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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Feb. 3, 2017)
16W // Real Estate & Home Builders Guide // February 2017 MORE MONEY-SAVING TIPS TO GET YOUR FINANCES IN HOME-BUYING SHAPE THINKSTOCK IMAGE By Ilyce Glink and Samuel J. Tamkin Tribune Content Agency A s the year ended, we published a story on some ways you can get your fi nances in home- buying shape. We offered a few tips on saving money, and setting goals that would seem overwhelming if you broke that big number into a daily savings goal that seemed more doable. One reader commented that the list didn’t seem exhaustive enough, given the expenses associated with being a fi rst-time buyer. And, that’s a fair point: We could have easily written a book on the subject that covered all of the struggles a fi rst-time home buyer will wade through (wait, Ilyce already did) in addition to spending a lot of ink discussing fi rst-time buyer fi nances. While we chose to focus on a few things that you could do to organize your fi nances for buying a fi rst home this year, we’d like to share a few other ideas to help you spend less and save more. Since the latest studies show that about 60 percent of Americans still don’t have $500 in accessible savings, here are four other ways to raise that kind of money (and more) at almost any income level: 1 - Trade paid entertainment options for free entertainment opportunities. Date night can be an expensive proposition. If two people go to see a movie, have something to eat and hire a babysitter, the tab can run in excess of $100. If you do that twice a month, that’s $2,400 you’re spending over the course of a year. If you simply trade a paid entertainment option (like the movies) for a much lower cost one (a service like Netfl ix, which costs around $10/month), your savings could be more than $2,000 per year. And, even if you spend some money on ordering in food, your savings will still be more than $1,000 per year. - Elevate your at-home cooking skills. We’re seeing a lot of ads for services that send you ingredients for a complete cooked-at-home meal. While that sounds like fun, it’s actually far less expensive and more creative to research a recipe online, go to the grocery store, and pick out the food you need. Making your own food is far less expensive than going to a restaurant or even ordering in, and it’s a far healthier choice. In addition, you’ll really learn how to cook, which is a wonderful way to bring people together. How much will you save? Assuming that a mid-level restaurant tab for two people is $40 to 2 $50, cooking at home should save you about $35 to $40 per night. If you make that substitution once a month, you’ll save up to $420 per year, or $840 if you eliminate eating out twice a month. - Plan Regular pot-luck parties. If you have friends you like to see regularly, start a regular dinner club. Whether you’re making pizzas from scratch with salad or grilling steak, it’ll cost a lot less if everyone chips in rather than meeting at a local bar. Expect to save $250 to $500 per year, or more. 3 - Shop your insurance and cell service. Regularly checking the rates with competing insurance companies could give you as much as a 10 to 15 percent break on premiums, according to the Insurance Information Insti- tute. If you have homeowner’s insurance, check to see if you qualify for reductions because of home improvements, cessation of smoking, etc. If you have auto insurance, ask if you qualify for a reduction if your children go away to college or move into their own homes. Finally, cellphone services are a very competitive fi eld at the moment. You may be able to save hundreds of dollars a year simply by shopping cellphone plans with competing companies. 4
