Have you noticed that your dollars just aren't stretching as far as they used to? Well, you're not alone. With the prices of oil and gas soaring, credit card debt increasing and adjustable rate mortgages fluctuating, a lot of people are feeling the pinch. But there are smart ways to cope. By modestly reining in your spending and reviewing your monthly bills, you can end up with hundreds, if not thousands, of extra dollars in your pocket this year. Follow these money-saving tips and you'll be well on your way.
Cut grocery costs
How does saving more than $1,000 per year on groceries sound? With a little planning, it's easy. Trim just $25 per week from your food bill and you'll net $1,300 by the end of the year. Here's how:
1. Eat out of your pantry. Take an inventory of what's lying around and plan meals around those items. You'll not only get rid of lingering groceries, you'll reduce your shopping list for the week.
2. Get in and out quickly. Statistics show that after 30 minutes of shopping, you'll spend 50 cents for each additional minute you're in the store. Stick to your list and you'll save about $60 a month.
3. Know your prices. Keep a list of the items you buy often and their cost. You'll know when you're getting a bargain.
4. Buy sale items. Build your grocery list around sale products. If one of your nonperishable household staples (such as canned goods) is on special, buy extra.
5. Use coupons. Clip coupons in store flyers, newspapers and magazines and at Web sites such as , and .
6. Choose generic. Trim 10 percent off your bill with store brands; they're often the same as name brands where it matters--inside the box.
7. Shop less. Shopping monthly, not weekly, at warehouse clubs can save you more than $2,000 a year.
8. Shop seasonally. Fruits and veggies taste better--and are often cheaper--when they're in season. Substitute frozen or canned varieties for out-of-season produce.
9. Find a bakery outlet. Pay $1 for a loaf of bread instead of $3. Outlets generally don't sell outdated goods, so bread won't go bad any sooner than a grocery store loaf would.
10. Check your receipt. Cashiers can make mistakes that cost you money, so look over your receipt before leaving the store.
Bonus tip
Plan your meals: Draw up a weekly menu and grocery list. You'll save time and money by making your shopping more targeted and efficient.
Rethink your mortgage
Though it may take a little time and money, it's possible to save on your home mortgage in the long run.
11. Dump PMI. If you put less than 20 percent down on your home, you're probably paying private mortgage insurance (PMI). Find out if you've built up enough equity to drop it. You could save $1,000 a year.
12. Pay more to save big. Shelling out an extra $100 a month on your mortgage will trim more than five years off a 30-year mortgage and save about $63,000 in interest (based on a 7 percent rate on a $200,000 mortgage). If you're having trouble making your payments, though, see how to .
Make sure you're covered
Some insurance costs are avoidable. Check in with your agent annually to see where you can save.
13. Call your auto agent. You may qualify for additional discounts if you've paid off a car loan or moved to a new zip code, if your commuting habits have changed, if your car has aged so much that collision coverage is no longer worth the cost, or if your kids have moved away.
14. Slash home insurance costs. Just raising your deductible from $250 to $500 can save you 10 percent on your premiums.
15. Consolidate your policies. By insuring your home and car with the same company, you can cut your bill by 5 to 15 percent.
Save on entertainment
You can live on a budget and still have fun. Use these tips to save $100 or more annually.
16. Get rid of the fluff. Trimming your satellite or premium cable package can make a difference. By dropping just one premium movie channel, you may reduce your bill by more than $100 a year.
17. Rent movies. Staying in goes a long way toward trimming your budget. Eliminate one trip to the movie theater per month ($30 for two, including treats) and you'll save $360 a year.
18. Go to the library. Besides books, you can also borrow magazines and movies.
Steer clear of hefty bank charges and fees
Banks and credit card companies love to charge fees for just about everything. Your job is to avoid them!
19. Stop ATM charges. Use your own bank's ATM and save yourself an average of $2 per transaction. Eliminating just one transaction fee per week will net you about $100 per year. Better yet, take out cash only once a week and use a debit card for purchases instead (they're generally fee-free).
20. Pay your bills on time. Credit card companies charge a premium for late payments. Eliminate just one late fee ($25) per month and save about $300 a year.
21. Make payments online. Your time is valuable, too. You'll not only save money on postage, you can wait until the last minute to pay. If you sign up for automatic bill pay, you'll never risk a late fee again, and you'll have even more time.
Bonus tip
Be cash-savvy: After paying bills online, set aside some cash from each paycheck, separating it into categories by envelope (food, movies, etc.). When the envelope's empty, you're done. how you keep from overspending.
Get smart at home
Take the chill out of soaring fuel costs by making some easy and efficient changes around the house.
22. Seal your ducts. Drafts can reduce the efficiency of your heating and cooling systems by 20 percent.
23. Program it. A programmable thermostat can save you $150 per year in heating bills.
24. Tend your garden. Plant trees and shrubs to shield your home from sun and wind and save up to 30 percent!
Limit meals out
The average family spends $325 a month eating out--that's $3,900 a year! Cutting back just a little will save a bundle.
25. Bring your lunch. It's cheaper and healthier! Buying lunch five days a week costs an average of $1,300 per year--and that's just a $5 meal each day. By purchasing lunch only three days a week, you can save more than $500 a year.
26. Pack your snacks. Buying sodas, water and snacks at the office quickly adds up. Buy these items in bulk, bag 'em and bring 'em to work--you'll save about $2 a day. With 260 working days in a year, that comes to $43 a month in savings, or $520 annually.
27. Eat out less. Have one fewer dinner at a restaurant every month and save an estimated $60 to $90. Don't drink alcohol when dining out and you'll save even more.
28. Jump-start your day at home. Make your own coffee and heat your own milk, or use flavored creamer, instead of buying a latte. You'll save $3 a day, or more than $1,000 a year.
Bonus tip
A day without spending: Go one day each week without reaching into your purse at all. You'll net an average of $20 a week, or more than $1,000 a year.
Save on the road
With prices at the pump skyrocketing, use these tips to keep your car humming for less.
29. Drive sensibly. Aggressive driving wastes gas and lowers gas mileage by 33 percent on the highway and 5 percent around town. Save 14 to 94 cents per gallon by driving without attitude.
30. Keep it under 60. As a rule of thumb, expect to pay an extra 20 cents per gallon of gasoline for every 5 miles per hour you drive over 60.
31. Lose weight. Remove unnecessary items from your vehicle. You'll spend 6 more cents a gallon to haul an extra 100 pounds in your car.
32. Clean it up. Replacing a clogged air filter can improve your car's gas mileage by as much as 10 percent--or up to 28 cents per gallon.
33. Put on the pressure. You can improve your gas mileage by approximately 3 percent by keeping your tires properly inflated, saving you around 8 cents per gallon.
34. Buy cheap gas. near you.
Bonus tip
Join . In addition to roadside assistance and maps, being a member entitles you to a wide range of discounts.
Dial down your phone service
With some minor changes to your existing plan, you may save at least $100 per year.
35. Lose long distance. If you make less than $10 per month in long-distance calls, drop this service and purchase a phone card instead. You can save $120 a year.
36. Check your cell-phone bill. Cell-phone packages are constantly changing. Call to check on the newest rates and packages--you may be able to save on out-of-area calls, text messaging and person-to-person calls within your network. available in your area.
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