10 Tips for Everyday Saving

Does it seem like everyday expenses—such as those for housing, bills and food—are preventing you from saving more for retirement, getting out of debt, saving for your children’s education or achieving other long-term financial goals? You may be surprised at how small changes can add up to big savings. Try these practical saving pointers: 

1. Call your insurance agent. Ask if bundling your various insurance policies might save you money.
2. Check your magazine rack. If you never get around to reading the magazines you subscribe to, cancel the subscriptions.
3. Trim your medical expenses. Whenever your doctor prescribes a medication, ask if a generic version of the drug is available. And use a mail-order prescription program, if your insurance plan offers one.
4. Skip the car-rental insurance. Check your own auto insurance policy and contact your credit card companies before renting a car to avoid duplicating coverage you might already have.
5. Choose credit cards carefully. Read the fine print before applying for credit cards that offer rebates, travel perks or cash back. These cards may carry higher fees or rates.
6. Stick to the grocery list. Avoid impulse buying by bringing a list to the grocery store—and buying only what’s on the list. Also, don’t shop on an empty stomach—you might end up buying more food than if you shop after you’ve eaten.
7. Get your carry-outs at home. Brewing your coffee at home and bringing it with you in a commuter mug can save you a couple of dollars a day. Packing a lunch instead of eating out can save you a few more dollars a day.
8. Do your homework before buying a car. Picking a car with low gasoline, repair, financing and insurance costs could save you thousands of dollars over the car’s lifetime. And shop around—get quotes from several dealerships, and tell the salespeople you are doing so.
9. Pick the right cell phone plan. Look for one that makes the most sense given your likely calling habits. And after your contract has expired, shop around again—you might find a better deal elsewhere. Or consider renegotiating your plan and keeping your existing cell phone after your contract is over. Carriers often provide discounts to customers who keep their phone.
10. Cut your energy bills. When shopping around for a major appliance, choose one that has earned the “ENERGY STAR.” That means it meets strict energy-efficiency guidelines set by the Environmental Protection Agency and the U.S. Department of Energy. Besides lowering your utility bills, choosing these energy-efficient appliances might even qualify you for tax credits. To determine if you could save even more money on energy costs, consider having a home energy audit. Find out if your utilities companies perform free or low-cost audits. If not, ask them to refer a qualified professional.