You can save several hundred dollars a year by purchasing  auto insurance from a licensed, low-price insurer. Call your state insurance department for a publication showing typical prices charged by different  companies. Then call at least four of the lowest-priced, licensed insurers  to learn what they would charge you for the same coverage.

Talk to your agent or insurer about raising your deductibles  on collision and comprehensive coverage to at least $500 or, if you have an  old car, dropping this coverage altogether. Taking these steps can save you  hundreds of dollars a year.

Make certain that your new policy is in effect before  dropping your old one. 

You can save several hundred dollars a year on homeowner  insurance and up to $50 a year on renter insurance by purchasing insurance  from a low-price, licensed insurer. Ask your state insurance department for  a publication showing typical prices charged by different licensed companies. Then call at least four of the lowest priced insurers to learn  what they would charge you. If such a publication is not available, it is even more important to call at least four insurers for price quotes.

If you want to buy a whole life, universal life, or other  cash value policy, plan to hold it for at least 15 years. Canceling these  policies after only a few years can more than double your life insurance  costs.

Check the National Association of Insurance Commissioners  website (www.naic.org/servlet/cis.Main)  or your local library for information on the financial soundness of  insurance companies.

You can save more than $100 a year in fees by selecting a  checking account with a low (or no) minimum balance requirement that you  can, and do, meet. Request a list of these and other fees (including ATM and  debit card fees) that are charged on these accounts.

Before opening a savings or investment account with a bank  or other financial institution, find out whether the account is insured by  the federal government (FDIC or NCUA). An increasing number of products  offered by these institutions, including mutual stock funds and annuities,  are not insured.

Once you select a type of savings or investment product,  compare rates and fees offered by different institutions. These rates can  vary a lot and, over time, can significantly affect interest earnings.

You can save as much as a thousand dollars or more each year  in lower credit card interest charges by paying off your entire bill each  month or by using a check, cash or debit card for purchases.

You can reduce credit card fees, which may add up to well  over $100 a year, by getting rid of all but one or two cards, and by  avoiding annual, late payment, and over-the-credit limit fees. 

Although your monthly payment may be higher, you can save  tens of thousands of dollars in interest charges by shopping for the  shortest-term mortgage you can afford. On a $100,000 fixed-rate loan at 7%  annual percentage rate (APR), for example, you will pay over $75,000 less in interest on a 15-year mortgage than on a 30-year mortgage.

If your local newspaper does not periodically run mortgage  rate surveys, call at least six lenders for information about their rates  (APRs), points, and fees. You may also check www.bankrate.com  for mortgage information in your area. Then ask an accountant to compute  precisely how much each mortgage option will cost and its tax implications.

Consider refinancing your mortgage if you can get a rate  that is at least one percentage point lower than your existing mortgage rate  and plan to keep the new mortgage for several years or more. Ask an  accountant to calculate precisely how much your new mortgage (including  points, fees and closing costs) will cost and whether, in the long run, it  will cost less than your current mortgage.

Do not purchase any house until it has been examined by a  home inspector that you selected.

Remember that signing a lease probably obligates you to make  all monthly payments for the term of the agreement.

Home repairs often cost thousands of dollars and are the  subject of frequent complaints. Select from among several well established,  licensed contractors who have submitted written, fixed-price bids for the  work.

Once you've selected a brand, check the phone book to learn  what stores carry this brand, then call at least four of these stores for  the prices of specific models. After each store has given you a quote, ask  if that's the lowest price they can offer you. This comparison shopping can  save you as much as $100 or more.

To save as much as hundreds of dollars a year on  electricity, make certain that any new appliances you purchase, especially  air conditioners and furnaces, are energy-efficient. Information on the  energy efficiency of major appliances is found on Energy Guide Labels  required by federal law.

A home energy audit can identify ways to save up to hundreds  of dollars a year on home heating (and air conditioning). Ask your electric  or gas utility if they can do this audit for free or for a reasonable  charge. If they cannot, ask them to refer you to a qualified professional.

At least once a year review your phone bills for the  previous three months to see what local, local toll, long distance, and  international calls you normally make. Call several phone companies,  including wireless companies, to find an inexpensive calling plan that meets  your needs.

If you use a wireless phone, make sure your wireless calling plan covers  the calls you typically make. Understand promotions, peak calling periods,  area coverage and roaming, and long distance requirements to avoid paying  too much. 

You can save hundreds of dollars a year by shopping at the  lower-priced food stores. Convenience stores often charge the highest  prices.

You will spend less on food if you shop with a list.

You can save hundreds of dollars a year by comparing  price-per-ounce or other unit prices on shelf labels. Stock up on those  items with low per-unit costs.

Since pharmacies may charge widely different prices for the  same medicine, call several. When taking a drug for a long time, also  consider calling mail-order pharmacies, which often charge lower prices.

Make your wishes known about your funeral, memorial, or  burial arrangements in writing. Be cautious about prepaying because there  may be risks involved.

For information about the least costly options, which could  save you several thousand dollars, contact a local memorial society, which  is usually listed in the Yellow Pages under funeral services.

Before selecting a funeral home, call several and ask for  prices of specific goods and services, or visit them to obtain an itemized  price list. You are entitled to this information by law and, by using it to  comparison shop, you can save hundreds of dollars.