In many cases, the new spirit of frugality is not necessarily born out of financial necessity, but also out of a desire to simplify life, avoid excessive consumption and focus on what’s really important – family, friends and community.

If you’re an adult over 50, maybe you’re exploring the hidden treasures of your own region instead of taking exotic vacations. Maybe you’re barbecuing with friends in the backyard instead of going out to eat. Maybe you’re spending more time playing with your grandkids instead of buying them the latest electronic gadgets.

In short, you’re trying to cut back on spending without sacrificing quality of life. Here are five tips to help.

Examine recurring expenses.

It’s easy to overpay for utilities and other recurring expenses if you don’t periodically review your options and make sure you’re getting the best deal. Many utility companies offer senior discounts, for example, but you have to ask. Also consider a lower-cost no-contract cellphone plan. Consumer Cellular, for example, offers a variety of affordable no-contract voice and data plans that can be changed without penalty at any time. You’re never locked into a plan that forces you to pay for more service than you need, and complementary usage alerts mean you don’t have to worry about accidentally exceeding your maximum allowance. Flexible family plans where couples and families share minutes can save an additional $20 to $30 per month.

Increase energy efficiency.

Another way to reduce your bills is by increasing the energy efficiency of your home. You can unplug battery chargers when not in use, turn off appliances rather than leaving them in standby mode, use energy-efficient light bulbs and turn off the lights when you leave a room. If you’re able to invest a little to ensure longer-term savings – whether through weatherproofing or upgrading aging appliances – you can schedule an energy audit to find out how to get the biggest bang for your home-improvement buck.

Be a smart shopper.

If you’re not into clipping coupons, that’s OK. There are other ways to save. For example, try store-brand products rather than automatically reaching for the brands you’ve always purchased – in many cases, you won’t be able to tell the difference. Buy in bulk if you use large quantities of something. Watch for sales on items you purchase regularly, but don’t buy something just because it’s on sale – if you wouldn’t have bought it otherwise, you’re not saving money. For bigger-ticket items, be sure to comparison shop to make sure you’re getting the best price. Websites such as pricegrabber.com allow you to research numerous retailers without leaving your home.

Take advantage of free entertainment.

Wondering what to do this weekend? Low-cost, or sometimes free, options are abundant. Check the events sections of local newspapers and websites to see what’s happening in the area – festivals, exhibits and other special events are often free, and high schools and colleges frequently host sporting events, plays, concerts and lectures that are open to the public. Libraries are also an excellent source of free entertainment – you can try out new authors, artists and genres with no risk by borrowing books, audiobooks, DVDs and CDs instead of purchasing them. You might even meet some interesting people while you’re out and about in the community.

Reassess your gift-giving habits.

If you’ve ever found yourself rushing to the mall to buy a last-minute gift for a loved one’s birthday, chances are you’ve spent more than you originally planned, settled for something you suspected the recipient might end up exchanging, or avoided the decision by purchasing a safe but impersonal gift card. However, most of us don’t really need more things. Instead, consider giving your loved ones the gift of a shared experience. If your grandson loves animals, take him to the zoo. If your sister is into jazz, take her out for an evening at a jazz club. Of course, you might not end up spending less money this way – experiences come in all price ranges – so do keep your budget in mind. The point is that instead of wasting money on something that might just sit in the garage for years, you’ll enjoy a meaningful experience together. And that’s what quality of life is all about.

Provided by: ARA

If you want to keep your plans in place and your spending on track, it’s important to be smart about fuel consumption. Not everyone can afford to buy a new, ultra-fuel-efficient car, so making adjustments to your existing vehicle – and your driving habits – can help you stretch the dollars you spend at the pump.

Drive mindfully:

If you’re used to speeding up fast and braking at the last moment, you need to reconsider how you’re operating your vehicle – those habits can drain your gas tank and send you back to the pump more often. Instead, make a conscious effort to accelerate and slow down gradually and use cruise control to maintain a constant speed, all of which will help to use fuel more efficiently. When possible, avoid idling and make plans for running errands, to cut down on the number of trips you take.

