Steps to Reduce Your Cost of Living
Scarsdale CPA Paul Herman has all the answers to your personal finance questions!
Like taxes, bills are a part of life that are never pleasant but have to be dealt with regardless, but can also be made less painful to face when the numbers are smaller. Here are some handy cost-cutting tips to get you started.
- See if your utility has a subsidizing program to make your home more energy-efficient. If that turns up nothing, you can still caulk your windows and check the insulation to make sure it has a high enough “R” factor.
- Use fluorescent lights instead of incandescent bulbs for lights that are constantly on.
- Maintain the thermostat at the highest and lowest temperature for comfort in the summer and winter, respectively.
▼ What can I do to reduce the cost of my phone bill?
- Verify that your long-distance charges are competitively priced. Research which long-distance carrier will give you the best rate and switch if you are not with that carrier.
- Use the phone book instead of dialing “Information.”
- If you have children at home, block all “900” numbers.
- Stay in touch with relatives and friends through e-mail.
▼ What can I do to reduce the cost of my mortgage?
- Think about paying down your mortgage. This is an effective way for saving and raising net worth for many people. Make a decision to pay a specific amount more than the mortgage principal and faithfully stick to it.
- Think about refinancing your mortgage. Determine if refinancing your mortgage will save you money. Calculate to see if the costs for refinancing are worth a reduction in your monthly payments. If you intend to remain in the house for at least five years, the common guideline is that at least two points reduction will make it worthwhile to refinance.
Scarsdale accountant Paul Herman is here to help you with all your personal finance needs. Please contact us for all inquiries and to receive your free personal finance consultation!
Herman and Company CPA’s proudly serves Scarsdale NY, Rye NY, Mamaroneck NY, Mount Kisco NY, Bronxville NY, Tarrytown NY, Greenwich CT and beyond.
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