12 ways to cutback
"Free time is hard to come by, but these days money may be even more scarce," says my story in today's Daily News. "Need I remind you that your 401(k) has lost up to 20 percent of its value?"
"Or that median housing prices in the San Fernando Valley tanked by 35 percent in August, reducing them to January 2004 levels?
"That unemployment is at 7.8 percent in Los Angeles County? And that our national debt has more zeros than a box of Cheerios?
"Stop. This is not another depressing story about the crumbling economy. We have all read enough of those.
"Instead, I am offering ways to reduce spending on child care, food, services, transportation, housing, utilities and medicine...
"Cutting entertainment and frivolous extras will help, but it's not a long-term solution, says personal finance whiz Laura Rowley, author of "Money & Happiness."
"To just slash all the fun in your life is not a sustainable way to slash budgeting," Rowley said.
"It requires constant vigilance and willpower to avoid fun splurges, but making permanent cuts to core expenses keeps bills down in the long run.
"To get started, rev up that do-it-yourself spirit. Instead of paying others to labor for you, be proud of working for yourself.
"Once you roll up your sleeves, consider these practical tips to save money without drastically changing your lifestyle."
$ Go with a cheaper cable-TV plan to reduce your bill while maintaining home entertainment.
Depending on your viewing habits, Netflix may be cheaper. Watch out for cancellation fees.
$ Give yourself home manicures and pedicures to nix your monthly salon bill.
$ Install a programmable thermostat to save up to 25 percent on your utility bill. The average family spends $1,000 each year to heat and cool their home, which means annual savings of $250.
$ Install a low-flow shower head that uses 2.5 gallons per minute to cut your usage by 20 percent to 40 percent.
$ Consider lowering your insurance premium by opting for a higher deductible - if you have the savings to cover it. Ask your broker about other discounts.
$ If you are between cell-phone plans, cut back monthly minutes, eliminate extras such as texting or switch to a low-cost plan for emergencies only. Your friends may hate you but your budget will not.
$$ Instead of giving your kids an allowance, talk to them about cutting back in tough times and suggest they get jobs around the neighborhood to earn money. Many neighbors may need cheap help to mow lawns, walk dogs and wash windows.
$$ Form a baby-sitting co-op with friends or neighbors, like my parents did in the '70s. One Saturday, you go out while they watch your kids. The next weekend, you switch.
$$ Plan five meals for the week around bulk items you can buy at a discount. Buy groceries for that week's meal plan to cut your takeout tab and stick to your list. Prep meals on the weekend and stash in the freezer for a quick bite later.
$$ Cancel your gym membership and exercise outdoors. Remember to factor in cancellation fees.
$$$ Trim gardener and housekeeper visits to half as often and pitch in between appointments.
$$$ Split a nanny with another family to reduce your hourly tab.
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About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
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Saving on gas $$$ and driving time is important. Write a list of errands that must be done, and plan a route that is the most direct, to and from your home, so that you use less fuel and save on wear and tear. Avoid jack-rabbit starts and high speed abrupt stops. Both of those this add to auto maintenance.
Buy in bulk the pantry foods you use most often, ditto meats that can be frozen. Look for "seconds" and "day old" items at the market, and bargain bins at the meat counter. Cook using crockpots, BBQs, and pressure cookers, and grill on stove tops, as energy is conserved when the oven isn't used. Stretch meals by using beans as a protein substitute/boost, and use canned diced tomatoes to add economical nutrition.
Read nutrition labels if you have children, or anyone in your family has health issues. Plan ahead, clip coupons, and shop wisely.
I didn't realize how thifty I am until I read this list!