The BlogBusinessTaxes Financial Education

File Your Tax Extensions Now

If you are you one of the many people getting ready to file an extension for your tax return, there are several considerations that you should take into account.
Open Image Modal
By 

Chief Tax Officer, Jackson Hewitt Tax Service

Chief Tax Officer, Jackson Hewitt Tax Service
|
This post was published on the now-closed HuffPost Contributor platform. Contributors control their own work and posted freely to our site. If you need to flag this entry as abusive, send us an email.

Well, April 15 is here. Accordingly one of two things are about to happen -- either you are filing your federal and state income tax returns or you may be preparing to file an extension for filing your taxes. If you are you one of the many people getting ready to file an extension for your tax return, there are several considerations that you should take into account. Check out the common situations below that lead to folks filing extensions, and what you should know:

  • You don't have all your tax information. This is probably the best reason to file an extension. The IRS realizes that life happens and some taxpayers may have lost paperwork, been out of the country or incapacitated during the tax season and don't have all the necessary paperwork together, or they are waiting on tax statements from a business or investments that use a non-traditional fiscal year, such as May 1 through April 30. If this is the case, start your tax return using all the information you have and estimate your income, or loss, from the missing statements to get a clear idea of your tax bill this year. Don't forget to pay at least 90 percent of the expected balance due with your extension to avoid penalties.

  • You don't have time. The amount of work necessary to file an extension is equivalent to the amount of work needed to file your actual tax return. You must estimate what your actual taxes will be when you file the extension. If you have all your paperwork, you should go ahead and file your return since you are doing the return work anyway.

  • You want to make an IRA contribution for 2013. Making a traditional IRA contribution is one of the best bargains in taxes: you can lower your taxable income and taxes, you may get a credit on your contribution, and the earnings are tax-deferred; but, you are almost out of time. You can make contributions to your IRA for the prior calendar year until April 15, but after April 15 all contributions are for the current calendar year. An extension does not extend the time to make contributions for the prior tax year.

  • You want to reduce your chances of being audited. This is a total myth that somehow continues to exist. The IRS doesn't choose people for an audit based on when they file. Audits usually fall in three categories:

    • 1. Computer matching of all W-2s and 1099s against the income reported on your tax return,

    2. An error on your tax return,

    3. Random computer pick of your tax return.

    So filing late, early, or even on the last day will not affect your chances of an audit. Instead make sure you have all your income reported on the tax return, you have good support for all of your deductions and credits, and the names and Social Security numbers are correct.

  • You owe and don't have the money to pay right now. This is one of the worst reasons to file an extension. As I have said before, the extension is only for filing the forms and suspending the penalty for late filing. If you owe taxes and don't pay them on April 15, or at least 90 percent of them with your extension, you will be assessed the late payment penalty. The late payment penalty is ½ to 1 percent of the outstanding taxes per month up to a total 25 percent. The IRS also charges interest on top of the penalty and taxes owed. IRS compounds interest daily which increases the total balance due rapidly so keep your interest payment down by paying as much as you can with your extension.

    • We've covered the best reasons to extend, the worst and the reasons in between. No matter what you decide to do, remember to pay your taxes on April 15. The cost of ignoring a balance due to the IRS is high and just not worth it. There is still plenty of time to file your tax return and plenty of help if you want to get it. If you are reading this AFTER April 15th and you did not get to your extension in time, file and pay as soon as you can and watch for my future piece on what to do if you get an IRS notice.

