Common Sense Spending Strategies

On this Faith & Finance, we’ll offer you a few common-sense strategies for saving money on three of the basics – clothing, utilities, and home maintenance. 

• CLOTHING 
• Let’s start with clothing. In this category, the temptation is to buy whenever there’s a sale or to chase after the latest styles.  When you have kids, you have the added problem of sizes changing all the time.
• Here’s how to keep your family’s wardrobe looking sharp for less: 
• First, you don’t have to buy new.  Instead, visit local thrift stores where you’ll find deals on current styles as well as wardrobe basics.  If you have kids, this is where you’ll save. Teenagers might push back on this, but give them a budget and challenge them to find something they like. They’ll enjoy having a bit of freedom in the matter, and seeing how far their money can go. If you do shop retail, use coupons and loyalty programs to get discounts.
• Consider consignment stores, too.  You’ll find stylish clothing there, and when you’re done with your gently-used items, you can trade them in for cash or a discount.
• Focus your spending on that core wardrobe, and then let your accessories and thrift store add-ons provide color and variety.
• UTILITIES
• What about saving cash on utilities? The first strategy is to buy energy-efficient appliances. We’re not saying you should replace all your existing appliances at once, but when it’s time to put in a new washing machine, choose one that costs less to run. 
• While you’re at it, you may be able to find a deal on a “scratch and dent” appliance.
• Another way to save on energy costs is by using LED lighting. When you need to replace a bulb, it’s worth the extra cost upfront to buy LEDs. They’ll pay for themselves over time with longer life and more energy efficiency.
• Next, check with your utility company about rebates for installing energy-efficient systems in your home.  You might get money back for installing an electric hybrid water heater, for instance, or putting in a smart thermostat.  Your power company will have details about rebates on their website. 
• A simple way to reduce your energy bill is by unplugging appliances, turning off electronics, and adjusting your thermostat, especially when you’re not at home.
• MAINTENANCE
• Our last money-saving category is home maintenance.If you own a home, you can’t just assume all is well.  Like a car, your home needs regular attention, just to keep it functioning smoothly.  Ignoring this might not cause a breakdown on the highway, but it can result in very expensive repair or replacement costs.  For instance, dirty filters can make your heating and air conditioning system work much harder, which makes it wear out sooner. For plumbing, be aware of possible pipe leaks, or dripping faucets. Avoid overflow problems by having your septic tank pumped out regularly, if you have one. 
• You get the idea.
• Heating and Air conditioning is one of your home’s most important systems, so don’t ignore that, either. Have your HVAC system checked at least once a year, to make sure it’s operating at maximum efficiency when you need it most – in summer and winter.
• Second, do an annual check of the caulking around your windows, doors, and light fixtures.  Install new weather stripping around doors and windows, if necessary.
• When was the last time you checked under your roof? If you have an unused attic space, make sure it’s not becoming a home for critters, like flying squirrels, mice, or bats. It’s not unusual to find rodent nests in attic insulation if the soffits and air vents aren’t sealed properly.If you’ve got wildlife guests in the attic, it’ll take a professional to get them out and seal the space, but don’t put that off. Aside from the sanitation issues, rodents can chew on electrical wiring, which makes them a fire hazard!

On this program, Rob also answers listener questions: 

• Is there a way to reduce the interest rate on your credit card debt? 
• What is the best way to save or invest on behalf of minors who may or may not eventually attend college?
• Will the U.S. eventually transition to a cashless society, and what might that mean for us and our money? 
• Should you tithe on withdrawals from a 401k account? 
• Is it ever wise to pull money out of investment accounts to pay off a mortgage, and if so, when? 

RESOURCES MENTIONED:

• Christian Credit Counselors

Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach. 

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

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