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Start Small, Save Big
10 Things You Can Do Today to Save Money
By Gina Roberts-Grey
According to a recent Gallup poll, saving money and reducing overall household spending is the top priority of more than 78 percent of families. While looking for a higher paying job, going back to school to advance your education and career and analyzing your spending habits are a few options that many experts agree can positively affect your family's finances, many experts also agree that maintaining a clear perspective of the "small picture" can help families save more money.
According to Consumer Advocate Barbara Klepski of Washington, D.C., families trying to save for a house or college 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," Klepski says.
Klepski says 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. "Being extremely cost conscious can save the average family between $500 and $1,500 per year," she says.
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," says Eric Bracken, a certified financial planner in Detroit, Mich.
Here are 10 things your family can do every day to help save money.
1. Meet Your Meter Reader
According to Commonwealth Edison Spokeswoman MaryAnn Williamson of McHenry, Ill., the average electricity customer's meter can be misread by an average of 150 kilowatt hours more than 75 percent of the time. This error means customers are overcharged by an average of $9.27 per month or $111.24 per year.
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.