9 ways to save and cut costs: AARP deputy editor

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AARP Bulletin and AARP The Magazine deputy editor David Brindley joins Wealth! to offer insight into the best ways to save money as inflation sticks around for many consumers.

Brindley explains how shopping in pairs can help: “We recommend that you team up when you go to the grocery store. So go with a friend or a family member. You can buy in bulk and split the groceries. You can also buy one, get one free, so you save 50. Here’s a tip that’s kind of surprising, but it’s true: don’t shop for clothes when you’re hungry. It’s the same thing that goes for when you’re grocery shopping. When you’re hungry, you’re more likely to make impulse buys.”

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino

Video transcript

A recent C net survey shows more than 90% of Americans are concerned about inflation.

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And 53% of US adults are cutting back on non essential spending.

But we’ve got your back.

We’re gonna help you save some cash with a little help from a ARP, which just published a new article with 99 great ways to save There.

You’re seeing the excellent creator from the A ARP bulletin team.

But this is TV after all, we can’t get to all 99.

So we’re gonna give you the condensed nine ways to save here with more is David Brindley, deputy editor of a ARP Bulletin and a ARP the magazine David, Great to have you here with us.

So let’s start with some tried and true personal finance hacks here.

Where can people begin?

Well, now is a really good time to upgrade your your savings accounts.

So if you’re still getting 1% on your savings account, you can research and find maybe 4 to 5% and you can make a whole bunch more money make your money work harder for you.

Another tip that we have in in our issue is to uh, if you can.

If you’re looking to do a home renovation project, go ahead.

If you can wait until winter, because right now contractors are really busy.

But in the winter, contractors are looking for work and might just give you a discount.

And then finally, for your finances, there’s, uh, you.

If you have an emergency, you can tap into your retirement savings you can get.

You can take out up to $1000 a year in your 401k or your IRA, and if you’re they’ve dropped the 10% penalty recently.

So if you’re under 59.5% there’s no longer a penalty.

Now, David, you’ve also got some great tips for for shopping.

Smart shopping, starting with grocery shopping.

Absolutely.

We recommend that you team up and and when you go to the grocery store, so go with a friend or a family member, you can buy in bulk and split the dis split the the groceries.

You can also, uh, like buy one, get one free, so you save 50%.

Um, here’s a tip.

That’s kind of surprising, but it’s true.

Don’t shop for clothes when you’re hungry.

It’s the same thing that goes for, uh, when you’re grocery shopping.

When you’re hungry, you’re more.

You’re more likely to make impulse buys.

Um, a really another.

Another really good tip that we have is to buy used sports equipment.

You can get great value on lightly used sports equipment.

Um, and you can save up to, say, 50% sometimes 75% off.

Uh, and then also, if you’re willing to to, uh, not buy a brand new phone, you can buy a pre owned phone that’s been fully refurbished.

Fully functional often comes under a warranty, and, uh, you can save hundreds of dollars on a on a cell phone.

OK, these are some really good tips to save here.

Finally, for all the entertainment economy folks out there, we wanna talk about ticket prices because they’ve been insane.

David for both events and travel.

What are the last kind of two tips here that we should be keeping in mind with regard to the experience economy?

Yeah, in terms of entertainment, here’s a twofer.

So if you’re looking to buy sporting event tickets, you’re better off waiting until you get closer to the actual game because often the, uh prices will go down.

But if you’re looking to go to a music concert, you’re much better off getting, uh, buying the ticket on the day of sale so that you don’t have to spend more to a reseller.

And then finally, for if you’re looking for Christmas travel, lock in your saving lock in your flights by early October because, uh, we found that 71 days out before Christmas is the is the lowest prices that you’ll find on travel Y.

You know, it’s interesting, and I just wanna come back to something that you were mentioning on the ticket purchases for concerts versus kind of athletic games.

I mean it.

It’s a big time that a lot of people are thinking about it and perhaps have already planned out their travel ahead of the Olympics and whatnot.

That’s gonna be a major travel event for those who are tapping into the experience economy, perhaps bought their tickets well in advance of time.

You know, how do you kind of evaluate where you should be even on the athletic side, purchasing as early as possible so that you could build out the rest of your trip.

Well, I think certainly for Olympic sports, it’s really tough to get Get those tickets.

Um, So if you’re going to Paris, you you I think you’re better off.

I think you need to have your tickets ahead of time.

But for regularly scheduled games here in the US, the the prices tend to drop as the game gets closer.

All right.

That’s why I moved so close to Barclays.

So I can just go stand outside and then hit the button.

David!

David!

Thanks so much for taking the time.

David Brindley, who is the deputy editor of a ARP Bulletin and a ARP the magazine.

Great to see you.

Thanks for having me on your programme.