5 experts reveal money-saving secrets

Looking for ways to make your dollars really count? (Who isn't?) We've lined up a panel of experts to dole out advice on how to keep from stretching yourself financially thin. Here's how to save when it comes to eating, heating your home, filling up the gas tank and entertaining your family.

How you can save with financial planning
Expert: Sharon Epperson, CNBC anchor and author, “The Big Payoff”

Hire a financial adviser, by the hour or as needed
You may actually be able to get the advice you need for free. Big no-load mutual funds, like T. Rowe Price, will offer anyone free assistance in deciding which assets to choose and how to diversify them in their 401(k) or IRA. If you’re a “do it yourself” type, you can also log on to Morningstar.com and check out the tools they offer to help with 401(k) planning. Or, for $40 a quarter or $150 a year, FinancialEngines.com will tell you which specific mutual funds you should choose for your 401(k) or IRA based on your risk level and retirement goals.

For those who have a more complicated financial situation — several retirement accounts, debt management concerns, college planning needs — it’s wise to hire a financial adviser. But you don’t have to go broke. Garrett Planning Network has 290 advisers, most of whom are certified financial planners, who will work with you on an hourly basis (about $180/hour on average).

Just starting out with little money invested outside of a 401(k)? You’d likely only need an hour of the adviser’s time — which will cost you $150 to $300, depending on where you live. A more complicated analysis for someone with several IRAs and 401(k)s could run about $500 to $800. Considering that by doing nothing, your portfolio could lose that amount in one day — it’s probably worth the investment to make sure you’re on the right track.

Buy stocks — a little bit at a time
Don’t walk away now. The sale is on and you don’t want to miss it. U.S. stocks are down 10% on average so far this year. Blue-chip companies in the Dow Jones Industrial Average are 15% cheaper than they were in October. If you saw a sign that said “10-15% off” for the flat-screen TV you’ve been longing for or that designer bag, what would you do? Probably buy it, right? When it comes to stock investing, you’re really stretching your dollars in a down market. You’re able to buy more shares of stocks or mutual funds now than you would have been able to a month ago, with the same amount of money. Start now with $50 a week. A 35-year-old who invests $50 per week until she’s 65 will have $515,000 to spend over her retirement. Can’t figure out how to spare $50? Think about the half a million you’re giving up if you don’t do it.

Lower your mortgage payments
Mortgage rates were already falling before the Federal Reserve’s emergency cut of ¾ of a percent this week. So if your rate is 6.25% or higher for a conforming loan ($417,000 or less), you should be talking to your lender and trying to get a lower rate — particularly if it’s an adjustable rate mortgage. Rates on 30-year fixed rate loans have dropped to 5.49% on average this week from 6.18% a month ago, according to the Mortgage Bankers Association. Rates on one-year ARMs have fallen from 6.5% last August to about 5.5% now. If you have an adjustable mortgage, lock in a fixed rate now. If you have a $165,000 loan — reducing your rate from 6.5% to 5.5% could save you more than $100 a month ($106.06) — more than $1,200 ($1260) over the course of the year.

Add funds to money market account
Although it’s important to stick to your investment strategy, it’s hard to watch your stocks and mutual funds lose value. So it’s comforting to know that at least you're building your savings in case you lose your job or have a medical emergency. You don’t want to tap into a long-term investment. You want quick cash. Money market rates are likely to fall considerably in light of the Fed rate cut. Still, you can definitely find money market yields of 4% or higher, which is considerably higher than your return on stocks at the moment.

How you can save at the pump
Expert: David Champion, director of automotive testing for Consumer Reports

Easy does it
Driving smoothly and steadily makes the best use of your fuel. If you can, avoid hard acceleration or braking. Once up to speed, maintain a steady pace in top gear. Varying your speed a lot wastes fuel. A vehicle’s gas mileage decreases rapidly at speeds above 60 mph. Smooth acceleration, cornering and braking not only save fuel but also extend the life of the engine, transmission, brakes and tires.

Get regular fuel
If your car specifies regular fuel, don’t buy premium under the mistaken belief that your engine will benefit. Most cars are designed to run just fine on regular gasoline. Furthermore, many cars that recommend running on premium fuel also run well on regular. Check your owner’s manual to find out if your engine is designed to handle either grade. And consider buying off-brand gasoline, which is most often identical to what is sold at franchised gas stations.

Watch the tires
Keep your tires properly inflated. Underinflated tires require more energy to roll, which not only wastes fuel but also wears the tires faster. According to the EPA, a tire that is underinflated by only 2 pounds per square inch can cause a 1 percent increase in fuel consumption. Underinflated tires can also build up excess heat, which can lead to tire failure. Check your vehicle’s tire pressures at least once a month, when the tires are cold. Also, check the tires before and after long road trips. The recommended tire pressure is found on a label inside the car — usually in a doorjamb or inside the glove-box lid.

It’s a drag
At highway speeds, more than 50 percent of engine power goes to overcoming aerodynamic drag. Try not to add to the drag by carrying things on top of your vehicle. A loaded roof rack can decrease a car’s fuel efficiency by 5%. Even driving with empty ski racks wastes gas. In addition, if you have air conditioning, use it only when you really need it. Running the air conditioner robs power from the engine and uses additional fuel.

Stay warm
An engine runs most inefficiently when it’s cold. It not only uses more fuel but also creates the most exhaust emissions and suffers the most wear. Avoid many short, separate trips — and unnecessary cold starts — by combining as many errands as possible into one trip.

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