Entries Tagged 'Save Gas' ↓

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The first time I read about the problems inherent in 401(K)s, it was reading Rich Dad’s Guide To Investing by Robert Kiyosaki.  Whatever else you think of him, his discussions of how the tax laws were written and rewritten to benefit the rich and not the middle or lower classes are invaluable, as well as his concern over why 401(k)s don’t work for the vast majority of people.  (Pick it up for a couple bucks used, and while you’re at it read Rich Dad’s Prophecy too for a real hair raiser…)

Here is an article today in the Washington Post saying the same thing, (although where were these articles  five, six ten years ago…)

Jim Cramer too has ALWAYS said to only put into your retirement account what your employer matches.  Beyond that, use a ROTH or some other self-managed vehicle where you can invest in individual stocks, bonds, CDs or investmetns that YOU control, not the ubiquitous index fund or “diversified” global funds.

You may argue with some of the recommendations of these writters, but the underlying logic makes sense, and is borne out by the results in the real world for the vast  majority of people.  It’s worth taking a step back and looking at the big picture.

I have some links and ideas I’m in the process of compiling, from financial types who recommend where to invest now, if at all.  Also some additional ideas for finding cash.  Here’s one for today:

- Get rid of gas cards, which have extremely high interest rates.  Pay cash, and start carpooling once a week or more. Just be sure to bank the savings.  Sounds trivial like most of htese savings tips, but they add up, and in changing your lifestyle you’ll become more financially sound.

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Want to start piling up cash?  For anything you need in the next 5 years, some are advocating that you start saving you cash.  Maybe for beyond 5 years!

Here are some ways to slash your budget and start putting aside cash out of your next paycheck.

Cut these from your budget NOW!:

- Entertainment expenses: movies out, dining out, fast food, expensive vacations in favor of closer/shorter/less costly.  Use the library for movies, video, music, and much more than just books.

- Lunch at the office: take your lunch and save $200+ a month.  Try a potluck once a week with several co-workers for something different.

- Fuel costs: start carpooling, cut the number of trips you take each week, put the kids on a bus or bike instead of chauffering. Driving 55 saves 25-30% of fuel burned by your engine as driving 70 MPH or more.

- Your electric bill: Shut off lights. Switch to CFLs, which save over the long run. Use cold water for laundry, take shorter showers. Turn down thermostat in winter, turn up AC in summer.

- Cable - save $100s a month! Watch on the Internet!

- Try the thrift store. Yes really. We have been buying new and like-new brand-name designer women’s clothing for under $5 per item.  Not to mention other household items – a boy’s  bike, brand new, for less than half price.

- Buy food in bulk, buy it now for the year. Seen the way prices have jumped 10%, 15%, even 25% on items over the past six months?  Clear away some room in the basement or a closet and stock up.

Post a comment with your best ideas for saving IMMEDIATELY!

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Here’s a quick list of five tips to save gas. By using these gas saving tips you can save as much as 20-30%!!  With the cost of filling a tank between $50-80, that’s a nice piece of change.

1.  NUMBER ONE is DRIVE LESS! This is a no-brainer. Start carpooling to work. Combine trips. Don’t drive around just because you don’t have anything else to do. Get out of the car and onto a bike, or walk.  Find fun things to do that are less that 10 minutes from home.  Don’t be one of those people that drives 20 miles extra to a “sale”, not realizing that you just spent 2 gallons of gas getting there and back. Less driving = more money!

2.  Next, DRIVE SLOWER!  It’s true – anything over 65 MPH, ideally 60, burns 20-30% more fuel.  Your engine is not meant to function efficiently at 70,75, 80 MPH. So SLOW DOWN.  Do a test:  See how many days a full tank lasts when you’re slowing down compare to usual fast driving habits.

3.  Inflate your tires.  Don’t laugh. This can cost you another $1-5 per tank. That’s $20 a month.

4.  Find the lowest priced gas station at Gas Buddy – drivers input the lowest prices they find in their area. Join and post your own local prices.

5.  Pay Cash. Some gas station owners are still gouging for credit card use.  This BS is likely to increase in a credit-damaged economy.  Use cash to save a few dollars.

Just a word of advice: It’s a good idea to start doing some or all of these, since over the next ten years we’re really going to see fuel costs rise as supplies dwindle.  Day to day, prices might be a little higher or a little lower, but into the future, there is nowhere for prices to go but up.  Hear T Boone:  $150 a year from now…

Boone Pickens: $150 A Barrel Next Year

More tips for saving gas coming soon so subscribe to Saving Cash Tips today!