In tight economic times, many families have begun looking to their household budgets for ways to save money every month. Here are five tips to help families cut down on their monthly expenses and start growing their savings.
1. Bundled services: As a result of increased competition in the telecommunications sector, many cable and satellite television providers have begun to bundle their services into cost-effective packages. Some families will be able to bundle without switching providers, while others may have to consider switching in order to get the best price.
2. Restructure cell phone plan: All too often, families will renew their plans without carefully considering their actual usage. By looking at the average number of minutes, text messages, and data used, families can cut back on their plans and save money on their monthly bills.
3. Consolidate insurance: Much like cable and satellite television and Internet providers, many insurance companies offer discounts for using multiple types of insurance under one account. Families can also lower their monthly rates by increasing their deductibles. However, one should generally conduct thorough research before doing so.
4. Review financial fees: Many individuals and families remain with the same bank or financial services provider out of familiarity. However, many financial institutions impose hard-to-catch monthly fees such as certified checks, ATM fees, and annual service fees. A considerable number of people have also switched to Internet banks, which offer highly competitive interest rates and minimal fees.
5. Conserve electricity: One of the most popular pieces of advice for saving money, conserving electricity can free up hundreds of dollars every month for families. Heating and air conditioning often represent the majority of electricity costs, especially during the summer and winter months. However, little things like turning off your lights and appliances can also save money.