1. Phone, Cable and Internet
Start out trying to cut costs on utilities. Call your cable, phone and Internet providers. Review the services you have, look for services you don’t need, and slim down the utility bill as much as possible. Don’t forget to ask about any specials or promotions they may be running. You may also want to call the competition to see if they offer a better deal.
2. Child Care
You can save money on child care if your employer offers a flexible spending account. A flexible spending account lets you set aside pre-taxed dollars to pay for health care, child care and commuting costs.
3. The Mortgage
If mortgage rates are low you may want to consider refinancing. A lower interest rate can help reduce monthly mortgage payments. You may also consider future savings and change the terms of your mortgage. Look into 15-year mortgage options that could allow you to have your home paid off prior to retirement.
Take the time to comparison shop when buying groceries. Try the store brand instead of paying top dollar from brand name food. Coupon clipping can also save you money, every little bit helps. You may not have time to become a master coupon clipper, however, saving a few dollars each week will add up over time.
If you can focus on recurring monthly expenses, and make cut backs as needed, you won’t have to work as hard every month to save money.