Reduce drag:

If you drive a truck, smoothing out the aerodynamics of your truck with a truck bed cover or a tonneau cover can make a big difference in fuel consumption. Covers like the Access Roll-Up Cover, manufactured by Agri-Cover Inc., a North Dakota truck accessory company, are a simple solution that will give you immediate gas mileage improvement. The roll-up cover is lockable, so it protects your gear and improves the look of your vehicle in addition to reducing drag and bringing down your gas costs. Covers can be added easily with clamp-on installation and can be rolled up behind the cab when not in use.

Choose wisely:

You’re typically given three options at the pump, with a trio of gasolines with different octane levels – and different prices. One of the simplest ways to cut costs is to opt for the lowest octane fuel that you can use in your vehicle. Making this change can save you hundreds of dollars per year, without sacrificing performance or gas mileage.

Give your vehicle a check-up:

Maintenance and mileage can go hand in hand, so it’s important to make sure that your car is in shape for saving fuel. Check and change your oil regularly – it’s an essential component in reducing wear caused by friction between moving parts in the engine. If it’s not clean, or if levels are low, your vehicle won’t be performing as efficiently as possible. Equally important to getting good mileage is the air pressure in your tires, which should be at the manufacturer’s recommended levels (often listed on the driver’s side door frame). Proper inflation can improve your gas mileage by up to 3 percent. A check of the air, oil and fuel filters should also be included in a check-up.

Making adjustments to your vehicle and the way you drive can be the best way to save yourself from going over budget on gasoline. Start with these tips and you’ll be able to enjoy the season the way you want to.

Some 39 percent of workers now plan to retire after age 65, up from 30 percent before the recession in 2007 and just 15 percent in 1995. Age 65 remains a popular retirement age, with just over a quarter (27 percent) of workers planning to retire then, a proportion that has remained fairly consistent over the past decade. Older workers generally expect to retire at a more advanced age than younger employees. Those age 40 and older are planning to retire at an average age of 68, compared to age 65 among people under 40.

[Related: Picking a Place to Retire]

The proportion of people who think they will be able to retire early has declined significantly over the past five years. Some 13 percent of workers are now aiming to retire in their early 60s, down from 18 percent in 2007. And the proportion of people who think they will retire in their late 50s has declined from 11 percent in 2007 to 7 percent in 2012. Just 6 percent of workers say they will retire before age 55, which is the same proportion of people who thought that in 2007.

Financial insecurity may be compelling many workers to delay retirement. “There has been a lot of fallout from the financial crisis,” says Dennis Jacobe, Gallup’s chief economist. “There was a huge loss of savings and investments and housing values and all of those things have hurt potential retirees.” The Gallup survey found that the majority of current workers (55 percent) don’t expect to have enough money to live comfortably in retirement, up significantly from 42 percent in 2007 and just 32 percent in 2002. The proportion of people who expect to feel financially secure in retirement declined from 59 percent to 38 percent over the same time period.

Younger workers are more optimistic about their retirement finances than those closer to retirement age. Employees age 40 and over are more than twice as likely to think they will not have a comfortable retirement (64 percent) than to think they will live comfortably (29 percent). People under age 40 are more evenly split between believing they will (48 percent) or won’t (44 percent) have enough money in retirement.

However, the age retirees actually leave the workforce has not changed over the past decade. Retirees have left their jobs at an average age of 59 or 60 in every single year since 2002. About a third (34 percent) of people retired between ages 60 and 64, the most popular age range for retirement. And 14 percent of those surveyed retired exactly at age 65. Only 16 percent of retirees managed to work past age 65.

Early retirement was a common experience for current seniors. Many people (17 percent) retired in their late 50s and 18 percent retired before age 55.

Yahoo Finance

The idea that you have to buy large quantities is one of the misperceptions about buying bulk. Ellen Bouchard, bulk manager at Frontier Natural Products Co-op, describes and dispels the following common bulk-food myths and provides shopping tips for consumers.

Myth No. 1: You must buy in large quantities to buy bulk.

