12 Steps Towards A Balanced Family Budget

Money Saving Tip

Estimated Savings Per Month

Step 1: Reduce Your Cable Package

If what you desire is to save, you need not look further than your television set. We understand that it may be hard to part with that premium sports package but the truth is eliminating the movie channels and special packages could save you upwards of $125 a month. For example Comcast, a leading cable provider in the United States, offers an array of options for the couch potatoes delight but their Digital Starter Package ($29.99 a month) may be all you need.

$125

Step 2: Examine Your Cell Phone and Home Phone Packages

When is the last time someone asked you for your home phone number? The fact is that cell phones are the easiest and best way to contact someone. If you're already paying $70 or more a month on your cell phone bill, it may be best to eliminate your home landline. That alone could save you $30 dollars a month. If that's not enough, consider restructuring your cell phone deal. There are many different packages to choose from and it may not be necessary to have 2000 text messages a month.

$30

Step 3: Take Lunch with You

Just because all of your co-workers want to go out to lunch or get take out, doesn't mean you have to. Just by packing your own lunch, you can save approximately $40 dollars a week

$160

Step 4: Make Coffee at Home

If you stop every morning to get a coffee, do just that. Stop! Each stop at Dunkin Donuts will run you at least $2.00 a day. You can buy coffee beans at the grocery store and avoid the time restraints of waiting in line at your favorite coffee establishment. If you do this, expect to save $40 or more a month.

$40

Step 5: Save Those Grocery Store Coupons

Don't be afraid to cut out the coupons you see in advertisements. Standing in line at the grocery store just the other day, a woman compiled over $200 worth of groceries but saved $40 just on coupons alone. You can't expect to save $40 dollars every visit, but you can expect to save at least $150 a month just by getting out a pair of scissors.

$150

Step 6: Turn Down Your Thermostat

You hear it everyday, so start doing it. Go green! Just by lowering the temperature on your thermostat, you will save 5% off your energy bill for every degree.

$100

Money Saving Tip

Estimated Savings Per Month

Step 7: Stop Your Newspaper Subscription

The majority of people get their news everyday from the website of their favorite newspaper. On nearly every major newspaper in the United States, you can access the day's stories for free. The newspaper industry is struggling right now and will most likely eventually go completely online. Start now and save at least $30 a month.

$30

Step 8: Examine and Reduce Insurance Costs

As consumers we have many different options for insurance. Do your research and find an option that satisfies your needs and your wallet. Whatever type of insurance you are looking for, you have options and they are affordable.

$50

Step 9: Refinance

With interest rates down, it is the perfect time to refinance. It will allow you more time to pay off debts and give you more time to make the payments.

Varies

Step 10: Enroll in State Universities

If you or your children are in college, look at state universities. You will save a lot of money without compromising a great education. Tuition at the University of Boston costs $4,428.50 for a Massachusetts resident per semester. Compare that with a school like Tufts University, which runs a cool $17,921 per semester. That's a savings of more than $26,000 a year. Convincing enough?

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Step 11: Eat In

The restaurant industry predicts that in 2008 Americans will spend more than $367 million eating out. If you simply chose to stay in and make dinner, the average America would save more than $200 a month.

$200

Step 12: Use Your Credit Card

Some may argue not to put expenses on credit cards but if your credit card company has a cash back or points rewards program, we argue yes. Just make sure that you are able to make the payments in their entirety every month.

Varies

Total Estimated Savings Per Month

$885+