Save Money By Breaking These Habits

money-saving-habitsWe all have little habits that are costing us money. When added up through the years, how much money could you save if you kicked these common money-draining habits1?

Aggressive Driving. Not only is fast, aggressive driving bad for your stress levels, but it takes a toll on your vehicle. Consider the cost of more frequent brake jobs, new tires and other regular maintenance. Speeding tickets can be costly and can increase your insurance rates. If fast driving is an issue for you, consider focusing on calming music while driving.

Brand Name Products. From cleaning products to pet food. Check the labels and see if a generic brand has the same ingredients and you could enjoy substantial savings.

Dry Cleaning. Check your clothing labels to make sure you’re not dry cleaning clothing that could really be cleaned at home. Hand washing and air drying is preferable for some items. Or, try using a dry clean at home kit for items that must be dry-cleaned.

Late Fees. If you find yourself regularly paying late fees, you may want to reconsider how you pay your bills. Automatic payments set up through your bank ensures that your payments are always on time.

Extended Service Plans. You may want to reconsider purchasing an extended service plan as most people rarely use them. The manufacturer’s warranty is generally sufficient.

Incandescent Light Bulbs (traditional bulbs). Compact Fluorescent Lamps (CFLs) last about 5 times longer than traditional bulbs and use about 75% less energy.

Oil Changes. If you’re still changing your oil every 3,000 miles, you may want to check your manual. Newer cars can go 5,000 to 7,500 miles between oil changes. You’ll be saving yourself some hard earned cash.

Bottled Water. Not only is drinking bottled water harmful to the environment, but water from the tap is far less expensive. Don’t like the taste of tap water? Try a water filter either at one of your faucets or a pitcher you can keep in the refrigerator.

ATM Fees. If you’re finding yourself regularly using out of network ATMs, consider switching banks to something more convenient or open a separate account at a new bank. Using an out of network ATM could cost you $250 per year if you get cash just twice a week.

If you’re looking for ways to supplement your retirement income, one option to consider is a Home Equity Conversion Mortgage (HECM) loan, also known as a reverse mortgage.  A HECM reverse mortgage allows homeowners age 62 and older to convert a portion of their home equity into cash that can be used for any purpose such as paying off debt, paying for home renovations or funding extra expenses.  For more information or to talk with a reverse mortgage advisor, call 866.751.6105 today.