pam Kruger: Through these accounts using pretax dollars and then roll the balance what you don't use into the next year and save yourself thousands, literally thousands a year without you won't even knowing the difference. Audra Lowe: Yeah. And the services are there, know just use them. Pam Kruger: Absolutely. Audra Lowe: And the last thing I need you to clarify is to save on Juice Boxes. You are talking about the little Juice Boxes? Pam Kruger: Yeah. You know those Juice Box things they cost between $2, $3 a pop. Audra Lowe: Yeah. Pam Kruger: So say you have two kids or three kids, and they're sucking on those things, you have got several a day. I am talking about $12, $15 a day worth of juice boxes. So right there you are talking maybe $150 a month conservatively. And what you do is make home made lemonade with the kids and just use reusable plastic bottles and the kids will love it because they made the lemonade themselves. Audra Lowe: Because you are really just paying for their convenience of having the individual products. Pam Kruger: And there are a couple of hundred bugs right there. Audra Lowe: Good stuff! I like the fact that you come by here, and give us all these extra tips. Thank you so much Pam. I like seeing you anyways. Thank you so much. Alright, stay with us we'll be right back. 3