Common Sense Spending Strategies

From hats in the hall closet…to bats in the belfry, we can help you save money on the basics.Today, we’ll offer you a few common-sense strategies for saving money on three basic necessities: clothing, utilities, and home maintenance.Saving on ClothingWhen it comes to clothing, it’s easy to get tempted by sales or the latest trends. This is especially true if you have kids, especially teenagers, with rapidly changing sizes and opinions on what’s “cool.” But keeping your family’s wardrobe sharp doesn’t have to break the bank.Shop Thrift Stores: You don’t have to buy new. Thrift stores offer deals on current styles and wardrobe basics. This is a great way to save, especially if you have kids. Teenagers might resist, but give them a budget and challenge them to find something they like. It’s a fun way for them to learn the value of money and creativity.Consignment Stores: Consider shopping at consignment stores, where you can find stylish clothing at a fraction of the cost. Plus, when you’re done with your gently used items, you can trade them in for cash or discounts, adding money back into your clothing budget.Re-think Your Wardrobe: Instead of filling your closet with items you’ll only wear once or twice, focus on versatile, high-quality basics. A good pair of slacks or a neutral skirt can serve multiple purposes, from work to church or an evening out. Spend on these core items and use accessories and thrift store finds to add variety.Cutting Down on Utility BillsUtilities are another area where costs can quickly add up, but there are several ways to save.Energy-Efficient Appliances: Invest in energy-efficient appliances when it’s time to replace your old ones. While it may cost more upfront, these appliances will save you money in the long run. You can also find deals on “scratch and dent” models, which are new but have minor cosmetic flaws.LED Lighting: Switch to LED bulbs; although they’re more expensive initially, they last longer and use less energy, reducing your electricity bills over time.Utility Rebates: Check with your utility company for rebates on energy-efficient systems like electric hybrid water heaters or smart thermostats. These rebates can help offset the initial costs of upgrading your home’s energy systems.Simple Habits: To further reduce your energy consumption, unplug appliances, turn off electronics, and adjust your thermostat when you’re not at home.Smart Home MaintenanceRegular maintenance is crucial to avoid costly repairs if you own a home. Here are some tips to keep your home in good shape:HVAC Maintenance: Have your heating and air conditioning system checked annually to ensure it’s running efficiently, especially before the peak seasons of summer and winter.Seal Air Leaks: Check the caulking around windows, doors, and light fixtures annually. Replace weather stripping if necessary, and consider adding insulation if your home feels too warm in summer or too cold in winter. Again, utility companies often offer rebates for insulation upgrades.Roof and Attic Checks: Remember your attic. If unused, ensure it’s not becoming a home for critters. Rodents and other animals can cause significant damage, including chewing on electrical wires, which is a fire hazard.By taking simple, proactive steps in clothing, utilities, and home maintenance, you can manage your money more effectively and keep your expenses under control. These practical tips are designed to help you save more while still maintaining a comfortable and stylish lifestyle.On Today’s Program, Rob Answers Listener Questions:I'm in my 70s, and my spouse and I have been married for over two years. I've saved a significant amount of money initially kept in a lockbox. After selling my condo, I put that money into a couple of CDs, as they offered the best rates. These CDs will earn me over $4,000 a year in interest. I also have a few thousand dollars more that I need help with. I'm concerned that depositing this large cash amount in the bank might raise money laundering suspicions with the government.My dad passed away over a year ago, and my mom is trying to get Social Security benefits. However, neither of them has the required 40 credits. Can they combine their credits to qualify?My question concerns an income property that I have. Is it better to keep it during my retirement or sell it? My main concern is the capital gains tax I'll incur when I sell it since I've owned it for over 20 years, and it's depreciated.Do you consider classic cars a viable option for possibly a small part of a retirement portfolio?Resources Mentioned:Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, JD. \Bankrate.comRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.