Although your monthly payment may be higher, you can save in interest charges by shopping for the shortest-term mortgage you can afford. Shop for the lowest-rate mortgage with the fewest points. On a 15-year $100,000 fixed-rate mortgage, just lowering the APR from 7% to 6.5% can save you more than $5,000 in interest charges, and paying two points instead of three would save you an additional $1,000. Be aware that the interest rate on most adjustable rate mortgage loans can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month. 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. Be cautious in taking out home equity loans. The loans reduce or may even eliminate the equity that you have built up in your home. You may lower the price of a round trip air fare by as much as two-thirds by making certain your trip includes a Saturday evening stay over, and by purchasing the ticket in advance. To make certain you have a cheap fare, even if you use a travel agent, contact all the airlines that fly where you want to go and ask what the lowest fare to your destination is. Be flexible, if possible. Consider using low fare carriers or alternative airports and keep an eye out for fare wars. Since car rental rates can vary greatly, shop around for the best basic rates. Ask about any additional charges (extra driver, gas, drop-off fees) and special offers. Rental car companies offer various insurance and waiver options. Check with your automobile insurance agent and credit card company in advance to avoid duplicating any coverage you may already have. Compare gas prices at different stations, pump gas yourself, and using the lowest-octane called for in your owner's manual. You can save up to $100 a year on gas by keeping your engine tuned and your tires inflated to their proper pressure.
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