(StatePoint) It’s no surprise that resolving to save more money is on the top of many families’ lists, as they continue to feel the effects of a tight economy.
But often it seems overwhelming to tackle this challenge. However, there is room in almost every household or personal budget to cut back without sacrificing very much.
“You make many small daily decisions about how to spend your hard-earned cash. Whether you’re grocery shopping, driving to work, paying bills or just watching TV, there are several small things you can do to spend less,” said Michael McAuliffe, president of Family Credit Management Service (FCMS), a nonprofit consumer credit counseling agency.
With the goal of helping families meet their resolutions to spend less and save more, FCMS is offering free advice online at www.stopthinksave.org, where consumers can peruse tips and order a free booklet, titled “100 Small Ways to Save BIG.”
Here are some easy steps you can incorporate in your own daily routine:
• Review all cell phone, home phone, and cable services, and inquire about better deals. Cancel added services you don’t need (caller ID, three-way calling, call waiting).
• Replace light bulbs with compact florescent bulbs. Replace showerheads with low-flow models and save 30 percent on hot water bills.
• Glass cookware will allow you to reduce your oven temperature by 25 degrees, saving energy costs.
• Wash clothes in cold water; 85 percent of the energy used by your washing machine is from warming the water. Only use your dishwasher when it is full. Setting your dishes to “air dry” will also save energy costs.
• Always compare prices online for large purchases to save money and sales tax. Search for online coupons for everything from restaurants to grocery stores to family outings.
• Check with your lender to see if you can make half your mortgage payment every two weeks — it saves on interest. Do not pay a service to do this for you.
• You probably have many items around your house you would return if you could. Selling them on eBay is a great way to earn extra money while eliminating clutter.
• Stop the daily latte fix and save up to $1,800 per year. If you must buy coffee, cut your consumption in half. Stop smoking; $5 per pack per day is $1,800 yearly. Eat before you go to the movies or sporting events to avoid expensive snacks at concession stands.
• Drive the speed limit to save on speeding fines and gasoline. Properly inflate tires to save on gas mileage. If your car is going to idle for more than 15 seconds, turn it off.
• If your bank charges fees, get a free checking account with another bank. If you ever pay ATM fees, switch to a bank with more local ATMs. Use online banking to pay bills and avoid postage, cost of checks, envelopes and late fees.
• Watch credit card statements closely for added fees and increasing interest rates. Prioritize debt repayment, paying the highest interest first. Call creditors to request reduced interest rates on credit cards.
“When you save money on your daily expenses, you’ll soon be able to purchase things that really matter to you and your family,” said McAuliffe. “Pretty quickly you can save real dollars, but you have to stick with it!”
For more tips from FCMS visit www.stopthinksave.org or call 800-994- 3328.