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Looking to trim a little fat from your budget? Money experts Dave Ramsey and his daughter Rachel Cruze are here to share six creative ways to make your paycheck go a little farther.
EXTENDED WARRANTIES
Whether you’re buying an appliance or a car, there’s probably a salesman telling you you need to purchase an extended warranty. So are they a good deal? Not so fast says Ramsey. “They make more money on the extended warranty than they do on the sale of the item.”
There’s about a 200 hundred percent profit margin for the extended warranty, especially for a car. Only 12 percent of that goes to cover the statistical probability of the car breaking down. It’s just nuts.
BABYSITTING
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Babysitting can get pricey, with the average parent paying $10 per hour. Cruze has an excellent piece of advice -- pair off with a friend who also has kids, and switch off babysitting on Saturday nights, maybe a couple times per month. Both couples get free babysitting and the kids get a play date, win-win!
INSURANCE
Should you bundle your insurance through an insurance company? Ramsey says no. “When it comes to car and home insurance, you can kind of tell who’s charging you the most by whose ads you see the most. Who do you think is paying for those ads? You are.”
Instead, Ramsey recommends going to an independent insurance broker. “They’re going to shop a whole bunch of different companies and get you the best possible deal in your situation. You might save as much as $1,000 a year.”
GROCERIES
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Believe it or not, Cruze says that the longer you take to do your grocery shopping, the more you will spend, and the average excursion takes 41 minutes. The answer? Time your grocery trips to 30 minutes and you’ll have the potential to save a lot over time.
NEGOTIATE AND BRING CASH
Ramsey says that in his home state of Tennessee, everyone engages in “horse trading” which really just means, they negotiate for everything.
So, when you’re looking to make a purchase, you want to wheel and deal, and Ramsey suggests stopping at the ATM first. “Get actual, real money because when I put this up in front of you, I have all of your attention.”
And moreso, stay as quiet as possible: “Learn to shut up in the negotiation.” Ramsey says it will make salespeople uncomfortable and more likely to cut you a deal. And when you are ready to purchase, use the “if I” technique to get the salesperson to sweeten the deal. “If I agree to this price on this stove, I want you to...“ Ramsey says.
GIFT CARDS
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Finally, Cruze suggest something that kind of blew our minds. Did you know that Target will trade gift cards to other retailers for gift cards to Target? We didn’t either!