    29 Ways You Waste Cash
    29. Impulse Buys(01 of29)
    Open Image Modal
    Who doesn't know that impulse purchases are a bad idea? I've even realized it was a bad idea as I was doing it. So here are three quick tips: 1. Make a shopping list. Take it with you and stick to it. 2. Eat beforehand. An empty stomach can doom the most prepared shopper, especially at the supermarket. 3. Shop alone. Bringing children (or a significant other who acts like a child) is a sure way to fill your cart with impulse buys. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="94" data-vars-position-in-unit="94">Flickr:</a><a href="http://www.flickr.com/people/lrargerich/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" lrargerich" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/lrargerich/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="95" data-vars-position-in-unit="95"> lrargerich</a>)
    28. Buying Online Without Comparison Shopping(02 of29)
    Open Image Modal
    When you shop online, there are hundreds of sites competing for your business. Buy those shoes at the first site you go to and you may be wasting money. Compare the purchase and shipping price at three or more sites before you buy anything. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="92" data-vars-position-in-unit="92">Flickr:</a><a href="http://www.flickr.com/people/theogeo/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" theogeo" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/theogeo/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="93" data-vars-position-in-unit="93"> theogeo</a>)
    27. Paying For Protection You Don't Need(03 of29)
    Open Image Modal
    While you need to protect some things in your life - like your car or your house - you don't need to insure everything. Check out 8 Types of Protection Not Worth Paying For and see what you can live without. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="90" data-vars-position-in-unit="90">Flickr:</a><a href="http://www.flickr.com/people/jbcurio/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" jbcurio" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/jbcurio/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="91" data-vars-position-in-unit="91"> jbcurio</a>)
    26. Being Disorganized(04 of29)
    Open Image Modal
    Being disorganized about your finances leads to costly late payment fees and overdraft charges. You can easily rack up hundreds in fees. For example, even a single $25 late fee per month will cost $300 extra a year. Set up bill reminders and keep your checkbook balanced. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="87" data-vars-position-in-unit="87">Flickr:</a><a href="http://www.flickr.com/people/alismith44/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" aliwest44" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/alismith44/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="88" data-vars-position-in-unit="88"> aliwest44</a>)
    25. Expensive Cell Phone Plans(05 of29)
    Open Image Modal
    Consumer Reports says the average person spends $600 a year on wireless service. But many people pay for services they never use. For example, I had an $85 unlimited plan and rarely used more than 1,000 minutes a month. So I switched to a cheaper 1,000-minute plan and saved $20 a month. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="85" data-vars-position-in-unit="85">Flickr:</a><a href="http://www.flickr.com/people/ivyfield/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Yutaka Tsutano" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/ivyfield/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="86" data-vars-position-in-unit="86"> Yutaka Tsutano</a>)
    24. Not Using Coupons(06 of29)
    Open Image Modal
    Now that coupons are available online, you're wasting money if you're not using them. Do a quick coupon search before you buy anything, including clothes, groceries, and electronics. You can find coupons on our deals page or on sites like: RetailMeNot, Redplum, and SmartSource.com. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="82" data-vars-position-in-unit="82">Flickr:</a><a href="http://www.flickr.com/people/pleeker/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Matt McGee" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/pleeker/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="83" data-vars-position-in-unit="83"> Matt McGee</a>)
    23. Oil Changes(07 of29)
    Open Image Modal
    Cars don't need oil changes as frequently as they used to. If you're getting your oil changed every 3,000 miles, you're probably doing it too often (and wasting money). Follow the recommended mileage in your owner's manual. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="76" data-vars-position-in-unit="76">Flickr:</a><a href="http://www.flickr.com/people/rstinnett/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" robertstinnett" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/rstinnett/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="77" data-vars-position-in-unit="77"> robertstinnett</a>)
    22. Premium Fuel(08 of29)
    Open Image Modal
    Unless your car requires premium fuel, you don't need it. Buying premium isn't going to extend the life of your car or give you a significant MPG boost. In fact, Edmunds studied cars built from 2008 to 2012 and found that many models didn't even need premium fuel - even though the manufacturer recommended it. Here's what they had to say about it:
    In today's automobiles, advances in engine technology mean that even if the owner's manual recommends premium gasoline, the car will typically run on regular without knocking. Its performance will suffer only slightly: Perhaps it might be a half-second slower from zero to 60 mph. The key for drivers is to know whether premium gasoline is merely recommended or if it's required.
