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From the
Consumer Literacy Consortium, a working group of representatives
from federal and state government agencies, consumer groups,
business organizations, and educational institutions that seeks
to develop and disseminate essential messages to inform and
educate consumers.
Updated January 2002 |
Contents |
Transportation
- Airline Fares
- Car Rental
- New Cars
- Used Cars
- Auto Leasing
- Gasoline
- Car Repairs
Insurance
- Auto Insurance
- Homeowner/Renter Insurance
- Life Insurance
Banking
/ Credit
- Checking
- Savings and Investment Products
- Credit Cards
- Auto Loans
- First Mortgage Loans
- Mortgage Refinancing
- Home Equity Loans
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Housing
- Home Purchase
- Renting a Place to Live
- Home Improvement
- Major Appliances
Utilities
- Electricity
- Home Heating
- Telephone Service
Other
- Food Purchased at Markets
- Prescription Drugs
- Funeral Arrangements
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Airline Fares
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You may lower the price of a round
trip air fare by as much as two-thirds by making certain your trip
includes a Saturday evening stay over, and by purchasing the ticket
in advance.
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To make certain you have a cheap
fare, even if you use a travel agent, contact all the airlines that
fly where you want to go and ask what the lowest fare to your destination
is.
-
Be flexible, if possible. Consider
using low fare carriers or alternative airports and keep an eye
out for fare wars.
Car Rental
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Since car rental rates can vary
greatly, shop around for the best basic rates. Ask about any additional
charges (extra driver, gas, drop-off fees) and special offers.
-
Rental car companies offer various
insurance and waiver options. Check with your automobile insurance
agent and credit card company in advance to avoid duplicating any
coverage you may already have.
New Cars
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You can save thousands of dollars
over the lifetime of a car by selecting a model that combines a
low purchase price with low financing, insurance, gasoline, maintenance,
and repair costs. Ask your local librarian for new car guides that
contain this information.
-
Having selected a model, you can
save hundreds of dollars by comparison shopping. Call at least five
dealers for price quotes and let each know that you are calling
others.
-
Remember there is no "cooling off"
period on new car sales. Once you have signed a contract, you are
obligated to buy the car.
Used Cars
-
Before buying any used car:
-
Compare the seller's asking
price with the average retail price in a "bluebook" or other
guide to car prices found at many libraries, banks, and credit
unions.
-
Have a mechanic you trust check
the car, especially if the car is sold "as is."
-
Consider purchasing a used car
from an individual you know and trust. They are more likely than
other sellers to charge a lower price and point out any problems
with the car.
Auto Leasing
-
Don't decide to lease a car just
because the payments are lower than on a traditional auto loan.
The leasing payments may be lower because you don't own the car
at the end of the lease.
-
Leasing a car is very complicated.
When shopping, consider the price of the car (known as the capitalized
cost), your trade-in allowance, any down payment, monthly payments,
various fees (excess mileage, excess "wear and tear," end-of- lease),
and the cost of buying the car at the end of the lease. Keys to
Vehicle Leasing: A Consumer Guide, published by the Federal Reserve
Board and Federal Trade Commission, is a valuable source of information
about auto leasing.
Gasoline
-
You can save hundreds of dollars
a year by comparing prices at different stations, pumping gas yourself,
and using the lowest-octane called for in your owner's manual.
-
You can save up to $100 a year
on gas by keeping your engine tuned and your tires inflated to their
proper pressure.
Car Repairs
-
Consumers lose billions of dollars
each year on unneeded or poorly done car repairs. The most important
step that you can take to save money on these repairs is to find
a skilled, honest mechanic. Before you need repairs, look for a
mechanic who:
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is certified and well established;
-
has done good work for someone
you know; and
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communicates well about repair
options and costs.
Auto Insurance
-
You can save several hundred dollars
a year by purchasing auto insurance from a licensed, low-price insurer.
Call your state insurance department for a publication showing typical
prices charged by different companies. Then call at least four of
the lowest-priced, licensed insurers to learn what they would charge
you for the same coverage.
-
Talk to your agent or insurer about
raising your deductibles on collision and comprehensive coverage
to at least $500 or, if you have an old car, dropping this coverage
altogether. Taking these steps can save you hundreds of dollars
a year.
-
Make certain that your new policy
is in effect before dropping your old one.
Homeowner/Renter
Insurance
-
You can save several hundred dollars
a year on homeowner insurance and up to $50 a year on renter insurance
by purchasing insurance from a low-price, licensed insurer. Ask
your state insurance department for a publication showing typical
prices charged by different licensed companies. Then call at least
four of the lowest priced insurers to learn what they would charge
you. If such a publication is not available, it is even more important
to call at least four insurers for price quotes.
