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lower housing costs

lower transportation costs

lower family living costs

lower family care costs

lower debt obligations

lower recreation costs

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increase your savings

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Financial Help

increase your income

plan life events

keep a financial watch

Programs that can help raise cash.

Additional Ideas for Lowering Your Bills.

Lowering Housing Expenses

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Reduce Housing Costs

	Tip 1:	refinance your current home mortgage
	Tip 2:	what to do if your rent is too high
	Tip 3:	too much taxes and insurance costs

	Tip 4:	reducing your heating and cooling costs
	Tip 5:	reducing electric costs
	Tip 6:	reducing water heater costs
	Tip 7:	reducing telephone / internet connection costs
	Tip 8:	keeping home repairs / improvements down

		email this page to a friend
		plan and budget your family recreation expenses

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Mortgage Refinancing

Refinancing your current mortgage can lower your housing costs if certain parameters are met

Should you refinance?

As a general rule, you can benefit from refinancing home if your refinancing rate is 1-2% lower than your current rate.

But note that many lenders are offering the low- and no-cost refinancing programs — so it might be worth your while to refinance to obtain a smaller reduction in interest rates.

compare the numbers with links to refi break-even analysis
The length of your expected stay in your home is also a factor.

If you plan to move in a few years, your monthly savings may never recover the cost of refinancing.
Other reasons why you might refinance:

— shorten your loan term
— move from an Adjustable Rate Mortgage (ARM) to Fixed

— get cash out
— consolidate and payoff debt: see debt reduction plan

— pay for home improvements
— settle divorce or other claims
To see if refinancing can save you money, follow these simple steps:

— check your rates
— analyze the numbers
— search for the right refinancing program

Step 1: Check Your Rates

You may be able to save $100s on your mortgage payment each month if your home mortgage rate is higher than current rates.

For example: for every $10,000 that you owe on your mortgage loan balance, you can save approximately $6.30 each month for every 1% drop in your mortgage rate.

For every $100,000 that you owe on your mortgage loan, that is a savings of approximately $63 each month.

SayLending: view current rates

Step 2: Analyze Your Costs

There is a cost to refinance, which can eat up your savings if the refinancing rate is not much lower than your current rate.
Use these online calculator to run your numbers:
http://www.hsh.com/usnrcalc.html

Download this worksheet to analyze the numbers:
http://www.state.ma.us/sec/cis/cispdf/step1step2.pdf

Step 3: Find Your Refinancing Program

Link to our network of mortgage refinancing programs:

and connect to information about mortgage refinancing, rates and calculators.

If you need to review the mortgage lending process and products, brief our home mortgage guide:

SayLending: Home Mortgage Center

Your Rent is Too High

Paying rent is money down the drain. Start a savings plan to own your home.

Reducing Rental Costs

If your rental costs are choking your monthly budget, you might consider two things:

Find a less expensive place to live. Use these online guides to start your search:

http://www.apartments.com
http://www.apartmentguide.com

check your local paper for apartment listings
You might consider sharing the rent with someone else:

Find a roommate:
http://www.roommatelocator.com/
http://www.rentbuddies.com
http://www.roommates.com/

Roommate resources and advice:
http://www.roommates.com/resources.rs

If any of your cost-cutting plans requires a new move, we have a relocation center that can help:

SayRelocate: relocation center

Getting into your first home. Let's get started:

Review this information on buying your first home:
freddie mac: your route to home ownership
Start a savings plan to build up the required home buying costs:
SayLending: click for our savings guide
Review our 10-Tips on Home Affordability:
SayLending: Home Affordability Tips
Check your credit score to get best rate:
SayLending: visit our credit center for information

Attention Renters: it is critical to establish a good credit rating prior to buying your home. Make sure you get your on-time rental payment noted by the credit agencies:

RentReporting
RentReporting Can Help. Here’s why! You’re on time Rent Payment:
- Improves your credit ratings, regardless if it is good or bad now!
- Establishes and grows your credit history!
- Adds the important missing link to you credit report.
- Qualifies you for lower interest rates!
- Show your future landlords or lenders your good tenant history!
- Proves you are financially aware and responsible!
- Increases the speed of your credit and loan approvals!
- Gives you an important "real estate" item in your credit report!
- Acts as undisputable proof and a record of your residency!
- Allows you to fill out your next credit application with confidence!
  
  click for more information
You might be able to find a good foreclosure to reduce costs:

Looking to buy a foreclosure:
Home Bargains! 7 Free Day Trial
Free list of Foreclosures!

