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December 29, 2008

Secret to saving: Trim a little here, a little there

Simple changes can have a big impact
Daily Record • December 29, 2008

By Peggy Wright

Reducing household expenses in a tight economy doesn't mean subsisting on day-old bread or cloistering entertainment-hungry children in their bedrooms.

Simple life changes -- but ones requiring imagination and adoption of a more frugal mindset -- can equate to a hefty savings in living and entertainment expenses, consumer and financial experts say.

Lynne Olver, chief librarian at the Morris County Library, says anyone with a library card can save a bundle by checking out, free of charge, DVDs, the latest magazines, newspapers and bestsellers, and musical selections. Bypass the Internet café if you don't have the service at home and use the high-speed, Internet-access computer stations at the library, Olver said.

"The worse an economy is, the more people turn to us. There are ways for people to save money by using the gem in their own backyard," she said.

The library also offers computer classes -- free and hands-on -- in PC basics, Excel and PowerPoint, and a slew of programs for children, Olver said.

Cutting back on expenses by using common sense and coupons is Minnesota resident Kimberly Danger's forte. She gained national prominence after launching in April 2000 her website Mommysavers.com, which advises mothers on how to save money.

"Take a look at every part of your budget," she said in a telephone interview from her home in Mankato, Minn. Big savings, she said, can come by swapping expensive household cleaning products for cheaper but equally effective products such as baking soda, Borax and vinegar.

"With a lot of name brands, you are paying for the scent more than anything. The generics are just as good," Danger said. "It's not just about buying cheaper but about buying smarter."

Danger also recommends saving money by cutting out cable television or reducing expanded cable to basic cable. Save on utilities by turning down the thermostat at night in the winter and when away from home for prolonged periods. Cut back even further by knocking the water heater down a few degrees, she said.

Consumers should consider saving as much as $50 a month in fees by ditching their home telephone land lines if they rely primarily on cellular phones, Danger advocates.

Or, as finance expert Barbara O'Neill recommends, consumers should consider bundling cell phones, Internet and cable television under one provider to pare separate monthly fees. O'Neill is a professor and Rutgers Cooperative Extension's specialist in financial resource management.

O'Neill also advocates a no-nonsense approach to saving, such as by keeping a car longer and socking away the monthly sum that was used on a car loan once the debt is paid. Buy a quality, pre-owned car if you can, she also recommends.

"Someone else already took the hit on the depreciation," she said.

Save on utility fees by sealing off drafts, installing extra insulation, or closing off whole rooms that don't demand use. But be careful that any pipes in those rooms are well-insulated so they don't freeze, she said.

Being frugal doesn't mean depriving oneself of enjoying life, O'Neill said. If you enjoy Broadway plays that can wallop the wallet, try buying tickets for productions at local theaters, colleges and playhouses. Try splitting an entrée or appetizer with a friend or family member when dining at a restaurant. Browse second-hand and consignment shops for stylish clothing.

"There's a principle known as 'the step-down principle,'" O'Neill said. "You don't have to give up things you enjoy. Don't stop buying clothes. Don't give up going to plays."

Peggy Wright can be reached at (973)267-1142 or pwright@gannett.com.

Posted by tumulty at December 29, 2008 4:16 PM

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