BOSTON (CBS) – #8 Youthful Drivers: For children under 25 still living in your home, it’s typically cheaper to keep them on your automobile insurance policy.

Dee: It is usually cheaper, but make them pay for it. This should not be a perk to moving back home. And they should be paying rent!

#9 Homeowners Insurance: Don’t be penny-wise and pound foolish. Make sure you have adequate coverage to rebuild your home in case disaster strikes. Be sure to get replacement coverage on your home and its contents.

Dee: Good advice! Don’t skimp on insurance. Use a high deductible like a $1,000 or even $5,000 which will lower the cost of the premiums. Take care of all the small problems yourself. File a claim for the big losses.

#10 Index Insight: Buying index funds instead of actively managed funds can cut your investing expenses by up to 80% annually.

Dee: A very workable and easy investment strategy. Standard & Poor’s research indicates that index funds consistently outperform actively managed accounts.

#11 Dump Your Dogs: If you’ve got some old dogs – investment losers, that is – sitting in your portfolio, selling them for a loss could provide a tax benefit.

Dee: Good idea. Too often investors hold on to their losers in hopes that they will at least return to the price they paid for them.

#12 Title Trick: When refinancing your home, slash your closing costs by getting a discount of up to 50% off your title insurance by asking for a “reissue” rate.

Dee: Check to see if title insurance is required. There are no laws in Massachusetts that requires you to have it. If you have a mortgage the lender may require it. Lenders title insurance, often called a Loan Policy, protects the lenders interest in the property not yours. The policy amount decreases each year and eventually disappears as the loan is paid off.

To read the entire list click on 99 Great Ways to Save.


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