| 10 Easy Ways to Save More for Retirement |
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Every year, millions of Americans make New Year's resolutions, including vowing to curb their appetites for spending and improve their long-term financial health. But as we all know, resolutions frequently fall by the wayside. The fact is you can often reduce expenses with little sacrifice.
Here are 10 simple ideas to get you started.
- Combine cable, phone, and Internet into one package.
You'll often get a better monthly rate than by paying separately for each through different companies.
- Save on car insurance.
Increase your deductible to $1,000 and you might lower your premiums by as much as 40%, according to the Insurance Information Institute.
- Hang up your phone service.
Do you have both a mobile and home phone? Compare the two services, including the fees and surcharges. If it makes sense to keep just one, you could potentially save hundreds of dollars each year.
- Reduce ATM fees.
Use a bank-approved ATM or get cash back at the register when grocery shopping and you might avoid paying surcharges.
- Fill up with gas savings.
Unless your car owner's manual recommends higher-octane gas, consider using regular gas. Paying the national average of 19¢ more per gallon for premium rather than regular gas can quickly add up.1
- Conserve energy.
This winter, the average household will pay up to an estimated 37% more for heating costs.2 To potentially cut your energy consumption, consider replacing your thermostat with a programmable one that automatically turns down your heat when you're away from home or sleeping.
- Reconsider private mortgage insurance (PMI).
If you're a homeowner with at least 20% equity in your home, call your mortgage lender to see if you can drop your PMI insurance. That one call, followed up by a letter, might put $1,000 or more of yearly savings into your pocket, depending on how much you pay.
- Think green.
Need to replace a major appliance or your furnace? Buy an energy-efficient model. For example, buying a fridge with an Energy Star label might save you between $500 and $1,000 over 15 years.3 And many utility companies issue energy rebates for approved models.
- Automate your banking.
Signing up for overdraft protection or automatic payment of regular bills can help avoid bounced checks and late fees. Many banks offer these services at no or low cost.
- Freeze food costs.
When cooking, make enough for two meals and put one in the freezer.
It will avoid a trip for take-out on those busy nights.
Now examine your own lifestyle for simple ways to cut costs and bulk up your long-term savings in your retirement plan and elsewhere. Even a few extra dollars a week could make a big difference over time.
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