Hidden Ways to Save Money Each Month

By Lynda Mason

Today’s difficult economic climate has affected many individual’s finances. And it certainly doesn’t help that the prices of everything—from gasoline (did you know gas costs consumers 5 percent more this year than last year at this time?!) to electricity to food—seem to be increasing.

At The Milford Bank, we understand the realities inherent in today’s economy. We also value each and every one of our customers and want nothing more than to see all of their savings accounts grow every month.

While we might not be able to control your rising expenses, we can offer some advice as to how you can save more money. In this ongoing series, we’ll highlight a few tips that we hope will help:

• Shop your car insurance. We’ve all heard the commercials, but how many of us actually shop car insurance? The truth of the matter is that, with the chaos and rush of day-to-day life, we’d rather let our policies automatically renew simply because it’s easier. But there are so many insurance companies out there, and they all want your business. Who knows how much money you stand to save annually by switching insurers?
• Consider who produces your electricity. More than a decade ago, Connecticut deregulated the electricity market, allowing small energy producers to send their electricity over infrastructure owned by the utility companies. Did you know that you’re able to shop around and choose who produces the electricity that powers your home? You may be able to find cheaper rates and switch providers at no cost. Be careful, however, to understand how long the less expensive rate applies, the frequency and amount of any rate increase and how long you are committed to buy from a new energy producer.
• Cook more meals. Sure, going out is fun. It’s nice not to have to cook, and perhaps even more so not to have to clean. But let’s say you spend $50 every time you go out to dinner, and you go out twice a week—that adds up to a hefty $5,200 a year. You can certainly reduce that expense by cooking more meals at home. And there’s a good chance it will be healthier for you, too.