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Bankrate’s Frugal U’s Tip of the Month Contest

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Bankrate has a Frugal U Tip of the Month Contest where you can enter in your frugal tips and if you are selected as the Tip of the Month, you get an extra hundred bucks to sock away for a rainy day. Bankrate takes thirty of the tips submitted and readers get to vote on each one, the one with the highest average takes the money.

Last month’s winning frugal tip was about “phantom load,” which is the power your appliances draw when they’re “off”:

To see your electric bill take a nosedive, make it a habit to unplug non-essential appliances when not in use. When away from home or on vacation, these appliances can add dollars to your electric bill. It’s worth the extra savings.

Anything without a hard switch (which makes an electrical connection) will draw load because the circuit is connected… unplugging it is the only way to erase that load.

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2 Responses to “Bankrate’s Frugal U’s Tip of the Month Contest”

  1. Gail Hunt says:

    Great Bargain Tip: Before buying almost anything online, check Amazon and eBay for lower prices. Not only are the prices often surprisingly lower, there is no sales tax. If you have a Premier Account with Amazon (99.00/year and well worth it) 2-day shipping is free of charge.

  2. DIANA says:

    I enjoy shopping at the thrift store when it offers 50% off.

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