After 20-plus years of covering consumer news I have learned a lot about how to save money. And some of the best ways to save aren’t necessarily at the register. There are also simple things you can do that can save you thousands of dollars over your lifetime.
Here are some of the best tips I have shared throughout the years.
Check with your mortgage company to find out how much interest you will save by making one extra mortgage payment a year. You will be amazed not only by how much money you can save on interest, but how many years that one extra annual payment will shave off the life of your mortgage. How much you save will depend on what type of mortgage you have, but it is worth the time to make the call. Years ago, when I was first working on this story I checked with my lender. By making an extra payment I could take about six years off my mortgage and save tens of thousands of dollars. Always check with your accountant as well to make sure making that extra payment makes financial sense for your individual tax situation.
Check your credit report. Federal law allows you to get a free copy of your credit report every year from each of the three credit reporting companies. Currently during the pandemic, Equifax, Experian and TransUnion have continued to offer free weekly online credit reports. Go to Annualcreditreport.com and to get your reports. If there is an error that is lowering your credit score, you can work to correct it. The higher your credit score, the better. Typically, consumers with higher credit scores will get lower interest rates on loans which can save you thousands of dollars over the years.
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Get price adjustments: These have always been at the top of my money-saving list. When you make a purchase find out if the retailer has a price adjustment policy. This means if the item you purchase goes down in price within a certain period (typically 10-14 days), you receive the difference between what you paid and the new sale price back. Many larger retailers have this policy. And it’s quite simple to get the adjustment. Typically, all you need is the receipt. I have saved thousands of dollars in my lifetime by taking advantage of this moneysaving policy.
Be vigilant about scams. One of my favorite columns was my Buyer Beware column. I never had a shortage of ways consumers were being taken advantage of. And of course, there was always the latest scam to report on. If you want to make sure you don’t fall victim to a scammer, make sure you protect yourself. Never give out your personal information unless you are sure you are speaking with a secure source. Do not click on an email that seems suspicious even if the letterhead looks official. If you get a call from someone claiming to be from a lender or government agency and they are asking you personal questions, hang-up and call the company directly. Even if the caller ID comes in with the company’s exact name, it can still be a scammer. Once my caller ID showed the correct name of my bank but it was a scammer trying to get my personal information. These scammers go the extra mile to appear legitimate.
Put your name on the Do Not Call Registry to help eliminate unwanted telemarking calls. This resource might not save you money as much as save you from a lot of frustration. You can register your home or mobile number free to help cut down on sales calls. Charities, political groups, debt collectors and surveys may still call you even after you register.
Be kind and patient: If you have a consumer problem such as overcharges on a bill or a late fee, call customer service. If you are friendly and ask for help with waiving fees, most representatives will try and help you. If you have been a customer with the company for many years, it helps to point that out. If they can resolve your issue, make sure you get their name or ID number should there be any issues down the line. Make a note of the confirmation number of your resolution if there is one. Late fees or overcharges add up over time and it’s better to have that money go into your wallet instead of their wallet.
Jeanette Pavini is an Emmy Award winning journalist specializing in consumer news and protection. She is the author of “The Joy of $aving: Money Lessons I Learned From My Italian-American Father & 20 Years as a Consumer Reporter.” Jeanette is a regular contributor to TheStreet. Her work includes reporting for CBS, MarketWatch, WSJ Sunday, and USA Today. Jeanette has contributed to “The Today Show” and a variety of other media outlets. You can follow her moneysaving tips on Facebook: Jeanette Pavini: The Joy of $aving Community. Find links to her social media and her book at JeanettePavini.com.