Here are five ways that you can save $100 or more this winter:
· Take a look at your cell phone bill. Many of us overestimate our cell phone usage. Drop minutes or features you’re not using to add to your savings.
· Walk or bike rather than drive to destinations less than a mile. You’ll not only burn calories, but also save the wear-and-tear on your vehicle.
· Shop around for auto and homeowners' insurance: Before renewing your existing policies each year, check out the rates of competing companies. Their annual premiums may be much lower.
· Utilize a cash-only spending plan. Unlike using your credit or debit card, you can’t spend what you don’t have on you, and it makes resisting temptation easier.
· Ask your electric or gas utility company for a free or low-cost home energy audit. The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year.
Make sure to bank your savings! Track your progress towards a savings goal by enrolling as a saver at KentuckySaves.org, where you can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress. You can also find America Saves on Facebook, Twitter and a blog.
Kentucky Saves is part of the America Saves national campaign. Currently more than 260,000 Savers are enrolled nationally. Top savings priorities reported by savers include: Emergency Fund – people saving on average $72 a month. Education – people saving on average $113 a month. Debt Repayment – people saving on average $121 a month.
Most Americans do not have adequate savings to meet major emergencies, let alone accumulate enough savings for retirement. The typical American household has less than $100,000 in net wealth, including home equity and 401k accumulations, and only about $10,000 in net financial assets. Lower income families have much fewer resources.