Expert talks about easy ways to save money this summer
AUSTIN (KXAN) -- If you are looking for ways to cut back on spending in this economy, the AARP has come out with its yearly list of “99 Great Ways to Save.”
“We're all looking to save money with inflation,” said David Brindley, the deputy editor of AARP. “One of the best ways to save money is to make your money work harder for you.”
One of the biggest take aways according to AARP’s research is getting the most out of used goods.
“We found that some of the best savings are in used sporting goods.”
From bicycles to kayaks, Brindley said you’re likely to get more value for your money buying used.
“Another great way to save money is on cell phones. If you don't have to have the latest and greatest, you can buy a slightly used, fully refurbished, completely under warranty, cellphone that works perfectly well. And you can save hundreds and hundreds of dollars,” said Brindley.
Cutting costs on home improvement is another area the AARP looked into and recommend people team up with neighbors for regular yard maintenance.
“If you hire the same landscaper, several of you and your neighbors, the landscaper can save time and effort by coming to your neighborhood once and they're likely to pass those savings on to you.”
When it comes to savings, specifically 401(k), is it wise to dip into for emergencies?
“Under a new rule, you can tap into your retirement savings account up to $1,000 a year. That's for your IRA or for your 401(k). They've recently dropped the 10% penalty for people who are 59 and a half or younger,” said Brindley.
“It has to be for an emergency, but you can cover those emergency expenses without having to pay high interest rates on a loan or putting it on your credit card.”