I don't usually advocate buying more of something just to score
savings. For example, I always say no to the
"spend-more-to-save-more" pitch from store clerks who tell me that
if I spend another, say, $10 I can earn a coupon for $25 off my
next purchase of $50 or more. That doesn't save me any money -- it
just tempts me to spend more.
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However, buying more of an item you know that you will use or
signing up for more than one service from a single provider can
actually help you save money. By bundling these ten things below --
that is, combining them or purchasing in bulk -- you'll pay less
than buying or using them individually or in smaller
quantities.
Insurance.
Most insurers will give you a price break if you have multiple
policies -- such as homeowners and auto insurance -- with them.
Telecom services.
You usually can get a discount on phone, broadband and cable when
you bundle all three services with one provider. You might have to
rebundle these services yearly to keep the discount. (Note: This
applies to people who
want
all three services. You can save even more by ditching cable and
using other sources of entertainment. See
Budget-Friendly Alternatives to Cable
.)
Banking services.
More and more financial institutions are tacking fees on formerly
free accounts. Signing up for other services that banks offer --
such as direct deposit, online statements (rather than paper) and
online bill pay -- can help you avoid fees on checking accounts.
And some banks waive fees if you have more than one account, such
as a checking account and mortgage or IRA.
Student loans.
You can lower your monthly student-loan payments if you have more
than one federal loan by refinancing them through the federal
Direct Loan consolidation program. Consolidation lets you combine
all your loans into one and extend repayment to as long as 30
years. (However, a longer period means you'll pay more interest
overall.) For more information, visit the
Direct Consolidation Loans site
.
Prescription drugs.
If you get a 90-day supply of your prescription medication, you'll
save by making just one insurance co-pay rather than the three
co-pays you'd have to make for the same number of pills if you
filled your prescription monthly.
Groceries.
Buying items in bulk can be a money saver if you know that you can
consume them before they go bad (or if they're nonperishable to
begin with, such as toilet paper). For example, my kids like frozen
waffles and I tend to buy a package of ten each week -- overlooking
the larger package because of its higher sticker price. But when I
bothered to check the unit price on the 24-pack, I realized I was
missing a good deal: 13.4 cents per ounce versus 18.1 cents per
ounce for the 10-pack. We also buy chicken breasts at the warehouse
club because the package of a dozen we get there is usually several
dollars less than smaller packages at the grocery store.
Hotel stays.
Over Memorial Day, Labor Day and other long holiday weekends,
hotels often offer deals that let you stay three nights for the
price of two. So by booking an extra day, you can stay a little
longer without paying any more.
Sales, coupon and free shipping.
Waiting for retailers to have sales or using a deal or
price-comparison site to find the lowest price on a product when
shopping online can help you save money. You'll score the trifecta
of bargain shopping, though, if you bundle marked-down merchandise
with coupons and free shipping to lower the price further.
Babysitting.
Hiring a nanny can be quite pricey if you live in a big city. But
if you have just one child and know another family with just one
child, you can cut your costs in half by hiring one nanny to watch
both kids.
Kids' extracurricular activities.
Some art, music and dance teachers offer families a discount if
they have more than one child taking lessons with them -- if you
aren't afraid to speak up and ask for a deal. For example, when
both of my daughters were taking violin lessons, I asked the
teacher if he would trim the price a little because I was having to
pay for two weekly lessons -- and he did.
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