Like many people today, you may find “too much month left at the end of your money” – especially after the holidays. Implementing both short and long-term strategies to strengthen your family’s economic foundation this year makes good cents (and dollars, too!)
1. Don’t take your bills at face value. Too often we assume our credit card bills are accurate and pay them without taking a good look at the detail. It’s smart to spend some time each month ensuring the itemized charges on your bills are legitimate. Many consumers find that they have been double-billed, fraudulently charged or have questionable entries – especially following the holidays.
2. Check the fine print. Before moving your high-interest credit card balances to one of the “all new low-interest cards” featured to save you from holiday debt, be sure to check the fine print. Many of these “deals” come with hidden clauses that escalate your interest rates astronomically if you fall behind or are late making even one payment.
3. Know your options. Telephone and cable companies are forever adding to and changing their service options. Routinely contact your service providers to find out what options are available to you. Eliminating services or channels you don’t need could make the savings “connection” you are looking for.
4. Look into refinancing. With today’s low interest rates, mortgage refinancing is on the rise again. Contact me or your mortgage professional to find out how you can save on your monthly mortgage while still building for your financial future.
5. Update insurance policies. Call your auto and homeowner’s insurance agents to find out what policy changes you can make to lower your monthly debt. Raising your auto deductibles on collision to at least $500, especially on older vehicles, may help. For mortgages, see if raising your deductibles will help your monthly costs, as well.
6. Become a savvy grocery shopper. Even if you are not a “coupon clipper,” you can save on your weekly grocery bill by planning ahead and making a list.
7. Do a home energy check. Check your home for energy savers such as setting your thermostat at 78 degrees, setting your water heater to 120-140 degrees, setting your refrigerator at 38 degrees and setting your freezer at 10 degrees. Also have your home checked for the proper insulation. A small investment in the right insulation now will save you thousands in air conditioning and heating costs over the lifetime of your home.
7 Savings Strategies for 2007 – excerpted from ProspectsPLUS
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