5 Ways to Save Thousands in

2016

1) DeclutterThis may seem silly, but it’s a vitally important

emotional step.

Why Decluttering Is So Important

• The process opens your eyes to how much useless stuff you have.

• Once you have an uncluttered house, you’ll have the motivation to keep it that way—which can help reduce future spending.

• Take everything you have and donate it to organizations like Goodwill or the Salvation Army.

You can deduct up to half of your adjusted gross income for such

donations. This alone can save you thousands on federal

income taxes.

2) Cut The FatYou’d be surprised how much you spend on services you don’t use

Examples of Cutting the Fat• Gym Memberships—How often do you really go?

The outdoors and a few simple weights give the same benefit. Total possible savings: $600 per year.

• Monthly Cable Bill—Let’s face it, cable is on its way out. Between Netflix, Hulu, and Amazon’s Prime, all you really need is a local bar to watch your favorite team play. Total possible savings: $1,200.

• Stop Buying Bottled Water—Get a filter instead (~$18). Use tap water. Replace the filter every two months. This is the equivalent of over 1,800 Dasani water bottles. Total possible savings: $1,400.

These three moves alone could save up to $3,200. But they are

just starting points for you to begin your fat-cutting exploration.

3) Opt for high-deductible insurance

While it’s not right for everyone, it’s worth exploring.

Different Types of Insurance• Life Insurance—Stay away from Whole Life or

Variable Insurance and stick with a simple term plan.

• Car Insurance—The types of coverage and amounts vary widely. But consider keeping an emergency stash that can cover a maximum deductible. The savings—if you stay out of trouble—really add up over time.

• Health Insurance—For those that are generally healthy, consider a high-deductible health plan (HDHP). Under the Affordable Care Act, all preventative measures are already covered. And if you qualify, you utilize the triple-tax advantaged Health Savings Plan (HSA) to further save money.

4) Automate Your Savings

It’s easier to save when you don’t even think about it.

The Basics of Saving• Company Match—At a bare minimum, set aside

enough money in your company’s retirement plan to get the full match offered. This is free money!

• Set a Percentage—If you can afford it, aim to save at least 10% of your salary automatically through your 401(k), 403(b), or 457 workplace plan.

• Save the Raise—Everyone likes getting a raise, but don’t splurge all of it. For every raise you get, change your automatic-savings allocation so that at least half of it goes towards your retirement plan.

Danger: Step #5 Is Only for Hard-Core

Savers!

5) Move to Where You Work & Play

Consider the Benefits of This Arrangement

• Live Simply—If it’s too expensive, consider downsizing your house and living a simpler life closer to the things that matter.

• Say Goodbye to Your Commute—Transportation costs are third behind only housing and food. By living near where you spend your day, you can make a drastic cut. You can also reap the emotional benefits of skipping your commute.

• Live Healthier—People who live where they work and play can walk or bike to get to where they are going. The social, physical and financial (lower medical bills) benefits are hard to quantify. But over time, they are surely enormous.

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2016?

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