False. In fact, bulk offers an easy and economical way to expand your food horizons by letting you try small amounts of unfamiliar products. You can buy just a pinch of the exotic spice or a cup of the unfamiliar grain called for in a recipe. Or you might purchase small quantities of a number of spices and seasonings or spice blends, such as garam masala, to experiment with a new ethnic cuisine. If you think you might like to try something new, buying in bulk enables you to purchase a small quantity without worrying about wasting money.

Myth No. 2: It’s wasteful to buy in bulk.

Quite the opposite, because you can buy just the amount you need. Keep in mind that prices for bulk products are considerably lower than the packaged versions, and the full amount of your purchase goes toward the product, not packaging or advertising. In addition, manufacturing that package wastes energy and resources. So when you buy in bulk and reuse storage containers, it’s a positive contribution to the planet’s health.

Myth No. 3: It’s hard to know what’s in those bins and if it’s fresh.

Again, not true – bulk foods are often of higher quality, fresher, and more natural than packaged products. They’re also more likely to be locally produced. Good labeling practices by retailers will indicate the manufacturer or producer of that bulk item and whether it’s organic and/or Fair Trade Certified. For example, the bulk products from Frontier, available in most natural food stores and health-food departments of grocery stores, are natural and sustainably grown. Many are certified organic, too.

Myth No. 4: The bulk selection is limited.

Another misconception. Some products you’ll likely find in the bulk aisle: beans, flours, grains, nuts and seeds, cereals, herbs and spices, pastas, teas and coffees, and household and toiletry items such as laundry detergent and soaps.

Myth No. 5: Bulk products are low quality.

False. Bulk products are most often of equal or higher quality than their packaged counterparts. Many exotic and gourmet items are only available in bulk, as are some Fair Trade Certified and certified organic products. For example, do you know how many types of cinnamon exist? In some bulk spice aisles, you can find multiple varieties of cinnamon, ranging from traditional Korintje (3 percent oil) to premium Vietnamese (5 percent oil) to Ceylon cinnamon from Sri Lanka.

Tips for buying in bulk

* Before you go shopping, look in your cupboards to see which items you usually purchase in packages or cans that you can now purchase in the bulk aisle. Glass is safer than plastics for food storage, so you might want to buy some airtight glass jars in various sizes.

* Explore the store’s bulk section a bit, trying one or two new items each visit.

* When filling your containers, use the scoops or the dispensers provided. Take your time and be neat, but if you spill something, there’s no need to panic. Just ask a staff person for help in cleaning it up.

* Most stores will have you write down the item number and price of the item (from the bin) before you take your selections to the register.

Here’s a fun recipe that lets you try out the “buy a pinch” of seasoning concept.

Thai Peanut Dip
Ingredients:
1/4 cup creamy peanut butter
1/3 cup coconut milk
2 teaspoons honey
1 teaspoon crushed red pepper
1 tablespoon Thai Seasoning

Directions:
Stir together all ingredients until smooth. For a thinner sauce, add more coconut milk. Toss with cooked noodles. Or serve with Thai Summer Rolls.

By doing the little things to maintain your car on a day-to-day basis, you can do everything in your power to make your car last long past the day you make your final payment on that car loan.

“Time and miles are the two forces fighting to destroy every car,” says Tom Taylor, engineer and vice president of RockAuto.com. “Giving the car an occasional wash and wax is nice but really not as important as regular maintenance. Driving and maintaining your car as if it needs to last for at least 200,000 miles or 20 years is a smart way to preserve the value of an expensive asset.”

Storage

If you have a garage, make it your car’s permanent home. Reserving a garage space for your car instead of household items that could be stored elsewhere will help you avoid the accelerated wear and tear caused by prolonged exposure to the elements.

If you store your car in a partially protected carport or use a car cover, regularly inspect underneath your hood for signs of vermin. “I recently needed to replace a fuel injector connector that a rat gnawed off our 20-year-old family van after it was left unattended in a carport for just a few days,” says Taylor. “Rats and mice like a nice warm engine bay and they chew constantly to wear down their ever-growing teeth.”

