Trimming down the cost of a monthly car insurance premium may be easier to do, especially if you've recently been laid off.
Depending on state and insurance carrier, the cost of your car insurance premium can be trimmed if you drive less because of a job loss or change in commuting habits. An annual mileage estimate change could lower your cost... and not lower your coverage. A quick call to your insurance agent will determine whether you qualify.
For example, the Well Heeled blog reports that after losing a job, the annual mileage estimate with job interviews included was still much lower than the daily commute. The savings? A $75 a month premium was lowered to $60, and the recipient received a $135 overpayment from the auto insurance carrier.
Think you may be eligible for a lower monthly premium thanks to your annual mileage estimate? Here are signs that may result in a lower premium depending on state:
Change in job situation, meaning a shorter commute
Change in relationship, meaning you have moved in with that special someone
Change in environment, meaning you've moved to a city from a rural area
Looking for a more energy-efficient light bulb? Make it dimmer.
According to lighting experts, there are several ways to make a light bulb more efficient. More often than not, manufacturers resort to dimming the light bulb itself.
How did it all start? Regulators in California decided to mandate a 5 percent reduction in bulb wattage for incandescent bulbs, in order to help energy efficiency in the state. This happened a few years back, and since new bulbs hit the market ever since, the bulbs save energy by being dimmer. The new bulbs are each 5-watts less than the old, and keep your home a little darker at night.
A more efficient bulb does not have to be a darker one. Experts report that bulbs can be filled with different types of gases and advanced filament designs can also be used. In California, the bulbs seem only to be dimmer. A study by Ecos, a consulting firm and energy-efficiency program developer working for utilities and government agencies shows almost all of the new bulbs in California are on the low end of allowable brightness for each class of light-wattage. Many of the lights are even much dimmer... 10 percent more so than the models they replaced.
Does cutting back on bulb brightness set a bad example? According to a New York Times article, some analysts think so. Chris Calwel, a senior research fellow with Ecos, says "In general, efficiency advocates want to see no loss in the service delivered, so even a 5 percent reduction in lumens is unfortunate. It would be nice if a manufacturer would offer an improved incandescent product that legitimately matched the light output of today's incandescents and achieves all of its energy savings from higher efficiency."
For now, not that many people have been rushing out to buy brighter and higher-wattaged bulbs since they've hit the market in 2008, according to manufacturers. However, they have in the past. GE has misled consumers in the early 90s, and settled the dispute with the F.T.C. The F.T.C. found that the packaging misled consumers, by not adequately disclosing the bulbs were dimmer than the bulbs they were to replace. Sound familiar?
Less than half of people surveyed in New Jersey believe their personal financial outlook will approve this year, according to a survey conducted by Fairleigh Dickson University's Siberman College of Business.
According to the report, 48 percent of New Jerseyans have hope that their personal financial well-being will improve in 2010 while 23 percent are thinking negative. Last year, the figures were even more grim. 46 percent thought they would be in a better financial standing, and 25 percent thought they would be in a worse standing than before.
The scary truth? 18 percent of New Jerseyans reported being better off, while 54 percent reported being worse off by the end of 2009.
Professor Sorin Tuluca, of Siberman College of Business and an expert in financial crisis, says the worst is over. "This year the consumer might be closer to the truth than a year ago," he says. "Indeed, most of the indicators point toward an economic recovery. It's just not happening as fast as people are hoping."
Luckily for New Jerseyans, the unemployment rate is stabilizing. "Stabilization in unemployment is good news. Even if the upward trend is not as steep as we would like, it is there," Tuluca says.
58 percent of residents believe business will pick up in the next 12 months, compared to 42 percent last year. As for unemployment, 67 percent of residents report they or someone they know closely has lost a job. This is a dramatic increase from last year's 54 percent. Luckily, this percentage has not increased since October.
Unfortunately, a stabilized unemployment rate is not the most important factor when it comes to a positive financial outlook. Last year 12 percent of New Jerseyans reported they refinanced their home, or they took out a home equity loan. This year, 5 percent of residents report of thinking about doing either. Tuluca explains, "People who are in a position to borrow more have either taken advantage of low rates or are being very cautious."
If New Jerseyans were given $1000, what would consumers do? The survey shows that 34 percent would save the money, 15 percent would spend it, 43 percent would pay bills, and only 6 percent would give the money to charity. Here are a few more New Jerseyan stats from the survey:
60 percent of residents are not confident about their children's economic future, 31 percent are.
If workers were to be laid off, 45 percent would only be able to live on their savings for less than six months.
56 percent of New Jerseyans think housing prices are on the rise in 2010. 26 percent think they'll decline further and 11 percent say they will stay the same.
Have a vehicle in need of repair but unsure of how to save the most money?
