| Most families are spending more and more | | | | as well as electronic bill-paying. Electronic |
| money every year (and not just because the | | | | bill-paying and a debit card can cut down on |
| cost of living rose) while also saving less | | | | your need to use checks and postage which |
| and less. One reason is that few household | | | | will save you in the long run as well as help |
| managers spend much time reviewing expenses | | | | you better manage payments so you will avoid |
| and expenditures to find ways they can save | | | | fees, penalties, and higher interest rates. |
| money. However almost every family has places | | | | |
| where costs can be cut and pennies can be | | | | Cutting your credit card costs can be another |
| pinched -- and if those freed up funds are | | | | major savings. This means making sure you are |
| then used to pay down debt and save for the | | | | using the best possible credit card with a |
| future it could have a dramatic impact on | | | | low interest rate and low or no annual fee. |
| their quality of life. | | | | Shop around until you find your perfect match |
| | | | and don't forget to cancel and cut up those |
| Food is one big area where many families | | | | rejected suitors. |
| could be more thrifty. Families spend an | | | | |
| average of $2,434 on food away from home, | | | | Health care is not really an area where you |
| according to the Consumer Expenditure Survey | | | | can cut expenses but you can save money by |
| from the U.S. Bureau of Labor Statistics. If | | | | taking advantage of special offers and |
| you (and your spouse and your children) eat | | | | programs. For example, many employers offer a |
| lunch out every day of the week then try | | | | Flexible Spending Account where you can save |
| brown-bagging at least one of those days. If | | | | money before taxes for out-of-pocket medical |
| just one of you does it you may save up to | | | | expenses for prescription and nonprescription |
| $400 a year and if you can double or triple | | | | drugs, dental expenses, and eye care. |
| that savings you could finance a family | | | | |
| vacation with it. | | | | Tuning up your insurance policies can also |
| | | | help you save money. When did you last |
| Another major expense is your home. When was | | | | compare rates for your home, your vehicles, |
| the last time you looked at refinancing? Can | | | | and yourself? Some other ways to cut costs |
| you find a lower interest rate? Can you | | | | are to raise your deductible level or using |
| renegotiate to a shorter time frame? Even if | | | | the same company for multiple coverage (your |
| you can't change your mortgage payment you | | | | home and vehicles). When you are shopping |
| may be able to pay a bit extra each month | | | | around make sure to give your current company |
| which over time will help pay down your | | | | a shot at keeping you. Sometimes they can |
| mortgage faster. Also, don't overlook your | | | | offer a better rate too. |
| utilities. There are ways to save in this | | | | |
| area as well including updating your | | | | Another major expense for many families is |
| insulation and weather stripping, keeping | | | | the cost of communication including local and |
| up-to-date with maintenance and cleaning of | | | | long distance phone service, cell phones, |
| your furnace and air conditioner or using a | | | | cable or satellite television, and Internet |
| programmable thermostat to take advantage of | | | | access. Review your expenditures and cut out |
| those times when your house is empty or the | | | | the services you don't need. Can some of |
| family is asleep. | | | | these expenses be bundled to save money? Are |
| | | | there better plans for your needs? |
| Transportation is another major expense for | | | | |
| many families. Not only are vehicles | | | | When looking to save money it is important to |
| expensive to buy but also to maintain and | | | | become an aggressive shopper. The Internet |
| operate especially with gasoline prices at | | | | makes it possible today to compare prices and |
| such high levels. Is carpooling an option for | | | | product reviews while not spending a lot of |
| any members of the family on at least a | | | | time and money driving from store to store. |
| part-time basis? Make sure to combine errands | | | | Any big ticket item (and that includes your |
| and trips to cut down on your travel and save | | | | weekly groceries, cleaning products and |
| money when buying gasoline by taking | | | | health and beauty aids) deserves a closer |
| advantage of special programs and discounts | | | | study. |
| and remaining vigilant about gas prices. In | | | | |
| addition, following a regular maintenance | | | | Over the next, month take time to review your |
| schedule and proper tire inflation can also | | | | family expenses and expenditures in each of |
| help you achieve maximum gas mileage for your | | | | these nine areas. Making a few alterations in |
| vehicle. | | | | your family's spending habits will soon make |
| | | | a difference in the overall household budget. |
| Choosing your bank wisely can be another way | | | | You can raise your family's quality of life |
| to save money. Make sure the bank you use | | | | by making just a few changes in your monthly |
| offers free (or at least low cost) checking | | | | budget. |