Scheduled maintenance

Your car’s maintenance, engine oil, radiator antifreeze and other components might differ significantly from your last car. Following the maintenance schedule laid out in your owner’s manual is important to protect your vehicle. The photos in the RockAuto.com online auto parts catalog can help you become familiar with the maintenance parts for your specific car. Making sure items like filters, struts and brake pads are replaced when needed will help protect other components, saving you money and unnecessary wear.

Drive smart

Occasionally kicking up your heels is fine, but consistently accelerating too fast can put unnecessary strain on your engine and other moving parts. Stopping or cornering too quickly can prematurely wear out your brakes and suspension. If you’re starting your car in the cold, take it easy at first – letting your car idle won’t help protect your car, but driving a little more methodically than usual while your car warms up will.

Drive less

You don’t need to cut out the annual family road trip – highway miles are among the easiest miles you can put on your car. But eliminating unnecessary trips in everyday life can have noticeable results since the starting and stopping associated with short trips can be tough on your car. Take care of all your errands in one trip, walk with your kids to school if it’s close to home or ride the bus to and from work. If you can cut down on driving by 5 miles per day for 10 years, you’ll save 18,000 miles of driving. Taylor estimates that those miles are worth $4,000 in parts, depreciation and gas. Not only will you save money, but you’ll also put less stress on your vehicle, which should extend its lifespan.

When shopping for a new car, you might be able to save hundreds of dollars by comparison shopping and finding the best price. But good maintenance and driving practices can save you thousands if it means you won’t have to buy another car for 20 years.

Members of the Greatest Generation (Americans older than 66) have the highest average credit score, 820, according to the study by Experian. The average score for Generation Y (ages 19 to 29) is 672. While 148 points separate their average scores, the two groups are much more closely aligned in the relatively lower amount of debt they both carry. Conversely, baby boomers (ages 47 to 65), and members of Generation X (ages 30 to 46) carry much higher debt loads, the study shows, and just 64 points separate their average scores of 782 and 718, respectively.

“While ‘generation gap’ is a common term when referring to topics such as music, fashion, culture and politics, the study reveals that age groups manage their money and debts quite differently as well,” says Michele Raneri, vice president of analytics for Experian. “This study shows that baby boomers are steadily pursuing the American dream, while Gen Yers are starting to build their credit through student loan and auto payments. Gen Xers are dealing with the highest debt and the Greatest Generation is reducing its overall debt.”

The generations also differ in their average amount of debt. Not surprisingly, Gen Y has the lowest average debt: $34,765. But their closet age group, Generation X, has the highest at $111,121. Baby boomers and the Greatest Generation have average debts of $101,951 and $38,043, respectively.

The composition of that debt has some interesting similarities and startling contrasts among the generations. A first mortgage constitutes the largest percentage portion of debt for all four generations. However, while second mortgages are the second largest percentage of debt for members of the Greatest, baby boom and X generations, student loans occupy that spot for the Y generation.

“No matter your life circumstances, establishing and maintaining a positive credit history is more important than ever,” says Raneri.

The credit experts at Experian offer some advice that can be valuable to all generations:Paying your bills on time is the single most important contributor to good credit. Late or missed payments negatively affect your ability to get credit.

• A strong credit history can affect your ability to get a job, qualify for an apartment rental, or buy your first car or house. Since length of credit history is a factor in calculating credit scores, it’s important for Gen Yers to begin establishing credit as soon as possible.
• A variety of types of accounts and low utilization rate over a longer period of time will help you qualify for larger lines of credit at better rates.
• Thinking of making a major purchase on credit? You need to demonstrate stability in the three to six months leading up to the purchase. Avoid big credit moves, such as opening or closing accounts or moving large amounts of money around.
• Be sure to review your full credit report on a regular basis (and especially before major purchases) and fix any errors. If you come across any inaccurate information, the fastest way to get it corrected is online through the credit reporting company that provided your credit report. Creditors are allowed 30 days to respond to any claims, but many times, the dispute can be resolved before then.
• As you reach midlife, you should shift your focus to paying down major purchases (such as a mortgage) and saving for retirement. While consumers of all ages should aim to live debt free, it is even more important the closer you get to retirement age.
• Older Americans should remember to stay engaged with their credit histories. Some people stop opening accounts or using credit on a regular basis as they age, which means they aren’t checking up on their credit histories as often. This can make older generations more vulnerable to fraud.

