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Thursday, April 17, 2008

Secrets Of An Extreme Saver

Call them "uber savers." Yahoo finance spills the guts on how to save money. Stetch your dollar.

Finding Ways to Save

1. Saving on Retail

-For example, Carter keeps her Christmas gift receipts and, after the holiday, checks to see if retailers have slashed prices on any of the gifts she's already plunked under the tree.

2. Groceries

-Uber saver Mike Hegarty, a CPA in Des Moines, Iowa, says he saves $500 a year on meat by purchasing whole animals from local farms.

-If you're really devoted to cutting your grocery bill, try buying through a co-op. To do this, you'll need to form a "buying club" with friends and neighbors; forming a group will allow you to order food at wholesale prices from co-op distributors like Associated Buyers in Barrington, N.H., or Rainbow Natural Foods in Aurora, Colo.

3. Automobiles

-"Dealers have to get on the phone and actually negotiate with someone who is not emotionally invested in the purchase. So far, this has helped us not get taken," she says.

4. Giving
5. Commuting & housing

-Hegarty and his wife, who have four children, chose to buy a $150,000 farmhouse some miles outside of the suburbs rather than living in "$250,000 to $350,000 yuppie neighborhoods with my friends," Hegarty says. "That saves us $1,500 a year in (property) taxes and $6,500 a year in mortgage interest."

6. Phone services & other necessities

-Skype is an Internet-based phone system that lets computer users make calls for free or for only a few dollars a month. You don't need an actual phone -- just a computer and, if you wish, a headset, which costs about $20 at Radio Shack or Best Buy.

7. Travel

-Their strategy? Never, ever use cash when you can use a credit card. They win multiple free flights a year by paying virtually all of their bills -- including groceries, utilities and their mortgage -- with a Southwest Airlines card.

Check out the full article here

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