In this economy, everyone’s looking for another way to scrimp here and cut back there. When every penny counts, you want to make sure you’re saving as much as you can on basic household items and life’s bare necessities.

You’d be surprised at how much extra money you can keep in your account just by doing an audit of all your monthly expenses and making a few simple adjustments. Here are 10 tips to help you start saving more today in all areas of your life.

1. Ditch the paid checking.

Look for a bank that offers free checking with no minimum balance. You could save as much as $100 a year in fees if you’re currently paying for your checking account.

2. Don’t leave for the grocery store without coupons and a shopping list.

Avoid impulse shopping. Sticking to a list of must-haves and going in armed with coupons for the items on your list could cut your grocery bill in half. Check weekly newspaper ads, and sign up for alerts on Internet coupon sites to get notified of upcoming deals. Pay close attention to the price-per-ounce (or other unit) when comparison shopping: A similarly priced item may actually be much more expensive than you think because it’s smaller and you’re getting less for your money.

3. Resist the convenience of the convenience store.

It’s easy to pick up a gallon of milk, a loaf of bread, or that roll of paper towels you need when you stop to fill up at the gas station, but you’re paying for the convenience of that one-stop shopping: These stores often charge some of the highest prices for food and groceries. Avoid paying 50-percent markups. Find time to make your shopping runs, and get your groceries at the grocery store.

4. Audit your electricity use.

Ask your electric or gas company to check out your utility usage, or do it yourself. Depending on when your usage is heaviest, signing up for an off-hour rate program or a load management program could help you save hundreds of dollars a year on your electric bills.

5. Pore over your phone bills.

Take a fine-tooth comb to your cell and home phone bills to see if you’re paying for minutes and services you don’t need. Make adjustments so you can take advantage of plans that give you the best rate for times when you tend to use the most minutes. Consider getting rid of your landline altogether: Most cell phone providers offer monthly packages with lots of minutes and free roaming and long distance for less than what you’re paying to maintain both a cell phone and a landline.

6. Keep your car in shape.

A regular engine tune-up and something as simple as making sure your tires are properly inflated can help you save around $100 a year on gas.

7. Insist on fixed bids for repair services.

Only hire people and companies for home repairs who offer fixed-price bids for work. Home repair servicers often draw complaints, many times for trying to charge more than they initially quoted once they’re midway through the repairs.

8. Cut back on car insurance coverage.

To save money on your monthly premiums, unless you’re on the road a lot, consider raising the deductible on your collision and comprehensive coverage to at least $500 or, if you have an older car, getting rid of collision completely.

9. Get new homeowner’s and renter’s insurance quotes.

Call around or get quotes online from sites like Esurance and 2Insure4Less.com. You could find a lower rate with a new provider or use competitors’ lower quotes to negotiate a better rate with your current insurer. Check your state insurance department to make sure you aren’t paying more for insurance than typical rates in your area.

10. Shop around for the best prices on your prescriptions.

You may end up having to get different medications at different locations, but the savings can be huge. Consider trying mail-order pharmacies, and, if possible, always opt for generic versions of your prescriptions.

For even more money-saving ideas, check out the Federal Citizen Information Center’s 66 Ways to Save Money.

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After you’ve packed away all your winter coats, scarves, and turtlenecks and dusted off all your t-shirts, shorts, and flip-flops for spring, keep that spring-cleaning momentum going and tackle your bills, your financial files, and your debts. By taking better hold of your finances, you may be able to find ways to save throughout the rest of the year. (more…)

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With the unemployment rate now topping 8 percent and some 5.5 million Americans out of work, it’s likely that you know someone who’s been affected by the shrinking job market. In fact, a poll released last month by the Associated Press and GfK found that seven out of every 10 Americans have a friend or relative who’s recently lost a job because of the economy.

Although you probably can’t offer a job to every out-of-work person you know, what you can do is offer your skills, your resources, and your moral support to help your unemployed loved ones cope with the stress of being out of a job and help them get back in the working game.