    Edmunds has a list of cars that need premium fuel (and a list of those that don't) in To Save Money on Gas, Stop Buying Premium.     (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="74" data-vars-position-in-unit="74">Flickr:</a><a href="http://www.flickr.com/people/33954075@N07/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" pscf11" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/33954075@N07/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="75" data-vars-position-in-unit="75"> pscf11</a>)
    21. Not Taking Advantage Of A 401(K) Company Match(09 of29)
    Open Image Modal
    Many companies will match an employee's 401(k) contribution up to a certain percent. If you're not contributing enough to meet the maximum match, you're losing out on free money. Ask your HR department for information on your company match. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="71" data-vars-position-in-unit="71">Flickr:</a><a href="http://www.flickr.com/people/urban_data/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" urban_data" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/urban_data/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="72" data-vars-position-in-unit="72"> urban_data</a>)
    20. Bill Pay Convenience Fees(10 of29)
    Open Image Modal
    Some online or over-the-phone bill payment services come with fees. For example, my electric company charges $2.95 to pay online through their website. Instead, I use free bill pay through my bank. I still get to pay online, but I skip the fee and save $35.40 a year. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="69" data-vars-position-in-unit="69">Flickr:</a><a href="http://www.flickr.com/people/kalleboo/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" kalleboo" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/kalleboo/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="70" data-vars-position-in-unit="70"> kalleboo</a>)
    19. Hotel Fees(11 of29)
    Open Image Modal
    In many hotels, you'll pay automatic fees on top of your room price. Just paying those fees without finding an alternative (or fighting them) is a waste of money. Check out 7 Tips to Beat Hotel Fees. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="67" data-vars-position-in-unit="67">Flickr:</a><a href="http://www.flickr.com/people/12394349@N06/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Bryn Pinzgauer" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/12394349@N06/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="68" data-vars-position-in-unit="68"> Bryn Pinzgauer</a>)
    18. Paying For Services You Don't Use(12 of29)
    Open Image Modal
    Automatic withdrawals make us lazy with our money. If you're paying for something each month - like a gym membership, magazine subscription, or streaming service - make sure you use it, or those charges will add up to wasted cash. For example, here are mine:
    1. Gym membership - $29.99 per month
    2. Netflix subscription - $9.99 per month
    3. Popular Mechanics subscription - $1 per month
    That's more than $40 a month. I make sure I get my money's worth out of them.     (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="64" data-vars-position-in-unit="64">Flickr:</a><a href="http://www.flickr.com/people/asiaticleague/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Asiatic League" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/asiaticleague/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="65" data-vars-position-in-unit="65"> Asiatic League</a>)
    17. Ignoring Your Insurance(13 of29)
    Open Image Modal
    Becoming complacent about your insurance can cost you money. Stacy recommends shopping around for new insurance once a year - because when premiums drop or new, cheaper policies are available, no one's going to tell you if you don't ask. Check out our insurance comparison tool to shop for a better rate. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="62" data-vars-position-in-unit="62">Flickr:</a><a href="http://www.flickr.com/people/comedynose/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" comedy_nose" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/comedynose/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="63" data-vars-position-in-unit="63"> comedy_nose</a>)
    16. Wasting Utilities(14 of29)
    Open Image Modal
    Growing up, I got several lectures on leaving the lights on or keeping the front door open and "air conditioning the entire neighborhood." I didn't care too much then because I didn't pay the bill, but now I'm strict with my electricity usage. The result: My summer utility bills rarely top $100. If you've got lights on in a room you're not sitting in, you're wasting money. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="60" data-vars-position-in-unit="60">Flickr:</a><a href="http://www.flickr.com/people/emdot/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" emdot" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/emdot/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="61" data-vars-position-in-unit="61"> emdot</a>)
    15. Dining Out(15 of29)
    Open Image Modal
    I like to have a nice meal out every once in a while, but I've wasted a ton of money eating fast food I didn't really want because I didn't plan ahead. If I hit the drive-thru twice a week, I spend $12 on average. That is $48 a month - or enough for a really nice meal I actually wanted.
    In 30 Tips to Save Money on Food, I've got a few ideas that will keep you out of the drive-thru lane - like keeping snacks on hand, freezing your leftovers to eat later, and planning your trips to the grocery store so that you always have something at home to eat. Check it out.     (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="58" data-vars-position-in-unit="58">Flickr:</a><a href="http://www.flickr.com/people/tracyhunter/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Tracy Hunter" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/tracyhunter/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="59" data-vars-position-in-unit="59"> Tracy Hunter</a>)
