VA BEACH -- Saving money is something Terri Brewer-Liverman has always tried to do. But since the economy turned, she's had to tighten her belt even more.
"I had a business that was having difficulty as soon as the economy turned and I picked up a second job," she explained.
To save money, she clips coupons and buys items in bulk that her family uses all the time. She also reevaluated her budget, something that financial specialist John Allen from the Up Center says is critical.
He says it's important to track your expenses for 30 days to see where you're really spending your money.
For Terri, that 30 days helped show her where she could cut her budget. She was able to trim it by 25 percent.
One place to save is your car insurance. Allen says, "Make sure you only have the amount of car insurance that you absolutely need based on the age of your car." Otherwise, you're paying too much.
That's also true for life insurance. He says you need to decide if whole life or term works better for you so that you're not over insured.
Terri did that and made sure she got the best rate available.
She's also scrutinizing every bill that comes in her house, something she wouldn't have done before. Now, every little bit helps and she's found several mistakes that have put money in her pocket.
Terri's also trying to save money year round to make sure she's not stuck with big bills at the holidays.
Allen says planning for the holidays is always a good idea. He says saving now may help keep you from pulling out your debit or credit cards at the last minute. He suggests trimming your gift-giving list if you can to keep costs down and, if you're going to do it, now is a good time to let everyone know.
"You don't have to buy for everyone, especially if you can come to an agreement right now that this is how we're going to do the holidays this year," he said.
Before the end of the year, make sure you're taking advantage of all the benefits your company has to offer. That includes a 401K, especially if your company offers matching funds.
Allen says not taking advantage of the benefits is like turning down cash.
"You're getting free money by putting some of your money away into a retirement account," he stated.
Allen warns against those unsolicited mail or phone calls offering you more credit, noting that they can affect your financial well-being.
To avoid unwanted offers, he suggests people go to the Do Not Call Website to get your phone number off marketers' lists. Then go to Opt Out Prescreen to reduce unwanted mail offers.
These few simple things can add up to savings and give you something to cheer about when 2012 rolls around.
