Budgeting

Looking for Ways to Save Money? Experts Say Start at Home

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As the price of products and services soar, it's more important than ever to look for ways to save, and experts say you can start right at home.

"A lot of us just get used to paying our homeowner's insurance and our cable and our data plans and just assume whatever we're paying is the price that it has to be," said budgeting expert Andrea Woroch.

Woroch offers four major tips to bust inflation.

CHECK RECURRING EXPENSES

"So you definitely want to dig through those reoccurring expenses, those subscription services, those memberships, and ask yourself a few questions," instructs Woroch. "One, do I need it? Do I use it? Is there a cheaper or free alternative out there? And, how much are we really utilizing it?"

If you're not, cancel it or see if there's a cheaper plan that meets your needs.

CONSIDER YOUR UTILITY USAGE

For your utility bills, making little changes can save you big. "So a couple of things that you can do to reduce your energy bill without really sacrificing is consider those home energy hogs and how you can reduce their energy use," said Woroch.

Try not to do major chores, like laundry, during peak use hours from 4 p.m. to 9 p.m. and unplug things you're not using.

CHECK CHEAPER RATES ON INSURANCE POLICIES

There are also your home and auto insurance policies to consider, as most don't look for cheaper rates after the initial purchase. Go over your policies with your agent and see if there are discounts or lower rates.

"And you can use a site like TheZebra.com which is an insurance comparison site. You're just entering your zip code and it'll show you quotes from both big companies and maybe smaller providers you wouldn't have thought to check. And what I like about the site is they don't sell your info," said Woroch.

TAKE A LOOK AT YOUR INTEREST RATES

Even with the hike in interest rates, you can still look into refinancing loans and decreasing interest rates. "So if refinancing is something that you're interested in doing, you have to make sure that your credit score is in the good to the excellent range to get the best available and lowest interest rate that is available right now," said Woroch.

If not, simply paying above the minimum monthly payments can decrease the interest paid over the time of the loan. And, check out using online banks for high-yield savings accounts.

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