Nation's oldest, most respected and most complete listing of foreclosures:
http://www.4close.com
http://www.foreclosureworld.net/

Doing Price Checks on homes (research what really sold):
shop home market values
Understand the mortgage lending process:
SayLending: Home Mortgage Center
Review our 7-step plan for buying your home:
SayPlanning: click for 7-Step home buying plan

Too Much Taxes and Insurance Costs

These are tough expenses to reduce. But with help, you can make some cuts.

Understand what property taxes are:
free advice on cutting property taxes

Review your county/city property tax policy and calculation (link to your local jurisdiction: click here
If you feel your property taxes are too high or assessed too frequently, you may consider challenging your property tax assessment:
You might consider reviewing your existing home insurance policy. A comparative pricing analysis may find some savings.

Note however, that your home is probably your most value possession. Make sure you carry adequate insurance. When comparing policies, make sure you make an "apples-to-apples" comparison.

Let's start with these two direct insurance companies that been ranked high by A.M. Best:

Amica Insurance
State Farm Insurance

View company financial ratings: ambest.com

You can also make an online comparison with multiple providers to compare overall best cost:

http://www.netquote.com/
https://secure1.insweb.com/cgi-bin/homeowners.exe

Reduce Your Heating and Cooling Costs

Up to 40% of heating and cooling costs are wasted

Three places to close that gap:

First: connect to this government publication on home energy savings and tips:

Link to: heating and cooling
Link to: insulation
Link to: windows and doors
Link to: landscaping

Another resource center: Home Energy Savings Guide
Renters guide: http://www.espenergy.com/renters.htm
Second: weatherize your home to reduce energy cost:

SayImprove: insulation / weatherizing your home
SayImprove: view new windows and doors
Third: check out the new heating and air conditioning systems for a more efficient home:

SayImprove: heating and cooling

Reduce Electric Costs

Cutting your electrical costs means conservation and better lighting

Flurescent Lighting is better and cheaper lighting

The most efficient way to reduce electric costs is to install energy efficient lighting elements and turn off unnecessary lighting.

According to the U.S. Government, if you replace 25% of your lights in high-use areas with fluorescent lighting, you can save about 50% of your lighting energy bill:

Link to: lighting
Link to: appliances
Link to: purchasing major appliances

Renters guide: http://www.espenergy.com/renters.htm

SayImprove: view new lighting elements
Your area may offer utility deregulation for shopping current electricity. There is also great information on energy savings.

Link to: http://www.energyguide.com

Reducing Your Water Heating Costs

Check out some alternative heating sources for water heating systems

There are four ways to reduce your water heating costs:

use less hot water,
turn down the thermostat on your water heater,
insulate your water heater,
buy a new, more efficient water heater.

Link to: more water saving tips available

Renters guide: http://www.espenergy.com/renters.htm

New water heaters (including solar) can help reduce costs and water usage.

SayImprove: water heating systems

Reducing Telephone Costs and Internet Connection Fees

Shop your long distance. There are plans that can drive your costs down.

Telephone Service: 3 ways to cut costs

Shop for local and long distance services:

View Plans: http://www.bustmybills.com
Connect to saveonphone.com for price comparison: click here

Check local utility services in your area: click here
Use calling cards for long distance and international calls:

Link to: http://www.nobelcom.com/
Link to: http://www.callingcards.com
Use the Internet for your phone service:

Link to: http://web.net2phone.com/
Link to: http://www.dialpad.com/
Link to: http://www.vonage.com/

Internet Connections

High speed Internet access costs are as cheap as dial-up access and a second phone line

Compare Plans: click here
New technology allows for faster speeds with dial-up service:

Compare Plans: click here

Keeping Home Repairs / Home Improvement Costs Down

We maintain a complete directory of home improvement ideas and repairs directory

Find the right home improvement project and do-it-yourself tips for:

attic
upstairs
main floor
basement
garage
exterior home

landscaping / gardening
Remodeling your home for better efficiency? Start here:
home remodeling guide

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