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According to a recent Gallup Poll, saving money and reducing overall household spending is the top priority of more than 78% of families. Looking for a higher-paying job, going back to school to advance your education and career, and analyzing your spending habits are just a few options that many experts agree can positively impact your family's finances. Many experts also agree that maintaining a clear perspective of the "small picture" as well as major lifestyle changes can help families save more money. Consumer advocate Barbara Klepski of Washington, D.C., says that families trying to save, or struggling to pay rising utility costs, are paying more, and often too much, for the same goods and services they've been purchasing for several years. "We know about checking the seals on windows and doors, or the benefits of installing low-flow faucets, but too many consumers are still spending more than they have to every year," explains Klepski. A consumer rights advocate and speaker for more than 20 years, Klepski advises that many households take advantage of the obvious ways to cut costs but don't realize that a proactive attitude can help save more money every year. "Adding one or two tips can save $20 a month. Being extremely cost-conscious can save the average family between $500 and $1,500 per year," she adds. Whether you're looking to feather your retirement nest egg, saving to take your family on vacation, or just shopping for options to cut costs, knowing where to find a few leaks in your budget can be rewarding for your entire family. "Parents can teach financial responsibility by encouraging their child's participation in small acts of conserving utilities or helping be cost conscientious," adds certified financial planner Eric Bracken. 1. Read your meter: Learn how to read your electricity meter in case your meter reader makes an error. 2. Pay now, save later: Paying your monthly credit card bills, car loan or installment loan or mortgage sooner can save you more money. Because finance charges and interest is based on daily balances, lowering your balance weekly or bi-monthly instead of once a month can result in lower interest charges. Bottom line: Pay the credit card bill off each month. 3. Ask questions: There are often extra charges on utilities or optional insurance plans added onto credit card balances that we pay for without requesting the service. One woman reduced her telephone bill by $7.95 a month by inquiring why she was being charged for some features she never ordered. 4. Read your receipt: Whether you take a minute before leaving a store, or save time at the end of the day, review your receipts to make sure you were charged the correct price for the items you purchased. 5. Wash your budget: Use the cycles needed according to the stains and condition of the clothes being washed. Wash in cold water when applicable. 6. Where does your water go?: Re-routing the water that drains from your rain gutter to the garden or a tree reduces the need to turn on the sprinkler or garden hose. Water conservation throughout the house is a big item. 7. Light up your budget: If every household in the U.S. replaced just one bulb or fixture with an energy-star qualified model, we would save more than 8 billion kilowatts per hour, which is equivalent to removing 1 million cars from the road per year. This translates into an average savings of $20.50 per year per bulb. Gina Roberts-Grey writes for several parenting publications. |
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