Esmmi.com

Most families are spending more and more money each year (and not just because the cost of living rose) while also saving less and less. One reason is that few household managers spend much time reviewing expenses and expenditures to find ways they can save money. However almost every family has places where costs can be cut and pennies can be pinched — and if those freed up funds are then wont to pay down debt and save for the future it could have a dramatic impact on their quality of life.

Food is one big area where many families could be more thrifty. Families spend an average of $2,434 on food away from home, according to the Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics. If you (and your spouse and your children) eat lunch out every day of the week then try brown-bagging at the least among those days. If just one of you does it you may save up to $400 a year and if you can double or triple that savings you could finance a family vacation with it.

Another major expense is your home. When was the last time you looked at refinancing? Can you find a lower rate of interest? Can you renegotiate to a shorter time frame? Even if you can’t change your mortgage payment you mayhap able to pay a bit extra every month which extra time will help pay down your mortgage faster. Also, don’t overlook your utilities. There are ways to save in that area as well including updating your insulation and weather stripping, keeping up-to-date with maintenance and cleaning of your furnace and air conditioning or using a programmable thermostat to take advantage of those times when your house is empty or the family is asleep. (more…)