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Fourteen Money SavingTips

  1. Tax break – Many towns give tax relief to older homeowners, based on income.  Contact your town real estate tax office for more information.
  2. Safe driving discount– Auto insurance discounts may be available to graduates of AARP’s Driver Safety Program which can cost as little as $15. Ask your insurance agent.  Restrictions may apply.
  3. Hearing aids – Lions Club International and other organizations sponsor recycling programs that help the financially needy obtain hearing aids.
  4. Charitable tax deduction – Don’t overlook charitable contributions made through payroll deductions.  There often is no line on your W-2, but the information should be available on your pay stub.
  5. Save the cash – People often spend less on fast food and other purchases when paying in cash rather than debit or credit card because paying in cash “hurts more”.  And, some gas stations offer a discount if you pay in cash.
  6. College financial aid – you may have an increased chance for a better financial aid package simply by applying as early as allowed.  The later you apply, the greater chance that the aid you want has already been depleted.
  7. Reduce mortgage interest – Adding a little extra to the principal of your mortgage with each payment can greatly reduce the amount of interest you will pay.  For example adding $10 per payment can take 14 months from a 30 year, 5%, $100,000 mortgage and save you $4,500 in interest.
  8. Save on Refrigeration – Keeping your refrigerator’s coils free of dust can save about 6% on it’s power.  Be sure to turn off the refrigerator before you do it.
  9. Electricity – Disconnect your cell phone and other electronic devices when they are fully charged.  They can draw power when they are plugged in so don’t leave them plugged in overnight.
  10. Heat and Air conditioning – Heavy drapes can lower energy bills.  Buy and hang them once and save money year after year.
  11. Save at the grocery store – Many supermarkets will give you 5 cents for each of your own bags you bring.
  12. Rental Car Damage – when renting a car take photos on a camera with date imprint to document the condition of the vehicle at the time you received it.  This can help avoiding being charged for damage that you did not do.
  13. Hangers – When you buy clothes, ask the cashier if you can keep the hangers they are on.  Many will say yes saving you the cost of buying hangers.
  14. Saving on postage – Buying “forever stamps” means you won’t have to worry about future postage rate increases for a 1-ounce first-class letter regardless of the future.

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