Housing costs an average of $17,109 annually. Here are ways you can avoid pouring your money down the drain.
*Make FREE phone calls. Download a Voice over Internet Protocol (VoIP) application onto your computer and dial up family & friends worldwide at no charge. Sign up at skype.com, lingo.com or voip.com.
*Audit your bills. A recent study by the Citizens Utility Board found that the average cell-phone user could save $331 a year by shopping for a plan that matches there usage. Find a suitable one at billshrink.com or lowermybills.com, two free cell-phone-plan comparison sites. & don't file away cable & phone bills before taking a hard look at them. If there are services you rarely use or could live without, like premium movie channels & call forwarding, you could save as much as $500 a year ANNUAL SAVINGS: $831
CUT YOUR MORTGAGE OR RENT
*Appeal your tax bill - recent market declines mean you may be paying too much in property taxes. Get a copy of your home's assessment from your local assessor's office and compare it with assessments on similar houses in your area. About 75% of appeals result in a reduction of taxes, says Richard Roll, president of the American Homeowner's Association.
*Look into refinancing - Interest rates on home loans hit historical lows in the spring of 2009 & have remained low ever since. Use the refinance calculator at bankrate.com, which will figure out how much you'll shave off monthly payments with a lower interest rate, along with how many months it will take you to recoup the cost of refinancing your mortgage.
*Renegotiate your rent - Ever wonder if you're shelling out too much? Log on to rentometer.com to find out whether your payments are reasonable for your area. Then present your findings to your landlord, or use the data when looking for a new place.
*Reduce your payments - If home values have dropped drastically in your area, or if you're struggling to pay your mortgage, you may be eligible for a Home Affordable Refinance or Modification. This federal program helps qualified home owners by allowing them to refinance at lower rates or modify their loans to help them save on their mortgage. Visit the site makinghomeaffordable.gov for eligibility information.
CUT YOUR HOME OWNER'S INSURANCE
*Install safety devices - Many insurers offer discounts of about 5% to home owners who add smoke alarms & dead bolts to their homes. Call your provider to find out which items will qualify you for a discount. ANNUAL SAVINGS: $40
*Boost your deductible - Increasing it $200 to $1000 may save you as much as 25% on insurance costs annually. The average person files a claim just once every 8 to 10 years, so you're better off stashing the amount of your deductible in an interest-bearing savings account. ANNUAL SAVINGS: $201
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