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FAMILY TOPICS |
Money Saving Tips
Worksheets and a handy resource list give you the tools
to manage your health and your budget. Health Care on Less Than You Think
is available at a discounted price at Amazon.com.
For automobile insurance the Insurance Information Institute recommendations include:
 Want more tips
on saving money? A good source is The
Guide to Saving Money : 325 Valuable Tips That Will Help You Stretch Your Dollars
which presents and explains hundreds of money saving ideas. It's
available for less than $10.00 at Amazon.com, so your first smart purchase saves you the cost of the book!
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REAL ESTATE |
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Going
hand and hand with smart purchasing is saving money on those things that you truly need. To start saving, take
an inventory of your current needs to see where you can begin to shave the dollars. Start with the biggest items
first, where the most potential for savings is, and move down the scale to the less expensive items. Even a moderate
savings on one of the larger items (houses and cars, for example) can bring a big reward. You can maximize your
effectiveness by starting to save on some of the smaller items--they will add up! The following are some thought
starters.
House Mortgages.
If you own a home, your mortgage is probably your biggest expense. Is it at the most advantageous rate? Surprisingly,
many families don't know the answer to this question, or if they are aware of current mortgage rates, think it's
too much of a hassle to do anything about. If you purchased your home with a mortgage for, say, 9 3/4% interest
while 7 3/4% is currently available in the market, you may be paying an expensive price for not investigating your
options. Example: in the example above, the difference in
payments between a $100,000 mortgage at 9.75% and at 7.25% amounts to $142.74 per month, or $1712.88 per year. Even if you plan to stay in the home for only 8 more years, the
savings (less any closing costs) amount to over $13,700.00. Can you say "a good start toward college education
costs?" Comparison is important here, though, as there will usually be variances in rates from lender to lender.
Home Repairs, Improvements and Remodeling.
Normal maintenance on a home is expensive enough. When you need to make repairs, improvements or remodel, the cost
can go through the roof! Getting comparisons is the key here--getting and accepting only a single offer can be
very expensive. And, without other bids with which to compare it to, you won't even know your loss! If you need
work done to your home, 
Cars. For most families,
the next biggest expense is their car(s). Mistakes made here can often be as costly (on a monthly basis) as mortgage
miscues. Take a look at the vehicle(s) you presently own. Do you own too much vehicle for your needs? Do you have
equity in a car that you no longer use frequently? Could you downsize and save money, not only in monthly payments
but also in maintenance, insurance and operating expenses? On the cars that you own and will be keeping for a while,
are you getting the best deal on those repairs and maintenance? The habit of always using the same facility without
investigating alternatives and looking for special savings plans can be an expensive one. Would an extended warranty
save you money on your repair bills. For some it might be a wise move, for others there would not be considerable
savings. Get a quote from a source such as 
Health Care.
Aside from your home and perhaps your automobiles, it is fairly likely that health care will be one of your most
expensive outlays--and the amount keeps going up year after year. Health care will be a big consideration no matter
what your age or work status, whether you are covered by an employer's plan or on your own, or if you have no insurance
at all. You will need a good resource to help you negotiate the mine field that is health care in the U.S. in the
early 21st century. An exceptional resource that we have found is 
Banking and Financial.
This is one area that many of us simply "pay the tariff"--whether it is in high monthly fees or lower
interest rates--simply due to habit. Could you be earning interest on your accounts instead of simply paying monthly
fees? Online sources often have some of the highest interest rates
available. If you are looking to save money, then consider
Credit Cards.
For many families, one of the biggest financial drains is credit card debt. Taking control of the problem involves
two steps: First, you must stop spending foolishly and second, you must dump all of your high interest credit cards.
Paying a large portion of your monthly payment only to interest is not only expensive, but makes it next to impossible
to pay down the balance. You can find 
Insurance.
Most of us pay our automobile and homeowners insurance premiums by habit, rarely if ever making comparisons. With
many families insurance costs totaling over $2000 a year, even a 15% savings equates to $300 annually. Some hints
from the Insurance Information Institute on saving money on your homeowners
insurance include:
Food. Not only do you need
to eat food to live, the expense of it for the average family can eat you alive! Since food is a necessary and
recurring expense, just saving, for example, $20 a week on your purchases can convert to over $1000 in savings
over the course of a year. Want a blueprint to save a ton of money on your grocery shopping? See the ebook 
Telephone. In most areas of the country,
your local phone service is currently regulated and has a fixed price. The difference in long-distance costs, though,
can be eye-opening. Many consumers simply stick with their current long-distance carrier because it is convenient
and they feel that it would be a hassle to change. By shopping around, however, you may find some considerable
savings that can really add up. We were able to find a plan that gives savings of about $16.75 a month and $200
a year, a fairly considerable amount. Switching over was simple and not time consuming--a pretty good return on
time spent!
Clothing. Although many
consumer items have actually reduced in price over the last few years (most notably, computer and electronic items)
the cost of clothing has seen a continuing upward spiral. In addition, a purchase price that not too long ago bought
a good quality garment now seems to buy virtually "throw away" clothing. With some planning, though,
it is possible to maintain clothing purchases that are in line with your family budget.
Travel. Price differences here can be enormous. The difference in costs
on the same trip--same airline, same hotel, same car rental--between two travelers can run into the thousands of
dollars. Take a little time to comparison shop to assure the best possible deal. Some travel resources that we've
found effective include 
Compare. It used to be that comparison shopping was a long and drawn out
process. Driving from one store to another or making numerous phone calls could be a real time waster. Even if
you were able to make an adequate comparison, sometimes it wasn't worth the hours you needed to invest to get the
comparison. The Internet has changed much of that. Now you can make quick comparisons on most items, usually within
a matter of minutes. What would once have taken hours to accomplish now happens at the click of a mouse, a real
time and money saver. Don't forget online resources. For example, a site such as 