    14. Morning Lattes(16 of29)
    Open Image Modal
    In my area, a Grande Caramel Macchiato costs $4.55. Buy one every weekday and you'll spend $22.75 a week, $91 a month, and $1,092 a year. By comparison, a 16 ounce bag of coffee costs me $5.99 and I can make about 82 cups per bag. That is 7 cents per cup, a savings of $4.48 a day. Make your coffee at home and skip the fancy coffee-house drinks. (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="55" data-vars-position-in-unit="55">Flickr:</a><a href="http://www.flickr.com/people/kansirnet/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Kansir" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/kansirnet/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="56" data-vars-position-in-unit="56"> Kansir</a>)
    13. Buying Software(17 of29)
    Open Image Modal
    Many popular software programs have free alternatives that are just as good as the paid versions. For example, the free OpenOffice suite includes word processing software. Pixlr offers free online photo editing with both vintage effects and a basic editor. For more advanced editing, use free software like Gimp. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="53" data-vars-position-in-unit="53">Flickr:</a><a href="http://www.flickr.com/people/striatic/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" striatic" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/striatic/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="54" data-vars-position-in-unit="54"> striatic</a>)
    12. Long-Distance Calls(18 of29)
    Open Image Modal
    Most wireless plans include free long distance. If you call during off-peak hours, you won't use your minutes, either. You can also make long-distance calls over your Internet connection with Skype and Google Voice - both services offer free state-to-state calls. International calls cost 2 to 15 cents per minute through Google Voice. Check out their rate plans here. Skype ranges from 2 to 23 cents per minute. Check out Skype's rate plans here. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="48" data-vars-position-in-unit="48">Flickr:</a><a href="http://www.flickr.com/people/kiwanja/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" kiwanja" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/kiwanja/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="49" data-vars-position-in-unit="49"> kiwanja</a>)
    11. Baggage On Airlines(19 of29)
    Open Image Modal
    You'll pay up to $35 to check your luggage when you fly. Some airlines - like JetBlue and Southwest - don't charge extra for baggage, but most do. Check Airfarewatchdog's Airline Baggage Fees Chart before you book. If you're getting charged, only bring a carry-on (they're free) or find a better airline. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="42" data-vars-position-in-unit="42">Flickr:</a><a href="http://www.flickr.com/people/betsyweber/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" betsyweber" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/betsyweber/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="43" data-vars-position-in-unit="43"> betsyweber</a>)
    10. Full-Priced College Degrees(20 of29)
    Open Image Modal
    Between 2009 and 2010, full-time students spent an average of $17,464 on tuition, room, and board, according to the National Center for Education Statistics. But you can get a college degree cheaper (or even free) with scholarships. There are thousands out there. Check out 5 Ways to Score Scholarship Money. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="39" data-vars-position-in-unit="39">Flickr:</a><a href="http://www.flickr.com/people/billselak/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" billaday" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/billselak/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="40" data-vars-position-in-unit="40"> billaday</a>)
    9. Credit Reports(21 of29)
    Open Image Modal
    By law, the three major credit bureaus have to give you a free copy of your credit report once per year. Don't buy one until you've used up your freebies at AnnualCreditReport.com.
    Once you order your free credit reports, dispute any errors you find with the credit bureaus. Errors lower your credit score, and a lower credit score means higher interest rates and wasted money. Check out 18 Tips to Give Your Credit Score a Boost for more ways to improve your score (and your interest rate).     (credit:https://www.annualcreditreport.com/cra/index.jsp)
    8. Buying Books(22 of29)
    Open Image Modal
    I'm an avid reader, but I haven't paid the suggested price in years. There are plenty of free or cheaper options for getting new books:
    1. Get them from the library for free.
    2. Use a book-swapping service to trade books you no longer want for ones you do. Check out the 4 Best Sites for Trading in Your Old Books.
    3. Scour garage sales for books. I've bought many hardcovers for $1 this way. Check out 10 Ways to Save Time and Money at Garage Sales for shopping tips.     (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="32" data-vars-position-in-unit="32">Flickr:</a><a href="http://www.flickr.com/people/r0sss/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" r0sss" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/r0sss/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="33" data-vars-position-in-unit="33"> r0sss</a>)
    7. Brand Names(23 of29)
    Open Image Modal
    Some brand names are worth paying a little more for, but in many cases, the cheaper generics are the same quality as the brand names. For example, basic food stocks like rice, sugar, flour, and butter taste the same no matter what the label says. And generic over-the-counter meds? They work just as well as the name brands. Check out 7 Things You Should Always Buy Generic before you buy anything else with a brand name. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="28" data-vars-position-in-unit="28">Flickr:</a><a href="http://www.flickr.com/people/fauxto_dkp/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" fauxto_digit" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/fauxto_dkp/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="29" data-vars-position-in-unit="29"> fauxto_digit</a>)