Car repairs can be expensive, especially with no insider advice. Fortunately, we've compiled money saving tips from mechanics themselves, from Grismer Tire and Sevoian Cycles. Here are the top five:
Maintenance is key
The most important part of being a car owner is keeping up with the routine maintenance. Make sure to keep fluids in balance, align the tires, check the treads on the tires and check to see if the vehicle gets proper oil changes and tire rotations. Routine maintenance will increase the lifespan of a car dramatically and it will point out any potential future problems.
Compare those prices
Shop around! An article in the Oxford Press mentions RepairPal.com. RepairPal offers a cost estimate for repair and labor based on the zipcode, suspected problem and car's make and model. Just because one car costs $400, another may cost $1000. Makes of cars and engine types can allow for dramatic price differences.
Forget about the dealership
If you're not under warranty from your dealer, you aren't obligated to go back for service. If they offer great service for a great price than definitely go back... but if the price is high, see the above tip and shop around! If the vehicle is an older model, it is known that dealers can pump your tires up, but not all the way, or even influence you to buy a newer car and trade in your older one. Not always the case, but this is an insider tip.
Use coupons
Who knew there are plenty of coupons for cars going around online? Many local shops have coupons for repairs floating around the web. Many other repair deals can be found in newspapers and even phone books. For example, Grismer Tire offers a coupon for a year of free oil changes with the purchase of four tires. The savings? $200.
Chat with the mechanic
Last but not least, talk with your mechanic. The mechanic is not there to frighten you, he is there to answer any of your questions. The And, he knows a lot more about your vehicle than you do. So talk with him. Ask him questions about your car, and ask him questions about his mechanic experience. Try to stay away from the salespeople, they are there to sell you new services that are unnecessary.
Unsure about a repair? Ask to check out the mechanic's report which will show details on how your car compares with dealer's maintanance specifications. Building a relationship with your mechanic will more likely than not grant you several perks and discounts on your next repair.
Looking to cut the cord? MagicJack, the device that promises dirt cheap long-distance calls by creating a way to hookup landline phones into Internet-connected computers, is set to release an updated femtocell gizmo that will do the same trick for cellphones, conserving costly monthly minutes.
The Florida-based magicJack crew unveiled the new gadget, nicknamed the "femtojack" by technophiles, at the International Consumer Electronics Show in Las Vegas earlier this month.
The company charges $40 for the magicJack and includes one free year of service, then charges $20 per year for subsequent years. That covers calls to other magicJack users as well as to conventional phones. The pricing will remain the same for the new femtocell.
While cost-conscious consumers are jumping for joy, the news is raising a few eyebrows in the telecommunications world. The device piggybacks on the radio frequencies that wireless service providers pay billions to use.
A femtocell, sometimes called a “home base station” or “small cellular base station,” is a telecommunications term describing a "wireless landline" hub used in small business that connects a service provider’s network (such as cable or DSL) with two to five cellular phones ideal for residential or small-office environments.
Operating the card-sized device is simple, but has limitations. Consumers register their cellphone number one time with magicJack after plugging the device into the USB terminal on their computer. To tap into the subscription-based service, cellphone users must be within eight feet of the magicJack.
This home-only caveat is how the "femtojack" is able to avoid potential legal scrutiny. MagicJack plugs into the wireless spectrum legally because licenses don't extend into the home.
A survey conducted by Consumer Reports for its January 2010 issue finds that despite "smarter phones," more flexible plans and faster wireless networks, cellphone service continues to be among the lower-rated of all the services the watchdog group evaluates.
Responses from more than 50,000 readers based in 26 U.S. cities showed that two-thirds of respondents had at least one major complaint with one in five readers citing high prices as their top concern.
"America is in love with the cellphone, but they are lukewarm about cellphone service," says Paul Reynolds, electronics editor at Consumer Reports. "They're especially concerned about its cost in these tight economic times."
The survey ranks Verizon as consumers' favorite wireless carrier, applauding the service provider for its customer service, voice connectivity and network reach. However, respondents had issue with Verizon's high cost.
On the other hand, T-Mobile ranked second in the report for its cost-efficient value but had less-than-stellar marks for messaging, web and e-mail services. Sprint and AT&T tied for the bottom slot scoring low in customer service and voice connectivity respectively.
More than one-fourth of respondents say they opted for a service provider based on the carrier for a specific phone, with Apple iPhone leading the way winning over a staggering 98 percent adding that they would buy the phone again despite the below-par ratings for its exclusive service carrier AT&T.
The survey explores the buzz surrounding prepaid phones revealing that the non-contract option is actually cheaper than traditional cellphone service billed on a monthly basis. For example, prepaid phones often costs $25 or less per month compared to $50 to $100 carrier fees for contract customers.
Out of those surveyed with prepaid phones, TracFone scored the highest in customer satisfaction with T-Mobile, Verizon and Virgin Mobile not far behind.
