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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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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 |
Airline
Fares
-
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.
-
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
-
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
-
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:
-
is certified and well
established;
-
has done good work for someone you know;
and
-
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 http://www.cardlocator.com/ or http://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.
-
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 http://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.
-
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
-
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
-
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
-
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
-
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.
-
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.
-
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
-
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.
-
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
-
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.
-
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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