Economic woes and an increase in consumer prices have made sticking to a budget even more difficult for families across North America. People who were already struggling financially under the burden of debt and poor savings may be feeling the pressure even more intensely now.
Primerica presents six tips to help you have more and spend less.
1. Cut energy use.
Simply sealing a home properly can help you eliminate 25% of your heating and cooling costs.1 Many utility service providers provide free or discounted energy audits. If this option isn’t available, you can always go the professional route, or do a self‑check using the steps found at Energy Stat.
Another way to prevent leaks is to add insulation, use caulk, spray foam and weather stripping to seal leaks around windows and doors, and in attics and basements. Plug devices with standby power, like TVs and stereos, into a power strip so they can be turned off all at once.
2. Spend less on groceries.
With the cost of virtually everything at the grocery store going up, this is one budget area you can’t afford to ignore. Coupon clipping can help you keep more money in your pocket (a household of four that uses them strategically can save 25% a year), but this is only effective if you use them for items you already use or need.2
Warehouse clubs can be a good source of cost effective purchases, but you have to weigh the benefits against potential negatives: the tendency to eat more because the food is going bad, and the potential for impulse shopping (many stores put electronics and other goodies out front). Did you know that you can save up to $1,200 annually just by cutting half of your unplanned purchases?3 It’s all about making a list – and sticking to it!
3. Trim entertainment costs.
When eating out, skip the drinks, and instead of ordering two entrees, order one appetizer and split a meal. Or dine out during breakfast or lunch, when the entrees are typically cheaper. Movie tickets now top $10, so hit the matinees instead for discounted admission. Join the local theater’s loyalty club for freebies, get discount tickets in the local Entertainment Book, or head to the drive‑in, where tickets are usually cheaper.
4. Improve gas mileage.
The easiest way to spend less on gas is to simply use less of it. Consolidate errands into one trip, or walk to the grocery store instead of driving. Speeding or braking sharply and frequent lane changes cuts fuel economy by 35%.4
5. Shave car insurance.
Most insurers will shave prices for anti‑lock brakes, having an accident‑free record, taking a defensive driving course, or using the same insurer for both auto and home coverage – adding up to as much as 25% off a your premium.5 Shopping around for competitive quotes is a great way to potentially save.
6. Boost your income.
Costs are rising across the board and a few extra dollars each month can go a long way to relieving the financial pressure of a weak economy and higher expenses.
Business opportunities, such as Primerica’s part‑ or full‑time opportunity, are great ways to do something enjoyable while padding the bank account.*
While you can’t control rising costs, changing a few habits can help you hold onto more of your cash!
*In Canada, the part‑time opportunity is not available in all jurisdictions.
1 Money, July 2008
2 Kiplinger’s, August 2008
3 Money, July 2008
4 Kiplinger’s, August 2008
5 Money, July 2008
Primerica Home Office employee Cathy Falls describes her husband David as a “car nut.” He was the first person in Atlanta to buy the revolutionary new Smart Car and assumed he would use it in his daily commute… or so he thought.
“It was his car but I took it from him” Cathy laughs. “It’s more practical for me. It’s an around town car – I use it for commuting to work, going shopping, going to the grocery store or picking up the dry cleaning. For around town, you can’t beat it.”
Cathy drives the Smart Car 14 miles each way from her home to the Primerica Home Office in Duluth, GA. She says her car gets about 44 miles to the gallon and she only needs to fill up the 8.5-gallon gas tank about once every three weeks. “I don’t think about gas anymore,” Cathy admits. “I’ll look down and realize I am almost on empty and go fill up again for about $20. It’s great! I’d rather buy shoes than pay for gas!”
The Smart Car has been available in Europe for years but it was only recently introduced to U.S. consumers. Smart Car enthusiasts must get on a wait list and the buying process is much different than a typical car dealership. Cathy and her husband picked out their car online and added all the extras they wanted. They paid a $99 reservation fee and waited for their car to be custom built for them and shipped to the United States. It arrived in Atlanta in March 2008 and they said the dealership really rolled out the red carpet when they went to pick it up.
“Smart stands for Swatch Mercedes Art,” Cathy explains. “Swatch because you can change out the color of the exterior trim panels like you can customize a Swatch Watch. Mercedes because it’s designed by Mercedes. And Art because the makers see the car as a work of art. It’s an icon.”
Cathy says she’s not intimidated driving this tiny car on Atlanta’s notoriously congested highways. “This car is incredibly safe,” she explains. “It has four airbags and a steel roll cage.” Besides being safe, Cathy says the car is also just really fun to drive. “It’s like a race car. You can shift using paddle shifters, use the manual transmission or use the default automatic transmission. It’s also very fast.”
Because of her head-turning car, Cathy says she’s never met a stranger – everyone wants to talk to her about her unique wheels.“That’s my favorite part about this car,” Cathy admits. “I like waving, smiling and being friendly. I’ve let people sit in it and even drive it. People are always smiling and waving at me when I drive this car!”
In 2005, Primerica teamed up with Palm Inc. to develop software that would allow the company’s licensed representatives to take life insurance applications on a handheld device. They aptly named it: TurboApps.
TurboApps was an immediate success for our company. Instead of being buried in paperwork, representatives and Home Office application processors could process applications electronically and instantly.
Before TurboApps, representatives mailed in:
More than 30,000 life insurance applications per month
More than 18,000 loan applications
Over 20,000 new representative applications … and more!
The new TurboApps technology saved time, money … and thousands of trees! Plus, the software made taking applications virtually error-free and helped the representatives receive their commissions sooner. This new, secure way of taking applications also helped qualified clients get insured faster. It was a win-win.
Since its release:
More than 695,000 applications have been sent via TurboApps.
TurboApps was honored with Computerworld’s Best Practices in Mobile & Wireless Award for “Business Evolution through Mobilizing Field Workers” and was also a 2007 Computerworld Honors Finalist.
Clients can be sure their information is password protected and encrypted, plus their business is issued faster.
Primerica has further enhanced TurboApps’ capabilities by adopting the new Windows Mobile 6.1 platform. When this platform rolls out this year, it will allow representatives to:
Adapt more easily to familiar “Windows” interface
Call, email or text a client within the TurboApps software
Run multiple software applications at once
Use Office Mobile
Primerica prides itself on using technology to help our representatives succeed in their businesses. TurboApps has changed the way we do business and has allowed us to keep pace in this fast-track business world.
