Print
(From Financial Literacy Blog) – Monday, September 23 was officially the first day of fall. Now that summer vacations are behind us and back-to-school shopping is over, you may have discovered that you have a lighter wallet or a longer credit card statement. Before your spending increases again during the costly winter and holiday season, you can save some money by implementing these tips into your financial plan this fall:
Budget for Black Friday
According to the National Retail Federation, more than 165 million Americans shopped either in stores or online between Black Friday and Cyber Monday last year. The average shopper spent just over $300. If you’re planning on taking advantage of the sales this fall, you should consider starting to plan for those purchases now. Spontaneously spending $300 of your hard-earned income can derail your budget. Instead, try saving away a smaller amount each week from now until then. There are still eight weeks until Thanksgiving, which means if you saved $37.50 every week, you’d have $300 by Black Friday. However, it’s important to remember that regardless of how good a deal may be, it’s not really a bargain if you don’t need it. If you don’t spend the full $300, put whatever remains into a savings account or emergency fund at your local credit union.
Make Home Improvements
It’s no secret that energy costs can become very expensive when the temperatures begin to drop. Investing in home improvements now can save you a lot of money in the long-run. Around 25% of the warm air in your home is lost due to leaks and holes. If you were to spend $1,000 on either oil or firewood, that’s like having $250 escape out of the drafty areas of your home. Consider caulking around windows, door frames, electrical outlets – wherever a draft may be. While caulk may cost you upwards of $10 now, it will save you much more than that over time. If you have a chimney, now is the time to have it professionally cleaned. Waiting until winter can not only result in cold days at home, but an added expense as well. Due to inclement weather conditions and a high demand for work, a professional chimney sweep may charge more for the same job during the winter season. The same concept remains true with servicing your heating system. Have your wood stove, furnace, monitor, boiler, or heat pump serviced before the premium prices kick in. On top of saving you the extra money and hassle of scheduling a service or repair in the middle of winter, routine service can help your heating system run more efficiently.
Negotiate Your Prices
With the holiday season quickly approaching, many companies begin offering promotions this time of year. This is a great opportunity to negotiate a better deal on your insurances, internet, cable, phone plan, and other subscriptions. Make a list of your weekly or monthly expenses and do some research to see what alternatives are being offered. Many companies offer incentives for switching or simply have a more budget-friendly price. First, call your current provider and request a lower price. Explain what the competition offers. You may find that they’ll match the competitor’s price, which saves you money, and the time and energy of switching. If you’re unsuccessful in negotiating a deal, now is a great time to switch and start saving.
Shop Seasonally, Strategically
While your goal is to ultimately save money this fall, shopping out of season is a great long-term savings strategy. With a little planning and willingness to stockpile items, great deals can be found this time of year. Now that summer is officially over, you may find that a number of retailers are offering an end-of-summer clearance. You can often find great deals on summer clothing, beach items, outdoor furniture, grills, lawnmowers – whatever someone would often pack away until the warm weather returns next year. If possible, hold off on purchasing any items that will fill your Halloween, Thanksgiving, or Christmas inventory. The prices for those items may drop after the New Year, which is another opportunity to shop off-season and hit your long-term savings goals. You can find a bargain shopper’s comprehensive guide here, which outlines tips on saving on your shopping list year-round.
Happy fall!