How a little work could lead to over $1,000 in savings
How long would it take you to earn an extra $1,000? Contrary to what spam and internet ads tell us, after taking taxes and deductions into account, it’s not an easy task. But you might be able to save over a thousand dollars with a little work. The key is to decrease or eliminate unnecessary recurring expenses.
You can use the savings to build up an emergency fund or invest them for important longterm goals, such as travel or retirement. Additionally, a savings safety cushion can help keep an unexpected setback from ballooning into a financial crisis, such as a broken down car or the loss of a job leading to debt.
First, identify savings opportunities. You may want to start by connecting your bank and credit card accounts to budgeting software, or uploading previous months’ statements and categorize purchases. You’ll get a quick snapshot of your fi-
nances, which can help you identify savings opportunities and get a sense of how much money is on the line.
Cancel services and regularly negotiate rates – save over $100 a month. “Cord cutting” is a popular and simple way to save money. Rather than pay for cable or satellite TV, you might choose to cancel your service and opt for lower-cost entertainment options.
If you don’t want to eliminate services entirely, you could try to negotiate rates with your cable or internet providers.
A successful call could lower your bill by $20 a month or more, saving you a couple hundred dollars a year. A few tips: ask for the cancellation department and request the business match a competitor’s lower price or give you the current promotional rate. Don’t be afraid to try again if you’re not successful – it can take several attempts to connect with a representative who will work with you.
Avoid bank fees – save over $10 a month. Occasionally paying to withdraw money from an ATM or paying fees for a lowbalance checking account might not seem like a big deal, but the money adds up. Two ATM fees and a checking-account fee
: What will you do differently to fix your company’s quality problems?
: We’ve been making improvements. Use the recent J.D. Power initial quality results as evidence. We’ve been improving about double the industry average for the last 18 months or so. We’re continuing to do the things that we have done in the past to maintain that rate of improvement.
: Do you expect the improvements to show up in future surveys?
: We always expect improvement. We’ve had some notable issues in the past that have affected us in Consumer Reports.
could cost you over $10.
Some accounts waive fees as long as you maintain a minimum balance, and there often isn’t an ATM fee for withdrawing money from an in-network ATM or getting cash back when making a purchase. There are also checking accounts that refund ATM fees at the end of each month. There can be advantages and disadvantages to any account, read the terms of your checking and saving account agreements to understand when, and why, you may need to pay a fee.
Shop for insurance discounts – you might be able to save over 20 percent on your premiums each month. Use online comparison tools to quickly
From our internal indicators we see good signs now. We expect to see continued improvement but not necessarily a big oneyear shift from something such as below average to above average.
: You’ve had shifting problems with the new nine-speed automatic transmission, which has hurt you in surveys. Has that been fixed?
: We’ve seen orders of magnitude of improvement in the ninespeed. It’s a very good transmission. A good example would be the new Chrysler Pacifica minivan (which has the transmission). It performed very well in their (Consumer Reports’) drive evaluation.
and easily get quotes on auto, renters, homeowners and other types of insurance. Compare the rates, coverage and insurance companies to see if switching makes sense for you.
Ask your agent about potential savings if you decide to stick with your current insurer. You might be eligible for discounts you aren’t receiving because the information on file doesn’t reflect your current situation. If not, there are usually discounts for simple purchases, such as a fire extinguisher for your home or an anti-theft device for your car.
Buy products that more than pay for themselves – save hundreds each year. Sometimes you need to spend money to
: Is there any single area that you need to fix?
: Big problems, no. We’re focused on thousands of details, and that’s what it takes to be successful. We’re looking at every piece of customer feedback to continue to make the details better. With the minivan, I think the attention to detail on that vehicle is really excellent, and that’s where we continue to go.
: You’ve run manufacturing and purchasing at FCA, two key areas for improving quality. How will your background help in your new post?
: I spent many years working in our plants
save money. Buying a coffee maker for your home is the clichÃ© example, but that doesn’t mean it’s without merit. Purchasing a water pitcher with a filter rather than bottled water can also lead to immediate savings.
Other purchases are long-term investments. It might take months to break even after buying LED bulbs or upgrading your appliances to energyefficient models, but after that you could save money on your utility bill each month.
Bottom line. Start your savings effort as soon as possible and you can build your emergency fund, a safety net that can help you avoid stressing about potential financial setbacks.
and for a time ran manufacturing. I have a good understanding of how they do business. Same for purchasing. I also ran supplier quality in the past. In our business processes, we have had issues in the past. How we close the door on ever having these issues again, fixing problems in the field. I get to work in those areas where I have experience, gathering the whole team to focus on quality.
: You’re the third quality chief for FCA in two years. Are you worried about repercussions if quality doesn’t get better?
: We have a clear mission here in quality. The boss has certainly been supportive of the
Lowering your monthly cable bill will lead to almost instant savings, while making an investment in energy-efficient appliances will pay off after months or years. Add it all up and in the end you could find that just a bit of effort leads to over $1,000 in annual savings. It’s a great start.
This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation. things we want to do and a person that has been driving quality. Bear in mind that things on the inside sometimes look different than things from outside. People are moved for personal development, maybe their skill set. I can say with complete clarity that the company is focused on an improvement in quality.
Fiat Chrysler Automobiles quality chief Scott Garberding