10 Ways to Stretch Your Dollar

1. Shop at thrift store and consignment shops. If anything, start with your kids. (You know your son’s new pair of jeans will only last so long. A few trips to the playground and voila - holes in the knees!) It never fails that new clothes are quickly outgrown by growth spurts and horseplay, so why waste your hard-earned dollar? Before you baulk at the quality you think you’ll find in secondhand clothing, keep in mind that most consignment shops have a high quality standard and look for name brand items and popular styles.

2. Create a monthly budget and follow it. It may be the most dreaded word for some people who don’t like feeling the restraint of financial rules, but trust us when we say that there’s freedom in a closely-followed budget.

3. Conserve electricity. The only green we’re talking here is money. Simple things like raising your thermostat a few degrees in the summer time and lowering it a few in the winter time, turning your computer off during times of less use, and only using the washer and dryer when the loads are full will cut hundreds of dollars per year off your electric bill. If you have the cash (not the credit) to by energy-efficient electronics, then by all means. Until then, turn off those empty bedroom lights, take more quick showers than long baths, and make sure your home is properly insulated.

4. Bring your lunch to work. This simple change in your routine can literally save you hundreds of dollars a year. (Let’s just do the math. If you spend only $10 per week a year, taking two weeks off for vacation, then you’re spending a whopping $500 on food that could’ve been brought from home.) Granted, a peanut butter and jelly sandwich isn’t as exciting as what that $10 could give you, but simply saving those lunchtime treats for special occasions will keep your bank account padded (and not your waistline).

5. Adjust your insurance. For starters, raise your deductible from the cozy $250 to the practical $500, or even $1000 if you can stand it. This quick adjustment will instantly lower your monthly premium and afford you extra cash throughout the month to store into savings or go towards paying off debt. (Be sure, however, that you have your deductible amount saved in an accessible account when and if an emergency arises.) In addition to raising your deductible, read your EOBs (Explanation of Benefits) when they come in the mail to check for inaccuracies and stay on top of regularly scheduled check-ups.

6. Make date night low on cost and high on culture. Who says a romantic date has to cost 50 bucks a head? You can enjoy gourmet food by going at lunch time (same food + smaller portions = cheap eats) and taking a stroll around the Amarillo Museum of Art (admission is free).

7. Spend Family Fun Night at home. Instead of the standard go-out-to-dinner-and-a-movie, try the make-a-home-cooked-meal-and-play-board-games plan. A family of four can easily spend $100 on a Friday night grabbing food and catching the latest release at the theater. Cut the excess by making pizzas and renting a movie, or better yet, dusting off those board games stacked in the hall closet. Not only will your bank account thank you for the break, but your children may thank you as well.

8. Create cushion with your tax return. We’ve all done it – started thinking of our Tax Return Wish List late-January, items Santa didn’t bring us or the flat screen that just went on sale with free installation. But we’ve also lived with the regret of knowing that while we may have the latest in television technology for our viewing pleasure, we could have had a couple thousand dollars collecting interest in our savings account. (Remember needing to have your deductible handy? See tip #5) Go ahead and treat yourself to a nice Tax Return dinner (paid with cash), but consider stashing the rest of this year’s return instead of buying that big-ticket item. If anything, pay off that nagging hospital bill that’s been following you around.

9. Test the tricks. Two-for-one. Buy one, get one half off. Buy three, get four. There are a handful of variations, but you get the hint. Retailers will try anything to lure you in their shops in hopes that you leave your brain at the door. Outsmart the big wigs and carry a calculator in your purse for quick, on-the-spot mathematics. Double-coupon day is one thing, but sometimes the numbers just don’t add up. Unless you’re shopping for your quadruplets, and God bless you if you are, chances are you don’t really need four sweaters in every color.

10. At all costs, stop charging. Living on credit is a downward spiral that sucks all joy out of life. Forgive the dramatics, but we all know it’s true. The first step in curing your credit addiction is to cease and desist all card usage, going back to the basic knowledge of our grandparents: Don’t spend what you don’t have.

Part 5 - Tips from the Pros

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