AP
25 tips for under-25-year-olds making $25,000 or less from the St. Petersburg Times. A lot of these tips are not only good for your wallet, but good for the environment too.
1. Don’t top off your tank, which can overflow and waste gas. Pumping past the auto shut off can also damage the vapor recovery system on the pump.
2. Change your home computer settings. Turn if off when it’s not in use, especially when you’re asleep or at work. Make sure it goes into sleep mode quickly when it’s not in use (screen savers don’t save much power at all). Screen savers are also not necessary for modern LCD monitors. If you want to save even more, unplug your computer when you’re not using it.
3. Buy gas in the early morning or late evening when it’s cooler and gas is densest. Pumps measure volumes of gasoline, not densities of fuels concentration. Stations also are inclined to raise prices during rush hour.
4. Use grocery store savings cards. These can add up to big savings over the long run.
5. Pay your bills on time. Late fees and penalties are useless budget killers. Set aside some time each week to pay bills, or set up automatic bill payment through your bank. (Just be sure to monitor your account balance; overdraft fees are budget killers, too. And we don’t even have to mention credit cards, do we?) In case of emergencies you can get fast cash with a short term payday loan. Check paycheckatm.com to find a location near you.
6. Look for gas station that offer discounts for customers who pay cash. Credit card companies make as much or more money than station owners do on each sale.
7. Let your Kenmore do the dirty work. Use your dishwasher, but only when it’s full. Washing your dishes by hand wastes more water. And to save more water, turn off your sink faucet when shaving or brushing your teeth. Buy a low flow shower head, or dual flush toilet. You may be able to get tax breaks for these purchases, and you can save money on both your water bill and your waste water bill.
8. Cut back on meat. Plan vegetarian meal several times a week. And think of meat as a seasoning instead of the main ingredient – like Asian and Indian food. Better for you, your budget and the planet.
9. Drink water from the tap. Millions survived this way before bottled water … and soda and RedBull and pomegranate-infused iced tea …. Most bottled water is filtered tap water anyway.
10. Hi-octane or regular? Unless your engine in knocking save your money and go with the cheap stuff. Experts have concluded that engines designed for regular unleaded doesn’t improve with premium fuel. Furthermore, don’t feel guilty about putting regular gas into a car designated for premium. The power loss is so slight, most drivers won’t notice the difference. Premium fuel actually contains less energy. Most modern cars have knock sensors that will adjust timing to prevent knocking in engines requiring high octane fuel when regular is used.
11. Use less A/C. Raise your thermostat while you’re at work. Boosting your home’s temperature by 10 to 15 percent for just eight hours can shave your anual electric bill by as much as 10 percent. Also try cutting A/C use in your car, I’m telling you it will increase your fuel economy. Start with turning the A/C off when driving at night, it’ll be cool enough outside you won’t miss it. Don’t forget not running the A/C doesn’t mean you can’t use the fan.
12. Wear clothes more than once before washing them. Unless you’re plowing fields, they’re just not getting that dirty.
13. Give up recreational shopping. Find pastimes that don’t involve acquiring more stuff; you may become a more interesting person, and you’ll certainly spend less. (Organize a clothing swap for your fashion fix.) Buying second hand can not only get you some great deals, but you’re also creating less waste.
14. Know your gas mileage. Estimate ahead of time how much a trip is going to cost you. If a buddy’s house is 100 miles away round-trip, and your car gets around 25 miles per gallon, that means it will cost you four gallons of gas, or about $16. Worth it? Than grab your keys. Not worth it? Make other plans. Even short trips cost more than you might realize, a trip to some place just 6 miles away (a 12 mile round trip) will cost you $2 with todays gas prices.
15. Things to avoid at the grocery store: junk food, frozen dinners or prepared entrees and sugar cereals. All cost more and pack minimal (or no) nutrition.
16. Be kind to your car. Find your auto manual and read the maintenance schedule. Replace your air filter every 20,000 miles or so, check fluids at every oil change and spark plugs every 30,000 miles. Replacing a clogged air filter can increase mileage by 10 percent. If you anticipate stopping for a few minutes, turn off your car. Restarting your engine consumes the same amount of gas as idling for one minute.
17. Monitor your texting habits. If you’re spending more time texting than talking, pick a cellphone plan that’s tailored to your needs.
18. Pack your lunch at least most days. Brew your own coffee. Bring your own snacks to work. Cook your own dinner (and bring leftovers for lunch.) You could save hundreds a month. It might also be healthier for you. Use reusable containers to save money over zip bags.
19. Watch your speed. Generally, each 5 mph you drive over 60 mph increases your cost per gallon by about 20 cents. Anticipate traffic to avoid slamming on your brakes or accelerating quickly, which can drastically reduce your fuel efficiency. And don’t load your trunk with heavy junk, which reduces your gas mileage.
20. Don’t grocery shop when you’re hungry. You won’t be able to stick to your list. ( You have a list, right? And a budget? If you don’t know how much you can spend, you’ll spend too much.)
21. Cut back on your “one-item” trips. They waste gas, and almost inevitably, you buy more than that one item. You may spend more money on a few small trips when added up than you would on one trip.
22. Check your tires. Keeping your tires properly aligned and inflated can increase your gas mileage up to 3 percent. Properly inflated tires also wear more evenly, meaning they need to be replaced less often.
23. Don’t get a dog unless you’re home a lot and able to absorb vet bills. Changes are, in your early 20s, you’re neither of these.
24. Turn off the TV. Don’t leave it on in the background while you’re doing something else. If you’re shopping for a new TV, LCD screens are generally considered more energy-efficient than plasma screens. Like tip #2, if you want to take your savings a step further, unplug your TV when not in use. Same goes for that power hogging PS3.
25. Make a budget. Plan what you’ll spend each pay period for food, dining out and entertainment. If you want to blow your budget on one big weekend, plan to spend the rest of your free time doing free stuff. You can also save money by seeing matinee movies. Don’t buy snacks at the theater, bring your own. If you must have them, sneak them in! If you have a nice TV, save more by renting movies.
I am personally doing a lot of these things already, what about you?
Bonus tip, don’t smoke! Talk about a waste of money.