More ideas to cut debt, save money

We are halfway through 2009. Now is a good time to check up on the resolutions you made in January or after taxes were prepared.

Did you challenge yourself to make savings or debt reduction your goal? How is that going?

Rutgers Cooperative Research and Extension offered suggestions last week.

Here are more from them to help reduce spending and save $1,000.

1. Be patient. Waiting for things to go on sale, instead of purchasing at full price, should save several hundred dollars.

This is especially true for clothing and “season” items, such as yard-care supplies.

2. Get a long-distance telephone savings plan. Every major long distance carrier offers a savings plan for consumers who request it.

Actual saving will vary, depending on your calling habits. You also may have to make calls at designated times, usually nights and weekends, to get the lowest rates.

Nevertheless, the savings can be impressive.

If a plan saves $20 a month, that's $240 a year of extra money in your pocket.

3. Get an insurance analysis. You may be paying for unnecessary coverage or missing valuable discounts.

Ask an agent to review your policies. If you are paying several thousand dollars a year for insurance, all types, some savings probably exist.

One idea: consolidate all property coverage, auto, homeowners, or renter insurance, and umbrella liability, with the same carrier.

Many provide a discount for doing this.

4. Shop “alternative” vendors. Shop where you can get the best value for your money.

Inexpensive sources of toys, tools, appliances, clothing and home furnishings including flea markets, garage sales, thrift shops and consignment stores.

Possible savings? Hundreds, maybe thousands, of dollars.

5. Earn more on savings. Don’t let existing savings languish in a low interest bank account. You’re losing money after inflation and taxes.

Move this money to a CD or U.S. Savings bond to earn a higher rate of return for additional income.

6. Slash bank and investment fees. Avoid banks that charge high fees or require large minimum balances on low yield accounts.

Shop around for a better deal by comparing the characteristics and fee structure of at least three bank accounts.

Also avoid high brokerage firm commissions and above average mutual fund expense ratios.

7. Get a match. If your employer offers a 401k plan, save at least enough to earn the maximum employer match.

Many employers, for example, match 50 cents on the dollar up to a specified percentage of salary.

For example, if you save $2,000, they add an additional $2,000 to your account.

This is money for savings that doesn’t have to come out of your pocket.

Unlike the proverbial “free lunch,” employer matching is a good deal that should not be passed up.

Susan M. Jackson is the Harvey County Extension agent, family and community development and consumer sciences.