Saving money on common household expenses

  • Sep-26-2013
  • Richard Reich

A recent LIMRA study found that over half of Americans cite common expenses "such as energy costs, food, clothing and transportation […] as limits on [their] ability to save for financial goals."

An affordable life insurance policy should be included in almost everyone's financial plans, so we offer the following suggestions to help you cut down on common household expenditures: 

Bundle services

If you have have a landline phone, internet and cable from different providers, you should consider bundling them into one service from one company. Consolidating all of your accounts will not only save you money, it is also more convenient, as you will not have to deal with multiple bills. 

Cut back on extras

While you're thinking about phone, internet and cable, you may want to examine your bills and eliminate unnecessary costs. Do you really need caller ID and call waiting? Could you get rid of premium cable channels? Could you get rid of cable altogether? These expenses quickly add up, and after getting rid of them, you may find that they really weren't necessary. 

Scrutinize other insurance costs

The monthly premiums of auto and homeowner's/renter's insurance can take a huge bite out of your wallet. Simply shopping around for a better rate could save you hundreds of dollars over the course of a year. If you can't find a cheaper policy, ask about discounts that may be offered for families and good students. If you have a car that you don't drive, consider cancelling the insurance policy for it. 

Hopefully, some of these suggestions can help you keep more money in your wallet and help you save for the future. For a life insurance quote, use our online quote generator to find out which policies you may qualify for.

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