We’ve all heard that American households dont save enough. At around 4.3% of income, many families are not amassing a nest egg large enough to weather a family emergency, invest in retirement, or deploy savings strategically: say, to make large purchases with cash and avoid costly payment plans. The results can be devastating. Luckily, all hope is not lost. There is low hanging fruit available for any family that wants to boost its savings rate.
Keep Your Service Providers on their Toes
If you dutifully pay your phone, cable and utility bills year after year, your service providers love you. They’ve likely ratcheted their prices upward, hoping youll just keep paying. Call to let them know that youre a valuable customer and that youre exploring other providers. It can lead to savings of $10-20 per month.