With the recession now a fact, it’s becoming more common – if not chic – to save money while keeping your lifestyle intact. Ellie Kay, family finance expert and author of the recently released “Living Rich for Less,” offers these few simple money-saving tips to help families save up to $30,000 in 2009 – and it all starts at home:
- Shop around for insurance rates: While comparing insurance rates has become Progressive.com’s motto, Kay says it’s a wise move to take advantage of Progressive.com’s comparison that could result in saving $350 on your annual premium.
- Insure only your home’s actual value: If your home’s valued has dropped in the last year, then you shouldn’t insure it at its previous value. Insuring your home at its current value could save you $300 a year.
- Clip coupons and buy on sale: Don’t put those coupons in Sunday’s paper in the recycle bin. Instead, not only use them, but use them in conjunction with sales to save even more. Kay’s family saved more than $8,000 this way in 2008.
- Check for available discounts: Check with your insurance carrier to see what discounts you may be eligible for and then take advantage of them. Customers who pay in full, are loyal, sign up for paperless billing, etc., may qualify for additional discounts. All the “little” discounts available can add up to big savings.
- Pay in paper – not plastic: Paying for everything in cash makes sticking to a budget and tracking expenses easier without racking up credit card debt and finance charges.
- Travel less, pay less: Those who take mass transit to work or who are stay-at-home parents who don’t drive their vehicles much during the day should investigate “Pay as You Drive” insurance programs that can potentially save 25 percent or more, depending on how and how much (or how little) they drive.
- Higher deductibles result in lower costs: Insurance is necessary for catastrophic events but not necessarily for minor fender-benders. According to the Insurance Information Institute, raising your deductibles to just $500 could reduce Collision and Comprehensive costs 15 percent to 30 percent, and lower your premiums.
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