Hidden around the web are lots of little personal finance gems. I stumble across new resources every day — I just don’t have time to share them all! I plan to start sharing more than I have been, however, beginning today with a publication from the U.S. Federal Trade Commission and the Consumer Federation of America.
66 Ways to Save Money is a a free 12-page PDF file available from the FTC’S Bureau of Consumer Protection. (I also located an HTML version.)
This publication contains tips about:
- Obtaining lower airline fares
- Buying automobiles
- Purchasing insurance
- Credit cards
- Mortgages
- Utilities
- Grocery shopping
Some of the tips are obvious (“you can save hundreds of dollars a year by shopping at lower-priced food stores”), but others less so (when doing home improvement, “do not sign any contract that requires full payment before satisfactory completion of the work”). They’re all great ways to save money.
If you’re just beginning to take control of your finances, this pamphlet could be an excellent source of ideas.
[FTC: 66 ways to save money (PDF)]
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One slight correction: The pamphlet says “Once you’ve signed a contract, you’re obligated to buy a car.” Not necessarily so. In many states, you can walk away scot-free from the deal any time before you take delivery of the vehicle. The pamphlet is correct that there is usually no “cooling off” period for cars like there is for real estate, though. Once you DO take delivery, it’s definitely yours.
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I know GA has one of those grace periods on contracts, I’m sure there are others. Wish my state did.
If you are hurting for money, get your groceries at Wal-Mart. Hate to say it but it got me through college. I swore once I had a salary I’de never go back. Its hard to resist, and I do falter.
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There is a federal “cooling off period”. You have three days from the time you take possession of the car and/or sign the contract. I know this b/c I got screwed — the dealership told me that there isn’t a “Texas” cooling off period… but my lawyer told me “Well, he’s right, in a sleazy sort of way. It’s not a Texas law. It’s a federal law.” Nice.
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Many of those 3 day grace periods only apply if you sign the contract in your home. Be sure and check your state laws.
Many of those contracts have a clause that says you agree to forfeit the right to “cool off.”
Read those contracts folks!
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Very interesting, and the price is right! Thanks for sharing this gem with your readers.
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@Damsel
There is no Federal cooling off period that applies to automobiles.
Here’s the FTC links:
http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro03.shtm
http://consumeraction.gov/caw_shopping_cooling_off.shtml
The key statute that covers right to cancel a contract is the Truth In Lending Act (15 U.S.C. § 1635). Depending on the type of contract, regulations concerning cancellation of a contract are found at 12 C.F.R. § 226.15, 12 C.F.R. § 226.23 and 16 C.F.R. pt. 429.
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Always looking for ways to save money, especially now! Under the section entitled ‘Gasoline’, I would add: use a website like http://www.gasbuddy.com to check out gas stations in your neighborhood for the lowest prices!
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Hi I’m the webmaster of http://www.spartansaving.com. I came across this post off technorati. I may have one of those gems, or in my mind I think of it as my gem haha.
My website is devoted to helping the average family save money at home by energy and water conservation. I calculated the amount of money you could save if you cut down on certain habits and how much you could save by just doing a few simple tasks.
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Experience has taught me the most critical piece of auto-buying advice that won’t be in the free pamphlet: Buy a gently used car from the top of the reliability rankings, and hold it for longer than the loan term (ideally, 10 years). That alone is like steroids for your net worth (if you don’t spend it elsewhere !).
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Saving money is good, but in today’s global economy, the cheaper option is often riddled with problems, ie: toxic toys/dog food/medications/etc from China where people work in sweat-shop like conditions as unregulated emissions are spewed into the air. You can buy cheaper food, but you’re buying genetically modified, hormone-laden, mass-produced and processed food that isn’t good for you anyway. Most of the beef we consume is unnaturally grain-fed which leads to infection and antibiotic use that promotes microbial resistance – do you really want to eat infected meat? (check out “The Omnivore’s Dilemma” by Michael Pollan)
The real challenge is to save money but use the money you have wisely and responsibly – support locally grown foods and local businesses, grow your own vegetables, make biodiesel, ride your bike more instead of spending more on gas. “Conscious consumerism” means that although it may cost a little more, you are voting with your dollar for responsibly made and sustainable goods that promote social justice as well. One of the most important ways to save money and lessen your impact is to simply stop buying things that you don’t need.
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The intention is great, but it’s not telling us anything new: look for lower rate/price and comparison shop. Thanks for the link though
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The FTC’s PDF article did a very, very, poor job of telling us how to buy a house (aah, it’s only the biggest investment of our lives). There are probably 66 ways to save money when you buy a house! Title insurance scam, especially, needs to be made public!!! I’m looking forward to reading THAT article.
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