WSJ sought to write a provoking article on how to save an extra $10k per year. Their suggestions, sometimes reasonable, sometimes not, are listed below, along with my commentary (full article here.)
Dump the TV
That is a good idea if you live alone and are paying $600 per year on television. With roommates, if we dumped the TV altogether that might save me $60 per year, and I’d have to convince my roommates to dump the TV.
Use loyalty programs aggressively to get discounts on car rental, air travel and other deals
Not a bad idea, but something that takes time to figure out, and if your time is worth more than this (if you earn $50/hour that’s only 20 hours for the whole year to spent figuring out these deals, signing up for programs, etc.) You’re probably better charging $70/hour and working those extra 20 hours.
Switch Bank Card Companies
Some banks do charge lower fees. The only fees I’ve paid (that I know of) are the few that came when I accidentally bounced a few checks this year, forgetting to transfer money properly into my account. How much do you think you would save if you switched banks?
Reset your weekly expenses to fortnightly.
I already don’t have weekly expenses, except maybe a splurge on eating out every once in a while. My parents, on the other hand, could do with moving their house cleaner to bi-weekly. This is probably the best tip of the bunch, if you have unnecessary weekly expenses. Continue reading