-
Make certain you purchase enough
coverage to replace the house and its contents. "Replacement" on
the house means rebuilding to its current condition.
-
Make certain your new policy is
in effect before dropping your old one.
Life Insurance
-
If you want insurance protection
only, and not a savings and investment product, buy a term life
insurance policy.
-
If you want to buy a whole life,
universal life, or other cash value policy, plan to hold it for
at least 15 years. Canceling these policies after only a few years
can more than double your life insurance costs.
-
Check the National Association
of Insurance Commissioners website (www.naic.org/servlet/cis.Main)
or your local library for information on the financial soundness
of insurance companies.
Checking
-
You can save more than $100 a year
in fees by selecting a checking account with a low (or no) minimum
balance requirement that you can, and do, meet. Request a list of
these and other fees (including ATM and debit card fees) that are
charged on these accounts.
-
Banking institutions often will
drop or lower checking fees if paychecks are directly deposited
by your employer. Direct deposit offers the additional advantages
of convenience, security, and immediate access to your money.
Savings and
Investment Products
-
Before opening a savings or investment
account with a bank or other financial institution, find out whether
the account is insured by the federal government (FDIC or NCUA).
An increasing number of products offered by these institutions,
including mutual stock funds and annuities, are not insured.
-
To earn the highest return on savings
(annual percentage yield) with little or no risk, consider certificates
of deposit (CDs) or U.S. Savings Bonds (Series I or EE).
-
Once you select a type of savings
or investment product, compare rates and fees offered by different
institutions. These rates can vary a lot and, over time, can significantly
affect interest earnings.
Credit Cards
-
You can save as much as a thousand
dollars or more each year in lower credit card interest charges
by paying off your entire bill each month or by using a check, cash
or debit card for purchases.
-
If you are unable to pay off a
large balance, pay as much as you can and switch to a credit card
with a low annual percentage rate (APR). You can obtain listings
of low-rate credit cards through www.cardlocator.com
or www.bankrate.com
(click on credit cards), which provide information at no charge
to consumers.
-
You can reduce credit card fees,
which may add up to well over $100 a year, by getting rid of all
but one or two cards, and by avoiding annual, late payment, and
over-the-credit limit fees.
Auto Loans
-
If you have significant savings
earning a low interest rate, consider making a large down payment
or even paying for the car in cash. This could save you as much
as several thousand dollars in finance charges.
-
You can save as much as hundreds
of dollars in finance charges by shopping for the cheapest loan.
Contact several banks, your credit union, and the auto manufacturer's
own finance company.
First Mortgage
Loans
-
Although your monthly payment may
be higher, you can save tens of thousands of dollars in interest
charges by shopping for the shortest-term mortgage you can afford.
On a $100,000 fixed-rate loan at 7% annual percentage rate (APR),
for example, you will pay over $75,000 less in interest on a 15-year
mortgage than on a 30-year mortgage.
-
You can save thousands of dollars
in interest charges by shopping for the lowest-rate mortgage with
the fewest points. On a 15-year $100,000 fixed-rate mortgage, just
lowering the APR from 7% to 6.5% can save you more than $5,000 in
interest charges, and paying two points instead of three would save
you an additional $1,000.
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If your local newspaper does not
periodically run mortgage rate surveys, call at least six lenders
for information about their rates (APRs), points, and fees. You
may also check www.bankrate.com
for mortgage information in your area. Then ask an accountant to
compute precisely how much each mortgage option will cost and its
tax implications.
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Be aware that the interest rate
on most adjustable rate mortgage loans (ARMs) can vary a great deal
over the lifetime of the mortgage. An increase of several percentage
points might raise payments by hundreds of dollars per month.
Mortgage Refinancing
-
Consider refinancing your mortgage
if you can get a rate that is at least one percentage point lower
than your existing mortgage rate and plan to keep the new mortgage
for several years or more. Ask an accountant to calculate precisely
how much your new mortgage (including points, fees and closing costs)
will cost and whether, in the long run, it will cost less than your
current mortgage.
Home Equity
Loans
-
Be cautious in taking out home
equity loans. The loans reduce or may even eliminate the equity
that you have built up in your home. Equity is the cash you would
have if you sold your house and paid off your mortgage loans. If
you are unable to make payments, you could lose your home.
-
Compare home equity loans offered
by at least four reputable lending institutions. Consider the interest
rate on the loan and the annual percentage rate (APR), which includes
other costs, such as origination fees, discount points, mortgage
insurance and other fees. Ask if the rate changes, and if so, how
it is calculated and how frequently, as this will affect the amount
of your monthly payments.