Looking for a cost-efficient prepaid phone? Consumer United has teamed up with TracFone's Straight Talk service which offers unlimited talk and text for only $45 a month or $30 for 1000 minutes/texts, 30 MB (about 300 pages) of mobile web access and free 411 calls.
Grocery shopping only a minor expense? Think again.
The average American family of four spends $9,200 a year on food, rounded to $10,000 when paper goods and personal-care products are added to the mix, according to a Chicago Tribune article.
It's time to treat grocery shopping like the major expense that it is.
Stephanie Nelson serves up some valuable advice on how to cut costs at the supermarket. Expert shopper and author of "The Coupon Mom's Guide to Cutting Your Grocery Bills in Half" offers tips on how to save on groceries.
"Your mortgage is set, your car payment is set and you have to pay your taxes. The biggest spending category where you have some wiggle room is groceries. People don't realize that by learning a few tricks, they could be saving a lot of money," she says.
Here are some planning tips from Nelson, depending on the time you're willing to commit:
Five minutes for great savings
Take five minutes at the store to go over strategy and save 20 to 25 percent off supermarket prices. Don't worry about the brand as long as the price is good. When buying food, use the five minute rule to avoid unnecessary precooked and pre-washed foods. If it takes more than five minutes to hunt down a deal, avoid the purchase.
"If you need to save money, being brand flexible is a pretty easy way to do it," Nelson says.
30 minutes for fantastic savings
Looking to spend 30 minutes of planning each week? You can save around 50 percent in savings. Rule number one- shop with a list. Check out the store's weekly flier and plan meals around the week's bargains. Match those sales to coupons from your local paper, and online such as CouponMom.com, CouponSurfer.com and Coupons.smartsource.com. Make sure to keep a price log to see if savings for the week are legitimate. Tip from Nelson? Weigh lettuce heads. Lettuce heads are sold buy head, not by weight, so get the most lettuce for your dollar using nearby scales.
An hour for unbelievable savings
Willing to put in an hour or more a week for grocery planning? You'll earn 60 to 70 percent off the full price of groceries. Shop around for the best deals. This means checking out discount stores, warehouse clubs and drugstores for the best bargains. Look into store policies regarding rain checks, internet coupons, competitors, and guarantees on store brand. The trick is to buy in bulk when on sale and freeze the extras until needed.
Buyer beware? Don't fall into the trap by buying a one-size-fits all life insurance policy.
No medical history required. No one turned down. No worries, right? Not so fast.
It's important to sign up for life insurance. But, it shouldn't be an impulse buy nor too simple to obtain. If it seems too good to be true ... it probably is. Take some time to do the research and make sure you double check the policy's terms and conditions.
For example, the crew over at The Globe Life and Accident Insurance of Oklahoma City offers a one-size-fits all package. According to an e-mail blasted into millions of AOL accounts, folks can snag a $50,000 policy for a mere $1 per month. Just a few clicks of the mouse and life insurance is obtained.
Bottom line: it's a bare-bones life insurance policy. It's not an investment so there's no cash value built up over the years.
On the surface, the one-size-fits-all policy sounds appealing. However, according to a Star Ledger article, it gets ugly after consumers start to dig deeper.
"When you buy a one-size fits all insurance policy - where the company is agreeing to cover everyone who clicks on an email, calls its phone line or responds to a marketing pitch- you're going to get a high-cost policy," the paper reports.
A healthy person will be treated as if he/she has significant health risks, because the underwriting assumes that if you could save a lot of money with a different policy elsewhere, why would you take on this kind of coverage?
Although Globe Life may work well for someone in their 50s, the closer a person is to 80 the less valuable their policy is, and the more likely a person is to let things lapse. There's no guarantee of a death benefit. This isn't stated in print of course, and according to a Star Ledger article it is not easy to get an answer about cash-value or the length of the term.
Need help navigating through the complexities of selecting the right life insurance policy? Let Consumer United do the work for you. Contact our expert Aaron B. at 617-209-4299 or e-mail him at Aaron.Biedrzycki@consumerunited.com for a quote.
If your New Year's resolution for 2010 is to get your financial life in order ... you're in luck. The next 12 months can be a year of savings and good economic health, thanks to some tips compiled from the National Foundation for Credit Counseling.
Keep an eye on spending It's easy to overspend, especially when using a debit card or credit card. If expenditures aren't tracked along the way, it's easy to go way over budget. Write down every cent spent for 30 days straight or use an online money-tracking service like Mint.com. This will make it easy to tell where the money is going, and where spending can be cut.
Pay off your debt
Learning to live below your means is important, especially if there's debt to be paid. Adjustments will have to be made in order to live a life that is realistic given a certain income. Otherwise, you are headed down the hole of future financial trouble.
