Give Yourself a Raise

Featured Story

Of course, it’s always great to receive a raise from your employer. But whether you do or not, this year you can give yourself a raise of sorts. Put more money in your pocket – and bank account – every month using these five relatively painless and easy strategies.

Reconsider daily lattes and eating lunch out

No one is suggesting you give up coffee house java forever and never go out to eat. But you could save hundreds and even thousands of dollars a year by simply cutting back. According to a recent survey by Accounting Principals, an accounting and finance placement firm based in Jacksonville, Florida, workers spend about $3,000 a year ($250 each month) on coffee and lunch. About half of those polled who buy coffee during the week spend an average of $21, which adds up to over $1,000 a year. The survey found men spend more money for lunch out of the office (about $ 46 weekly) compared to women, who spend a little less than $30 on average.

To find out how much non-essential coffees and restaurant lunches are costing you, keep a record for a month. Putting even coffee and every lunch on one credit card can give you a quick, specific record. Or carry a notepad and write down your purchases. Then figure out how much you will save by eating lunch brought from home several days a week and skipping Starbucks and opting more often for a thermos of homebrewed coffee. You may be inspired – and amazed – at how the dollars can add up. After all, if you save only a third of what the average worker spends on lunch and coffee outside the office, you’ll end up with an extra $1,200 at the end of the year.

Cut out cable

If you can’t bear the thought of giving up cable television, take a minute to consider how often you really watch the huge number of shows available. You can lower your bill by cutting out premium movie channels if you rarely have time for them.
However in order to save hundreds of dollars a year, think about cutting off cable service entirely. Check out the new options for Internet-based streaming services, on-demand downloads, and news, entertainment and sports shows offered for free on numerous web sites.

Hulu and Netflix carry a large variety of both current and past programs. Some shows on Hulu are free while newer and streaming TV programs can be watched via your computer for only $8.00 a month. Netflix has a streaming subscription rate of $8.00 per month, too. If you already subscribe to Amazon Prime for the free and reduced shipping benefits, don’t forget that the $79.00 yearly fee includes free access to a large library of movies and streaming TV shows.

In addition to watching television and movies on your computer, PlayStation 3, Xbox 360, and Wii gaming consoles all have streaming capabilities for services like Hulu and Netflix and can be used to connect and watch shows and movies on your TV screen. You can also directly connect your PC or laptop to most new model TVs using inexpensive connectors and cables.

Slash your phone bill

It may be time to take a second look at your mobile company. If you see a great promotion from your carrier with a monthly rate lower than what you’re paying, call and tell the company you want it, too. They will usually agree if you extend your contract. If you have a partner and/or children, putting everyone on the same carrier with a family plan can give you a substantial monthly price break.

Still have a corded landline? Landlines are handy if there’s a power shortage. However if you keep your cell phone battery charged and you use it the vast majority of the time, maybe it’s time to cancel the separate home phone line. According to David Bach, author of Debt Free for Life, giving up your landline can save you around $600 a year.

For long distance calls, start talking for free via your computer with programs you can download from the Internet, such as Skype and Google Chat. The savings are especially significant if you make many international calls.

Lower your water heating costs

A simple way to reduce water heating costs every month involves turning down the hot water thermostat. For most water heaters, this is a simple process, although the exact procedure varies slightly depending on the kind of water heater.

If your hot water heater is in an out-of-the way place and/or you don’t feel comfortable adjusting it yourself, having a plumber do it could be well worth the fee. By turning the temperature down from a typical 140 degree setting to around 120 degrees, you’ll still have water that’s hot enough for bathing and washing clothes and dishes – but you’ll end up with a 10 percent reduction on your energy bills, according to the U.S. Department of Energy. While you or a plumber is turning down the thermostat, check for any leaks. Even tiny ones can add up to bigger water and energy bills over time. And consider a thermal blanket to insulate your water heater, especially if it is located in an area like a garage or utility room that gets cold in the winter, so it uses less energy in winter.

More ways to turn down utility bills.

We’ve all heard the basics facts on how to on lower heating and electricity bills. However, the key is to take an inventory and see if you are actually following up on these common sense energy and money-saving tactics:

Opt for energy efficient light bulbs.
Lower the thermostat in the winter at night and when you are away from home to reduce heating bills this winter.
Don’t run the dishwasher or wash clothes until you have full loads.
Clean your air conditioning coils and change your furnace filters regularly to lower energy usage. Put these chores on your calendar so you don’t forget.
Disconnect electronic devices when not in use, especially for a day or so. The reason? Electronic items pull small amounts of power continuously even when turned off but not unplugged, a phenomenon is sometimes called “vampire power”. Don’t let them needlessly suck money out of your pocket! Use a single power strip for several devices and simply unplug the power strip when the items are not in use.

Sherry Baker is a writer from Atlanta, Georgia. She last wrote the article Ten Ways to Protect Your Heart Health for Synergy.