    6. 411 Calls(24 of29)
    Open Image Modal
    Use the search feature on your smartphone - connect to a WiFi network and you won't use your data - or dial free 411 (1-800-Free411.) The results are sponsored by companies, and you'll have to listen to a 10-second ad, but it's free. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="25" data-vars-position-in-unit="25">Flickr:</a><a href="http://www.flickr.com/people/featheredtar/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" FeatheredTar" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/featheredtar/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="26" data-vars-position-in-unit="26"> FeatheredTar</a>)
    5. ATM Fees(25 of29)
    Open Image Modal
    My bank charged a $2.50 "convenience fee" for using an ATM that's not in its network. Convenient for who? I didn't live by a branch, so I was paying around $130 a year to use my own money. I changed banks, and now I use an app - ATM Hunter - to find a branch ATM. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="22" data-vars-position-in-unit="22">Flickr:</a><a href="http://www.flickr.com/people/redspotted/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" redspotted" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/redspotted/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="23" data-vars-position-in-unit="23"> redspotted</a>)
    4. Credit Card Interest(26 of29)
    Open Image Modal
    If you're not paying your credit card balance off in full each month, you're wasting money on interest. If you carry a $1,000 balance on a card that charges 18 percent, you'll waste $180 every year just on interest. If you can't pay off your credit card, check out our credit card comparison tool and look for a card with a lower interest rate. Also look for money-saving zero-percent transfer offers. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="19" data-vars-position-in-unit="19">Flickr:</a><a href="http://www.flickr.com/people/59937401@N07/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Images_of_Money" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/59937401@N07/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="20" data-vars-position-in-unit="20"> Images_of_Money</a>)
    3. Bottled Water(27 of29)
    Open Image Modal
    A 16-ounce bottle of water costs about $1.50 at my local gas station. Buy a bottle of water five days a week, and you'll spend $30 a month and $360 a year. While it's not really free, water from your tap is much cheaper. If you hate the taste - and I do - you can buy a water-filtration system for as little as $20. Check out Consumer Reports' Water filters: green buying guide 2/12. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="15" data-vars-position-in-unit="15">Flickr:</a><a href="http://www.flickr.com/people/stevendepolo/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" stevendepolo" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/stevendepolo/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="16" data-vars-position-in-unit="16"> stevendepolo</a>)
    2. Checking Accounts(28 of29)
    Open Image Modal
    Big banks charge an average of $110 a year for checking accounts if customers don't meet their minimum requirements, U.S. News & World Report recently revealed. Your options?
    Move your money to a community bank that will offer better terms, or head to a credit union. The National Credit Union Administration has a Credit Union Locator tool to help you find one in your area.
    For those comfortable enough with the tech, consider going to an online-only bank. Without the overhead of brick-and-mortar branches, the terms are often much better. Consumerism Commentary offers two lists that are a great starting point: The Best Online Checking Accounts, June 2012 and The Best Online Savings Accounts, June 2012.     (credit:<a href="http://www.flickr.com/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="12" data-vars-position-in-unit="12">Flickr:</a><a href="http://www.flickr.com/people/z0/" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Aranami" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/z0/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="13" data-vars-position-in-unit="13"> Aranami</a>)
    1. Cable TV(29 of29)
    Open Image Modal
    The average cost of cable is about $100 a month right now. And it's still rising. A recent study by consumer research firm NPD Group says it "expects the average pay-TV bill to reach $123 by the year 2015 and $200 by 2020." I canceled my cable about six months ago and haven't looked back. I keep up on the TV shows I like with Netflix ($9.99 per month for streaming) and Hulu (free for basic, $7.99 per month for extended). Many networks also stream their shows on their websites. For example: ABC, NBC, The CW and Comedy Central.To learn even more, check out You Don't Have to Pay for Cable TV. (credit:<a href="http://www.flickr.com/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name="Flickr:" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="7" data-vars-position-in-unit="7">Flickr:</a><a href="http://www.flickr.com/people/wonderlane/" target="_blank" role="link" rel="nofollow" class=" js-entry-link cet-external-link" data-vars-item-name=" Wonderlane" data-vars-item-type="text" data-vars-unit-name="5bb30b2de4b0480ca66295c3" data-vars-unit-type="buzz_body" data-vars-target-content-id="http://www.flickr.com/people/wonderlane/" data-vars-target-content-type="url" data-vars-type="web_external_link" data-vars-subunit-name="before_you_go_slideshow" data-vars-subunit-type="component" data-vars-position-in-subunit="8" data-vars-position-in-unit="8"> Wonderlane</a>)
    Suggest a correction
    |
    Submit a tip