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Food Choices, Car Expenses and Energy Costs
4. Eat Healthy, Pay LessThe best way to cut your food bill is to eat less. Seems obvious, but here's something you probably didn't know: Researchers at the University of Wisconsin-Madison calculated that while "supersizing" your fast-food meal might be penny-wise (the average supersize adds just 17 percent to the price but 73 percent more calories), it's literally pound-foolish.
The study looked at how the increased weight gain (36 grams, on average) from just one supersizing increases the cost of personal energy needs, medical care and even gas mileage as your car works harder to carry the extra weight. Depending on your body type, a single supersized meal ultimately costs between $4.06 and $7.72 for men, or $3.10 and $4.53 for women.
Dave Lieberman, chef and host of Good Deal With Dave Lieberman on the Food Network, throws cold water on the common belief that healthy food costs more than junk. And he dismisses the myth that coupons will save you money. Most coupons, he says, are designed to promote new, more expensive items. "I never use coupons unless it's for something I need."
5. Drive a Good Bargain
Gas goes up, gas goes down, but the long-term trend is going nowhere but up. Protect yourself by ditching that gas guzzler, but be careful. Many hybrids don't get much better mileage than smaller conventional cars, says Terry Savage, and they cost a lot more.
Even hybrids with excellent mpg ratings save the most money in stop-and-go city traffic. "I considered buying a hybrid," says Savage, who takes public transportation in her hometown of Chicago and drives on weekends to get out of the city. "But most of my miles are on the highway. I figured out the difference in miles per gallon, and the extra cash outlay for the hybrid didn't make sense. But if you do a lot of city driving, it might be a good deal."
The federal government is currently offering tax credits for buying new hybrids. The credit varies considerably depending on the car. Check out hybridcars.com for details.
6. Get a Handle on Home Energy
You already know that by insulating and sealing up your house, you can save money on your heating and air-conditioning bills. But did you know those improvements can save you big tax dollars?
Many energy-efficient upgrades you make on your home during the 2006/2007 calendar years qualify for a federal tax credit up to $500 over the two years. (Tax School 101: A tax credit means a dollar-for-dollar reduction on the taxes you owe; that's better than a tax deduction, which merely lessens the amount of income on which you are taxed.)
Say you spend $600 adding extra insulation to your attic (the most common site of heat loss). You can subtract ten percent of that cost, or $60, from your tax bill. Energy Star-rated windows and doors (an efficiency standard set by the federal government) generally qualify for the credit, offsetting the higher cost of these products. But you won't get the credit if you don't claim it; for details, go to energystar.gov.
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