“For all consumers, establishing and maintaining a positive credit history is an important step in achieving financial goals,” says Maxine Sweet, vice president Consumer Education, Experian. “At any age, paying bills on time is the single most important contributor to good credit.”

Why? Your retirement savings needs are largely determined by how much you spend less the amount of income provided by Social Security and pensions.

For example, if you plan to spend $30,000 per year in retirement with your Social Security and pension providing $30,000 per year then you don’t need a lot of savings. However, if you plan on spending $130,000 per year in retirement with the same Social Security and pension benefits then you will need a whole lot of savings.

The difference between the two numbers is what matter most.

Social Security Benefits In A Nutshell

Once upon a time, a retiring American could expect to receive roughly half of their income from Social Security. However, if you are retiring behind the Baby Boom generation that figure is likely to drop to 25% or less. This has a dramatic impact in your calculations for how much to save for retirement.

Social Security is an unfunded system with no assets supporting it. It is merely a transfer of taxes from working people to those who are not working. It is pay-as-you-go. According to the Social Security Administration (SSA) website, there were approximately 16 workers paying to support one benefit recipient in 1950. Now the ratio is about three wage earners per recipient; in 40 years it is expected to be two to one—a ratio that will not sufficiently fund the payment of scheduled benefits without a tax increase.

Currently, surplus Social Security tax revenue is invested in Treasury bonds which can be cashed in later as they are needed. Without a program overhaul various studies indicate by 2041 there will no longer be surplus income, the bonds will be depleted, and the SSA will only be able to pay about 78% of scheduled benefits. These numbers indicate a 35 year old worker in 2007 can expect to see a 22% decrease in scheduled benefits starting in 2041 with additional annual reductions thereafter.

That’s not a pretty picture.

Can You Rely On Social Security For Your Retirement?

If you are already retired then you beat the demographic tsunami caused by the baby boomers and will likely realize a better deal from Social Security than those that follow you. But if you are planning to retire in the future, you should think carefully before counting on Social Security to pay your bills.

Social Security is not likely to vanish because that would be politically difficult. Instead, you should expect the benefits to fade away through a gradual process of means testing, age requirement increases, and inflation indexing that lags true inflation.

The government has already begun this process by changing when you can start collecting Social Security as a “full retiree.” If you were born before 1938 then you reach full retirement age at 65. Since life expectancy is now greater, those born after 1960 have to wait until age 67 to reach full retirement (the age changes gradually for those born between 1938 and 1960).

Alternatively, you can start drawing benefits when you turn 62, but your monthly check will be smaller than if you wait until the full retirement age. If you live significantly longer than the SSA tables expect you to, you will come out ahead by waiting those extra few years before drawing a check.

Going forward you should expect more changes like this because as the worker-to-retiree ratio narrows, the government has few options to balance the books. They can increase funding (i.e., taxes), raise qualifying standards, reduce benefits, destroy the value of benefits through inflation, or some combination of these choices.

Regardless of the solution chosen by government, the outcome for future retirees is clear: Social Security will likely satisfy less of your retirement needs. That means you will need to fund more of your retirement yourself by building your retirement savings. Your post-career income should come from multiple sources, including personal savings and an employer sponsored pension or 401(k). Don’t rely solely on Social Security.

How To Plan Your Retirement Savings Needs

To determine your expected Social Security benefits consult your wage and earnings statement sent annually by the SSA. You can also visit their website (www.ssa.gov) or contact them by phone (800-772-1213). But remember that any benefits scheduled for 2041 or later may not be there when the time comes.

