NEW YORK -- It's time to pencil some savings into your 2012 calendar.
Throughout the year, there are a variety of steps you can take to pocket some extra cash, whether it's booking airline tickets a month in advance or setting aside tax-free wages to pay for health care costs. In many cases, these are actions that can result in ongoing savings that add up over time.
special valentines flowers
The problem is that these moves typically require a degree of planning, even if it's only a minimal amount. And when you're juggling work and the daily tasks of life, such opportunities have a way of sitting on the back burner until it's too late to act.
Here's a guide to simple money-saving moves you can make each month in the year ahead.
You may discover you've been leaving free money on the table for years.
JANUARY
» Debt: Cash still isn't earning much interest sitting in deposit accounts, with the average rate for a one-year CD clocking in at just 0.35 percent,. If you're sitting on any extra savings, consider using it to knock off any accumulating credit card debt.
» Taxes: To make the most of your taxes, designate an office folder or kitchen drawer where you can keep receipts and other necessary paperwork.
» College: Families with college-bound children will want to get their taxes done early. The income and asset figures from the returns will be needed to fill out the Free Application for Federal Student Aid, which should be completed as soon as possible after Jan. 1. An early application improves the chances of receiving aid from multiple sources. To fill out the form, go to www.fafsa.ed.gov.
FEBRUARY
» Spending: Flowers can become a big part of your
special valentines flowers spending, especially if you procrastinate. Start browsing websites early to avoid inflated delivery charges.
» Credit Cards: New credit card reforms don't set guidelines on rewards programs, which cardholders often fail to use to their full potential. Understand the caps, expiration dates and redemption process of your program.
» Entertainment: If you realize you haven't seen any of the Oscar-nominated films even though you've been paying for premium channels, it might be time to trim your cable package. Trial offers may also have expired.
» Entertainment: Commit to a cap on how much you'll spend on online entertainment each month. It's easy to lose sight of how much you spend when all you have to do is click "buy."
MARCH
» Travel: If you're planning a spring break, remember that the best time to book a flight is four to six weeks before traveling; prices for any given flight are generally highest in the few weeks just before and after that time frame. Airlines also offer the most sales on Tuesdays, Wednesdays and Thursdays.
» Spending: As you store away your cold-weather gear, make a list of any items that need to be replaced for next winter. Then hit the clearance sales.
APRIL
» Taxes: Don't panic if you haven't filed your taxes yet. You have until October if you file for an extension, but you'll need to pay any taxes that are due.
» Banking: In honor of Earth Day, check to see if you can save a few bucks by opting for e-statements. The monthly service fee for a basic checking account at U.S. Bank, for example, is $6.95 when customers opt for e-statements. If customers opt for paper statements, however, their monthly fee is $8.95. And while you're making tweaks to your bank account, consider setting up automatic bill pay to guard against late fees.
MAY
» Spending: If you're dining out on Mother's Day, go online to see if there are any deals available.; for fast food,
» Home: Consider investing in a more efficient air conditioner to save on energy costs. Keep in mind that getting a unit that's too powerful for the space you're cooling can be just as wasteful as getting one that's too weak. Recommended capacities can be found
» College: If you're the parent of a high school sophomore or junior, start planning a tour of college campuses this fall. Think about coordinating the visits with another trip and try to get in nearby campuses to minimize travel costs.
JUNE
» Spending: If you have multiple wedding ceremonies to attend this summer, think about where you can cut corners. This could include limiting how much you spend on clothes or purchasing group presents.
» Home: It's National Homeownership Month and interest rates on mortgages should still be near record lows. Check out the renting versus buying calculator on the website of the Department of Housing and Urban Development, http://1.usa.gov/jqvLIT .
» Home: Homeowners should check whether it's worth refinancing. The general rule of thumb is that the new rate should be at least about 1.5 percentage points below your current rate.
JULY
» Investing: The mid-year checkup on your investment portfolio is even more critical in times of market volatility. You want to be sure that market gains and losses haven't knocked your mix of stocks, bonds and cash out of balance. Consider rebalancing with Portfolio Manager
» Health Care: See if your employer offers discounts for health club memberships.
» College: This is the time of year that families apply for private student loans to bridge funding gaps for college. When evaluating the options, understand whether the loan has a variable interest rate and what the options would be if payments can't be honored. Rates and terms on private student loans are less forgiving than on federal student loans.
AUGUST
» Spending: Several states offer tax holidays for back-to-school items on a designated weekend. The Federation for Tax Administrators offers a list of this year's dates and qualifying purchases at http://www. taxadmin.org/FTA/rate/sales--holiday.html.
» Travel: Set aside time to review your summer travel and recreation expenses. See how much your vacation ended up costing, compared with how much you intended. Make a note of unexpected expenses you could have avoided.
SEPTEMBER
» College: Tuition and fees are an average of $17,000 a year at public universities. Consider setting up a 529 college savings plan for your child. These work like 401(k) accounts and let families invest in the market and withdraw money tax-free to pay for education.
» Spending: The holiday shopping season is rapidly approaching. Keep spending in check by starting to pay down debt and mapping out a budget.
OCTOBER
» Health Care: Open-enrollment season arrives in workplaces across the country. Many companies have been tweaking their benefits to keep pace with rising health care costs, so make sure you're still signed up for the plan that best fits your needs. Consider opening a flexible spending account for health care costs. These let people set aside tax-free wages for items like copays and medications.
» Health Care: Over-the-counter drugs are as much as 50 percent cheaper at Target and Wal-Mart than at local supermarkets, according to Consumer Reports. The big box retailers also charge $4 for a 30-day supply of many generic prescriptions, or $10 for a 90-day supply. Other chains offer similar programs.
NOVEMBER
» Insurance: You may not need as much auto insurance coverage if your car has depreciated in value. A clean driving record may qualify you for a lower rate.
» Taxes: Start thinking about year-end moves to lower your tax bill for 2011. Consider maxing out contributions to your retirement accounts.
» College: The six-month grace period on student loans for May graduates is coming to an end. Help your child with a budget.
DECEMBER
» Spending: You don't have to brave the crowds even if you haven't gotten around to your holiday shopping. Check out hundreds of retailers that participate in Free Shipping Day in the middle of the month. Don't forget to tap into social media sites to stay on top of sales.