Avoid avoidance
Don't avoid or ignore financial problems. Deal with them immediately! The sooner the financial problems are dealt with, the sooner good finanical health will come in the future. Reach out for help, or talk to a counselor the first sign of financial trouble.
Talk with the family
According to a Detroit News article, keep your decisions regarding money all in the family and your likelihood of success will increase dramatically.
Always have savings
If a credit card is the only form of savings when a financial emergency strikes, the chances are the bill will not be able to paid back. Add to a savings account monthly... even if it's only $20. The savings will add up, and credit card won't.
Make a strict budget
Keep your budget tight. By allocating an amount of money to each spending category, you will spend money to your best advantage.
Set a financial goal
Plan ahead ... not just for the next day. Setting short and long term goals are important in defining an end result, and clearing a path in order to get there.
Heading to the theater for a flick this weekend? You're not alone. Take a look at what movie theaters don't actually tell their consumers:
'Bells and whistles is our middle name'
"Avatar" in IMAX is a big deal, and the theaters knew it would be. The movie theaters are becoming more experimental, and IMAX and 3-D technology is on the rise. The reason? profit. Theaters are able to charge $2 to $3 more dollars for tickets. Rich Gelfond, IMAX CEO, says that customers like it. 3-D screenings have also won half of the whole audience for films including Pixar's Up. The novelty sells.
'Our advertising is making us rich'
Arriving at the theater for the movie's scheduled time means arriving just in time for 20 minutes of advertising. The ads aren't going away anytime soon, says spokesperson for the National Association of Theater Owners, Patrick Corcoran. In 2003, marketing firm Arbitron 's study reported two out of three audience members didn't mind the ads. However, 3,400 moviegoers signed a position to end Regal Cinema's ads. Dick Westerling, senior VP of marketing and advertising at Regal says, "The pre-show presentation has been a part of theater exhibition for many years."
'It's a good thing you're sick of Blockbusters'
Digital technology is making it easier and cheaper to distribute a film. Due to the change, there are more opportunities for independent filmmakers to get their films to the theater. Cinedigm CEO Bud Mayo says "It's like a big iPod." Theaters can now set up screening schedules by trial and error, without the cost of shipping heavy film canisters the old-school way.
'Our concessions our incredibly profitable'
Candy, buttered popcorn, a cold fountain drink. These are all associated with going to the movies, and the theaters are raking in the dough. According to a Yahoo Finance article, the average customer in 2004 spent $2.51 at the candy stand, compared to $3.09 in 2008. A large popcorn and fountain drink cost around $10.50. Theaters are getting away with it because it's a captive audience. Customers are not allowed to bring in any outside food or drink.
'We never hear your neighbor's cell phone'
Do the theaters ever take action if your neighbor is making too much noise? Theaters rarely take action on customer disturbances such as noise or the glow of a cellphone for fear of customer backlash. Also, the movie chains are afraid of losing their younger audiences--a demographic that tends to flock to the movies. In response, a Midwest chain of theaters called Kerasotes Theatres had implemented an "enchanted evening" policy. On select Friday and Saturday nights after 9 p.m., no one under 18 is allowed into a movie without an adult.
It may be wise to say "no" to brick-and-mortar stores when buying electronics.
The prices at retail stores can be pricey, even when looking to buy a simple electronic item like a basic USB cable. Based on several reports, the more complex the electronic item, the more expensive.
For example, a reporter at the Boston Globe refused to pay $30 for a piece of insulated copper with little connectors on each end. Rightfully so. When you're on the prowl for electronics, it may be smart to kick brick-and-mortar shops to the curb and head to the world wide web for great discounts and amazing steals.
For example, eBay offers simple electronics for a bargain. The same USB cable that sells for $30 in retail stores costs $10 including postage on eBay. Although still an auction house, eBay offers many products sold by small retailers for a set price. eBay comes in especially handy when looking for simple electronics. USB cables, headphones, cell phone chargers, iPod accessories probably won't malfunction. When searching for electronics such as televisions or cameras however, eBay can be a gamble.
eBay isn't the lone wolf of cut-rate digital accessories. Amazon.com has recently opened AmazonBasics, selling digital accessories priced extremely competitive. The selection is sparce, but what is there is gold. a Boston Globe article speaks of a 6-foot HDMI cable for high definition tv. At Best Buy the price is $13. Amazon Basics offers the cable for $5.54, with a total of $11.12 after shipping. Yes, shipping is a downside, although it is free when spending $25 or more.
When looking for electronics online, there are many sites offering great deals, so make sure to shop around. Many sites including Nextag.com and OnSale.com, offer discounted electronics.
OnSale.com offers savings on big electronics as well as accessories. There's even a current promotion being offered for laptops--up to 80 percent off. The New iPod Nano with digital recording is only $133.98.
Trimming down the cost of a monthly car insurance premium may be easier to do, especially if you've recently been laid off.