If Social Security won’t be there for you then something else has to be. Below is a list of some of the ways you can balance the risk inherent in Social Security:

• Work longer: Even just a few more years as an earner instead of a spender can increase the monthly check you receive from Social Security. It also gives you more time to save (a double benefit since you would otherwise be spending from your savings) and to compound interest.
• Save more: You’ll be paying for a larger share of your retirement than you anticipated. This means you must increase your savings. And the more you put away, the more interest income you can earn.
• Consume less: You need less money for retirement if you plan to spend less. By starting now, you can develop sustainable spending habits to carry over into retirement. It may also help you save more money.
• Live healthier: Maintain your health through proper diet, exercise, and rest to help you live longer and more enjoyably. A longer life means more years of retirement even if you work longer than planned, and a healthier life can lower your health care and prescription drug expenses.
• Insure: Sufficient health insurance coverage ensures that medical bills will cause minimum damage to your retirement savings. Long-term care expenses are also a risk you may choose to manage through insurance.

In short, Social Security may not be the retirement plan you hoped for, but it’s not too late to take steps to secure your financial future. Be proactive by taking action now to offset the expected declines in real benefits over time. With proper planning you can supplement what Social Security will provide so that you can retire with financial security and peace of mind.

About The Author: Todd R. Tresidder is a retirement coach, financial blogger, and author of several financial ebooks including “How Much Money Do You Need To Retire” teaching you how to take the next step beyond retirement planning calculators. He lives with his wife and two children in Nevada where he enjoys the outdoor recreation lifestyle.

With Americans living longer—and therefore facing many additional years in active retirement- financial planning has never been more critical.

Experts recognize that not knowing exactly how long you will live, however, makes it difficult to determine how much money will be needed to comfortably retire. Annuities can bridge the gap in a retirement planning strategy.

“Traditionally, people underestimate how long they’ll live and overestimate the value of a large lump-sum balance sitting in a retirement account,” says Chris Littlefield, president and CEO of life insurance and annuity provider Aviva USA. “One way to avoid outliving your money is with an annuity that offers the benefit of guaranteed income for life.”

Living Longer, Living Well

Through financial planning, life insurance and retirement advisers encourage clients to define—to the best of their ability-future income needs. In addition, retirees should remember the benefit of taking a diversified approach.

That is why many people nearing retirement are taking a hard look at, and incorporating annuities into, their retirement strategy. Annuities are a sound financial tool to ensure a level of income security, and help people avoid the potential of becoming a financial burden on their loved ones.

A key attribute of an annuity is a consistent income stream to cover long-term expenses that may surface through the years. Knowing that a consistent cash flow is possible allows those nearing retirement to reduce the risk that misjudging their “magic number” could mean.

It also provides a peace of mind, as many retirees seek to accurately estimate how much money they will need throughout their retirement. Littlefield notes that while annuities are not the “be all, end all” to retirement planning, they do add an element of stability to an otherwise unpredictable process.

“With so many Americans having spent their entire life in the workforce, we have grown accustomed to a steady stream of income,” Littlefield said. “That is why many of our new customers are taking advantage of the lifetime income benefits in their annuities. With the right planning, it’s possible to keep this in place without dipping into your life savings and still have access to your annuity’s principal.”

As every person’s financial situation is unique, choosing tools that provide lifetime income is a subject that should be discussed with a qualified financial adviser.

Whether you’re single, share a two-person household or have a big family, finding ways to save money in the laundry room can have a big effect on your budget – and not just in the amount you spend on detergent. Some adjustments to how you wash and dry your clothes can have an effect on utility bills, the amount of time you spend on laundry and even your impact on the environment. 

Here are some ideas for smart ways to save that start in the laundry room and have results that go well beyond its walls.  

