|
- Home
- Careers and Workplace
- Go Ahead And Be A Cheap Bastard! … by Neil Smith
Go Ahead And Be A Cheap Bastard! … by Neil Smith
- By Neil Smith
- Published 06/25/2008
- Careers and Workplace
- Unrated
6/25/08
While it is possible to take frugality to an extreme of penny-wise pound-foolishness, it is a valuable trait that, once mastered will give you the skills to get through the tough times when those around are curling up in the fetal position and crying like little girls (insert evil laugh here).
Here are some Cheap Bastard tips that you can practice to save a good chunk o’ change in your daily life:
1. Exercise Patience - New products almost always see a significant price drop after the first few months of their release (look no further than the $200 drop in the price of the iPhone for proof of point). If you don’t need it right this second, wait a bit for a price drop or a sale and save big by striking at the most opportune moment!
2. Fee Negotiation and Avoidance - When buying an item or a service, you can often strongly state that you will be more likely to buy if the fee is waived. This works a great deal of the time. If you have any late fees on bills, you can often call up and have them waived especially if you have a good payment history. Also, there are many choices out there especially for banking and credit that do not charge fees. Find them and use them.
3. Never Buy An Extended Warranty - The manufacturer’s warranty that comes with most products is usually sufficient and by the time that warranty has run out, chances are that the thing you bought (especially if it is a technology product) will be obsolete to the point of there being more value in replacing it anyway. The only extended warranty I would recommend is an extended powertrain warranty when buying a used car (only if the used car is over $10,000) to protect against major transmission or engine failure in the first 10,000 miles. You can usually buy this for around $1000.
4. Purchase Airline Tickets As Far In Advance As Possible - This will usually land you the best deal. Also, if you have plenty of time on your side, it rarely hurts to spend a couple of months reviewing fares and waiting for a great deal to come along that you can pounce on. I personally have always found my best values at Orbitz.com, but many tell me they have better experiences at sites such as Priceline.com, Expedia.com and others.
5. Make Your Own Meals - Eating out is much more expensive and often less healthy than eating at home. Plus you get the added advantage of personal and private quality time with those closest to you.
6. Buy Your Car Used - The first 10,000 miles on a new car are the ones that devalue the car the very most. There’s a lot of life left in a car after the first 10,000 miles, so why not purchase at the point where you will reap the maximum value? I personally purchased an extremely clean 1994 Honda Accord EX Station Wagon in 2001 with 118,000 miles on it for around $13,000 and it has been the best car I have ever owned. I now have 255,000 miles on it and still going strong! Be sure to follow your maintenance schedule (in the manual - YES - READ THE MANUAL DUMMY!) religiously and choose a AAA approved mechanic (subject to routine stings and pop inspections) that you trust and that you can communicate with easily.
7. Walk Instead of Drive When Only Going A Short Distance - You’ll save gas, wear and tear expenses and you’ll get some great exercise.
8. Be Energy Efficient - Add insulation to your home, lower your water heater to 120 degrees, put on a sweater if you’re cold and open a window if you’re warm, fix leaky faucets, caulk and weather strip your doors and windows, use compact fluorescent light bulbs, landscape smartly and plant shrubs and trees that will block winds in the wintertime and shade your home in the summer.
9. Review Your Service Plans - Know when your contracts expire for such things as your cell phone, internet, cable tv, etc. and price shop and review options with other providers as well as your own. (Here’s a hint - The cancellation department of your current provider is a great place to get the best deals. They are often empowered to offer savings above and beyond the sales departments in order to keep you as a customer!)
10. Read and Contribute To LET’S GET AHEAD! at http://www.letsgetahead.com - This one is so obvious, it should have been #1!
Please visit my website at http://www.letsgetahead.com for more great articles like this one!
While it is possible to take frugality to an extreme of penny-wise pound-foolishness, it is a valuable trait that, once mastered will give you the skills to get through the tough times when those around are curling up in the fetal position and crying like little girls (insert evil laugh here).
Here are some Cheap Bastard tips that you can practice to save a good chunk o’ change in your daily life:
1. Exercise Patience - New products almost always see a significant price drop after the first few months of their release (look no further than the $200 drop in the price of the iPhone for proof of point). If you don’t need it right this second, wait a bit for a price drop or a sale and save big by striking at the most opportune moment!
2. Fee Negotiation and Avoidance - When buying an item or a service, you can often strongly state that you will be more likely to buy if the fee is waived. This works a great deal of the time. If you have any late fees on bills, you can often call up and have them waived especially if you have a good payment history. Also, there are many choices out there especially for banking and credit that do not charge fees. Find them and use them.
3. Never Buy An Extended Warranty - The manufacturer’s warranty that comes with most products is usually sufficient and by the time that warranty has run out, chances are that the thing you bought (especially if it is a technology product) will be obsolete to the point of there being more value in replacing it anyway. The only extended warranty I would recommend is an extended powertrain warranty when buying a used car (only if the used car is over $10,000) to protect against major transmission or engine failure in the first 10,000 miles. You can usually buy this for around $1000.
4. Purchase Airline Tickets As Far In Advance As Possible - This will usually land you the best deal. Also, if you have plenty of time on your side, it rarely hurts to spend a couple of months reviewing fares and waiting for a great deal to come along that you can pounce on. I personally have always found my best values at Orbitz.com, but many tell me they have better experiences at sites such as Priceline.com, Expedia.com and others.
5. Make Your Own Meals - Eating out is much more expensive and often less healthy than eating at home. Plus you get the added advantage of personal and private quality time with those closest to you.
6. Buy Your Car Used - The first 10,000 miles on a new car are the ones that devalue the car the very most. There’s a lot of life left in a car after the first 10,000 miles, so why not purchase at the point where you will reap the maximum value? I personally purchased an extremely clean 1994 Honda Accord EX Station Wagon in 2001 with 118,000 miles on it for around $13,000 and it has been the best car I have ever owned. I now have 255,000 miles on it and still going strong! Be sure to follow your maintenance schedule (in the manual - YES - READ THE MANUAL DUMMY!) religiously and choose a AAA approved mechanic (subject to routine stings and pop inspections) that you trust and that you can communicate with easily.
7. Walk Instead of Drive When Only Going A Short Distance - You’ll save gas, wear and tear expenses and you’ll get some great exercise.
8. Be Energy Efficient - Add insulation to your home, lower your water heater to 120 degrees, put on a sweater if you’re cold and open a window if you’re warm, fix leaky faucets, caulk and weather strip your doors and windows, use compact fluorescent light bulbs, landscape smartly and plant shrubs and trees that will block winds in the wintertime and shade your home in the summer.
9. Review Your Service Plans - Know when your contracts expire for such things as your cell phone, internet, cable tv, etc. and price shop and review options with other providers as well as your own. (Here’s a hint - The cancellation department of your current provider is a great place to get the best deals. They are often empowered to offer savings above and beyond the sales departments in order to keep you as a customer!)
10. Read and Contribute To LET’S GET AHEAD! at http://www.letsgetahead.com - This one is so obvious, it should have been #1!
Please visit my website at http://www.letsgetahead.com for more great articles like this one!
Spread The Word
