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June 16, 2008

Financial Advisers Offer Tips On How to Save During Hard Times

REDWOOD CITY, Calif. -- Trying to come up with ways to save money in these times of soaring gasoline and food prices? Even financial advisers, including certified public accountants, are figuring how to make dollars go farther for their clients -- and themselves.
Here are some economizing tips from members of the California Society of CPAs from throughout the state that may help you get more for your bucks:

  • Instead of buying a new car, purchase a used one with a manufacturer’s warranty. (Jerry Randall, CPA, Bakersfield)
  • Shop the dollar stores, especially for staples like cleaning supplies. (Mike Dalton, CPA, Stockton)
  • Pick one category that you regularly spend money on (e.g., clothes, hobby, movies) and resolve to reduce your monthly expenditures on that category by a certain amount or percentage; then keep track of your spending on that category. (Angie Grainger, CPA, Santa Rosa)
  • Go back to school so you can qualify for a job with a higher salary. Some education expenses may be tax deductible. (Leonard Wright, CPA/PFS, San Diego)
  • Use coupons from the newspaper or from the Internet for purchases of food and other items you normally buy. (Mark Fronke, CPA, Norwalk)
  • Drink only tap water when eating out and avoid coffee, sodas, wine and other beverages that you are charged for. (Bruce Kajiwara, CPA/PFS, Sacramento)
  • Clean out your house and hold a garage sale. (Laura Cullen, CPA, Fresno)
  • Collect spare change in a coffee can or piggy bank, you likely will have several hundred dollars saved within a few months. (Steve Duben, CPA, Encino)
  • Negotiate a reduced price on major items such as appliances. (Jerry Randall, CPA, Bakersfield)
  • Check with your mortgage company to see if you can skip a payment or pay less; if so, use the reprieve to pay off another recurring debt. (Angie Grainger, CPA, Santa Rosa)

Additional saving and budgeting tips are available at the California Society of CPAs Web site (www.calcpa.org). The site also features monthly “Financial Empowerment” podcasts in which CPAs are interviewed about financial issues of interest to consumers. Recent podcasts have focused on controlling debt, recession-proofing your retirement and teaching children about money. 

About CalCPA

The California Society of Certified Public Accountants (CalCPA) (www.calcpa.org) is the nation’s largest state accounting organization. It serves more than 32,000 members in public practice, private industry, education and government.