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Cut down on expenses in 2013

By Jeff Fruhwirth · Bankrate.com
Wednesday, December 12, 2012
Posted: 10 am ET

The end of the year is finally here, and with it comes a fresh start in 2013. Insurance policies and cellphone service are two good places to try and save money in the new year.

Trim your insurance costs

Your insurance policies are among the best place to find savings. Start with your car insurance policy. Are you paying for more coverage than you actually need? If you don't own the car outright, the bank likely will make you keep full insurance on the vehicle.

But if you have paid off the vehicle loan, you can drop optional coverages such as collision and comprehensive. This could save you a lot of money per month. However, remember that you will be responsible for paying the full cost for repairs if your car is damaged in any way.

Another way to save money on auto insurance or homeowners insurance is to shop around and see if you can get similar coverage at a lower rate from another insurance company. Doing this could save you quite a bit of money in 2013.

Most people get health insurance coverage through an employer, which limits their options for changing providers. However, talk with your human resources professional to see what sort of plan you have and whether or not it still meets your family's needs. Changing your coverage or deductible can significantly reduce your monthly costs.

Cellphone savings

Are you paying too much for cellphone service? New products constantly are coming on the market that can lower your phone bill.

For example, there are a lot of smartphone apps that allow you to send text messages to another person's phone for free. If you are like me and have unlimited texting that costs an extra $10, you could save $120 per year or more.

Unless you are accident-prone, cellphone insurance isn't a good deal. Cancel it and save about $50 per year. Not sure whether you have cellphone insurance? Check your most recent bill or call your service provider.

If you like your cellphone service and think the cost is affordable, consider dropping your landline. Most landline plans cost around $20 per month. By dropping the coverage, you could save more than $200 a year.

How do you plan on cutting expenses in 2013?

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