Phil's Financial Tip of the Day:
Save Money Every Day: 10 Painless Tricks
Here are ten simple ways from Allan Roth | CBS MoneyWatch to be materialistic while still improving your finances.
1. Say goodbye and hello to cable
I've had the Comcast triple play (cable, internet, and telephone) for many years. I bought it at the $100 teaser rate that lasted for a year. At the end of that year I began what has become an annual tradition, which is calling the cable company and saying I'm switching if they don't renew my teaser rate. Just as predictable as the seasons, they will tell me how much they value me as a customer and extend it. Occasionally, they will only value me enough to extend it for six months, so I'll need to make two calls.
The same strategy can work on other services - from cell phones to companies that fertilize your lawn. These service providers know it costs much more to get a new customer, so they are willing to lower rates to keep you.
Payoff: 20 minutes a year to save $360 annually.
Phil: I did the exact same thing with Verizon Fios and saved $15 a month on cable service, got a 200 hour DVR box to replace my 40 hour box, and also a $300 Visa gift card from Verizon. So I saved even more at about $600 annually.
2. Pick the right credit card
I hate credit cards. Though I have them, I use them as charge cards, never paying any interest. I search for the cards with the highest rewards. I once picked credit cards for the airline frequent flyer points, but turned a couple years ago to cash back cards. I knew I had made the right decision when my free flight to New York last month cost me over $100 in fees. Airline rewards aren't worth much anymore.
My main card is the Fidelity American Express card, which gives me 2 percent back for every purchase. You can find the card right for you with this Bankrate.com search engine.
A word of caution, however, is that just having a credit card makes you spend more. With one click on any web site, I can put in my credit card information and buy items I'm not sure I would buy if it weren't so easy. Thus, the easier it is to buy, the more you will spend.
Payoff: $720 annually of cash back with no effort.
Phil: I couldn't agree more. I have never payed an interest rate balance on my credit card since I had it going back to 1985. Also I never pay monthly bank fees-I either keep enough in my account or just go to a local bank and transfer my savings there rather than giving away my money.
To read the other 8 common sense savings tips from Mr. Roth:
http://finance.yahoo.com/news/save-money-every-day--10-painless-tricks.html
Quote of the Day from Dave Ramsey.com:
People become really quite remarkable when they start thinking that they can do things. When they believe in themselves they have the first secret of success. — Norman Vincent Peale
Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com and at 8PM on WOR 710
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