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