Debt Relief in the Recession
Debt relief is something many consumers are longing for in this difficult economy. The recession has brought many people’s finances into turmoil and they are left trying to make ends meet every month. Market research shows that some commonly purchased items are necessities, but research is showing that other items aren’t. Here are some items consumers can reasonably cut out of their budgets to save money without jeopardizing their future.
There is the old saying, “Change your car’s oil every 3,000 miles.” Although this is a commonly accepted theory, there is no substantial evidence to prove it to be true for every car. The owner’s manual of every vehicle will detail the exact time when to change oil. Manufacturers state that oil changes every 5,000 to 7,000 miles is totally acceptable. Decreasing the two extra oil changes yearly can save anywhere from $50 to $90.
Many dealers push customers to buy extended warranties for their vehicles. This is an expense that easily can be cut out of a budget because it normally isn’t worth the cost. Car buyers can add an extended warranty to their vehicle when the existing warranty is just about to expire, saving a lot of money. The other good tip is when a consumer reaches the end of the standard warranty, they will have a good idea of how the car runs or if there are any potential problems. They will be better suited to understand type of coverage they need for the extended warranty.
Accidental Death Insurance
Another expense that can easily be stripped from a budget is accidental death insurance. Statistically, only five percent of deaths are classified as “accidental” and actually receive a payout. Consumers would be wiser to invest in a life insurance policy because these pay out regardless of cause.
Brand Name Medications vs. Generic
Purchasing brand-name prescriptions rather than generic can also be used to save extra money for debt relief. In general there is no difference between the quality and effectiveness of the two, yet the generic drugs cost considerably less. Dr. Theoman, a physician in Montgomery, Alabama agreed: “I always tell my patients to substitute… there are rare cases where options aren’t available or suggested, but for 90 percent of medications I give out, they can save a lot of money with generics.”
Buying Premium Gasoline
If the owner’s manual doesn’t specifically instruct owners to use premium gas, then there is no need to pay extra. Save the extra cash and use regular unleaded. In the end, using a higher quality gas may even hurt a car’s performance, because it’s harder to ignite and the higher-octane can make a car’s performance less smooth. Save the extra money and use it for savings or bills.
Ways to Save
These are just a few ways for consumers to save their money. As analyst Gary Brentman of The Economist stated, “There are many misconceptions out there that have been passed down over the years. Because of the difficult economy, many of them are quickly being debunked.” Consumers need to be wise and do research on small ways to save. Just because the media advocates a product or service, that doesn’t mean it is truly beneficial. Saving a few dollars here and there can do wonders for consumer debt relief.