• Cut down your dry cleaning bills. It’s tough to find a closet that doesn’t have any “dry clean only” labels, but to reduce the amount of money you put   into those garments, consider a dry clean alternative like FreshCloz. Using state-of-the-art ozonic technology, pure ozone circulates it through your clothes, which helps with odor removal and preserving your garments. You can simply slip your clothes inside the garment bag, carry on doing the rest of your laundry, and come back to fresher clothes. It allows you to cut back on the number of trips you make to the dry cleaner, which is a major expenditure. Its environmentally friendly nature also makes it a great green dry cleaning alternative.
• Create your own laundry detergents. Armed with borax, washing soda and grated bar soap, you can make a highly effective laundry detergent for a very good value. There are plenty of step-by-step instructions that can be found on the Internet. An extra tip is to add a few drops of your favorite essential oils to create a custom scent that you’ll love.
• Remember to keep it cool. One of the easiest steps you can take is to wash your clothes in cold water. It’ll save you money on heating, and it wastes less energy.
• Let it all hang out -your laundry that is . In good weather, let the dryer sit idle and break out the clothespins. Hanging your clothes is a much more eco-friendly option, but it also adds up to savings on your utility bills. Plus, there’s nothing quite like the pleasant smell of clothes that have been hung out to dry in the fresh air. If it’s a rainy day, try using drying racks inside your home. Clothes might feel slightly stiff initially, but they soften up shortly after you put them on.

Cut your drying time. Sometimes, you just need to use the dryer instead of hanging things out to dry. To cut down on the time your items spend spinning around in the warmth, add dryer balls. Often made from felted wool yarn or scrap fabric from old sweaters, these little laundry aids dramatically cut drying time, which is kind to your wallet and the environment. They can be purchased pre-made or you can make your own – there are plenty of resources on the Web that provide detailed instructions. 

Some of these solutions – like the FreshCloz dry clean alternative – can even help your clothes last longer, which can add up to major savings. You can find more information about it at www.freshcloz.com Once you see how much you can save by taking these simple steps in the laundry room, you’ll want to look for clever cost savings in every room in the house.   

 Provided by ARA 

If the numbers are any clue, it would seem more Americans believe holding on to an older car costs less than paying for a new one. The average age of passenger cars is now more than 9 years, according to data from R.L. Polk. And the average price of a new car tops $28,000, according to the Federal Trade Commission. What’s more, older cars depreciate less and often cost less to insure.

Hanging on to a car – and taking care of it – can definitely save you money versus taking on a new-car payment. The key to maximizing your savings on an old car is actually to spend a little on regular maintenance. That will allow you to avoid more costly, emergency repairs caused by the breakdown of poorly maintained parts.

Follow these simple steps to ensure good maintenance helps you avoid expensive repairs:

1. Get to know the owner’s manual. Your owner’s manual will provide vital information on your vehicle’s systems, and should include a maintenance schedule. If you no longer have the owner’s manual or want more detailed maintenance information for your car, you can buy a factory service manual online. Auto parts retailer RockAuto.com sells manuals for $12 to $50 – money well spent if it helps you avoid a repair that costs hundreds or even thousands.
2. Take care of the timing belt. Most cars newer than 20 years old have timing belts that need to be changed, sometimes as often as every 60,000 miles. When the timing belt breaks it may either simply leave the car immobile or, worse, if the car has what the RockAuto.com auto parts catalog calls an “interference engine,” then a broken timing belt will likely cause expensive damage to other engine parts. Look in your owner’s manual to see if your car has a timing belt and when it must be replaced.
3. Check your fluids. Make sure you know the manufacturer’s recommendations for what type of oil, antifreeze, transmission, power steering and brake fluid your vehicle uses. Using outdated or the wrong fluid can cause damage – and void any remaining warranty on your car. Check your owner’s manual to determine what kind of fluid to use and when each needs to be changed.
4. Pay attention to shock absorbers and struts. These parts protect the suspension, steering, brakes and other vehicle systems. Waiting until the car starts to ride funny or bounce before replacing the shocks and struts may cause costly damage to other parts. Plus, a car that handles and stops poorly is less safe. Monroe.com presents a strong case for replacing original shocks and struts on most popular cars at 50,000 miles. Consult your service manual or mechanic to get recommendations for your specific vehicle.
5. Stay on schedule. The maintenance schedule in your owner’s or shop manual will also list important inspections to perform periodically, and repairs or maintenance you can expect the vehicle will need throughout its serviceable life. It will often be cheaper to replace auto parts before they break than after. Use the chart in your manual to keep track of completed maintenance.

Performing regularly scheduled maintenance also will allow you to anticipate expenses and budget for them – a tactic which will always save you more money than paying for emergency repairs.