The August 1 issue of Consumer Reports includes a list of lifestyle changes that can save consumers up to $500 a month, and insurance changes account for two of the six items on the list.
The article outlines strategies uncovered by the Consumer Reports Money Lab that allow average consumers to make small changes to their budgets and net big savings. Says the magazine’s senior editor, Jeff Blyskal, “You don’t have to radically change your life to save $500 a month.”
What are the tips? They vary from halting the use of credit to changing the way we buy food, but two of them are directly related to insurance. The article suggests that consumers can save up to $65 per month by switching to cheaper auto insurance, and $110 per month by re-vamping their life insurance policies to take advantage of significant drops in the cost of premiums over the last decade.
Other money-saving strategies include shopping for better cell-phone plans, and closely examining your phone bills for services you don’t use.
The complete list will be published next month, and will be available online for subscribers of the magazine.