Home Purchase
-
You can often negotiate a lower
sale price by employing a buyer broker who works for you not the
seller. If the buyer broker or the broker's firm also lists properties,
there may be a conflict of interest, so ask them to tell you if
they are showing you a property that they have listed.
-
Do not purchase any house until
it has been examined by a home inspector that you selected.
Renting a Place
to Live
-
Do not limit your rental housing
search to classified ads or referrals from friends and acquaintances.
Select buildings where you would like to live and contact their
building manager or owner to see if anything is available.
-
Remember that signing a lease probably
obligates you to make all monthly payments for the term of the agreement.
Home Improvement
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Home repairs often cost thousands
of dollars and are the subject of frequent complaints. Select from
among several well established, licensed contractors who have submitted
written, fixed-price bids for the work.
-
Do not sign any contract that requires
full payment before satisfactory completion of the work.
Major Appliances
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Consult Consumer Reports, available
in most public libraries, for information about specific brands
and how to evaluate them, including energy use. There are often
great price and quality differences among brands.
-
Once you've selected a brand, check
the phone book to learn what stores carry this brand, then call
at least four of these stores for the prices of specific models.
After each store has given you a quote, ask if that's the lowest
price they can offer you. This comparison shopping can save you
as much as $100 or more.
Electricity
-
To save as much as hundreds of
dollars a year on electricity, make certain that any new appliances
you purchase, especially air conditioners and furnaces, are energy-efficient.
Information on the energy efficiency of major appliances is found
on Energy Guide Labels required by federal law.
- Enrolling in load management programs and off-hour
rate programs offered by your electric utility may save you up to
$100 a year in electricity costs. Call your electric utility for information
about these cost-saving programs.
Home Heating
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A home energy audit can identify
ways to save up to hundreds of dollars a year on home heating (and
air conditioning). Ask your electric or gas utility if they can
do this audit for free or for a reasonable charge. If they cannot,
ask them to refer you to a qualified professional.
Telephone
Service
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At least once a year review your
phone bills for the previous three months to see what local, local
toll, long distance, and international calls you normally make.
Call several phone companies, including wireless companies, to find
an inexpensive calling plan that meets your needs.
-
If you make very few toll or long
distance calls, avoid calling plans with monthly fees or minimums.
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Check your phone bill to see if
you have optional calling services you don't use. Each option you
drop could save you $40 or more each year.
-
Before making calls when away from
home, compare per minute rates and surcharges for different prepaid
phone cards and calling card plans to find the one that saves you
the most money.
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Dial your long distance calls directly.
Using an operator to place the call can cost you up to $10 extra.
-
If you use a wireless phone, make sure your
wireless calling plan covers the calls you typically make. Understand
promotions, peak calling periods, area coverage and roaming, and
long distance requirements to avoid paying too much.
Food Purchased
at Markets
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You can save hundreds of dollars
a year by shopping at the lower-priced food stores. Convenience
stores often charge the highest prices.
-
You will spend less on food if
you shop with a list.
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You can save hundreds of dollars
a year by comparing price-per-ounce or other unit prices on shelf
labels. Stock up on those items with low per-unit costs.
Prescription Drugs
-
Since brand name drugs are usually
much more expensive than their generic equivalents, ask your physician
and pharmacist for generic drugs whenever appropriate.
-
Since pharmacies may charge widely
different prices for the same medicine, call several. When taking
a drug for a long time, also consider calling mail-order pharmacies,
which often charge lower prices.
Funeral Arrangements
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Make your wishes known about your
funeral, memorial, or burial arrangements in writing. Be cautious
about prepaying because there may be risks involved.
-
For information about the least
costly options, which could save you several thousand dollars, contact
a local memorial society, which is usually listed in the Yellow
Pages under funeral services.
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Before selecting a funeral home,
call several and ask for prices of specific goods and services,
or visit them to obtain an itemized price list. You are entitled
to this information by law and, by using it to comparison shop,
you can save hundreds of dollars.
Membership in the Consumer
Literacy Consortium does not imply endorsement of all its messages
or the products and services of other members.
Single copies of this brochure are available
for $.50 each from Save Money, Pueblo, CO 81009. Make your check or
money order payable to the Superintendent of Documents.
For information on bulk orders contact:
Save Money, Consumer Federation of America, 1424 16th Street, NW,
Suite 604, Washington, DC 20036.
Additional information for improving
purchasing decisions is available at local libraries, which also provide
access to Internet sites intended to help consumers.
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