KHQ Right Now - News and Weather for Spokane and North Idaho | Cut costs now to put breathing room in your wallet

Cut costs now to put breathing room in your wallet

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SPOKANE, Wash. - Right now, many Americans have economic jitters.  The time is now for individuals and families to review their budgets, tighten their belts and determine where they can slash costs to create some breathing room in their spending plan. Here are nine ways to cut costs now.
KHQ wants to know how you are cutting costs. To discuss what you have been doing or to provide others with tips, simply leave your comment at the bottom of the story. Who knows, your advice may make it on to KHQ Local News!

  1. Cut the cable cord. Eliminating cable TV can easily save $50 a month. In a downturn, that is enough to fill up your tank with gas, pay the electric bill or buy groceries. Do be aware, however, that digital TV goes into effect in February 2009. If you have only an analog TV, you will need to buy a converter box. Apply here (https://www.dtv2009.gov/) for a $40 coupon that will bring your converter box cost to around $10.

  2. Go to basic phone service. Eliminate the bells and whistles -- texting, data service, ringtones, music, voice mail, caller ID -- from home and cell phone services to save $20 to $100 per month. Keep one cell phone only for emergencies and share it among family members. Choose a pay-as-you-go plan to save more. Then, keep only one home phone line. Or eliminate the land line and use a basic cell phone for all your calls.

  3. Skip the Internet. If you do not require Internet service at home (say, for work, some school needs or emergencies), you may be able to eliminate your Internet connection and use the free service at a library or café. The average American is online about 26 hours per month. Cutting out aimless surfing could free up hours for other activities.

  4. Get to know the library better. The public library is no dusty repository of boring tomes -- today, it is full of books as well as magazines, cookbooks, movies, graphic novels, TV shows, fitness DVDs, music and more. If the local library does not carry something you need, ask about interlibrary loan (ILL) to borrow materials from a library elsewhere.

  5. Buy used. Many items -- from clothing to ski boots to books to furniture -- are available used. Check thrift stores, sites like eBay or Craigslist, or yard sales. Often, used goods sell for as little as 10 percent of the original retail value. Shop regularly, take advantage of coupons and discount days, and bargain where possible to get the best deals.

  6. Barter. Evaluate what skills you have that might be valuable to others and trade instead of paying someone. Can you sew curtains for a handy repair person who can help fix your washing machine? Will a neighbor babysit if you watch her house and pet while she goes on vacation? Build stronger connections while saving money.

  7. Buy in bulk. Bulk buying might cost more at the outset, but over time it will save you big bucks (assuming it is for items you need). Purchase bulk volumes at a warehouse club or even with a "case discount" at a local retailer. Check prices on Amazon.com, where customers can save as much as 15 percent by subscribing for a frequent purchase (think toilet paper) to be shipped to you on a regular basis. Before you buy, however, compare prices on a per-ounce or per-square-foot basis to be sure you are getting a better deal -- not just more of a product.

  8. Think before you replace something. If an appliance, accessory or other household item breaks, refrain from immediately replacing it. Will your hair look fine without a new flat iron? You could save $30 (and some time). Can the vacuum cleaner be repaired? A new band or gear could help you avoid a $100 purchase.

  9. Pick up extra cash. Spread the word that you are willing to work, whether babysitting, shoveling snow, running errands or doing pet pick-up. If you have time for a job, try holiday retail or parking cars, which offer tips for extra cash. Or look into mystery shopping, making crafts to sell online or other quick jobs you can do at home.
When times are tough, every little bit helps. It can be difficult to cut corners, but you might find that by trimming the fat, you find some additional peace of mind -- and that can be priceless.
KHQ wants to know how you are cutting costs. To discuss what you have been doing or to provide others with tips, simply leave your comment below. Who knows, your advice may make it on to KHQ Local News!