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Reviewing Your Expenses Can Save You Cash

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Oct 28, 2008 4:33 pm US/Eastern

Reviewing Your Expenses Can Save You Cash

Reporting
Kirstin Cole
NEW YORK (CBS) ― Consumers may be overlooking extra cash buried in their household budgets, totaling as much as $500 a month. Experts say that getting your hands some extra spending money can be as simple as reassessing what you're spending.

First up, take a look at your taxes. "Go to your H.R. department at work. You can re-file your W4 form and have less money withheld from your paycheck," advises Janet Bodnar, Deputy Editor of "Kiplingers Magazine." This option is especially for those who typically receive a refund. By not overpaying each week, experts say that one change can put as much as $200 back in your wallet each month.

Next, how low can you go? Turning down a thermostat can save you cash, but knocking off just two degrees can cut bills by 10 percent. Homeowner Jamie Podworski tried it, and was shocked at the savings. "When you add it up, day after day, week after week, it makes a big difference," he said.

You also may be throwing money out the window with ATM fees. They're convenient, but using another bank's machine can cost you as much as $4 a transaction. Cut that out, plus shop around for a bank offering free checking and experts say you can save about $30 a month.

Also, the average family spends roughly $5,000 a year on groceries. "A lot of people go to the grocery story three or four times a week, so if you're spending $10 a week extra on impulse purchases, that's an extra thirty or forty bucks a week," Bodnar said.

A family of four can easily save $190 a month by planning menus around sales, buying store brands or generics and skipping pre-made meals.

And while gas prices are coming down, did you know that replacing a clogged air filter can improve your car's gas mileage by as much as 29 cents per gallon, while keeping your tires properly inflated will save you about 10 cents a gallon.

That's extra spending money hidden in your regular expenses.

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