1. Help them sign up for unemployment benefits.
   One of the most useful things you can do for friends who have recently lost their job is help them start collecting an unemployment check. If you can guide them through the process of applying for unemployment benefits, especially if you’ve been through the experience before yourself, you may be able to help them feel a little less overwhelmed by everything they’re facing.
2. Create a job-hunt tool kit.
   Give them a nice folder or notebook cover that they can take into interviews, along with a pocket notebook that they can use for brainstorming job ideas, jotting down interview answers, or keeping networking and contact information. For something a little more personal, include a gift card for a coffee shop or bookstore, or a subway or bus pass to get them to their interviews.
3. Offer a social networking tutorial.
   Help them set up a networking profile on Facebook, LinkedIn, and Naymz. Teach them how to create their own blog or website so that they can put up their portfolio, showcase their skills, and start promoting themselves online.
4. Donate your workspace.
   Your work or home office has all the tools your out-of-work friends and family need to search for a job — free Internet access, a computer, a printer, a fax machine, maybe even a scanner or copier, and a quiet, private space at your personal desk where they can focus on their job hunt.
5. Give them a break from the job search.
   Let them know that it’s impossible and, frankly, ineffective to spend the entire day looking for a job. Offer to treat them to lunch or coffee to get them out of the house. If they’re uncomfortable accepting a free meal, you can at least advise them to take time each day to do something they wouldn’t be able to do if they were at work — go for a walk outside, see a movie, or just take a nap.

Popularity: 16% [?]

Forget the mattress. The nation’s 8,000 credit unions, which currently offer lower interest rates on loans and higher returns on savings accounts than most commercial banks, may be the new safest place to stash your cash.

Credit unions have largely avoided the troubles of the commercial banking industry by sticking to the basics; they take in members’ deposits and lend back to them at reasonable rates, charging an average of 4.41 percent for a home-equity line of credit compared to the 4.77-percent rate charged by banks (“Safe Havens: Credit Unions Earn Some Interest,” The Wall Street Journal, March 15, 2009). And credit unions have produced, on average, 2.29-percent returns on one-year certificates of deposit, unlike the 1.74-percent returns banks currently pay their customers.

Not only have credit unions’ safe banking practices proved fruitful for their books — they held $575 billion in loans in 2008, up from $539 billion in 2007 — their financial security and customer service appeals have contributed to a significant jump in membership. In 2008, credit union membership rose to almost 90 million, up from 85 million in 2004.

“Community First [Credit Union] not only had the best rate,” said Stephen Birkelbach about his Florida credit union. “I was so impressed with the customer service and the up-front attitude I moved everything over to them.” Not only did Birkelbach switch over his personal and business accounts to Community First, he also used the credit union to refinance his mortgage at 4.25 percent in January and to finance his truck.

Of course credit unions haven’t been completely immune to the effects of the economy; 15 credit unions were liquidated last year and two credit unions closed their doors this year. And credit unions’ delinquency rates have doubled from 0.68 percent in 2006 to an estimated 1.45 percent this year due in large part to high foreclosure rates. But the average delinquency rate for banks, currently at 2.93 percent, is still more than a full percentage point higher than the delinquency numbers credit unions have seen.

Comparatively, credit unions are “solid,” says Karen Dorway, president and director of research for BauerFinancial, a firm that analyzes banks and credit unions.

What to Know Before You Switch

Credit unions’ services and operations aren’t much different from those at commercial banks:

• Membership requirements: You will most likely need to have either your neighborhood, school, workplace, or church in common with a credit union to become a member. Search www.findacreditunion.com to find one near you.
• Service features: Most large credit unions offer the same range of services as banks, including checking and savings accounts and consumer loans. Some credit unions only require a $25 deposit to open up a savings account.
• Deposit insurance: All federal credit unions, as well as most state credit unions, are regulated by The National Credit Union Administration, and credit unions are federally-insured through the National Credit Union Share Insurance Fund and have the same insurance limits as banks.

You can compare your local credit unions and banks at Bankrate.com/brm/safesound/ss_home.asp and at Bauerfinancial.com/btc_ratings.asp, where you can review a credit union’s financial health based on its capital ratio, loan delinquency, and liquidity numbers.

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Credit card holders have had some pretty big changes made to their accounts over the last few months, witnessing credit card issuers slash their credit limits, increase their interest rates, and even shut down their unused accounts as these companies aggressively try to minimize the risks posed by cash-strapped consumers.

But card holders have seen little effort by credit card companies to encourage consumer spending, until now. (more…)

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During today’s challenging economic times you may be struggling to keep your head above water. And looking back on the financial mistakes you’ve made, you wonder if you’d be on better financial footing if your parents had done a better job teaching you about money. (more…)

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We’re learning the hard way to reign in our spending and reduce our debt, and we’re not always responding well, says Gaetano Vaccaro, deputy clinical director of Moonview Sanctuary, a treatment center for emotional and behavioral disorders (more…)

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Getting your loved ones gifts for the holidays doesn’t have to put a sizeable dent in your wallet. With the economy tanking and unemployment numbers rising, you may be looking for ways to curb your holiday spending. Here are five budget-friendly ways you can get into the spirit of the holidays:
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In today’s tough economic times, bargain hunters are discovering that there are deals to be had and they’re sharing the news: Retailers are slashing prices and offering in-store and online discounts. (more…)

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